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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
MEDP icon
776
Medpace
MEDP
$16.2B
$7.49M 0.02%
23,880
-7,300
-23% -$2.19M
GPI icon
777
Group 1 Automotive
GPI
$3.14B
$7.41M 0.02%
16,963
-1,221
-7% -$512K
RPM icon
778
RPM International
RPM
$14.5B
$7.41M 0.02%
67,426
-9,331
-12% -$1.03M
WPC icon
779
W.P. Carey
WPC
$16.3B
$7.41M 0.02%
118,719
-56,005
-32% -$3.45M
LBRDK icon
780
Liberty Broadband Class C
LBRDK
$5.29B
$7.4M 0.02%
75,220
-861
-1% -$77.2K
IOT icon
781
Samsara
IOT
$24B
$7.35M 0.02%
184,678
+6,065
+3% +$251K
ATRC icon
782
AtriCure
ATRC
$2.21B
$7.33M 0.02%
223,810
-1,329
-0.6% -$43.2K
VBTX
783
DELISTED
Veritex Holdings
VBTX
$7.33M 0.02%
280,839
-2,144
-0.8% -$51.1K
FROG icon
784
JFrog
FROG
$11.5B
$7.29M 0.02%
166,235
-2,461
-1% -$93.5K
GLPI icon
785
Gaming and Leisure Properties
GLPI
$12.7B
$7.26M 0.02%
155,467
+979
+0.6% +$46.3K
CFLT
786
DELISTED
Confluent
CFLT
$7.24M 0.02%
290,359
+30,301
+12% +$683K
CNH
787
CNH Industrial
CNH
$16.7B
$7.2M 0.02%
555,760
+24,909
+5% +$308K
RPRX icon
788
Royalty Pharma
RPRX
$26.1B
$7.2M 0.02%
199,746
-39,803
-17% -$1.32M
CASH icon
789
Pathward Financial
CASH
$1.79B
$7.19M 0.02%
90,920
-4,305
-5% -$329K
ALLY icon
790
Ally Financial
ALLY
$13.6B
$7.19M 0.02%
184,619
-51,697
-22% -$1.79M
ESTA icon
791
Establishment Labs
ESTA
$2.25B
$7.19M 0.02%
168,339
-755
-0.4% -$26.3K
APLE icon
792
Apple Hospitality REIT
APLE
$3.75B
$7.18M 0.02%
615,651
-4,183
-0.7% -$49.1K
IPG
793
DELISTED
Interpublic Group of Companies
IPG
$7.15M 0.02%
292,078
-310,442
-52% -$7.55M
SMTC icon
794
Semtech
SMTC
$12.4B
$7.14M 0.02%
158,189
-25,503
-14% -$907K
ALGN icon
795
Align Technology
ALGN
$12.5B
$7.14M 0.02%
37,706
-2,304
-6% -$407K
ALSN icon
796
Allison Transmission
ALSN
$10.2B
$7.13M 0.02%
75,020
-4,292
-5% -$415K
WK icon
797
Workiva
WK
$4.01B
$7.11M 0.02%
103,874
-6,849
-6% -$471K
SITE icon
798
SiteOne Landscape Supply
SITE
$4.27B
$7.11M 0.02%
58,771
-2,048
-3% -$242K
KNSL icon
799
Kinsale Capital Group
KNSL
$8.59B
$7.06M 0.02%
14,595
-2,107
-13% -$982K
GSHD icon
800
Goosehead Insurance
GSHD
$2.39B
$7.06M 0.02%
66,891
-2,508
-4% -$266K
30 31
32
33 34

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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.