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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
+3.81%
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
$44.7B
AUM Growth
+$1.12B
Cap. Flow
+$282M
Cap. Flow %
0.63%
Top 10 Hldgs %
28.98%
Holding
2,613
New
247
Increased
776
Reduced
1,214
Closed
248

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$201M
2
RY icon
Royal Bank of Canada
RY
+$78.9M
3
BEP icon
Brookfield Renewable
BEP
+$77.7M
4
SHOP icon
Shopify
SHOP
+$70.6M
5
BKLN icon
Invesco Senior Loan ETF
BKLN
+$66.7M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$112M
2
NVDA icon
NVIDIA
NVDA
+$101M
3
ZG icon
Zillow
ZG
+$101M
4
MSFT icon
Microsoft
MSFT
+$80.8M
5
AMZN icon
Amazon
AMZN
+$39.8M

Sector Composition

Rank Sector Weight
1 Technology 26.6%
2 Financials 13.19%
3 Communication Services 10.23%
4 Consumer Discretionary 9.12%
5 Healthcare 8.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MORN icon
1326
Morningstar
MORN
$7.41B
$1.94M ﹤0.01%
8,907
+1,334
+18% +$289K
AAMI
1327
Acadian Asset Management
AAMI
$3.31B
$1.93M ﹤0.01%
41,130
+3,133
+8% +$144K
UMBF icon
1328
UMB Financial
UMBF
$11.4B
$1.93M ﹤0.01%
16,752
+9,557
+133% +$1.08M
CWK icon
1329
Cushman & Wakefield Ltd
CWK
$3.24B
$1.93M ﹤0.01%
118,957
-59,262
-33% -$939K
VCEL icon
1330
Vericel Corp
VCEL
$2.29B
$1.91M ﹤0.01%
52,967
+23,914
+82% +$879K
WLK icon
1331
Westlake Corp
WLK
$10.2B
$1.9M ﹤0.01%
+25,711
New +$1.83M
CABO icon
1332
Cable One
CABO
$191M
$1.9M ﹤0.01%
16,810
+5,029
+43% +$686K
MIAX
1333
Miami International Holdings
MIAX
$4.36B
$1.89M ﹤0.01%
+42,556
New +$1.9M
SHOO icon
1334
Steven Madden
SHOO
$3.46B
$1.89M ﹤0.01%
45,292
-2,702
-6% -$104K
JOBY icon
1335
Joby Aviation
JOBY
$8.17B
$1.88M ﹤0.01%
142,397
-6,079
-4% -$93.3K
RLJ icon
1336
RLJ Lodging Trust
RLJ
$1.67B
$1.88M ﹤0.01%
252,300
-6,700
-3% -$48.7K
GOGO icon
1337
Gogo Inc
GOGO
$377M
$1.88M ﹤0.01%
403,085
+70,284
+21% +$515K
LEA icon
1338
Lear
LEA
$8.16B
$1.88M ﹤0.01%
16,375
-9,483
-37% -$1.01M
VVV icon
1339
Valvoline
VVV
$4.25B
$1.87M ﹤0.01%
64,374
-25,801
-29% -$828K
BBWI icon
1340
Bath & Body Works
BBWI
$3.76B
$1.87M ﹤0.01%
93,046
-47,689
-34% -$1.05M
WSC icon
1341
WillScot Mobile Mini Holdings
WSC
$4.17B
$1.87M ﹤0.01%
99,173
+9,407
+10% +$190K
QLYS icon
1342
Qualys
QLYS
$6.47B
$1.86M ﹤0.01%
14,023
-2,187
-13% -$301K
HLX icon
1343
Helix Energy Solutions
HLX
$1.49B
$1.86M ﹤0.01%
296,559
+215
+0.1% +$1.43K
APEI icon
1344
American Public Education
APEI
$826M
$1.85M ﹤0.01%
49,018
+17,200
+54% +$616K
IMAX icon
1345
IMAX
IMAX
$2.92B
$1.85M ﹤0.01%
50,112
+43,037
+608% +$1.5M
HRI icon
1346
Herc Holdings
HRI
$5.64B
$1.85M ﹤0.01%
12,435
-4,202
-25% -$576K
YETI icon
1347
Yeti Holdings
YETI
$3.44B
$1.84M ﹤0.01%
41,679
+10,600
+34% +$408K
CALM icon
1348
Cal-Maine
CALM
$3.87B
$1.84M ﹤0.01%
23,094
+290
+1% +$25.5K
INDV icon
1349
Indivior Pharmaceuticals
INDV
$4.57B
$1.83M ﹤0.01%
51,142
-4,384
-8% -$134K
CSTM icon
1350
Constellium
CSTM
$3.95B
$1.83M ﹤0.01%
97,245
-17,775
-15% -$295K
52 53
54
55 56

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State of Wisconsin Investment Board's Q4 2025 Portfolio in Review

As of Q4 2025, State of Wisconsin Investment Board held 2,613 positions worth $44.7B, up 2.6% from $43.6B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Wisconsin Investment Board's Q4 2025 filing shows 247 new, 776 increased, 1,214 reduced and 248 closed positions. Its largest new stake was Royal Bank of Canada: 513,881 shares worth $87.7M. The largest sale was Apple, an estimated $112M.

By sector, the portfolio is most concentrated in Technology at 27% of assets, down from 28% a quarter earlier, followed by Financials and Communication Services.

  • State of Wisconsin Investment Board's largest Q4 2025 buy was Royal Bank of Canada: 513,881 shares worth $87.7M.
  • State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q4 2025, an estimated $201M increase.
  • State of Wisconsin Investment Board's biggest Q4 2025 reduction was Apple, cutting an estimated $112M.
  • State of Wisconsin Investment Board fully exited Xtrackers Harvest CSI 300 China A-Shares ETF in Q4 2025, selling an estimated $24.9M.
  • State of Wisconsin Investment Board's ten largest holdings make up 29% of its $44.7B portfolio in Q4 2025.
  • State of Wisconsin Investment Board opened 247 new positions and closed 248 in Q4 2025.
  • State of Wisconsin Investment Board's portfolio value rose 2.6% quarter-over-quarter to $44.7B.

Based on State of Wisconsin Investment Board's 13F filing for Q4 2025, filed 17 Feb 2026.