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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
KLAC icon
101
KLA
KLAC
$272B
$66.8M 0.16%
746,010
-52,460
-7% -$3.95M
LRCX icon
102
Lam Research
LRCX
$408B
$66.8M 0.16%
685,796
-165,778
-19% -$13.1M
LOW icon
103
Lowe's Companies
LOW
$121B
$66.7M 0.16%
300,798
-16,599
-5% -$3.7M
APH icon
104
Amphenol
APH
$210B
$66.4M 0.16%
672,244
-86,431
-11% -$7.07M
MELI icon
105
Mercado Libre
MELI
$92.7B
$63.7M 0.16%
24,366
-1,288
-5% -$3.01M
VRTX icon
106
Vertex Pharmaceuticals
VRTX
$133B
$63.6M 0.16%
142,938
-9,739
-6% -$4.49M
COP icon
107
ConocoPhillips
COP
$153B
$63.6M 0.16%
708,801
-45,370
-6% -$4.08M
MUB icon
108
iShares National Muni Bond ETF
MUB
$45.9B
$63.5M 0.16%
607,800
– –
ADI icon
109
Analog Devices
ADI
$187B
$63.3M 0.15%
265,900
-21,816
-8% -$4.54M
CB icon
110
Chubb
CB
$132B
$62.6M 0.15%
216,055
-10,503
-5% -$3.02M
MDT icon
111
Medtronic
MDT
$116B
$61.7M 0.15%
708,082
-73,723
-9% -$6.25M
TMUS icon
112
T-Mobile US
TMUS
$190B
$60.2M 0.15%
252,456
-51,530
-17% -$12.6M
BX icon
113
Blackstone
BX
$110B
$59.7M 0.15%
398,822
-9,960
-2% -$1.37M
MRSH
114
Marsh
MRSH
$90.1B
$59.6M 0.15%
272,662
-13,153
-5% -$2.97M
XRT icon
115
State Street SPDR S&P Retail ETF
XRT
$639M
$59.5M 0.15%
771,596
+278
+0% +$20.2K
ANET icon
116
Arista Networks
ANET
$265B
$58.6M 0.14%
572,419
-73,747
-11% -$6.38M
CME icon
117
CME Group
CME
$94.3B
$58M 0.14%
210,356
-8,135
-4% -$2.21M
TT icon
118
Trane Technologies
TT
$105B
$57.8M 0.14%
132,128
-26,040
-16% -$10.3M
MCK icon
119
McKesson
MCK
$102B
$57.5M 0.14%
78,482
+2,246
+3% +$1.59M
WELL icon
120
Welltower
WELL
$166B
$56.9M 0.14%
370,321
+5,729
+2% +$856K
AMT icon
121
American Tower
AMT
$79.4B
$56.7M 0.14%
256,523
-6,058
-2% -$1.31M
SBUX icon
122
Starbucks
SBUX
$124B
$56.6M 0.14%
618,056
-46,465
-7% -$4.03M
ICE icon
123
Intercontinental Exchange
ICE
$85B
$56.3M 0.14%
307,004
-15,929
-5% -$2.74M
MDLZ icon
124
Mondelez International
MDLZ
$79.4B
$54.9M 0.13%
813,956
-147,835
-15% -$9.86M
MO icon
125
Altria Group
MO
$107B
$54.9M 0.13%
936,081
-50,749
-5% -$2.98M
3 4
5
6 7

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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.