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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
BMY icon
126
Bristol-Myers Squibb
BMY
$130B
$57.6M 0.13%
1,067,526
-2,659
-0.2% -$128K
CMCSA icon
127
Comcast
CMCSA
$90.4B
$57.6M 0.13%
1,926,227
-153,523
-7% -$4.38M
EMB icon
128
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.9B
$55.8M 0.12%
580,000
– –
EMXC icon
129
iShares MSCI Emerging Markets ex China ETF
EMXC
$24.6B
$55.3M 0.12%
761,242
+14,400
+2% +$1.02M
XSOE icon
130
WisdomTree Emerging Markets ex-State-Owned Enterprises Fund
XSOE
$2.12B
$55M 0.12%
1,408,892
– –
TMUS icon
131
T-Mobile US
TMUS
$190B
$54.9M 0.12%
270,353
-6,002
-2% -$1.27M
CVS icon
132
CVS Health
CVS
$121B
$54M 0.12%
680,910
-30,135
-4% -$2.38M
XRT icon
133
State Street SPDR S&P Retail ETF
XRT
$639M
$54M 0.12%
633,318
-48,162
-7% -$4.05M
ADP icon
134
Automatic Data Processing
ADP
$107B
$54M 0.12%
209,887
-5,577
-3% -$1.48M
LMT icon
135
Lockheed Martin
LMT
$140B
$52.6M 0.12%
108,783
-2,132
-2% -$1.02M
CME icon
136
CME Group
CME
$94.3B
$51M 0.11%
186,761
-9,941
-5% -$2.7M
JAAA icon
137
Janus Henderson AAA CLO ETF
JAAA
$29.8B
$50.6M 0.11%
+1,000,000
New +$50.6M
MO icon
138
Altria Group
MO
$107B
$50.2M 0.11%
870,502
-50,337
-5% -$3.04M
SO icon
139
Southern Company
SO
$106B
$49.7M 0.11%
570,127
-7,281
-1% -$665K
SBUX icon
140
Starbucks
SBUX
$124B
$49.6M 0.11%
588,744
-8,625
-1% -$728K
DASH icon
141
DoorDash
DASH
$92.1B
$48.9M 0.11%
215,915
+21,849
+11% +$5.12M
MELI icon
142
Mercado Libre
MELI
$92.7B
$48.5M 0.11%
24,078
-118
-0.5% -$248K
DUK icon
143
Duke Energy
DUK
$96.3B
$48.5M 0.11%
413,730
+4,642
+1% +$567K
ICE icon
144
Intercontinental Exchange
ICE
$85B
$48.1M 0.11%
296,886
-4,915
-2% -$770K
MRSH
145
Marsh
MRSH
$90.1B
$47.3M 0.11%
255,026
-13,325
-5% -$2.49M
TT icon
146
Trane Technologies
TT
$105B
$46.2M 0.1%
118,797
-8,499
-7% -$3.52M
WM icon
147
Waste Management
WM
$90.5B
$46.2M 0.1%
210,082
-1,517
-0.7% -$323K
USB icon
148
US Bancorp
USB
$101B
$45.9M 0.1%
859,547
-89,221
-9% -$4.39M
REGN icon
149
Regeneron Pharmaceuticals
REGN
$82.2B
$45.6M 0.1%
59,079
-3,005
-5% -$2.04M
CDNS icon
150
Cadence Design Systems
CDNS
$89B
$45.6M 0.1%
145,738
-4,201
-3% -$1.37M
4 5
6
7 8

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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.