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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
DLX icon
1801
Deluxe
DLX
$1.11B
$515K ﹤0.01%
32,395
+22,110
+215% +$333K
XNCR icon
1802
Xencor
XNCR
$1.71B
$515K ﹤0.01%
65,566
+28,537
+77% +$256K
VPG icon
1803
Vishay Precision Group
VPG
$908M
$514K ﹤0.01%
+18,293
New +$451K
NTLA icon
1804
Intellia Therapeutics
NTLA
$1.66B
$514K ﹤0.01%
54,767
-646
-1% -$5.3K
MSEX icon
1805
Middlesex Water
MSEX
$1.11B
$513K ﹤0.01%
9,475
-2,170
-19% -$128K
RYAM icon
1806
Rayonier Advanced Materials
RYAM
$570M
$510K ﹤0.01%
132,484
+38,100
+40% +$160K
KELYA icon
1807
Kelly Services Class A
KELYA
$566M
$509K ﹤0.01%
+43,461
New +$512K
VRE
1808
DELISTED
Veris Residential
VRE
$506K ﹤0.01%
34,003
+9,271
+37% +$143K
ENVA icon
1809
Enova International
ENVA
$6.52B
$506K ﹤0.01%
4,535
-10,452
-70% -$998K
HONE
1810
DELISTED
HarborOne Bancorp
HONE
$505K ﹤0.01%
+43,224
New +$472K
AMTB icon
1811
Amerant Bancorp
AMTB
$1.14B
$504K ﹤0.01%
27,654
+12,461
+82% +$221K
CSV icon
1812
Carriage Services
CSV
$555M
$504K ﹤0.01%
11,020
-4,400
-29% -$184K
PCYO icon
1813
Pure Cycle
PCYO
$273M
$504K ﹤0.01%
47,000
+4,300
+10% +$44.6K
AXGN icon
1814
Axogen
AXGN
$2.58B
$503K ﹤0.01%
46,361
-12,238
-21% -$160K
PAX icon
1815
Patria Investments
PAX
$1.88B
$501K ﹤0.01%
+35,653
New +$428K
ULCC icon
1816
Frontier Group Holdings
ULCC
$1.57B
$499K ﹤0.01%
+137,596
New +$504K
DRVN icon
1817
Driven Brands
DRVN
$2.12B
$498K ﹤0.01%
28,345
+6,322
+29% +$108K
WLDN icon
1818
Willdan Group
WLDN
$1.29B
$497K ﹤0.01%
7,955
-3,900
-33% -$186K
VRTS icon
1819
Virtus Investment Partners
VRTS
$1.14B
$496K ﹤0.01%
+2,737
New +$455K
SARO
1820
StandardAero Inc
SARO
$8.97B
$494K ﹤0.01%
15,613
-7,187
-32% -$202K
KBH icon
1821
KB Home
KBH
$3.45B
$494K ﹤0.01%
9,325
-3,602
-28% -$192K
AESI icon
1822
Atlas Energy Solutions
AESI
$1.47B
$494K ﹤0.01%
+36,942
New +$505K
UIS icon
1823
Unisys
UIS
$210M
$493K ﹤0.01%
108,870
-37,058
-25% -$167K
GRBK icon
1824
Green Brick Partners
GRBK
$3.04B
$493K ﹤0.01%
7,838
-21,467
-73% -$1.27M
PRK icon
1825
Park National Corp
PRK
$3.75B
$493K ﹤0.01%
2,945
-2,470
-46% -$389K
71 72
73
74 75

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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.