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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
KODK icon
2326
Kodak
KODK
$986M
– –
-50,083
Closed -$317K
LEVI icon
2327
Levi Strauss
LEVI
$8.62B
– –
-31,498
Closed -$491K
LMB icon
2328
Limbach Holdings
LMB
$535M
– –
-7,211
Closed -$537K
LQDT icon
2329
Liquidity Services
LQDT
$1.33B
– –
-14,960
Closed -$464K
LSEA
2330
DELISTED
Landsea Homes
LSEA
– –
-41,515
Closed -$267K
LZB icon
2331
La-Z-Boy
LZB
$1.67B
– –
-14,517
Closed -$567K
MCRI icon
2332
Monarch Casino & Resort
MCRI
$2.18B
– –
-5,974
Closed -$464K
METC icon
2333
Ramaco Resources Class A
METC
$669M
– –
-127,790
Closed -$1.04M
KG
2334
Kestrel Group
KG
$61.8M
– –
-3,475
Closed -$39.6K
MNTK icon
2335
Montauk Renewables
MNTK
$270M
– –
-12,489
Closed -$26.1K
MODV
2336
DELISTED
ModivCare
MODV
– –
-14,126
Closed -$18.6K
MRVI icon
2337
Maravai LifeSciences
MRVI
$876M
– –
-66,643
Closed -$147K
NGVC icon
2338
Vitamin Cottage Natural Grocers
NGVC
$646M
– –
-16,897
Closed -$679K
NOK icon
2339
Nokia
NOK
$59.2B
– –
-390,100
Closed -$2.06M
NOVA
2340
DELISTED
Sunnova Energy
NOVA
– –
-87,500
Closed -$32.5K
NPWR icon
2341
NET Power
NPWR
$142M
– –
-20,471
Closed -$53.8K
NRGV icon
2342
Energy Vault
NRGV
$694M
– –
-36,900
Closed -$25.7K
OLPX
2343
DELISTED
Olaplex Holdings
OLPX
– –
-11,853
Closed -$15.1K
OMER icon
2344
Omeros
OMER
$1.25B
– –
-32,136
Closed -$264K
OSUR icon
2345
OraSure Technologies
OSUR
$276M
– –
-45,436
Closed -$153K
PACB icon
2346
Pacific Biosciences
PACB
$364M
– –
-159,645
Closed -$188K
PKST
2347
DELISTED
Peakstone Realty Trust
PKST
– –
-11,369
Closed -$143K
PLRX icon
2348
Pliant Therapeutics
PLRX
$66.9M
– –
-24,940
Closed -$33.7K
PNRG icon
2349
PrimeEnergy Resources
PNRG
$322M
– –
-1,900
Closed -$433K
PNTG icon
2350
Pennant Group
PNTG
$1.36B
– –
-14,269
Closed -$359K
92 93
94
95 96

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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.