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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
SNDX icon
1426
Syndax Pharmaceuticals
SNDX
$1.7B
$1.32M ﹤0.01%
141,113
+77,006
+120% +$848K
ADT icon
1427
ADT
ADT
$5.46B
$1.32M ﹤0.01%
155,844
+3,764
+2% +$30.8K
CRGY icon
1428
Crescent Energy
CRGY
$3.93B
$1.31M ﹤0.01%
152,188
-19,789
-12% -$173K
RAL
1429
Ralliant Corp
RAL
$7.9B
$1.31M ﹤0.01%
+26,982
New +$1.33M
NCNO icon
1430
nCino
NCNO
$2.26B
$1.31M ﹤0.01%
46,732
+5,466
+13% +$137K
ARCT icon
1431
Arcturus Therapeutics
ARCT
$223M
$1.3M ﹤0.01%
100,098
+28,765
+40% +$340K
XERS icon
1432
Xeris Biopharma Holdings
XERS
$1.52B
$1.3M ﹤0.01%
278,020
+257,745
+1,271% +$1.18M
HROW icon
1433
Harrow
HROW
$1.46B
$1.29M ﹤0.01%
42,320
-48,033
-53% -$1.29M
CBT icon
1434
Cabot Corp
CBT
$4.45B
$1.29M ﹤0.01%
17,222
-2,304
-12% -$176K
MUR icon
1435
Murphy Oil
MUR
$4.99B
$1.29M ﹤0.01%
57,214
+37,701
+193% +$840K
UTI icon
1436
Universal Technical Institute
UTI
$1.42B
$1.28M ﹤0.01%
37,916
-23,051
-38% -$723K
FRPT icon
1437
Freshpet
FRPT
$3.5B
$1.27M ﹤0.01%
18,746
-5,228
-22% -$408K
HUT
1438
Hut 8
HUT
$10.2B
$1.27M ﹤0.01%
68,429
-20,752
-23% -$310K
XHR
1439
Xenia Hotels & Resorts
XHR
$1.76B
$1.27M ﹤0.01%
101,194
-78,505
-44% -$898K
EFOR
1440
Everforth Inc
EFOR
$1.37B
$1.27M ﹤0.01%
25,374
+15,055
+146% +$822K
SOC icon
1441
Sable Offshore Corp
SOC
$773M
$1.27M ﹤0.01%
57,612
+823
+1% +$19.1K
TDS icon
1442
Telephone and Data Systems
TDS
$4.03B
$1.27M ﹤0.01%
35,575
-22,970
-39% -$806K
LGND icon
1443
Ligand Pharmaceuticals
LGND
$5.76B
$1.26M ﹤0.01%
11,088
-204
-2% -$21.8K
ARQT icon
1444
Arcutis Biotherapeutics
ARQT
$3.25B
$1.26M ﹤0.01%
89,879
-62,982
-41% -$883K
INDI icon
1445
indie Semiconductor
INDI
$875M
$1.26M ﹤0.01%
353,738
-123,775
-26% -$312K
LUMN icon
1446
Lumen
LUMN
$6.6B
$1.26M ﹤0.01%
286,979
-204,341
-42% -$792K
TPC
1447
Tutor Perini Cor
TPC
$4.98B
$1.25M ﹤0.01%
26,806
-98,367
-79% -$3.13M
BMBL icon
1448
Bumble
BMBL
$359M
$1.25M ﹤0.01%
189,180
+132,043
+231% +$666K
SOUN icon
1449
SoundHound AI
SOUN
$3.32B
$1.25M ﹤0.01%
116,175
-17,940
-13% -$169K
SBGI icon
1450
Sinclair Inc
SBGI
$1.03B
$1.24M ﹤0.01%
89,923
+57,390
+176% +$816K
56 57
58
59 60

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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.