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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
INBK icon
1126
First Internet Bancorp
INBK
$255M
$2.96M 0.01%
109,894
– –
ASTS icon
1127
AST SpaceMobile
ASTS
$21.4B
$2.95M 0.01%
63,202
-32,565
-34% -$943K
SAIC icon
1128
Saic
SAIC
$5.35B
$2.94M 0.01%
26,122
+4,727
+22% +$539K
VVV icon
1129
Valvoline
VVV
$4.25B
$2.94M 0.01%
77,534
-5,736
-7% -$201K
PENN icon
1130
PENN Entertainment
PENN
$2.57B
$2.93M 0.01%
164,234
+20,911
+15% +$328K
HAYW icon
1131
Hayward Holdings
HAYW
$3.25B
$2.93M 0.01%
212,565
+42,575
+25% +$574K
OSCR icon
1132
Oscar Health
OSCR
$9.5B
$2.91M 0.01%
135,650
+81,790
+152% +$1.22M
RIOT icon
1133
Riot Platforms
RIOT
$7.21B
$2.9M 0.01%
256,396
-9,981
-4% -$84.9K
FOLD
1134
DELISTED
Amicus Therapeutics
FOLD
$2.89M 0.01%
504,128
+97,185
+24% +$627K
NJR icon
1135
New Jersey Resources
NJR
$5.62B
$2.88M 0.01%
64,308
-449
-0.7% -$21K
MYGN icon
1136
Myriad Genetics
MYGN
$309M
$2.85M 0.01%
537,445
+312,206
+139% +$1.84M
OSIS icon
1137
OSI Systems
OSIS
$3.82B
$2.85M 0.01%
12,681
-1,544
-11% -$330K
ALKS icon
1138
Alkermes
ALKS
$8.44B
$2.85M 0.01%
99,556
-18,641
-16% -$555K
KDKRW
1139
CALL
Kodiak AI Warrants
KDKRW
$2.83M 0.01%
+250,000
New +$215K
GAP
1140
The Gap Inc
GAP
$7.29B
$2.83M 0.01%
129,667
-10,669
-8% -$238K
RARE icon
1141
Ultragenyx Pharmaceutical
RARE
$2.65B
$2.82M 0.01%
77,501
+3,100
+4% +$112K
QBTS icon
1142
D-Wave Quantum Inc. Common Stock
QBTS
$7.78B
$2.82M 0.01%
192,448
+2,369
+1% +$27.9K
LYFT icon
1143
Lyft
LYFT
$6.28B
$2.82M 0.01%
178,668
-66,322
-27% -$929K
SIGI icon
1144
Selective Insurance
SIGI
$5.59B
$2.81M 0.01%
32,432
+6,240
+24% +$547K
PARR icon
1145
Par Pacific Holdings
PARR
$4.12B
$2.8M 0.01%
105,660
-79,584
-43% -$1.52M
COMP icon
1146
Compass
COMP
$10.2B
$2.79M 0.01%
443,872
-108,750
-20% -$745K
OGS icon
1147
ONE Gas
OGS
$5.05B
$2.77M 0.01%
38,612
-173
-0.4% -$13K
LOAR icon
1148
Loar Holdings
LOAR
$6.93B
$2.77M 0.01%
32,091
+23,317
+266% +$2.02M
MGEE icon
1149
MGE Energy Inc
MGEE
$3.07B
$2.76M 0.01%
31,195
-3,533
-10% -$318K
JBTM
1150
JBT Marel
JBTM
$6.15B
$2.74M 0.01%
22,825
+18,052
+378% +$2.02M
44 45
46
47 48

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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.