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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
+9.63%
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
$43.6B
AUM Growth
+$2.64B
Cap. Flow
-$296M
Cap. Flow %
-0.68%
Top 10 Hldgs %
29.38%
Holding
2,561
New
248
Increased
889
Reduced
1,164
Closed
195

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$108M
2
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$88M
3
ZG icon
Zillow
ZG
+$57.7M
4
BEP icon
Brookfield Renewable
BEP
+$55M
5
FOX icon
Fox Class B
FOX
+$45.1M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$53.8M
2
NVDA icon
NVIDIA
NVDA
+$52.1M
3
HES
Hess
HES
+$43.8M
4
MSFT icon
Microsoft
MSFT
+$41.6M
5
XHB icon
State Street SPDR S&P Homebuilders ETF
XHB
+$39.4M

Sector Composition

Rank Sector Weight
1 Technology 27.91%
2 Financials 12.67%
3 Communication Services 10.52%
4 Consumer Discretionary 9.45%
5 Industrials 8.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ESTA icon
826
Establishment Labs
ESTA
$2.25B
$6.82M 0.02%
166,414
-1,925
-1% -$78.6K
GME icon
827
GameStop
GME
$8.33B
$6.82M 0.02%
249,903
+103
+0% +$2.44K
ARE icon
828
Alexandria Real Estate Equities
ARE
$8.33B
$6.8M 0.02%
81,566
-8,092
-9% -$648K
ASO icon
829
Academy Sports + Outdoors
ASO
$3.03B
$6.73M 0.02%
134,639
+11,794
+10% +$602K
MMSI icon
830
Merit Medical Systems
MMSI
$5.4B
$6.73M 0.02%
80,914
+76
+0.1% +$6.62K
MLI icon
831
Mueller Industries
MLI
$14.7B
$6.73M 0.02%
133,094
-408
-0.3% -$18.7K
DUOL icon
832
Duolingo
DUOL
$6.74B
$6.72M 0.02%
20,877
-1,687
-7% -$564K
CASH icon
833
Pathward Financial
CASH
$1.79B
$6.72M 0.02%
90,752
-168
-0.2% -$13.1K
MAC icon
834
Macerich
MAC
$6.99B
$6.71M 0.02%
368,599
+550
+0.1% +$9.53K
Z icon
835
Zillow
Z
$8.08B
$6.67M 0.02%
86,574
-2,235
-3% -$183K
EXAS
836
DELISTED
Exact Sciences
EXAS
$6.65M 0.02%
121,517
+389
+0.3% +$19.4K
BXP icon
837
Boston Properties
BXP
$11B
$6.63M 0.02%
89,202
-32,356
-27% -$2.28M
IOT icon
838
Samsara
IOT
$24B
$6.62M 0.02%
177,761
-6,917
-4% -$257K
PECO icon
839
Phillips Edison & Co
PECO
$5.2B
$6.6M 0.02%
192,397
+136
+0.1% +$4.71K
LYB icon
840
LyondellBasell Industries
LYB
$20.2B
$6.59M 0.02%
134,298
-5,725
-4% -$323K
GXO icon
841
GXO Logistics
GXO
$5.56B
$6.58M 0.02%
124,316
-8,837
-7% -$454K
HRL icon
842
Hormel Foods
HRL
$13.4B
$6.56M 0.02%
265,188
+55,518
+26% +$1.54M
CRL icon
843
Charles River Laboratories
CRL
$13.4B
$6.48M 0.01%
41,445
+10,191
+33% +$1.62M
QRVO icon
844
Qorvo
QRVO
$8.68B
$6.47M 0.01%
70,994
+810
+1% +$72.1K
ULS icon
845
UL Solutions
ULS
$15.5B
$6.44M 0.01%
90,892
-8
-0% -$545
APG icon
846
APi Group
APG
$18.8B
$6.44M 0.01%
187,291
+284
+0.2% +$9.91K
FDS icon
847
Factset
FDS
$10.2B
$6.43M 0.01%
22,460
-2,212
-9% -$845K
SFM icon
848
Sprouts Farmers Market
SFM
$7.71B
$6.42M 0.01%
58,989
-192
-0.3% -$27.9K
ELAN icon
849
Elanco Animal Health
ELAN
$11.2B
$6.41M 0.01%
318,456
+456
+0.1% +$7.64K
NDSN icon
850
Nordson
NDSN
$17.3B
$6.41M 0.01%
28,239
-1,073
-4% -$237K
32 33
34
35 36

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State of Wisconsin Investment Board's Q3 2025 Portfolio in Review

As of Q3 2025, State of Wisconsin Investment Board held 2,561 positions worth $43.6B, up 6.5% from $41B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Wisconsin Investment Board's Q3 2025 filing shows 248 new, 889 increased, 1,164 reduced and 195 closed positions. Its largest new stake was Brookfield Renewable: 2,134,542 shares worth $55M. The largest sale was Apple, an estimated $53.8M.

By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Financials and Communication Services.

  • State of Wisconsin Investment Board's largest Q3 2025 buy was Brookfield Renewable: 2,134,542 shares worth $55M.
  • State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q3 2025, an estimated $108M increase.
  • State of Wisconsin Investment Board's biggest Q3 2025 reduction was Apple, cutting an estimated $53.8M.
  • State of Wisconsin Investment Board fully exited Hess in Q3 2025, selling an estimated $43.8M.
  • State of Wisconsin Investment Board's ten largest holdings make up 29% of its $43.6B portfolio in Q3 2025.
  • State of Wisconsin Investment Board opened 248 new positions and closed 195 in Q3 2025.
  • State of Wisconsin Investment Board's portfolio value rose 6.5% quarter-over-quarter to $43.6B.

Based on State of Wisconsin Investment Board's 13F filing for Q3 2025, filed 14 Nov 2025.