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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
MLM icon
376
Martin Marietta Materials
MLM
$32.9B
$17.8M 0.04%
32,434
-17,952
-36% -$9.49M
HUM icon
377
Humana
HUM
$46.1B
$17.8M 0.04%
72,661
+4,816
+7% +$1.2M
PNFP icon
378
Pinnacle Financial Partners Inc
PNFP
$16.2B
$17.7M 0.04%
160,408
-3,160
-2% -$326K
IT icon
379
Gartner
IT
$11.1B
$17.7M 0.04%
43,750
-13,411
-23% -$5.61M
GDDY icon
380
GoDaddy
GDDY
$11.7B
$17.6M 0.04%
97,990
+14,923
+18% +$2.68M
CLH icon
381
Clean Harbors
CLH
$16.8B
$17.6M 0.04%
76,167
-2,765
-4% -$605K
STX icon
382
Seagate
STX
$206B
$17.6M 0.04%
121,958
-12,486
-9% -$1.29M
DRI icon
383
Darden Restaurants
DRI
$25.7B
$17.4M 0.04%
79,885
+13,742
+21% +$2.85M
TTD icon
384
Trade Desk
TTD
$6.51B
$17.4M 0.04%
241,165
-9,664
-4% -$617K
ADM icon
385
Archer Daniels Midland
ADM
$38.9B
$17.2M 0.04%
325,290
-31,233
-9% -$1.52M
DTE icon
386
DTE Energy
DTE
$28.9B
$17.2M 0.04%
129,533
-1,915
-1% -$257K
MTUM icon
387
iShares MSCI USA Momentum Factor ETF
MTUM
$26.3B
$17.2M 0.04%
71,368
-376
-0.5% -$82K
GRMN
388
Garmin
GRMN
$60.1B
$17.1M 0.04%
81,926
-10,796
-12% -$2.14M
EHC icon
389
Encompass Health
EHC
$12.2B
$17.1M 0.04%
139,247
+3,924
+3% +$448K
LULU icon
390
lululemon athletica
LULU
$13.6B
$17M 0.04%
71,474
+764
+1% +$210K
DOV icon
391
Dover
DOV
$27.9B
$17M 0.04%
92,511
+1,805
+2% +$314K
BR icon
392
Broadridge
BR
$19.3B
$16.9M 0.04%
69,443
+3,137
+5% +$746K
ZS icon
393
Zscaler
ZS
$29.3B
$16.8M 0.04%
53,603
-2,662
-5% -$664K
PFG icon
394
Principal Financial Group
PFG
$24.5B
$16.8M 0.04%
211,079
+76,414
+57% +$5.87M
KHC icon
395
Kraft Heinz
KHC
$29.7B
$16.7M 0.04%
645,259
-20,109
-3% -$558K
CCL icon
396
Carnival Corporation Ltd
CCL
$38.3B
$16.6M 0.04%
591,239
-26,735
-4% -$572K
EXR icon
397
Extra Space Storage
EXR
$31.3B
$16.6M 0.04%
112,692
-5,393
-5% -$785K
ONB icon
398
Old National Bancorp
ONB
$10.4B
$16.6M 0.04%
778,325
-12,624
-2% -$261K
CINF icon
399
Cincinnati Financial
CINF
$26.5B
$16.6M 0.04%
111,371
+20,650
+23% +$2.96M
PODD icon
400
Insulet
PODD
$9.96B
$16.6M 0.04%
52,765
+947
+2% +$273K
14 15
16
17 18

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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.