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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
CMC icon
751
Commercial Metals
CMC
$7.98B
$7.89M 0.02%
161,267
-5,156
-3% -$239K
MRUS
752
DELISTED
Merus
MRUS
$7.87M 0.02%
149,543
-8,765
-6% -$412K
CHRW icon
753
C.H. Robinson
CHRW
$17.5B
$7.83M 0.02%
81,655
+3,174
+4% +$297K
ALAB icon
754
Astera Labs
ALAB
$56B
$7.83M 0.02%
+86,640
New +$6.85M
XPO icon
755
XPO
XPO
$24.7B
$7.82M 0.02%
61,947
-13,760
-18% -$1.54M
FOXA icon
756
Fox Class A
FOXA
$27.5B
$7.77M 0.02%
138,697
-5,625
-4% -$297K
PRMB
757
Primo Brands
PRMB
$8.97B
$7.75M 0.02%
261,737
+164,458
+169% +$5.26M
TBBK icon
758
The Bancorp
TBBK
$2.82B
$7.74M 0.02%
135,880
-6,317
-4% -$319K
HEI icon
759
HEICO Corp
HEI
$51.9B
$7.74M 0.02%
23,584
-1,184
-5% -$328K
GL icon
760
Globe Life
GL
$14B
$7.72M 0.02%
62,077
-9,657
-13% -$1.17M
AOS icon
761
A.O. Smith
AOS
$8.49B
$7.71M 0.02%
117,564
+45,742
+64% +$2.99M
FEM icon
762
First Trust Emerging Markets AlphaDEX Fund
FEM
$788M
$7.71M 0.02%
313,808
– –
UFPI icon
763
UFP Industries
UFPI
$5.03B
$7.68M 0.02%
77,330
-2,517
-3% -$254K
DVYE icon
764
iShares Emerging Markets Dividend ETF
DVYE
$1.21B
$7.68M 0.02%
267,953
– –
TNL icon
765
Travel + Leisure Co
TNL
$4.58B
$7.67M 0.02%
148,622
+42,043
+39% +$1.97M
HAPN
766
Happen Inc
HAPN
$2.27B
$7.67M 0.02%
637,460
-166,197
-21% -$1.73M
SWKS icon
767
Skyworks Solutions
SWKS
$10.5B
$7.64M 0.02%
102,542
+12,802
+14% +$855K
AMH icon
768
American Homes 4 Rent
AMH
$12.3B
$7.63M 0.02%
211,614
+4,535
+2% +$168K
DINO icon
769
HF Sinclair
DINO
$16.3B
$7.6M 0.02%
185,008
-25,711
-12% -$885K
OSW icon
770
OneSpaWorld
OSW
$2.73B
$7.6M 0.02%
372,503
+94,865
+34% +$1.74M
CHRD icon
771
Chord Energy
CHRD
$7.35B
$7.58M 0.02%
78,257
-1,854
-2% -$176K
IJH icon
772
iShares Core S&P Mid-Cap ETF
IJH
$128B
$7.57M 0.02%
122,030
+39,800
+48% +$2.34M
MMSI icon
773
Merit Medical Systems
MMSI
$5.4B
$7.56M 0.02%
80,838
-1,863
-2% -$177K
NYT icon
774
New York Times
NYT
$10.3B
$7.53M 0.02%
134,592
+13,296
+11% +$705K
CCK icon
775
Crown Holdings
CCK
$12.9B
$7.53M 0.02%
73,161
-13,953
-16% -$1.33M
29 30
31
32 33

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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.