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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
AGNC icon
951
AGNC Investment
AGNC
$13B
$5.72M 0.01%
533,883
-50,323
-9% -$517K
GTLB icon
952
GitLab
GTLB
$7.32B
$5.65M 0.01%
150,578
+18,582
+14% +$804K
CGNX icon
953
Cognex
CGNX
$10.4B
$5.63M 0.01%
156,352
+73,250
+88% +$2.96M
AVAV icon
954
AeroVironment
AVAV
$9.59B
$5.62M 0.01%
23,223
+1,134
+5% +$357K
WTRG icon
955
Essential Utilities
WTRG
$11.5B
$5.62M 0.01%
146,430
+1,726
+1% +$67.9K
FIVE icon
956
Five Below
FIVE
$13.4B
$5.6M 0.01%
29,747
+2,958
+11% +$481K
RGEN icon
957
Repligen
RGEN
$9.45B
$5.6M 0.01%
34,192
+109
+0.3% +$17.1K
ELS icon
958
Equity Lifestyle Properties
ELS
$12.6B
$5.6M 0.01%
92,395
-33,628
-27% -$2.08M
LW icon
959
Lamb Weston
LW
$7.39B
$5.54M 0.01%
132,300
+62,066
+88% +$3.65M
CARG icon
960
CarGurus
CARG
$3.38B
$5.54M 0.01%
144,506
+6,790
+5% +$245K
BRKR icon
961
Bruker
BRKR
$8.83B
$5.53M 0.01%
117,381
-18,419
-14% -$778K
NPB
962
Northpointe Bancshares
NPB
$603M
$5.53M 0.01%
329,476
+22,658
+7% +$384K
FIGR
963
Figure Technology Solutions
FIGR
$7.05B
$5.53M 0.01%
135,329
+9,929
+8% +$397K
QBTS icon
964
D-Wave Quantum Inc. Common Stock
QBTS
$7.78B
$5.49M 0.01%
210,073
-382
-0.2% -$11.1K
HRL icon
965
Hormel Foods
HRL
$13.4B
$5.49M 0.01%
231,697
-33,491
-13% -$782K
MP icon
966
MP Materials
MP
$9.91B
$5.45M 0.01%
107,929
-34,824
-24% -$2.21M
DBRG icon
967
DigitalBridge
DBRG
$2.94B
$5.45M 0.01%
355,040
+116,608
+49% +$1.4M
AOS icon
968
A.O. Smith
AOS
$8.49B
$5.43M 0.01%
81,261
-3,607
-4% -$244K
TTC icon
969
Toro Company
TTC
$9.21B
$5.42M 0.01%
68,832
-903
-1% -$66.7K
DK icon
970
Delek US
DK
$4.18B
$5.41M 0.01%
182,467
+28,114
+18% +$1M
QRVO icon
971
Qorvo
QRVO
$8.68B
$5.41M 0.01%
63,984
-7,010
-10% -$619K
MDGL icon
972
Madrigal Pharmaceuticals
MDGL
$11.7B
$5.4M 0.01%
9,276
-1,599
-15% -$817K
AMH icon
973
American Homes 4 Rent
AMH
$12.3B
$5.36M 0.01%
167,057
-5,617
-3% -$180K
BRBR icon
974
BellRing Brands
BRBR
$1.28B
$5.34M 0.01%
199,697
+62,476
+46% +$1.94M
MIR icon
975
Mirion Technologies
MIR
$3.88B
$5.31M 0.01%
226,534
+89,775
+66% +$2.24M
37 38
39
40 41

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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.