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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
MDGL icon
951
Madrigal Pharmaceuticals
MDGL
$11.7B
$4.99M 0.01%
10,875
+1,881
+21% +$702K
AXTA icon
952
Axalta
AXTA
$7.93B
$4.98M 0.01%
174,080
-1
-0% -$30
DK icon
953
Delek US
DK
$4.18B
$4.98M 0.01%
154,353
-43,848
-22% -$1.15M
MRX
954
Marex Group Limited Ordinary Shares
MRX
$5.2B
$4.97M 0.01%
147,858
– –
DTM icon
955
DT Midstream
DTM
$13.8B
$4.97M 0.01%
43,952
-472
-1% -$49.3K
GSHD icon
956
Goosehead Insurance
GSHD
$2.39B
$4.96M 0.01%
66,708
-183
-0.3% -$16.1K
UPWK icon
957
Upwork
UPWK
$1.08B
$4.96M 0.01%
267,303
-16,136
-6% -$240K
MCB icon
958
Metropolitan Bank Holding Corp
MCB
$1.17B
$4.96M 0.01%
66,321
+11,270
+20% +$847K
OPLN
959
Openlane
OPLN
$4.33B
$4.95M 0.01%
172,132
+20,966
+14% +$571K
HG icon
960
Hamilton Insurance Group
HG
$2.32B
$4.94M 0.01%
199,010
-46,186
-19% -$1.05M
FHN icon
961
First Horizon
FHN
$12.3B
$4.93M 0.01%
218,266
-4,726
-2% -$105K
CORZ icon
962
Core Scientific
CORZ
$6.36B
$4.91M 0.01%
273,901
-37,740
-12% -$554K
LAD icon
963
Lithia Motors
LAD
$8.32B
$4.91M 0.01%
15,545
-255
-2% -$82.3K
ALEX
964
DELISTED
Alexander & Baldwin
ALEX
$4.91M 0.01%
269,936
-98
-0% -$1.8K
ACLS icon
965
Axcelis
ACLS
$4.42B
$4.9M 0.01%
50,214
-40,359
-45% -$3.25M
RIOT icon
966
Riot Platforms
RIOT
$7.21B
$4.9M 0.01%
257,229
+833
+0.3% +$11.5K
UNM icon
967
Unum
UNM
$14.7B
$4.89M 0.01%
62,896
-1,854
-3% -$139K
JAZZ icon
968
Jazz Pharmaceuticals
JAZZ
$16B
$4.88M 0.01%
37,040
+26
+0.1% +$3.12K
CORT icon
969
Corcept Therapeutics
CORT
$11.9B
$4.87M 0.01%
58,599
+143
+0.2% +$10.3K
HHH icon
970
Howard Hughes
HHH
$4.04B
$4.86M 0.01%
59,204
-2,875
-5% -$213K
LNW
971
DELISTED
Light & Wonder
LNW
$4.85M 0.01%
57,821
-4
-0% -$367
PRMB
972
Primo Brands
PRMB
$8.97B
$4.85M 0.01%
219,341
-42,396
-16% -$1.1M
DAL icon
973
Delta Air Lines
DAL
$60B
$4.85M 0.01%
85,413
-3,088
-3% -$176K
VBTX
974
DELISTED
Veritex Holdings
VBTX
$4.82M 0.01%
143,681
-137,158
-49% -$4.42M
VNT icon
975
Vontier
VNT
$4.47B
$4.79M 0.01%
114,238
-65,063
-36% -$2.68M
37 38
39
40 41

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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.