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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
HGV icon
1151
Hilton Grand Vacations
HGV
$3.49B
$2.74M 0.01%
65,901
+50,191
+319% +$1.89M
ADMA icon
1152
ADMA Biologics
ADMA
$2.19B
$2.73M 0.01%
150,037
-24,446
-14% -$498K
MTH icon
1153
Meritage Homes
MTH
$4.75B
$2.73M 0.01%
40,752
-57,475
-59% -$3.81M
COHU icon
1154
Cohu
COHU
$2.76B
$2.72M 0.01%
141,563
-26,124
-16% -$441K
MDGL icon
1155
Madrigal Pharmaceuticals
MDGL
$12.4B
$2.72M 0.01%
8,994
-2,295
-20% -$684K
BTU icon
1156
Peabody Energy
BTU
$3.01B
$2.72M 0.01%
202,631
-113
-0.1% -$1.49K
PCVX icon
1157
Vaxcyte
PCVX
$8.76B
$2.72M 0.01%
83,574
-9,158
-10% -$300K
AXSM icon
1158
Axsome Therapeutics
AXSM
$11.2B
$2.7M 0.01%
25,847
-4,933
-16% -$522K
ASIC
1159
Ategrity Specialty Insurance
ASIC
$1.18B
$2.69M 0.01%
+125,000
New +$2.86M
DBRG icon
1160
DigitalBridge
DBRG
$2.95B
$2.69M 0.01%
259,835
+14,997
+6% +$143K
SCSC icon
1161
Scansource
SCSC
$1.06B
$2.69M 0.01%
64,234
+39,144
+156% +$1.46M
MDU icon
1162
MDU Resources
MDU
$4.27B
$2.68M 0.01%
160,958
-25,727
-14% -$433K
ENVX icon
1163
Enovix
ENVX
$966M
$2.68M 0.01%
296,166
-88,816
-23% -$579K
ARCB icon
1164
ArcBest
ARCB
$3.14B
$2.67M 0.01%
34,616
-347
-1% -$22.6K
SR icon
1165
Spire
SR
$4.89B
$2.65M 0.01%
36,310
-1,373
-4% -$103K
MTG icon
1166
MGIC Investment
MTG
$6.29B
$2.64M 0.01%
94,902
-7,527
-7% -$194K
CYTK icon
1167
Cytokinetics
CYTK
$10.5B
$2.64M 0.01%
79,964
+2,069
+3% +$72K
ENSG icon
1168
The Ensign Group
ENSG
$10.6B
$2.64M 0.01%
17,106
-2,303
-12% -$323K
SNRE
1169
DELISTED
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
$2.64M 0.01%
46,647
– –
CGNX icon
1170
Cognex
CGNX
$10.4B
$2.64M 0.01%
83,142
-16,492
-17% -$472K
MHO icon
1171
M/I Homes
MHO
$3.82B
$2.63M 0.01%
23,454
+9,370
+67% +$1.02M
PARA
1172
DELISTED
Paramount Global Class B
PARA
$2.62M 0.01%
203,397
-73,194
-26% -$857K
PPBI
1173
DELISTED
Pacific Premier Bancorp
PPBI
$2.62M 0.01%
124,373
-32,358
-21% -$673K
ATKR icon
1174
Atkore
ATKR
$3.17B
$2.62M 0.01%
37,169
+18,233
+96% +$1.18M
RLJ icon
1175
RLJ Lodging Trust
RLJ
$1.66B
$2.62M 0.01%
359,700
+176,967
+97% +$1.28M
45 46
47
48 49

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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.