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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
NKE icon
151
Nike
NKE
$60.1B
$45.7M 0.11%
642,889
-100,247
-13% -$6.02M
SPOT icon
152
Spotify
SPOT
$101B
$45.5M 0.11%
59,300
+14,751
+33% +$9.47M
RCL icon
153
Royal Caribbean
RCL
$82.4B
$45.5M 0.11%
145,151
-25,608
-15% -$6.1M
MMM icon
154
3M
MMM
$94.8B
$45.2M 0.11%
296,692
-9,425
-3% -$1.35M
CDNS icon
155
Cadence Design Systems
CDNS
$89B
$45.1M 0.11%
146,433
-7,827
-5% -$2.28M
ZTS icon
156
Zoetis
ZTS
$30.4B
$45M 0.11%
288,797
+11,658
+4% +$1.85M
IVV icon
157
iShares Core S&P 500 ETF
IVV
$904B
$45M 0.11%
72,520
-47,715
-40% -$27.4M
WMB icon
158
Williams Companies
WMB
$90.1B
$44.5M 0.11%
708,596
-144,013
-17% -$8.5M
BATRK icon
159
Atlanta Braves Holdings Series B
BATRK
$3.4B
$44.4M 0.11%
949,290
+56,950
+6% +$2.33M
KKR icon
160
KKR & Co
KKR
$99.5B
$44.2M 0.11%
332,187
-71,987
-18% -$8.43M
HES
161
DELISTED
Hess
HES
$43.8M 0.11%
315,976
-59,654
-16% -$8.05M
CTAS icon
162
Cintas
CTAS
$81.4B
$43.3M 0.11%
194,183
-20,958
-10% -$4.51M
HWM icon
163
Howmet Aerospace
HWM
$112B
$43.3M 0.11%
232,465
-28,765
-11% -$4.43M
SNPS icon
164
Synopsys
SNPS
$79B
$42.9M 0.1%
83,657
-7,924
-9% -$3.69M
TRV icon
165
Travelers Companies
TRV
$77.2B
$42.8M 0.1%
159,873
+28,256
+21% +$7.45M
CMG icon
166
Chipotle Mexican Grill
CMG
$41.3B
$42.6M 0.1%
757,957
-57,656
-7% -$2.93M
MSI icon
167
Motorola Solutions
MSI
$77.7B
$42.2M 0.1%
100,374
-4,867
-5% -$2.04M
HCA icon
168
HCA Healthcare
HCA
$89.8B
$41.7M 0.1%
108,815
+1,938
+2% +$698K
RSG icon
169
Republic Services
RSG
$65.6B
$41.5M 0.1%
168,218
+12,544
+8% +$3.1M
FTNT icon
170
Fortinet
FTNT
$118B
$41.3M 0.1%
390,574
-28,374
-7% -$2.86M
UPS icon
171
United Parcel Service
UPS
$88.4B
$41.1M 0.1%
407,243
-18,361
-4% -$1.81M
NOC icon
172
Northrop Grumman
NOC
$82B
$40.7M 0.1%
81,490
+3,675
+5% +$1.81M
USB icon
173
US Bancorp
USB
$101B
$40.7M 0.1%
898,834
-55,671
-6% -$2.34M
BNY
174
Bank of New York Mellon
BNY
$111B
$40.7M 0.1%
446,239
-46,048
-9% -$3.91M
GEM icon
175
Goldman Sachs ActiveBeta Emerging Markets Equity ETF
GEM
$1.74B
$40.6M 0.1%
1,091,863
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5 6
7
8 9

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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.