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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
+3.81%
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
$44.7B
AUM Growth
+$1.12B
Cap. Flow
+$282M
Cap. Flow %
0.63%
Top 10 Hldgs %
28.98%
Holding
2,613
New
247
Increased
776
Reduced
1,214
Closed
248

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$201M
2
RY icon
Royal Bank of Canada
RY
+$78.9M
3
BEP icon
Brookfield Renewable
BEP
+$77.7M
4
SHOP icon
Shopify
SHOP
+$70.6M
5
BKLN icon
Invesco Senior Loan ETF
BKLN
+$66.7M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$112M
2
NVDA icon
NVIDIA
NVDA
+$101M
3
ZG icon
Zillow
ZG
+$101M
4
MSFT icon
Microsoft
MSFT
+$80.8M
5
AMZN icon
Amazon
AMZN
+$39.8M

Sector Composition

Rank Sector Weight
1 Technology 26.6%
2 Financials 13.19%
3 Communication Services 10.23%
4 Consumer Discretionary 9.12%
5 Healthcare 8.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HAL icon
526
Halliburton
HAL
$27.4B
$13.5M 0.03%
479,305
-21,608
-4% -$570K
STLD icon
527
Steel Dynamics
STLD
$37.3B
$13.5M 0.03%
79,868
+5,054
+7% +$803K
LITE icon
528
Lumentum
LITE
$78B
$13.5M 0.03%
36,591
-5,646
-13% -$1.45M
TCBI icon
529
Texas Capital Bancshares
TCBI
$4.38B
$13.4M 0.03%
148,431
+3,376
+2% +$296K
SKWD icon
530
Skyward Specialty Insurance
SKWD
$2.39B
$13.4M 0.03%
262,813
+8,746
+3% +$420K
CHRW icon
531
C.H. Robinson
CHRW
$17.5B
$13.4M 0.03%
83,457
+9,649
+13% +$1.43M
PPL
532
PPL Corp
PPL
$26.8B
$13.4M 0.03%
383,110
-8,950
-2% -$323K
NBIX icon
533
Neurocrine Biosciences
NBIX
$15.3B
$13.4M 0.03%
94,527
-4,264
-4% -$618K
REG icon
534
Regency Centers
REG
$14.1B
$13.4M 0.03%
194,190
+15,029
+8% +$1.05M
TWLO icon
535
Twilio
TWLO
$38.3B
$13.4M 0.03%
94,139
-13,227
-12% -$1.64M
ARMK icon
536
Aramark
ARMK
$16.1B
$13.4M 0.03%
363,061
+14,121
+4% +$538K
RGA icon
537
Reinsurance Group of America
RGA
$16.4B
$13.4M 0.03%
65,743
-715
-1% -$138K
BIIB icon
538
Biogen
BIIB
$31.1B
$13.4M 0.03%
75,944
-1,955
-3% -$319K
TAP icon
539
Molson Coors Class B
TAP
$7.85B
$13.3M 0.03%
285,334
-27,691
-9% -$1.28M
LPX icon
540
Louisiana-Pacific
LPX
$5.18B
$13.3M 0.03%
164,739
+14,774
+10% +$1.25M
DGX icon
541
Quest Diagnostics
DGX
$26.1B
$13.2M 0.03%
76,269
-8,139
-10% -$1.48M
PCOR icon
542
Procore
PCOR
$9.45B
$13.2M 0.03%
181,808
+2,773
+2% +$205K
PLMR icon
543
Palomar
PLMR
$3.37B
$13.2M 0.03%
97,826
+4,363
+5% +$533K
AWK icon
544
American Water Works
AWK
$27.1B
$13.2M 0.03%
100,999
-1,238
-1% -$165K
TRMB icon
545
Trimble
TRMB
$13.4B
$13.1M 0.03%
167,529
-13,075
-7% -$1.04M
AX icon
546
Axos Financial
AX
$5.72B
$13.1M 0.03%
152,215
+5,654
+4% +$466K
OWL icon
547
Blue Owl Capital
OWL
$19.7B
$13.1M 0.03%
876,685
+100,691
+13% +$1.57M
AIT icon
548
Applied Industrial Technologies
AIT
$13.2B
$13.1M 0.03%
50,911
+111
+0.2% +$28.4K
TFI icon
549
State Street SPDR Nuveen ICE Municipal Bond ETF
TFI
$3.18B
$13.1M 0.03%
285,800
– –
RNR icon
550
RenaissanceRe
RNR
$13.3B
$13M 0.03%
46,408
-704
-1% -$185K
20 21
22
23 24

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State of Wisconsin Investment Board's Q4 2025 Portfolio in Review

As of Q4 2025, State of Wisconsin Investment Board held 2,613 positions worth $44.7B, up 2.6% from $43.6B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Wisconsin Investment Board's Q4 2025 filing shows 247 new, 776 increased, 1,214 reduced and 248 closed positions. Its largest new stake was Royal Bank of Canada: 513,881 shares worth $87.7M. The largest sale was Apple, an estimated $112M.

By sector, the portfolio is most concentrated in Technology at 27% of assets, down from 28% a quarter earlier, followed by Financials and Communication Services.

  • State of Wisconsin Investment Board's largest Q4 2025 buy was Royal Bank of Canada: 513,881 shares worth $87.7M.
  • State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q4 2025, an estimated $201M increase.
  • State of Wisconsin Investment Board's biggest Q4 2025 reduction was Apple, cutting an estimated $112M.
  • State of Wisconsin Investment Board fully exited Xtrackers Harvest CSI 300 China A-Shares ETF in Q4 2025, selling an estimated $24.9M.
  • State of Wisconsin Investment Board's ten largest holdings make up 29% of its $44.7B portfolio in Q4 2025.
  • State of Wisconsin Investment Board opened 247 new positions and closed 248 in Q4 2025.
  • State of Wisconsin Investment Board's portfolio value rose 2.6% quarter-over-quarter to $44.7B.

Based on State of Wisconsin Investment Board's 13F filing for Q4 2025, filed 17 Feb 2026.