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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
MANH icon
576
Manhattan Associates
MANH
$11.7B
$12.3M 0.03%
70,701
-6,414
-8% -$1.17M
ON icon
577
ON Semiconductor
ON
$31.8B
$12.2M 0.03%
225,671
-7,665
-3% -$393K
FNB icon
578
FNB Corp
FNB
$6.88B
$12.2M 0.03%
712,370
+6,382
+0.9% +$104K
HAS icon
579
Hasbro
HAS
$13.6B
$12.2M 0.03%
148,554
+31,598
+27% +$2.48M
STEP icon
580
StepStone Group
STEP
$4.28B
$12.2M 0.03%
189,537
+7,660
+4% +$484K
TOST icon
581
Toast
TOST
$20.4B
$12.2M 0.03%
342,230
-44,717
-12% -$1.61M
SBAC icon
582
SBA Communications
SBAC
$19.8B
$12.1M 0.03%
62,796
-10,134
-14% -$1.96M
BLD
583
DELISTED
TopBuild
BLD
$12.1M 0.03%
29,073
+1,071
+4% +$459K
OVV icon
584
Ovintiv
OVV
$17.2B
$12.1M 0.03%
309,340
-7,826
-2% -$303K
PPG icon
585
PPG Industries
PPG
$25.5B
$12.1M 0.03%
118,084
-23,153
-16% -$2.33M
KNX icon
586
Knight Transportation
KNX
$11.9B
$12.1M 0.03%
231,248
-1,968
-0.8% -$92.2K
BPOP icon
587
Popular Inc
BPOP
$11.3B
$12.1M 0.03%
96,913
+16,021
+20% +$1.89M
IP icon
588
International Paper
IP
$21.8B
$12.1M 0.03%
306,295
-59,726
-16% -$2.46M
CPT icon
589
Camden Property Trust
CPT
$11.1B
$12.1M 0.03%
109,579
+408
+0.4% +$42.4K
NTAP icon
590
NetApp
NTAP
$40.2B
$12M 0.03%
112,348
-6,198
-5% -$708K
EEMS icon
591
iShares MSCI Emerging Markets Small-Cap ETF
EEMS
$378M
$12M 0.03%
178,113
+4,300
+2% +$292K
FLEX icon
592
Flex
FLEX
$45.9B
$12M 0.03%
198,700
-19,949
-9% -$1.23M
EXPD icon
593
Expeditors International
EXPD
$24.3B
$12M 0.03%
80,450
+4,771
+6% +$649K
EIX icon
594
Edison International
EIX
$27.2B
$12M 0.03%
199,339
-44,558
-18% -$2.56M
JKHY icon
595
Jack Henry & Associates
JKHY
$11.1B
$12M 0.03%
65,547
-3,377
-5% -$563K
EXP icon
596
Eagle Materials
EXP
$6.41B
$12M 0.03%
57,867
-7,158
-11% -$1.58M
LYV icon
597
Live Nation Entertainment
LYV
$43.3B
$12M 0.03%
83,928
-998
-1% -$143K
LULU icon
598
lululemon athletica
LULU
$13.6B
$12M 0.03%
57,508
+270
+0.5% +$48.9K
CMS icon
599
CMS Energy
CMS
$22.1B
$11.9M 0.03%
170,487
-15,871
-9% -$1.15M
PXH icon
600
Invesco FTSE RAFI Emerging Markets ETF
PXH
$1.96B
$11.9M 0.03%
460,425
– –
22 23
24
25 26

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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.