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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
+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
(+5.8%)
Cap. Flow
-$1.49B
Cap. Flow
% of AUM
-3.63%
Top 10 Holdings %
Top 10 Hldgs %
27.58%
Holding
2,442
New
201
Increased
735
Reduced
1,331
Closed
129
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Invesco S&P 500 Equal Weight ETF
RSP
|
+$390M |
| 2 |
Berkshire Hathaway Class A
BRK.A
|
+$107M |
| 3 |
State Street SPDR S&P Homebuilders ETF
XHB
|
+$38M |
| 4 |
Capital One
COF
|
+$29.9M |
| 5 |
Liberty Broadband Class A
LBRDA
|
+$28.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$398M |
| 2 |
NVIDIA
NVDA
|
+$120M |
| 3 |
Microsoft
MSFT
|
+$107M |
| 4 |
Apple
AAPL
|
+$94.7M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
NVNIW
2151
CALL
Nvni Group Limited Warrants
NVNIW
| $194K | ﹤0.01% |
+654,000
| New | +$32.8K |
|
2152
Transocean
RIG
$6.39B
| $193K | ﹤0.01% |
74,707
-4,442
| -6% | -$11.5K |
|
2153
Perimeter Solutions
PRM
$5.53B
| $193K | ﹤0.01% |
13,845
-956
| -6% | -$11K |
|
2154
Fennec Pharmaceuticals
FENC
$423M
| $193K | ﹤0.01% |
23,200
+1,200
| +5% | +$8.21K |
|
2155
Park Hotels & Resorts
PK
$3.03B
| $192K | ﹤0.01% |
18,793
-16,067
| -46% | -$164K |
|
|
CTO
2156
CTO Realty Growth
CTO
$823M
| $192K | ﹤0.01% |
11,136
-2,156
| -16% | -$39K |
|
2157
OppFi
OPFI
$608M
| $192K | ﹤0.01% |
13,730
-39,743
| -74% | -$447K |
|
2158
DMC Global
BOOM
$153M
| $191K | ﹤0.01% |
23,738
-27,900
| -54% | -$197K |
|
2159
Getty Images
GETY
$133M
| $191K | ﹤0.01% |
115,100
+41,800
| +57% | +$73.7K |
|
2160
Bridgewater Bancshares
BWB
$620M
| $191K | ﹤0.01% |
12,000
-5,500
| -31% | -$80.6K |
|
2161
NovoCure
NVCR
$2.02B
| $189K | ﹤0.01% |
10,615
-15,203
| -59% | -$265K |
|
2162
Coty
COTY
$2.42B
| $188K | ﹤0.01% |
40,498
-1,115
| -3% | -$5.52K |
|
2163
Iovance Biotherapeutics
IOVA
$2.95B
| $186K | ﹤0.01% |
107,959
-112,800
| -51% | -$281K |
|
2164
Nuvation Bio
NUVB
$2.14B
| $185K | ﹤0.01% |
94,835
-4,790
| -5% | -$9.98K |
|
2165
American Airlines Group
AAL
$9.97B
| $185K | ﹤0.01% |
16,449
-1,170
| -7% | -$12.5K |
|
|
REFI
2166
Chicago Atlantic Real Estate Finance
REFI
$264M
| $183K | ﹤0.01% |
+13,100
| New | +$188K |
|
|
FLOC
2167
Flowco Holdings
FLOC
$1B
| $182K | ﹤0.01% |
10,218
| – | – |
|
2168
National CineMedia
NCMI
$252M
| $180K | ﹤0.01% |
37,147
+6,311
| +20% | +$34.2K |
|
2169
Huntsman Corp
HUN
$1.81B
| $179K | ﹤0.01% |
17,206
-5,794
| -25% | -$70.6K |
|
2170
PureCycle Technologies
PCT
$1.41B
| $179K | ﹤0.01% |
13,048
-23,689
| -64% | -$210K |
|
2171
Sunrun
RUN
$2.37B
| $178K | ﹤0.01% |
21,709
-47,721
| -69% | -$375K |
|
2172
MeiraGTx Holdings
MGTX
$1.17B
| $175K | ﹤0.01% |
26,845
-12,682
| -32% | -$74.9K |
|
|
AVDX
2173
DELISTED
AvidXchange
AVDX
| $173K | ﹤0.01% |
17,670
-29,108
| -62% | -$262K |
|
2174
Sunstone Hotel Investors
SHO
$2.02B
| $170K | ﹤0.01% |
19,615
-682
| -3% | -$5.88K |
|
|
CMRC
2175
Commerce.com Inc Series 1
CMRC
$184M
| $170K | ﹤0.01% |
+33,902
| New | +$175K |
|
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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.