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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
MRTN icon
1826
Marten Transport
MRTN
$1.24B
$493K ﹤0.01%
+37,915
New +$499K
UBSI icon
1827
United Bankshares
UBSI
$6.68B
$491K ﹤0.01%
13,476
-308
-2% -$10.8K
BCPC
1828
Balchem Corp
BCPC
$5.65B
$489K ﹤0.01%
3,072
-2,508
-45% -$407K
ULH icon
1829
Universal Logistics Holdings
ULH
$518M
$489K ﹤0.01%
19,250
+9,967
+107% +$247K
UTZ icon
1830
Utz Brands
UTZ
$1.25B
$487K ﹤0.01%
+38,817
New +$508K
PRAA icon
1831
PRA Group
PRAA
$762M
$487K ﹤0.01%
+32,996
New +$526K
CWAN
1832
DELISTED
Clearwater Analytics
CWAN
$486K ﹤0.01%
22,161
+159
+0.7% +$3.66K
MYRG icon
1833
MYR Group
MYRG
$5.1B
$485K ﹤0.01%
2,673
-2,340
-47% -$344K
ACIC icon
1834
American Coastal Insurance
ACIC
$461M
$484K ﹤0.01%
43,494
+10,300
+31% +$113K
MSGE icon
1835
Madison Square Garden
MSGE
$3.99B
$482K ﹤0.01%
12,062
+341
+3% +$12K
LE icon
1836
Lands' End
LE
$390M
$482K ﹤0.01%
45,011
+5,600
+14% +$50.6K
ENR icon
1837
Energizer
ENR
$1.55B
$480K ﹤0.01%
23,827
+2,598
+12% +$62.4K
FFWM
1838
DELISTED
First Foundation Inc
FFWM
$480K ﹤0.01%
+94,128
New +$482K
IVR icon
1839
Invesco Mortgage Capital
IVR
$805M
$480K ﹤0.01%
+61,175
New +$451K
ITOS
1840
DELISTED
iTeos Therapeutics
ITOS
$480K ﹤0.01%
+48,096
New +$387K
EPAC icon
1841
Enerpac Tool Group
EPAC
$1.89B
$479K ﹤0.01%
11,808
-24,798
-68% -$1.04M
SLGN icon
1842
Silgan Holdings
SLGN
$4.46B
$478K ﹤0.01%
8,818
+195
+2% +$10.3K
COLL icon
1843
Collegium Pharmaceutical
COLL
$913M
$476K ﹤0.01%
16,094
-4,178
-21% -$119K
AEIS icon
1844
Advanced Energy
AEIS
$13.2B
$475K ﹤0.01%
3,585
-368
-9% -$40.5K
RWT
1845
Redwood Trust
RWT
$599M
$473K ﹤0.01%
80,032
+66,126
+476% +$376K
ARI
1846
Apollo Commercial Real Estate
ARI
$886M
$471K ﹤0.01%
48,660
+33,936
+230% +$320K
KFRC icon
1847
Kforce
KFRC
$1.08B
$471K ﹤0.01%
+11,446
New +$480K
APEI icon
1848
American Public Education
APEI
$828M
$469K ﹤0.01%
15,412
-20,430
-57% -$540K
CDZI icon
1849
Cadiz
CDZI
$295M
$469K ﹤0.01%
156,723
+7,356
+5% +$21.1K
HTLD icon
1850
Heartland Express
HTLD
$979M
$468K ﹤0.01%
+54,152
New +$464K
72 73
74
75 76

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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.