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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
+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
Cap. Flow
+$282M
Cap. Flow %
0.63%
Top 10 Hldgs %
28.98%
Holding
2,613
New
247
Increased
776
Reduced
1,214
Closed
248

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$201M
2
RY icon
Royal Bank of Canada
RY
+$78.9M
3
BEP icon
Brookfield Renewable
BEP
+$77.7M
4
SHOP icon
Shopify
SHOP
+$70.6M
5
BKLN icon
Invesco Senior Loan ETF
BKLN
+$66.7M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$112M
2
NVDA icon
NVIDIA
NVDA
+$101M
3
ZG icon
Zillow
ZG
+$101M
4
MSFT icon
Microsoft
MSFT
+$80.8M
5
AMZN icon
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
CLFD icon
2126
Clearfield
CLFD
$390M
$248K ﹤0.01%
8,502
+1,367
+19% +$43.9K
BIOX icon
2127
Bioceres Crop Solutions
BIOX
$27.4M
$247K ﹤0.01%
+188,800
New +$302K
TCX icon
2128
Tucows
TCX
$134M
$244K ﹤0.01%
10,900
-200
-2% -$4.06K
IAG icon
2129
IAMGOLD
IAG
$10.1B
$244K ﹤0.01%
+14,788
New +$208K
CRI icon
2130
Carter's
CRI
$1.44B
$244K ﹤0.01%
7,529
-11,746
-61% -$367K
THRM icon
2131
Gentherm
THRM
$1.32B
$241K ﹤0.01%
+6,634
New +$239K
TILE icon
2132
Interface
TILE
$2.24B
$239K ﹤0.01%
8,573
-7,091
-45% -$193K
FRST icon
2133
Primis Financial Corp
FRST
$413M
$239K ﹤0.01%
17,200
+2,000
+13% +$22.6K
TDOC icon
2134
Teladoc Health
TDOC
$1.26B
$238K ﹤0.01%
34,010
-44,941
-57% -$352K
LEU icon
2135
Centrus Energy
LEU
$3.83B
$237K ﹤0.01%
978
-639
-40% -$193K
KWY
2136
Kingsway Corp
KWY
$283M
$235K ﹤0.01%
+17,500
New +$240K
AHL
2137
DELISTED
Aspen Insurance
AHL
$234K ﹤0.01%
+6,300
New +$232K
TWO
2138
Two Harbors Investment
TWO
$1.26B
$233K ﹤0.01%
22,214
-3,446
-13% -$34.5K
OPRT icon
2139
Oportun Financial
OPRT
$351M
$233K ﹤0.01%
44,035
-9,688
-18% -$51.1K
METC icon
2140
Ramaco Resources Class A
METC
$667M
$233K ﹤0.01%
+12,931
New +$340K
BKSY icon
2141
BlackSky Technology
BKSY
$1.27B
$232K ﹤0.01%
+12,382
New +$252K
PLSE icon
2142
Pulse Biosciences
PLSE
$3.2B
$232K ﹤0.01%
16,867
-3,641
-18% -$56.7K
SARO
2143
StandardAero Inc
SARO
$8.97B
$231K ﹤0.01%
8,045
-29,998
-79% -$817K
CRK icon
2144
Comstock Resources
CRK
$3.99B
$231K ﹤0.01%
9,949
-31,004
-76% -$683K
DCOM icon
2145
Dime Commercial Bancshares
DCOM
$1.82B
$230K ﹤0.01%
7,650
-20,905
-73% -$604K
KVYO icon
2146
Klaviyo
KVYO
$5.47B
$229K ﹤0.01%
7,060
-3,053
-30% -$85.5K
NOVT icon
2147
Novanta
NOVT
$6.33B
$228K ﹤0.01%
1,918
-1,546
-45% -$176K
CNO icon
2148
CNO Financial Group
CNO
$5.07B
$225K ﹤0.01%
5,287
-4,178
-44% -$170K
ECG
2149
Everus Construction Group
ECG
$7.02B
$224K ﹤0.01%
2,614
-2,019
-44% -$181K
FHI icon
2150
Federated Hermes
FHI
$4.74B
$224K ﹤0.01%
4,293
-2,955
-41% -$150K
84 85
86
87 88

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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.