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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
TFI icon
526
State Street SPDR Nuveen ICE Municipal Bond ETF
TFI
$3.18B
$12.8M 0.03%
285,800
– –
KFY icon
527
Korn Ferry
KFY
$4.29B
$12.8M 0.03%
174,056
+3,082
+2% +$205K
WING icon
528
Wingstop
WING
$3.1B
$12.7M 0.03%
37,858
+3,826
+11% +$1.13M
TECH icon
529
Bio-Techne
TECH
$11.3B
$12.7M 0.03%
246,080
+71,500
+41% +$3.59M
WAT icon
530
Waters Corp
WAT
$40.7B
$12.7M 0.03%
36,271
+3,026
+9% +$1.04M
EQH icon
531
Equitable Holdings
EQH
$14.2B
$12.6M 0.03%
225,232
+9,818
+5% +$505K
RS icon
532
Reliance Steel & Aluminium
RS
$21.8B
$12.6M 0.03%
40,232
-877
-2% -$259K
WWD icon
533
Woodward
WWD
$21.4B
$12.6M 0.03%
51,514
-2,636
-5% -$539K
NTRA icon
534
Natera
NTRA
$44.8B
$12.6M 0.03%
74,523
+4,112
+6% +$641K
RBC icon
535
RBC Bearings
RBC
$17.7B
$12.6M 0.03%
32,651
+1,265
+4% +$447K
DOCU
536
DocuSign
DOCU
$11.3B
$12.6M 0.03%
161,194
-10,112
-6% -$818K
LKQ icon
537
LKQ Corp
LKQ
$6.26B
$12.5M 0.03%
338,342
+23,392
+7% +$933K
COHR icon
538
Coherent
COHR
$65.2B
$12.5M 0.03%
140,076
-10,522
-7% -$757K
AX icon
539
Axos Financial
AX
$5.75B
$12.5M 0.03%
164,283
-7,507
-4% -$507K
RDDT icon
540
Reddit
RDDT
$30.2B
$12.5M 0.03%
82,695
+5,490
+7% +$622K
OVV icon
541
Ovintiv
OVV
$17.1B
$12.4M 0.03%
326,773
+89,715
+38% +$3.29M
WDC icon
542
Western Digital
WDC
$169B
$12.4M 0.03%
193,665
-103,393
-35% -$4.92M
JLL icon
543
Jones Lang LaSalle
JLL
$16.8B
$12.4M 0.03%
48,432
-1,921
-4% -$440K
FTV icon
544
Fortive
FTV
$18.5B
$12.4M 0.03%
237,544
-20,630
-8% -$1.08M
EPRT icon
545
Essential Properties Realty Trust
EPRT
$6.71B
$12.4M 0.03%
387,470
-25,430
-6% -$812K
PCOR icon
546
Procore
PCOR
$8.82B
$12.3M 0.03%
180,292
+154
+0.1% +$10.1K
EMN icon
547
Eastman Chemical
EMN
$8.37B
$12.3M 0.03%
164,868
+10,023
+6% +$788K
PEN icon
548
Penumbra
PEN
$12.9B
$12.3M 0.03%
47,955
-223
-0.5% -$60.7K
PTC icon
549
PTC
PTC
$16B
$12.2M 0.03%
71,067
-10,776
-13% -$1.74M
VMI icon
550
Valmont Industries
VMI
$9.5B
$12.2M 0.03%
37,474
-1,780
-5% -$546K
20 21
22
23 24

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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.