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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
IFF icon
576
International Flavors & Fragrances
IFF
$21.4B
$11.5M 0.03%
155,948
-2,695
-2% -$204K
BPMC
577
DELISTED
Blueprint Medicines
BPMC
$11.5M 0.03%
89,373
+25,307
+40% +$2.63M
KMPR icon
578
Kemper
KMPR
$1.59B
$11.5M 0.03%
177,498
+244
+0.1% +$15.1K
BRX icon
579
Brixmor Property Group
BRX
$9.21B
$11.4M 0.03%
438,394
-80,187
-15% -$2.04M
TTEK icon
580
Tetra Tech
TTEK
$9.33B
$11.4M 0.03%
316,874
-52,619
-14% -$1.75M
STLD icon
581
Steel Dynamics
STLD
$37.3B
$11.4M 0.03%
88,901
-24,471
-22% -$3.12M
PNW icon
582
Pinnacle West Capital
PNW
$12.2B
$11.3M 0.03%
126,747
+14,383
+13% +$1.32M
TROW icon
583
T. Rowe Price
TROW
$23.7B
$11.3M 0.03%
117,207
-7,549
-6% -$693K
EEMS icon
584
iShares MSCI Emerging Markets Small-Cap ETF
EEMS
$378M
$11.3M 0.03%
173,813
+1,300
+0.8% +$77.2K
LII icon
585
Lennox International
LII
$14.5B
$11.3M 0.03%
19,656
+93
+0.5% +$52K
SNA icon
586
Snap-on
SNA
$20.9B
$11.3M 0.03%
36,175
+6,129
+20% +$1.95M
BANC icon
587
Banc of California
BANC
$3.11B
$11.2M 0.03%
799,274
+930
+0.1% +$12.7K
FYBR
588
DELISTED
Frontier Communications
FYBR
$11.2M 0.03%
307,892
-42,368
-12% -$1.54M
XOP icon
589
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.69B
$11.2M 0.03%
+88,800
New +$10.6M
GTLS
590
DELISTED
Chart Industries
GTLS
$11.2M 0.03%
67,767
-2,880
-4% -$423K
MAA icon
591
Mid-America Apartment Communities
MAA
$15.6B
$11.1M 0.03%
75,247
+242
+0.3% +$37.8K
DLTR icon
592
Dollar Tree
DLTR
$24.9B
$11.1M 0.03%
111,945
-3,604
-3% -$311K
KNX icon
593
Knight Transportation
KNX
$11.9B
$11M 0.03%
249,775
-8,587
-3% -$365K
BROS icon
594
Dutch Bros
BROS
$8.93B
$11M 0.03%
161,454
+58,688
+57% +$3.83M
FDS icon
595
Factset
FDS
$10.2B
$11M 0.03%
24,672
-1,067
-4% -$467K
BBY icon
596
Best Buy
BBY
$18B
$11M 0.03%
164,214
+34,892
+27% +$2.37M
FLEX icon
597
Flex
FLEX
$45.9B
$11M 0.03%
219,475
-10,583
-5% -$412K
FCNCA icon
598
First Citizens BancShares
FCNCA
$25.6B
$11M 0.03%
5,597
-418
-7% -$758K
CRTO icon
599
Criteo S.A. Ordinary Shares
CRTO
$915M
$10.9M 0.03%
455,997
+6,292
+1% +$177K
DECK icon
600
Deckers Outdoor
DECK
$12.7B
$10.9M 0.03%
105,422
-33,603
-24% -$3.72M
22 23
24
25 26

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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.