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State of Wisconsin Investment Board

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
-2.67%
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
$38.7B
AUM Growth
-$490M
Cap. Flow
+$1.41B
Cap. Flow %
3.64%
Top 10 Hldgs %
25.43%
Holding
2,386
New
123
Increased
1,235
Reduced
836
Closed
145

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$795M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$386M
3
EFFE
Harbor Osmosis Emerging Markets Resource Efficient ETF
EFFE
+$105M
4
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$90.4M
5
EFFI
Harbor Osmosis International Resource Efficient ETF
EFFI
+$58.1M

Top Sells

Rank Stock Value
1
IBIT icon
iShares Bitcoin Trust
IBIT
+$322M
2
USHY icon
iShares Broad USD High Yield Corporate Bond ETF
USHY
+$85.2M
3
HEI.A icon
HEICO Corp Class A
HEI.A
+$34.6M
4
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$26.5M
5
ALTR
Altair Engineering Inc
ALTR
+$21.6M

Sector Composition

Rank Sector Weight
1 Technology 24.98%
2 Financials 13.13%
3 Communication Services 10.56%
4 Healthcare 10.1%
5 Consumer Discretionary 9.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BH icon
2026
Biglari Holdings Class B
BH
$1.22B
$260K ﹤0.01%
+1,200
New +$273K
ROCK icon
2027
Gibraltar Industries
ROCK
$1.45B
$260K ﹤0.01%
+4,428
New +$275K
LBRT icon
2028
Liberty Energy
LBRT
$3.45B
$260K ﹤0.01%
16,396
+1,932
+13% +$34.7K
CTO
2029
CTO Realty Growth
CTO
$823M
$257K ﹤0.01%
+13,292
New +$258K
TOWN icon
2030
Towne Bank
TOWN
$3.5B
$256K ﹤0.01%
7,482
+205
+3% +$7.22K
ALIT icon
2031
Alight
ALIT
$394M
$256K ﹤0.01%
2,156
+159
+8% +$20.9K
DJT icon
2032
Trump Media & Technology Group
DJT
$2.31B
$254K ﹤0.01%
13,014
+267
+2% +$7.5K
PCT icon
2033
PureCycle Technologies
PCT
$1.41B
$254K ﹤0.01%
36,737
+15,393
+72% +$138K
FFBC icon
2034
First Financial Bancorp
FFBC
$3.6B
$253K ﹤0.01%
10,145
+1,479
+17% +$39.5K
IBRX icon
2035
ImmunityBio
IBRX
$8.11B
$253K ﹤0.01%
84,186
+7,362
+10% +$22.3K
IOSP icon
2036
Innospec
IOSP
$2.31B
$252K ﹤0.01%
2,655
+340
+15% +$36K
RIG icon
2037
Transocean
RIG
$6.39B
$251K ﹤0.01%
79,149
+10,422
+15% +$36.6K
STOK icon
2038
Stoke Therapeutics
STOK
$2.02B
$250K ﹤0.01%
37,606
+5,890
+19% +$54.9K
GDRX icon
2039
GoodRx Holdings
GDRX
$1.27B
$250K ﹤0.01%
56,599
+3,257
+6% +$15.3K
JWN
2040
DELISTED
Nordstrom
JWN
$249K ﹤0.01%
10,190
+662
+7% +$16.1K
SMG icon
2041
ScottsMiracle-Gro
SMG
$3.59B
$248K ﹤0.01%
4,518
+566
+14% +$36.6K
BMBL icon
2042
Bumble
BMBL
$359M
$248K ﹤0.01%
57,137
-97,375
-63% -$634K
PMTS icon
2043
CPI Card Group
PMTS
$334M
$248K ﹤0.01%
+8,500
New +$253K
FRHC icon
2044
Freedom Holding
FRHC
$9.35B
$248K ﹤0.01%
1,875
+87
+5% +$12.1K
WAFD icon
2045
WaFd
WAFD
$2.81B
$247K ﹤0.01%
8,659
-2,100
-20% -$62.3K
TTSH
2046
DELISTED
Tile Shop Holdings
TTSH
$247K ﹤0.01%
38,100
+17,600
+86% +$123K
BANF icon
2047
BancFirst
BANF
$3.89B
$247K ﹤0.01%
2,247
+269
+14% +$31.2K
FRME icon
2048
First Merchants
FRME
$2.72B
$247K ﹤0.01%
6,102
+508
+9% +$21.2K
EVTC icon
2049
Evertec
EVTC
$1.91B
$247K ﹤0.01%
6,709
-7,193
-52% -$248K
UE icon
2050
Urban Edge Properties
UE
$2.78B
$247K ﹤0.01%
12,982
+1,080
+9% +$21.6K
80 81
82
83 84

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State of Wisconsin Investment Board's Q1 2025 Portfolio in Review

As of Q1 2025, State of Wisconsin Investment Board held 2,386 positions worth $38.7B, down 1.2% from $39.2B the previous quarter. Its ten largest holdings account for 25% of the portfolio.

State of Wisconsin Investment Board deployed $1.41B of net new capital in Q1 2025, opening 123 new positions and adding to 1,235 existing holdings. Its largest new stake was Harbor Osmosis Emerging Markets Resource Efficient ETF: 5,140,000 shares worth $106M.

By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 28% a quarter earlier, followed by Financials and Communication Services.

On the sell side, the largest reduction was HEICO Corp Class A, an estimated $34.6M trimmed.

  • State of Wisconsin Investment Board's largest Q1 2025 buy was Harbor Osmosis Emerging Markets Resource Efficient ETF: 5,140,000 shares worth $106M.
  • State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q1 2025, an estimated $795M increase.
  • State of Wisconsin Investment Board's biggest Q1 2025 reduction was HEICO Corp Class A, cutting an estimated $34.6M.
  • State of Wisconsin Investment Board fully exited iShares Bitcoin Trust in Q1 2025, selling an estimated $322M.
  • State of Wisconsin Investment Board's ten largest holdings make up 25% of its $38.7B portfolio in Q1 2025.
  • State of Wisconsin Investment Board opened 123 new positions and closed 145 in Q1 2025.
  • State of Wisconsin Investment Board's portfolio value fell 1.2% quarter-over-quarter to $38.7B.

Based on State of Wisconsin Investment Board's 13F filing for Q1 2025, filed 15 May 2025.