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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
OKTA icon
801
Okta
OKTA
$26.9B
$7.84M 0.02%
90,631
+2,867
+3% +$250K
JCAP
802
Jefferson Capital
JCAP
$1.33B
$7.82M 0.02%
350,000
– –
EPR icon
803
EPR Properties
EPR
$4.73B
$7.82M 0.02%
156,616
-12,155
-7% -$633K
RIVN icon
804
Rivian
RIVN
$22.9B
$7.81M 0.02%
396,038
-12,851
-3% -$204K
WSO icon
805
Watsco Inc
WSO
$12.9B
$7.8M 0.02%
23,155
+454
+2% +$162K
DOCU
806
DocuSign
DOCU
$12.2B
$7.79M 0.02%
113,910
-4,490
-4% -$310K
RVMD icon
807
Revolution Medicines
RVMD
$43.3B
$7.79M 0.02%
97,804
-12,793
-12% -$839K
AIZ icon
808
Assurant
AIZ
$13.9B
$7.78M 0.02%
32,283
-1,717
-5% -$384K
FOXA icon
809
Fox Class A
FOXA
$27.5B
$7.77M 0.02%
106,331
-31,166
-23% -$2.04M
PBA icon
810
Pembina Pipeline
PBA
$28.4B
$7.76M 0.02%
+203,499
New +$7.83M
ESTC icon
811
Elastic
ESTC
$8.94B
$7.75M 0.02%
102,756
-517
-0.5% -$42.2K
VSEC icon
812
VSE Corp
VSEC
$6.48B
$7.75M 0.02%
44,838
+933
+2% +$160K
TECK icon
813
Teck Resources
TECK
$31.3B
$7.75M 0.02%
+161,568
New +$7M
NATL icon
814
NCR Atleos
NATL
$3.47B
$7.74M 0.02%
203,045
+10,425
+5% +$391K
QTWO icon
815
Q2 Holdings
QTWO
$4.13B
$7.74M 0.02%
107,193
+1,438
+1% +$98.7K
WEX icon
816
WEX
WEX
$6.78B
$7.73M 0.02%
51,909
+811
+2% +$122K
FFIV icon
817
F5
FFIV
$23.6B
$7.7M 0.02%
30,161
-9,704
-24% -$2.61M
DT icon
818
Dynatrace
DT
$14.7B
$7.67M 0.02%
176,951
+268
+0.2% +$12.5K
CHKP icon
819
Check Point Software Technologies
CHKP
$13.7B
$7.64M 0.02%
41,152
+2,698
+7% +$522K
FDS icon
820
Factset
FDS
$10.2B
$7.59M 0.02%
26,164
+3,704
+16% +$1.04M
BLDR icon
821
Builders FirstSource
BLDR
$7.91B
$7.57M 0.02%
73,581
+9,345
+15% +$1.05M
BAM icon
822
Brookfield Asset Management
BAM
$89.2B
$7.55M 0.02%
+143,882
New +$7.74M
IONS icon
823
Ionis Pharmaceuticals
IONS
$9.28B
$7.5M 0.02%
94,761
-2,076
-2% -$156K
EXEL icon
824
Exelixis
EXEL
$12.5B
$7.49M 0.02%
170,826
-19,923
-10% -$824K
QSR icon
825
Restaurant Brands International
QSR
$26.7B
$7.45M 0.02%
+109,043
New +$7.51M
31 32
33
34 35

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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.