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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
CYBR
601
DELISTED
CyberArk
CYBR
$10.9M 0.03%
26,688
+3,700
+16% +$1.35M
EIX icon
602
Edison International
EIX
$27.2B
$10.8M 0.03%
209,395
-7,400
-3% -$406K
SSB icon
603
SouthState Bank Corp
SSB
$10.8B
$10.8M 0.03%
117,265
+16,612
+17% +$1.46M
PXH icon
604
Invesco FTSE RAFI Emerging Markets ETF
PXH
$1.96B
$10.8M 0.03%
460,425
– –
L icon
605
Loews
L
$23B
$10.7M 0.03%
117,083
-4,887
-4% -$429K
TCBI icon
606
Texas Capital Bancshares
TCBI
$4.38B
$10.7M 0.03%
135,102
-4,950
-4% -$355K
AVY icon
607
Avery Dennison
AVY
$13.6B
$10.7M 0.03%
61,075
+3,265
+6% +$572K
PWP icon
608
Perella Weinberg Partners
PWP
$1.33B
$10.7M 0.03%
551,085
-17,526
-3% -$310K
MOG.A icon
609
Moog Inc Class A
MOG.A
$13.5B
$10.7M 0.03%
59,049
-4,523
-7% -$793K
WH icon
610
Wyndham Hotels & Resorts
WH
$5.51B
$10.7M 0.03%
131,476
+6,364
+5% +$533K
RHP icon
611
Ryman Hospitality Properties
RHP
$7.87B
$10.6M 0.03%
107,658
+1,555
+1% +$145K
ZM icon
612
Zoom
ZM
$32.2B
$10.6M 0.03%
136,149
-4,565
-3% -$353K
GPN icon
613
Global Payments
GPN
$25.1B
$10.6M 0.03%
132,314
-9,650
-7% -$764K
IRTC icon
614
iRhythm Holdings
IRTC
$4.06B
$10.5M 0.03%
68,475
-6,565
-9% -$848K
HSIC icon
615
Henry Schein
HSIC
$10B
$10.5M 0.03%
144,292
-39,906
-22% -$2.75M
HQY icon
616
HealthEquity
HQY
$8.83B
$10.5M 0.03%
100,371
-4,066
-4% -$385K
WST icon
617
West Pharmaceutical
WST
$24.4B
$10.5M 0.03%
47,825
+4,637
+11% +$991K
EWZ icon
618
iShares MSCI Brazil ETF
EWZ
$8.55B
$10.5M 0.03%
362,600
-75,200
-17% -$2.03M
FNB icon
619
FNB Corp
FNB
$6.88B
$10.4M 0.03%
716,679
+28,058
+4% +$379K
OKTA icon
620
Okta
OKTA
$26.9B
$10.4M 0.03%
104,249
+11,676
+13% +$1.25M
FSS icon
621
Federal Signal
FSS
$7.51B
$10.4M 0.03%
97,738
-6,507
-6% -$580K
MDB icon
622
MongoDB
MDB
$38B
$10.3M 0.03%
49,279
-14,507
-23% -$2.68M
LNTH icon
623
Lantheus
LNTH
$6.59B
$10.3M 0.03%
126,399
-8,807
-7% -$773K
PHR icon
624
Phreesia
PHR
$780M
$10.3M 0.03%
363,082
+23,522
+7% +$597K
MKC icon
625
McCormick & Company Non-Voting
MKC
$14.6B
$10.3M 0.03%
135,837
-6,500
-5% -$487K
23 24
25
26 27

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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.