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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
DENN
2251
DELISTED
Denny's
DENN
$42.8K ﹤0.01%
+10,446
New +$40.1K
UWMC icon
2252
UWM Holdings
UWMC
$2.65B
$42.4K ﹤0.01%
10,230
-3,478
-25% -$15.3K
TBLA icon
2253
Taboola.com
TBLA
$1.06B
$37.8K ﹤0.01%
10,325
-3,623
-26% -$11.8K
ETWO
2254
DELISTED
E2open Parent Holdings
ETWO
$33.8K ﹤0.01%
10,461
-3,668
-26% -$9.65K
OPK icon
2255
Opko Health
OPK
$1.04B
$28K ﹤0.01%
21,193
-8,577
-29% -$11.7K
OPEN icon
2256
Opendoor
OPEN
$3.52B
$26K ﹤0.01%
50,342
-115,689
-70% -$83.6K
ENGNW icon
2257
enGene Therapeutics Warrants
ENGNW
$3.12M
$18.6K ﹤0.01%
23,570
– –
LAB icon
2258
Standard BioTools
LAB
$302M
$18.5K ﹤0.01%
15,456
-4,268
-22% -$4.73K
SLND.WS icon
2259
Southland Holdings Warrants
SLND.WS
$17.9K ﹤0.01%
75,000
– –
CCO icon
2260
Clear Channel Outdoor Holdings
CCO
$1.19B
$16.8K ﹤0.01%
14,322
-5,344
-27% -$5.77K
EONR.WS
2261
EON Resources Warrants
EONR.WS
$1.43M
$16.4K ﹤0.01%
320,000
– –
ANNAW
2262
AleAnna Inc Warrant
ANNAW
$7.34M
$12.9K ﹤0.01%
55,000
– –
PSNY icon
2263
Polestar Automotive Holding UK
PSNY
$2B
$12.7K ﹤0.01%
394
-186
-32% -$5.91K
SWVLW icon
2264
Swvl Holdings Corp Warrant
SWVLW
$1.59K ﹤0.01%
93,367
– –
RBOT.WS
2265
DELISTED
Vicarious Surgical Inc Warrants
RBOT.WS
$1.46K ﹤0.01%
50,000
– –
PRENW
2266
Prenetics Global Ltd Warrant
PRENW
$118K
$780 ﹤0.01%
20,000
– –
ABUS icon
2267
Arbutus Biopharma
ABUS
$898M
– –
-12,294
Closed -$42.9K
AIRS icon
2268
AirSculpt Technologies
AIRS
$247M
– –
-49,400
Closed -$115K
ALT icon
2269
Altimmune
ALT
$564M
– –
-48,087
Closed -$240K
AMPX icon
2270
Amprius Technologies
AMPX
$1.74B
– –
-46,100
Closed -$124K
ANNX icon
2271
Annexon
ANNX
$860M
– –
-81,636
Closed -$158K
AORT icon
2272
Artivion
AORT
$1.4B
– –
-22,198
Closed -$546K
APPS icon
2273
Digital Turbine
APPS
$1.54B
– –
-113,334
Closed -$308K
ARIS
2274
DELISTED
Aris Water Solutions
ARIS
– –
-37,756
Closed -$1.21M
ATEX icon
2275
Anterix
ATEX
$1.78B
– –
-11,373
Closed -$416K
89 90
91
92 93

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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.