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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
BE icon
1026
Bloom Energy
BE
$69.6B
$3.86M 0.01%
161,435
-19,787
-11% -$383K
MCB icon
1027
Metropolitan Bank Holding Corp
MCB
$1.17B
$3.85M 0.01%
55,051
-6,168
-10% -$382K
IONS icon
1028
Ionis Pharmaceuticals
IONS
$9.28B
$3.82M 0.01%
96,694
-11,622
-11% -$380K
UPWK icon
1029
Upwork
UPWK
$1.08B
$3.81M 0.01%
283,439
+103,459
+57% +$1.49M
SIMO icon
1030
Silicon Motion
SIMO
$8.45B
$3.81M 0.01%
50,667
-247,150
-83% -$14M
AVAV icon
1031
AeroVironment
AVAV
$9.59B
$3.78M 0.01%
13,271
-2,810
-17% -$476K
QXO
1032
QXO Inc
QXO
$16.1B
$3.77M 0.01%
175,194
+139,209
+387% +$2.29M
BILL icon
1033
BILL Holdings
BILL
$5.11B
$3.76M 0.01%
81,341
-8,568
-10% -$379K
AGCO icon
1034
AGCO
AGCO
$6.96B
$3.74M 0.01%
36,253
-1,932
-5% -$184K
NE icon
1035
Noble Corp
NE
$7.07B
$3.72M 0.01%
140,128
-6,635
-5% -$159K
CHE icon
1036
Chemed
CHE
$7.02B
$3.72M 0.01%
7,632
-222
-3% -$126K
LSCC icon
1037
Lattice Semiconductor
LSCC
$18.2B
$3.71M 0.01%
75,725
-6,055
-7% -$290K
GIL icon
1038
Gildan
GIL
$10.6B
$3.7M 0.01%
+75,100
New +$3.45M
GHC icon
1039
Graham Holdings Company
GHC
$4.97B
$3.7M 0.01%
3,908
-1,220
-24% -$1.15M
OPLN
1040
Openlane
OPLN
$4.33B
$3.7M 0.01%
151,166
+2,636
+2% +$55.7K
DBX icon
1041
Dropbox
DBX
$7.81B
$3.69M 0.01%
129,116
-23,556
-15% -$667K
DAVE icon
1042
Dave Inc
DAVE
$4.26B
$3.69M 0.01%
13,746
-3,926
-22% -$619K
VYX icon
1043
NCR Voyix
VYX
$1.17B
$3.69M 0.01%
314,352
-111,950
-26% -$1.13M
TMHC
1044
DELISTED
Taylor Morrison
TMHC
$3.68M 0.01%
59,834
-22,659
-27% -$1.32M
CENX icon
1045
Century Aluminum
CENX
$4.59B
$3.67M 0.01%
203,588
+51,817
+34% +$880K
MASI
1046
DELISTED
Masimo
MASI
$3.64M 0.01%
21,644
+5,110
+31% +$816K
LW icon
1047
Lamb Weston
LW
$7.39B
$3.64M 0.01%
70,188
-34,866
-33% -$1.87M
RVMD icon
1048
Revolution Medicines
RVMD
$43.3B
$3.63M 0.01%
98,536
+467
+0.5% +$17.9K
ACHC icon
1049
Acadia Healthcare
ACHC
$2.82B
$3.62M 0.01%
159,698
+11,987
+8% +$284K
MIDD icon
1050
Middleby
MIDD
$5.29B
$3.62M 0.01%
25,147
-26,608
-51% -$3.75M
40 41
42
43 44

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LP
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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.