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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
AA icon
1001
Alcoa
AA
$13.1B
$5M 0.01%
94,150
+42,167
+81% +$1.73M
LLYVK icon
1002
Liberty Live Group Series C
LLYVK
$9.92B
$5M 0.01%
60,091
+3,017
+5% +$259K
HALO icon
1003
Halozyme
HALO
$11.4B
$4.98M 0.01%
74,000
-5,357
-7% -$360K
HIW icon
1004
Highwoods Properties
HIW
$3.51B
$4.97M 0.01%
192,662
+4,618
+2% +$130K
SLAB icon
1005
Silicon Laboratories
SLAB
$7.28B
$4.95M 0.01%
37,870
-556
-1% -$73.1K
AFG icon
1006
American Financial Group
AFG
$12.1B
$4.93M 0.01%
36,037
+409
+1% +$56.1K
SNX icon
1007
TD Synnex
SNX
$20.4B
$4.89M 0.01%
32,559
-4,412
-12% -$677K
BWA icon
1008
BorgWarner
BWA
$13.8B
$4.89M 0.01%
108,550
-26,817
-20% -$1.17M
DOCS icon
1009
Doximity
DOCS
$4.74B
$4.88M 0.01%
110,265
-3,891
-3% -$218K
OTEX icon
1010
Open Text
OTEX
$6.02B
$4.88M 0.01%
+149,649
New +$5.33M
H icon
1011
Hyatt Hotels
H
$16.9B
$4.86M 0.01%
30,334
+1,939
+7% +$297K
CGNT icon
1012
Cognyte Software
CGNT
$692M
$4.86M 0.01%
517,115
– –
AXSM icon
1013
Axsome Therapeutics
AXSM
$11.2B
$4.86M 0.01%
26,603
-3,722
-12% -$520K
CHDN icon
1014
Churchill Downs
CHDN
$6.2B
$4.85M 0.01%
42,605
-5,295
-11% -$549K
ANF icon
1015
Abercrombie & Fitch
ANF
$4.84B
$4.84M 0.01%
38,479
-780
-2% -$68.2K
RCI icon
1016
Rogers Communications
RCI
$19.7B
$4.83M 0.01%
+127,833
New +$4.79M
AAON icon
1017
Aaon
AAON
$7.23B
$4.83M 0.01%
63,330
-1,497
-2% -$138K
HHH icon
1018
Howard Hughes
HHH
$4.04B
$4.82M 0.01%
60,453
+1,249
+2% +$103K
LOB icon
1019
Live Oak Bancshares
LOB
$2.01B
$4.8M 0.01%
139,765
+101,881
+269% +$3.41M
WDAF
1020
WisdomTree Asia Defense Fund
WDAF
$23.6M
$4.79M 0.01%
168,000
– –
DORM icon
1021
Dorman Products
DORM
$3.95B
$4.78M 0.01%
38,776
+26,348
+212% +$3.56M
MATX icon
1022
Matsons
MATX
$6.39B
$4.77M 0.01%
38,646
+2,192
+6% +$235K
GHC icon
1023
Graham Holdings Company
GHC
$4.97B
$4.77M 0.01%
4,346
+647
+17% +$691K
NCNO icon
1024
nCino
NCNO
$2.26B
$4.76M 0.01%
185,799
+140,916
+314% +$3.58M
PGNY icon
1025
Progyny
PGNY
$1.99B
$4.73M 0.01%
184,263
+31,740
+21% +$730K
39 40
41
42 43

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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.