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State of Wisconsin Investment Board Portfolio holdings
AUM
$43.7B
1-Year Est. Return
27.76%
This Fund
S&P 500
This Quarter
Est. Return
+3.81%
1 Year Est. Return
+27.76%
3 Year Est. Return
+95.56%
5 Year Est. Return
+123.77%
10 Year Est. Return
+486.44%
AUM
$44.7B
AUM Growth
+$1.12B
(+2.6%)
Cap. Flow
+$282M
Cap. Flow
% of AUM
0.63%
Top 10 Holdings %
Top 10 Hldgs %
28.98%
Holding
2,613
New
247
Increased
776
Reduced
1,214
Closed
248
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Invesco S&P 500 Equal Weight ETF
RSP
|
+$201M |
| 2 |
Royal Bank of Canada
RY
|
+$78.9M |
| 3 |
Brookfield Renewable
BEP
|
+$77.7M |
| 4 |
Shopify
SHOP
|
+$70.6M |
| 5 |
Invesco Senior Loan ETF
BKLN
|
+$66.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$112M |
| 2 |
NVIDIA
NVDA
|
+$101M |
| 3 |
Zillow
ZG
|
+$101M |
| 4 |
Microsoft
MSFT
|
+$80.8M |
| 5 |
Amazon
AMZN
|
+$39.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.6% |
| 2 | Financials | 13.19% |
| 3 | Communication Services | 10.23% |
| 4 | Consumer Discretionary | 9.12% |
| 5 | Healthcare | 8.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
2001
Latham Group
SWIM
$889M
| $357K | ﹤0.01% |
56,175
-27,159
| -33% | -$190K |
|
2002
Crawford & Co Class A
CRD.A
$632M
| $357K | ﹤0.01% |
31,700
-923
| -3% | -$10.2K |
|
2003
Grindr
GRND
$2.74B
| $356K | ﹤0.01% |
26,328
-62,316
| -70% | -$847K |
|
|
AISP
2004
Airship AI Holdings
AISP
$66.8M
| $355K | ﹤0.01% |
122,723
+21,623
| +21% | +$89.1K |
|
|
LADR
2005
Ladder Capital
LADR
$1.27B
| $354K | ﹤0.01% |
32,194
-3,892
| -11% | -$42.3K |
|
2006
Journey Medical
DERM
$183M
| $353K | ﹤0.01% |
45,795
+9,957
| +28% | +$78.1K |
|
|
VRE
2007
DELISTED
Veris Residential
VRE
| $353K | ﹤0.01% |
+23,695
| New | +$350K |
|
2008
Starwood Property Trust
STWD
$6.05B
| $352K | ﹤0.01% |
19,558
-11,769
| -38% | -$216K |
|
2009
Talos Energy
TALO
$2.58B
| $352K | ﹤0.01% |
31,925
-16,818
| -35% | -$176K |
|
2010
OppFi
OPFI
$608M
| $352K | ﹤0.01% |
33,630
+16,300
| +94% | +$165K |
|
2011
Buckle
BKE
$2.31B
| $351K | ﹤0.01% |
6,573
+2,105
| +47% | +$117K |
|
2012
Kodak
KODK
$978M
| $351K | ﹤0.01% |
41,481
-2,902
| -7% | -$21.7K |
|
2013
Antero Midstream
AM
$10.5B
| $351K | ﹤0.01% |
19,726
-14,511
| -42% | -$261K |
|
2014
SmartFinancial
SMBK
$899M
| $351K | ﹤0.01% |
+9,484
| New | +$343K |
|
|
TBCH
2015
Turtle Beach Corp
TBCH
$230M
| $349K | ﹤0.01% |
24,908
+2,132
| +9% | +$31.7K |
|
2016
Vanguard S&P 500 ETF
VOO
$1.04T
| $345K | ﹤0.01% |
+550
| New | +$342K |
|
|
JBGS
2017
JBG SMITH
JBGS
$692M
| $344K | ﹤0.01% |
20,197
+2,228
| +12% | +$42.1K |
|
2018
Jack in the Box
JACK
$358M
| $344K | ﹤0.01% |
18,127
-7,300
| -29% | -$132K |
|
2019
Limbach Holdings
LMB
$527M
| $343K | ﹤0.01% |
4,410
+1,721
| +64% | +$142K |
|
2020
Driven Brands
DRVN
$2.12B
| $343K | ﹤0.01% |
23,121
-6,724
| -23% | -$100K |
|
2021
AZZ Inc
AZZ
$4.52B
| $342K | ﹤0.01% |
3,189
+439
| +16% | +$45.5K |
|
2022
Aspen Aerogels
ASPN
$504M
| $340K | ﹤0.01% |
120,238
-136,552
| -53% | -$704K |
|
2023
Alerus Financial
ALRS
$844M
| $340K | ﹤0.01% |
+15,077
| New | +$329K |
|
2024
MeiraGTx Holdings
MGTX
$1.17B
| $339K | ﹤0.01% |
42,645
| – | – |
|
2025
DHT Holdings
DHT
$3.09B
| $337K | ﹤0.01% |
27,612
+2,100
| +8% | +$26.4K |
|
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State of Wisconsin Investment Board's Q4 2025 Portfolio in Review
As of Q4 2025, State of Wisconsin Investment Board held 2,613 positions worth $44.7B, up 2.6% from $43.6B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
State of Wisconsin Investment Board's Q4 2025 filing shows 247 new, 776 increased, 1,214 reduced and 248 closed positions. Its largest new stake was Royal Bank of Canada: 513,881 shares worth $87.7M. The largest sale was Apple, an estimated $112M.
By sector, the portfolio is most concentrated in Technology at 27% of assets, down from 28% a quarter earlier, followed by Financials and Communication Services.
- State of Wisconsin Investment Board's largest Q4 2025 buy was Royal Bank of Canada: 513,881 shares worth $87.7M.
- State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q4 2025, an estimated $201M increase.
- State of Wisconsin Investment Board's biggest Q4 2025 reduction was Apple, cutting an estimated $112M.
- State of Wisconsin Investment Board fully exited Xtrackers Harvest CSI 300 China A-Shares ETF in Q4 2025, selling an estimated $24.9M.
- State of Wisconsin Investment Board's ten largest holdings make up 29% of its $44.7B portfolio in Q4 2025.
- State of Wisconsin Investment Board opened 247 new positions and closed 248 in Q4 2025.
- State of Wisconsin Investment Board's portfolio value rose 2.6% quarter-over-quarter to $44.7B.
Based on State of Wisconsin Investment Board's 13F filing for Q4 2025, filed 17 Feb 2026.