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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
+13.3%
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
$41B
AUM Growth
+$2.26B
Cap. Flow
-$1.49B
Cap. Flow %
-3.63%
Top 10 Hldgs %
27.58%
Holding
2,442
New
201
Increased
735
Reduced
1,331
Closed
129

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$390M
2
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$107M
3
XHB icon
State Street SPDR S&P Homebuilders ETF
XHB
+$38M
4
COF icon
Capital One
COF
+$29.9M
5
LBRDA icon
Liberty Broadband Class A
LBRDA
+$28.6M

Top Sells

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$398M
2
NVDA icon
NVIDIA
NVDA
+$120M
3
MSFT icon
Microsoft
MSFT
+$107M
4
AAPL icon
Apple
AAPL
+$94.7M
5
ZG icon
Zillow
ZG
+$57.8M

Sector Composition

Rank Sector Weight
1 Technology 27.25%
2 Financials 12.9%
3 Communication Services 10.11%
4 Consumer Discretionary 9.5%
5 Industrials 8.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ABM icon
2051
ABM Industries
ABM
$2.82B
$275K ﹤0.01%
5,821
-676
-10% -$32.7K
SVC
2052
Service Properties Trust
SVC
$1.06B
$274K ﹤0.01%
22,960
-380
-2% -$4.11K
CRD.A icon
2053
Crawford & Co Class A
CRD.A
$632M
$273K ﹤0.01%
25,823
+6,131
+31% +$65.2K
VREX icon
2054
Varex Imaging
VREX
$780M
$271K ﹤0.01%
31,210
+11,773
+61% +$96K
PCH
2055
DELISTED
PotlatchDeltic
PCH
$269K ﹤0.01%
7,010
-10,857
-61% -$426K
NN icon
2056
NextNav
NN
$3.29B
$268K ﹤0.01%
17,635
-62,344
-78% -$800K
VCTR icon
2057
Victory Capital Holdings
VCTR
$7.27B
$266K ﹤0.01%
4,181
-17,655
-81% -$1.06M
NOG icon
2058
Northern Oil and Gas
NOG
$2.61B
$266K ﹤0.01%
9,385
-446
-5% -$12K
BOH icon
2059
Bank of Hawaii
BOH
$3.15B
$265K ﹤0.01%
3,931
-196
-5% -$13K
HWKN icon
2060
Hawkins
HWKN
$2.67B
$265K ﹤0.01%
1,868
-3,286
-64% -$414K
RRR icon
2061
Red Rock Resorts
RRR
$3.67B
$265K ﹤0.01%
5,100
-1,337
-21% -$61.1K
GDRX icon
2062
GoodRx Holdings
GDRX
$1.27B
$265K ﹤0.01%
53,122
-3,477
-6% -$15.1K
FCPT icon
2063
Four Corners Property Trust
FCPT
$2.76B
$264K ﹤0.01%
9,824
+24
+0.2% +$661
FRHC icon
2064
Freedom Holding
FRHC
$9.35B
$263K ﹤0.01%
1,803
-72
-4% -$10.6K
SEB icon
2065
Seaboard Corp
SEB
$4.08B
$263K ﹤0.01%
92
-12
-12% -$31.7K
ZEUS
2066
DELISTED
Olympic Steel
ZEUS
$263K ﹤0.01%
+8,070
New +$252K
CLMB icon
2067
Climb Global Solutions
CLMB
$532M
$263K ﹤0.01%
9,840
-4,756
-33% -$125K
CURV icon
2068
Torrid Holdings
CURV
$230M
$263K ﹤0.01%
89,087
+81
+0.1% +$424
DNB
2069
DELISTED
Dun & Bradstreet
DNB
$263K ﹤0.01%
28,908
-3,823
-12% -$34.2K
ORIC icon
2070
Oric Pharmaceuticals
ORIC
$1.42B
$263K ﹤0.01%
25,875
-14,907
-37% -$100K
CVBF icon
2071
CVB Financial
CVBF
$4.08B
$263K ﹤0.01%
13,270
-1,354
-9% -$25.2K
ALX
2072
Alexander's
ALX
$1.4B
$260K ﹤0.01%
1,155
-474
-29% -$102K
FBIZ icon
2073
First Business Financial Services
FBIZ
$601M
$259K ﹤0.01%
+5,115
New +$245K
KE
2074
Kimball Electronics
KE
$626M
$259K ﹤0.01%
+13,470
New +$226K
FIBK icon
2075
First Interstate BancSystem
FIBK
$3.7B
$257K ﹤0.01%
8,905
-969
-10% -$26.1K
81 82
83
84 85

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State of Wisconsin Investment Board's Q2 2025 Portfolio in Review

As of Q2 2025, State of Wisconsin Investment Board held 2,442 positions worth $41B, up 5.8% from $38.7B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

State of Wisconsin Investment Board withdrew a net $1.49B in Q2 2025, closing 129 positions and reducing 1,331 holdings. Its most notable exit was Discover Financial Services, an estimated $25.4M position sold in full.

By sector, the portfolio is most concentrated in Technology at 27% of assets, up from 25% a quarter earlier, followed by Financials and Communication Services.

Against the trend, State of Wisconsin Investment Board opened a new position in State Street SPDR S&P Homebuilders ETF worth $39.4M.

  • State of Wisconsin Investment Board's largest Q2 2025 buy was State Street SPDR S&P Homebuilders ETF: 400,000 shares worth $39.4M.
  • State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q2 2025, an estimated $390M increase.
  • State of Wisconsin Investment Board's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $398M.
  • State of Wisconsin Investment Board fully exited Discover Financial Services in Q2 2025, selling an estimated $25.4M.
  • State of Wisconsin Investment Board's ten largest holdings make up 28% of its $41B portfolio in Q2 2025.
  • State of Wisconsin Investment Board opened 201 new positions and closed 129 in Q2 2025.
  • State of Wisconsin Investment Board's portfolio value rose 5.8% quarter-over-quarter to $41B.

Based on State of Wisconsin Investment Board's 13F filing for Q2 2025, filed 14 Aug 2025.