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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
VECO icon
1326
Veeco
VECO
$3.26B
$1.7M ﹤0.01%
83,736
-3,480
-4% -$68.7K
TDAY
1327
USA Today Co
TDAY
$1.01B
$1.68M ﹤0.01%
470,295
+51,809
+12% +$174K
ACLX
1328
DELISTED
Arcellx
ACLX
$1.68M ﹤0.01%
25,550
-12,553
-33% -$781K
OGN icon
1329
Organon & Co
OGN
$3.59B
$1.68M ﹤0.01%
173,066
-4,582
-3% -$47.3K
ARW icon
1330
Arrow Electronics
ARW
$10.6B
$1.67M ﹤0.01%
13,132
+623
+5% +$71.5K
ASPN icon
1331
Aspen Aerogels
ASPN
$510M
$1.67M ﹤0.01%
282,623
+69,354
+33% +$399K
LBTYK icon
1332
Liberty Global Class C
LBTYK
$3.46B
$1.67M ﹤0.01%
161,553
-14,580
-8% -$151K
CWT icon
1333
California Water Service
CWT
$3.09B
$1.66M ﹤0.01%
36,454
-2,868
-7% -$137K
CPK icon
1334
Chesapeake Utilities
CPK
$3.25B
$1.66M ﹤0.01%
13,775
-1,042
-7% -$131K
SWTX
1335
DELISTED
SpringWorks Therapeutics
SWTX
$1.65M ﹤0.01%
35,211
-17,360
-33% -$772K
SIGA icon
1336
SIGA Technologies
SIGA
$206M
$1.65M ﹤0.01%
253,502
-1,200
-0.5% -$7.2K
VNO icon
1337
Vornado Realty Trust
VNO
$7.33B
$1.65M ﹤0.01%
43,090
+1,645
+4% +$61.6K
ACIW icon
1338
ACI Worldwide
ACIW
$5.33B
$1.64M ﹤0.01%
35,777
-12,798
-26% -$629K
APLS
1339
DELISTED
Apellis Pharmaceuticals
APLS
$1.63M ﹤0.01%
94,404
+9,789
+12% +$181K
COOP
1340
DELISTED
Mr. Cooper
COOP
$1.63M ﹤0.01%
10,942
-15,777
-59% -$2.02M
CWEN icon
1341
Clearway Energy Class C
CWEN
$7.06B
$1.63M ﹤0.01%
50,937
-1,431
-3% -$42.7K
PFBC icon
1342
Preferred Bank
PFBC
$1.26B
$1.63M ﹤0.01%
+18,818
New +$1.55M
JANX icon
1343
Janux Therapeutics
JANX
$978M
$1.62M ﹤0.01%
70,262
+19,297
+38% +$508K
AI icon
1344
C3.ai
AI
$1.58B
$1.62M ﹤0.01%
65,849
-214
-0.3% -$4.89K
ASTH icon
1345
Astrana Health
ASTH
$1.78B
$1.61M ﹤0.01%
64,717
+36,378
+128% +$1.02M
SHOO icon
1346
Steven Madden
SHOO
$3.49B
$1.61M ﹤0.01%
67,121
+38,879
+138% +$912K
BGC icon
1347
BGC Group
BGC
$5.12B
$1.61M ﹤0.01%
157,206
-37,915
-19% -$348K
AWI icon
1348
Armstrong World Industries
AWI
$7.75B
$1.61M ﹤0.01%
9,892
-1,589
-14% -$236K
BIPC icon
1349
Brookfield Infrastructure
BIPC
$4.93B
$1.6M ﹤0.01%
+38,555
New +$1.48M
CNR
1350
Core Natural Resources Inc
CNR
$4.71B
$1.6M ﹤0.01%
22,922
+2,054
+10% +$146K
52 53
54
55 56

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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.