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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
BZH icon
1751
Beazer Homes USA
BZH
$874M
$584K ﹤0.01%
26,122
+765
+3% +$15.9K
ALGT icon
1752
Allegiant Air
ALGT
$2.36B
$583K ﹤0.01%
+10,618
New +$547K
AMPH icon
1753
Amphastar Pharmaceuticals
AMPH
$858M
$582K ﹤0.01%
25,332
-260
-1% -$6.45K
ICUI icon
1754
ICU Medical
ICUI
$4.58B
$581K ﹤0.01%
4,395
+1,961
+81% +$266K
IAS
1755
DELISTED
Integral Ad Science
IAS
$579K ﹤0.01%
69,672
+35,976
+107% +$274K
VSAT icon
1756
Viasat
VSAT
$11.4B
$579K ﹤0.01%
+39,644
New +$401K
EQBK icon
1757
Equity Bancshares
EQBK
$1.07B
$565K ﹤0.01%
13,845
-1,528
-10% -$59.3K
CIO
1758
DELISTED
City Office REIT
CIO
$563K ﹤0.01%
105,500
-700
-0.7% -$3.51K
BUSE icon
1759
First Busey Corp
BUSE
$2.58B
$563K ﹤0.01%
24,600
+15,214
+162% +$329K
ACHR icon
1760
Archer Aviation
ACHR
$5.37B
$562K ﹤0.01%
51,819
+12,643
+32% +$118K
VNDA icon
1761
Vanda Pharmaceuticals
VNDA
$304M
$562K ﹤0.01%
118,993
-68,000
-36% -$297K
PTON icon
1762
Peloton Interactive
PTON
$2.44B
$561K ﹤0.01%
80,867
+1,380
+2% +$8.96K
LNC icon
1763
Lincoln National
LNC
$8.67B
$560K ﹤0.01%
16,178
-1,430
-8% -$46.8K
UA icon
1764
Under Armour Class C
UA
$2.25B
$555K ﹤0.01%
85,441
-249,333
-74% -$1.47M
HLNE icon
1765
Hamilton Lane
HLNE
$5.91B
$553K ﹤0.01%
3,893
-1,161
-23% -$175K
ACMR icon
1766
ACM Research
ACMR
$5.65B
$551K ﹤0.01%
21,291
-355
-2% -$7.98K
AN icon
1767
AutoNation
AN
$6.89B
$550K ﹤0.01%
2,769
-1,283
-32% -$232K
PRSU
1768
Pursuit Attractions and Hospitality Inc
PRSU
$1.29B
$548K ﹤0.01%
18,996
-663
-3% -$19.6K
ANIP icon
1769
ANI Pharmaceuticals
ANIP
$1.72B
$546K ﹤0.01%
8,366
-105
-1% -$6.84K
HRTG icon
1770
Heritage Insurance Holdings
HRTG
$989M
$545K ﹤0.01%
21,862
-29,361
-57% -$627K
STC icon
1771
Stewart Information Services
STC
$2.07B
$542K ﹤0.01%
8,326
+43
+0.5% +$2.76K
SKM icon
1772
SK Telecom
SKM
$14.1B
$538K ﹤0.01%
23,059
+13,234
+135% +$285K
PRVA icon
1773
Privia Health
PRVA
$2.78B
$538K ﹤0.01%
23,408
-75,821
-76% -$1.76M
CDE icon
1774
Coeur Mining
CDE
$19B
$538K ﹤0.01%
60,739
-26,647
-30% -$194K
ATEC icon
1775
Alphatec Holdings
ATEC
$1.51B
$536K ﹤0.01%
48,313
+37,698
+355% +$433K
69 70
71
72 73

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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.