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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
FUTU icon
1001
Futu Holdings
FUTU
$14.7B
$4.08M 0.01%
32,980
+6,700
+25% +$685K
NMRK icon
1002
Newmark Group
NMRK
$2.77B
$4.07M 0.01%
335,089
-51,930
-13% -$581K
IDA icon
1003
Idacorp
IDA
$8.16B
$4.06M 0.01%
35,125
+1,145
+3% +$133K
TGLS icon
1004
Tecnoglass Holdings Inc.
TGLS
$1.87B
$4.04M 0.01%
52,231
-14,300
-21% -$1.11M
H icon
1005
Hyatt Hotels
H
$16.9B
$4.04M 0.01%
28,924
-6,149
-18% -$767K
ACAD icon
1006
Acadia Pharmaceuticals
ACAD
$4.89B
$4.02M 0.01%
186,361
-6,243
-3% -$116K
BFH icon
1007
Bread Financial
BFH
$4.51B
$4.02M 0.01%
70,312
-11,028
-14% -$556K
CAI
1008
Caris Life Sciences
CAI
$6.27B
$4.01M 0.01%
+150,000
New +$4.04M
HII icon
1009
Huntington Ingalls Industries
HII
$12.8B
$4.01M 0.01%
16,599
-1,585
-9% -$354K
MUSA icon
1010
Murphy USA
MUSA
$10.4B
$3.99M 0.01%
9,811
-1,081
-10% -$491K
ALGM icon
1011
Allegro MicroSystems
ALGM
$8.23B
$3.99M 0.01%
116,652
-35,341
-23% -$880K
FLYW icon
1012
Flywire
FLYW
$2.22B
$3.99M 0.01%
340,635
+19,556
+6% +$199K
PB icon
1013
Prosperity Bancshares
PB
$8.97B
$3.98M 0.01%
56,668
-3,385
-6% -$233K
OUT icon
1014
Outfront Media
OUT
$5.24B
$3.96M 0.01%
242,853
-2,416
-1% -$37.8K
CALX icon
1015
Calix
CALX
$2.51B
$3.94M 0.01%
74,007
-29,901
-29% -$1.28M
CE icon
1016
Celanese
CE
$4.86B
$3.93M 0.01%
71,100
-6,768
-9% -$337K
OCFC icon
1017
OceanFirst Financial
OCFC
$1.88B
$3.93M 0.01%
223,291
-3,656
-2% -$61K
JAZZ icon
1018
Jazz Pharmaceuticals
JAZZ
$16B
$3.93M 0.01%
37,014
-2,219
-6% -$241K
GKOS icon
1019
Glaukos
GKOS
$11.2B
$3.93M 0.01%
38,010
-8,975
-19% -$842K
TREX icon
1020
Trex
TREX
$5.1B
$3.89M 0.01%
71,495
+43,731
+158% +$2.48M
BIO icon
1021
Bio-Rad Laboratories Class A
BIO
$9.66B
$3.89M 0.01%
16,102
+1,610
+11% +$381K
M icon
1022
Macy's
M
$6.27B
$3.88M 0.01%
333,164
+23,510
+8% +$272K
VFC icon
1023
VF Corp
VFC
$5.79B
$3.87M 0.01%
329,747
+76,877
+30% +$953K
STAG icon
1024
STAG Industrial
STAG
$7.12B
$3.87M 0.01%
106,664
-4,744
-4% -$164K
SITM icon
1025
SiTime
SITM
$20.7B
$3.87M 0.01%
18,144
-2,570
-12% -$464K
39 40
41
42 43

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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.