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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
UTHR icon
651
United Therapeutics
UTHR
$21.5B
$10.6M 0.02%
21,653
-735
-3% -$342K
FWONK icon
652
Liberty Media Series C
FWONK
$26B
$10.5M 0.02%
107,041
-4,177
-4% -$410K
P
653
Everpure Inc
P
$39B
$10.5M 0.02%
157,306
-18,331
-10% -$1.53M
NTR icon
654
Nutrien
NTR
$32.2B
$10.5M 0.02%
+170,354
New +$10M
RHP icon
655
Ryman Hospitality Properties
RHP
$7.87B
$10.5M 0.02%
111,062
-1,069
-1% -$98.8K
PEGA icon
656
Pegasystems
PEGA
$5.51B
$10.5M 0.02%
175,459
+2,804
+2% +$164K
HASI icon
657
Hannon Armstrong Sustainable Infrastructure Capital
HASI
$5.44B
$10.5M 0.02%
332,695
+13,524
+4% +$426K
SW
658
Smurfit Westrock
SW
$26.2B
$10.5M 0.02%
270,268
-3,891
-1% -$148K
TNL icon
659
Travel + Leisure Co
TNL
$4.58B
$10.4M 0.02%
147,284
-1,890
-1% -$124K
TPB icon
660
Turning Point Brands
TPB
$1.73B
$10.4M 0.02%
95,646
-7,978
-8% -$780K
RKT icon
661
Rocket Companies
RKT
$42.6B
$10.4M 0.02%
535,247
+469,315
+712% +$8.39M
ZBH icon
662
Zimmer Biomet
ZBH
$19B
$10.3M 0.02%
114,987
+5,252
+5% +$498K
PI icon
663
Impinj
PI
$5.46B
$10.3M 0.02%
59,265
+4,659
+9% +$830K
TSN icon
664
Tyson Foods
TSN
$19.8B
$10.3M 0.02%
175,914
-54,399
-24% -$2.99M
COLB icon
665
Columbia Banking Systems
COLB
$9.18B
$10.3M 0.02%
367,919
+50,796
+16% +$1.38M
GNRC icon
666
Generac Holdings
GNRC
$12.8B
$10.3M 0.02%
75,232
+16,883
+29% +$2.72M
IFF icon
667
International Flavors & Fragrances
IFF
$21.4B
$10.2M 0.02%
151,697
-2,219
-1% -$144K
MTDR icon
668
Matador Resources
MTDR
$6.39B
$10.2M 0.02%
240,849
+8,181
+4% +$344K
SSD icon
669
Simpson Manufacturing
SSD
$8B
$10.2M 0.02%
63,242
+3,691
+6% +$624K
FCNCA icon
670
First Citizens BancShares
FCNCA
$25.6B
$10.2M 0.02%
4,753
-900
-16% -$1.7M
PWP icon
671
Perella Weinberg Partners
PWP
$1.33B
$10.2M 0.02%
589,057
+38,356
+7% +$716K
ILMN icon
672
Illumina
ILMN
$29.1B
$10.2M 0.02%
77,415
-6,784
-8% -$796K
AFRM icon
673
Affirm
AFRM
$26.2B
$10.2M 0.02%
136,376
-28,946
-18% -$2.08M
TXRH icon
674
Texas Roadhouse
TXRH
$13.6B
$10.1M 0.02%
61,133
+4,326
+8% +$732K
LECO icon
675
Lincoln Electric
LECO
$15.5B
$10.1M 0.02%
42,336
+10,287
+32% +$2.44M
25 26
27
28 29

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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.