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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
NPO icon
601
Enpro
NPO
$7.12B
$11.9M 0.03%
55,476
+1,158
+2% +$256K
DVN icon
602
Devon Energy
DVN
$48.8B
$11.9M 0.03%
323,871
+2,970
+0.9% +$104K
RITM icon
603
Rithm Capital
RITM
$5.79B
$11.8M 0.03%
1,081,153
+525,402
+95% +$5.81M
EPRT icon
604
Essential Properties Realty Trust
EPRT
$6.71B
$11.8M 0.03%
397,070
+12,306
+3% +$375K
VRSN icon
605
VeriSign
VRSN
$26B
$11.8M 0.03%
48,431
-7,044
-13% -$1.77M
NCLH icon
606
Norwegian Cruise Line
NCLH
$8.98B
$11.8M 0.03%
527,102
+19,160
+4% +$405K
GH icon
607
Guardant Health
GH
$21.4B
$11.8M 0.03%
115,169
-1,794
-2% -$160K
HOMB icon
608
Home BancShares
HOMB
$6.27B
$11.8M 0.03%
423,270
+14,128
+3% +$392K
HWC icon
609
Hancock Whitney
HWC
$6.37B
$11.7M 0.03%
183,838
+17,546
+11% +$1.07M
FER icon
610
Ferrovial N.V. Ordinary Shares
FER
$46.5B
$11.7M 0.03%
+181,638
New +$11.5M
BRX icon
611
Brixmor Property Group
BRX
$9.21B
$11.7M 0.03%
445,136
+6,732
+2% +$178K
ZS icon
612
Zscaler
ZS
$30.4B
$11.7M 0.03%
51,843
-1,347
-3% -$380K
TROW icon
613
T. Rowe Price
TROW
$23.7B
$11.6M 0.03%
113,710
-2,466
-2% -$254K
CWST icon
614
Casella Waste Systems
CWST
$5.79B
$11.5M 0.03%
117,734
+3,095
+3% +$287K
CMC icon
615
Commercial Metals
CMC
$7.98B
$11.5M 0.03%
165,694
+1,303
+0.8% +$81.6K
SMTC icon
616
Semtech
SMTC
$12.4B
$11.4M 0.03%
154,662
-14,429
-9% -$1.02M
PPLI
617
People Inc
PPLI
$3.01B
$11.4M 0.03%
291,395
+199,145
+216% +$6.97M
BJ icon
618
BJs Wholesale Club
BJ
$11.9B
$11.4M 0.03%
126,409
-1,847
-1% -$170K
KEY icon
619
KeyCorp
KEY
$24.6B
$11.4M 0.03%
550,899
-46,626
-8% -$868K
LILA icon
620
Liberty Latin America Class A
LILA
$1.67B
$11.3M 0.03%
2,257,057
-32,885
-1% -$182K
SUI icon
621
Sun Communities
SUI
$14.6B
$11.3M 0.03%
91,407
-8,502
-9% -$1.06M
CVE icon
622
Cenovus Energy
CVE
$56.4B
$11.3M 0.03%
+665,750
New +$11.6M
CDW icon
623
CDW
CDW
$17.8B
$11.2M 0.03%
82,520
-11,022
-12% -$1.63M
MTZ icon
624
MasTec
MTZ
$23B
$11.2M 0.03%
51,657
-30,279
-37% -$6.35M
GWRE icon
625
Guidewire Software
GWRE
$15.2B
$11.2M 0.03%
55,808
+41
+0.1% +$9.07K
23 24
25
26 27

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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.