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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
IBCP icon
1926
Independent Bank Corp
IBCP
$854M
$381K ﹤0.01%
11,742
-6,561
-36% -$203K
SFBS
1927
ServisFirst Bancshares
SFBS
$5B
$380K ﹤0.01%
4,904
-471
-9% -$34.8K
EXPO icon
1928
Exponent
EXPO
$3.24B
$380K ﹤0.01%
5,086
-181
-3% -$14K
XIFR
1929
XPLR Infrastructure LP
XIFR
$1.09B
$380K ﹤0.01%
46,287
-16,070
-26% -$140K
AZZ icon
1930
AZZ Inc
AZZ
$4.52B
$377K ﹤0.01%
3,993
-224
-5% -$19.8K
NEWT icon
1931
NewtekOne
NEWT
$378M
$377K ﹤0.01%
+33,435
New +$357K
DOLE icon
1932
Dole
DOLE
$1.26B
$377K ﹤0.01%
26,929
-88,300
-77% -$1.25M
AGNT
1933
AGNT Inc
AGNT
$752M
$376K ﹤0.01%
+41,341
New +$361K
LXP icon
1934
LXP Industrial Trust
LXP
$3.58B
$375K ﹤0.01%
9,068
-2,003
-18% -$82.4K
NEOG icon
1935
Neogen
NEOG
$2.59B
$374K ﹤0.01%
78,210
+37,643
+93% +$216K
NIC icon
1936
Nicolet Bankshares
NIC
$3.73B
$374K ﹤0.01%
3,025
-2,914
-49% -$341K
GBTG icon
1937
American Express Global Business Travel
GBTG
$4.94B
$373K ﹤0.01%
59,239
+45,147
+320% +$290K
AROW icon
1938
Arrow Financial
AROW
$723M
$372K ﹤0.01%
14,099
+5,700
+68% +$145K
KAI icon
1939
Kadant
KAI
$3.91B
$372K ﹤0.01%
1,173
-46
-4% -$14.4K
SNEX icon
1940
StoneX
SNEX
$8.05B
$372K ﹤0.01%
9,187
-4,934
-35% -$185K
ARDT
1941
Ardent Health
ARDT
$1.55B
$369K ﹤0.01%
27,042
-2,900
-10% -$39K
DJT icon
1942
Trump Media & Technology Group
DJT
$2.31B
$369K ﹤0.01%
20,446
+7,432
+57% +$162K
RYN icon
1943
Rayonier
RYN
$6.54B
$368K ﹤0.01%
17,410
+2,170
+14% +$49.5K
ECHO
1944
EchoStar
ECHO
$26.6B
$368K ﹤0.01%
13,292
-1,306
-9% -$28.7K
ATNI icon
1945
ATN International
ATNI
$491M
$367K ﹤0.01%
22,600
+1,230
+6% +$20K
GLBE icon
1946
Global E Online
GLBE
$7.09B
$365K ﹤0.01%
10,876
-90,324
-89% -$3.05M
VIRT icon
1947
Virtu Financial
VIRT
$5.05B
$364K ﹤0.01%
8,129
-271
-3% -$10.9K
CNO icon
1948
CNO Financial Group
CNO
$5.07B
$363K ﹤0.01%
9,417
-13,169
-58% -$502K
RNGR icon
1949
Ranger Energy Services
RNGR
$405M
$363K ﹤0.01%
30,421
-800
-3% -$9.6K
ESRT icon
1950
Empire State Realty Trust
ESRT
$836M
$362K ﹤0.01%
44,791
+28,926
+182% +$221K
76 77
78
79 80

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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.