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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
LTC
1776
LTC Properties
LTC
$2.1B
$597K ﹤0.01%
17,352
+4,264
+33% +$150K
XNCR icon
1777
Xencor
XNCR
$1.71B
$594K ﹤0.01%
38,825
+20,274
+109% +$303K
CSGS
1778
DELISTED
CSG Systems International
CSGS
$593K ﹤0.01%
7,726
-1,263
-14% -$93.2K
ILPT
1779
Industrial Logistics Properties Trust
ILPT
$611M
$591K ﹤0.01%
106,614
+22,035
+26% +$122K
AMBA icon
1780
Ambarella
AMBA
$3.6B
$588K ﹤0.01%
8,303
-3,120
-27% -$252K
SMA
1781
SmartStop Self Storage REIT
SMA
$1.9B
$587K ﹤0.01%
18,967
-1,716
-8% -$58.1K
UFCS icon
1782
United Fire Group
UFCS
$1.38B
$586K ﹤0.01%
16,133
-7,559
-32% -$258K
MPAA icon
1783
Motorcar Parts of America
MPAA
$235M
$584K ﹤0.01%
47,342
+21,542
+83% +$310K
MVBF icon
1784
MVB Financial
MVBF
$397M
$584K ﹤0.01%
22,600
+10,600
+88% +$281K
AMTB icon
1785
Amerant Bancorp
AMTB
$1.14B
$584K ﹤0.01%
29,913
+17,059
+133% +$318K
BWB icon
1786
Bridgewater Bancshares
BWB
$620M
$583K ﹤0.01%
33,260
+9,160
+38% +$159K
AXGN icon
1787
Axogen
AXGN
$2.58B
$583K ﹤0.01%
17,803
-16,175
-48% -$398K
FRT icon
1788
Federal Realty Investment Trust
FRT
$10.3B
$582K ﹤0.01%
5,773
-14,576
-72% -$1.44M
INVA icon
1789
Innoviva
INVA
$1.5B
$582K ﹤0.01%
29,109
-84,314
-74% -$1.65M
PKST
1790
DELISTED
Peakstone Realty Trust
PKST
$578K ﹤0.01%
40,269
+26,100
+184% +$360K
LZ icon
1791
LegalZoom.com
LZ
$993M
$578K ﹤0.01%
58,190
+17,088
+42% +$169K
SRTA
1792
Strata Critical Medical Inc
SRTA
$528M
$577K ﹤0.01%
119,884
+75,284
+169% +$364K
IBEX icon
1793
IBEX
IBEX
$482M
$575K ﹤0.01%
15,061
-20,673
-58% -$765K
FRSH icon
1794
Freshworks
FRSH
$3.51B
$575K ﹤0.01%
46,915
-34,513
-42% -$408K
REX icon
1795
REX American Resources
REX
$1.44B
$571K ﹤0.01%
17,670
+5,872
+50% +$191K
IRMD icon
1796
iRadimed
IRMD
$1.11B
$570K ﹤0.01%
+5,856
New +$502K
FBNC icon
1797
First Bancorp
FBNC
$2.74B
$569K ﹤0.01%
11,207
+1,519
+16% +$77K
RYZ
1798
Ryerson Holding Corp
RYZ
$1.5B
$568K ﹤0.01%
22,556
-551
-2% -$12.7K
AAP icon
1799
Advance Auto Parts
AAP
$3.46B
$567K ﹤0.01%
14,434
-22,047
-60% -$1.11M
PMT
1800
PennyMac Mortgage Investment
PMT
$828M
$567K ﹤0.01%
45,144
+11,692
+35% +$146K
70 71
72
73 74

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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.