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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
ESS icon
501
Essex Property Trust
ESS
$18.4B
$13.4M 0.03%
47,273
-3,878
-8% -$1.09M
ATO icon
502
Atmos Energy
ATO
$28.7B
$13.3M 0.03%
86,585
-424
-0.5% -$65.9K
RGA icon
503
Reinsurance Group of America
RGA
$16.2B
$13.3M 0.03%
67,155
-1,855
-3% -$362K
SNV
504
DELISTED
Synovus
SNV
$13.3M 0.03%
256,573
+12,324
+5% +$566K
HUBB icon
505
Hubbell
HUBB
$26.9B
$13.3M 0.03%
32,444
-1,969
-6% -$730K
WCC
506
WESCO International
WCC
$17.7B
$13.2M 0.03%
71,479
-4,163
-6% -$686K
ROL icon
507
Rollins
ROL
$17.4B
$13.2M 0.03%
234,398
+19,099
+9% +$1.07M
CWST icon
508
Casella Waste Systems
CWST
$5.79B
$13.2M 0.03%
114,577
-2,574
-2% -$297K
EXP icon
509
Eagle Materials
EXP
$6.43B
$13.2M 0.03%
65,406
-1,562
-2% -$337K
SMCI icon
510
Super Micro Computer
SMCI
$26B
$13.2M 0.03%
269,070
-27,655
-9% -$1.07M
RRX icon
511
Regal Rexnord
RRX
$11.5B
$13.2M 0.03%
90,750
-13,033
-13% -$1.63M
GWRE icon
512
Guidewire Software
GWRE
$14.6B
$13.1M 0.03%
55,702
-24,435
-30% -$5.25M
LYV icon
513
Live Nation Entertainment
LYV
$43.4B
$13.1M 0.03%
86,589
-4,496
-5% -$619K
NTRS icon
514
Northern Trust
NTRS
$34.8B
$13.1M 0.03%
103,112
-36,313
-26% -$3.71M
AYI icon
515
Acuity Brands
AYI
$10.8B
$13.1M 0.03%
43,806
-1,754
-4% -$454K
TOL icon
516
Toll Brothers
TOL
$13.9B
$13M 0.03%
114,237
+15,252
+15% +$1.58M
WTS icon
517
Watts Water Technologies
WTS
$12.8B
$13M 0.03%
52,996
-1,101
-2% -$248K
CADE
518
DELISTED
Cadence Bank
CADE
$13M 0.03%
406,769
-7,584
-2% -$227K
MTD icon
519
Mettler-Toledo International
MTD
$28.5B
$13M 0.03%
11,053
-2,720
-20% -$3.04M
RBRK icon
520
Rubrik
RBRK
$21.2B
$12.9M 0.03%
143,950
+513
+0.4% +$40.6K
SUI icon
521
Sun Communities
SUI
$14.6B
$12.9M 0.03%
101,750
+18,956
+23% +$2.35M
SSNC icon
522
SS&C Technologies
SSNC
$18.9B
$12.9M 0.03%
155,350
-18,870
-11% -$1.48M
LPX icon
523
Louisiana-Pacific
LPX
$5.17B
$12.9M 0.03%
149,534
-1,257
-0.8% -$112K
INVH icon
524
Invitation Homes
INVH
$17.9B
$12.8M 0.03%
390,206
+59,450
+18% +$2M
RNR icon
525
RenaissanceRe
RNR
$13.3B
$12.8M 0.03%
52,651
-10,292
-16% -$2.49M
19 20
21
22 23

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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.