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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
ESGR
1951
DELISTED
Enstar Group
ESGR
$360K ﹤0.01%
1,070
-151
-12% -$50.5K
HP icon
1952
Helmerich & Payne
HP
$4.3B
$358K ﹤0.01%
23,610
+13,049
+124% +$239K
CCSI icon
1953
Consensus Cloud Solutions
CCSI
$717M
$358K ﹤0.01%
15,519
+6,300
+68% +$136K
CGON icon
1954
CG Oncology
CGON
$6.62B
$354K ﹤0.01%
13,630
-337
-2% -$8.12K
ORC
1955
Orchid Island Capital
ORC
$1.32B
$354K ﹤0.01%
+50,522
New +$350K
SGHC icon
1956
SGHC Ltd
SGHC
$6.65B
$354K ﹤0.01%
32,259
-35,318
-52% -$299K
MSM icon
1957
MSC Industrial Direct
MSM
$6.77B
$354K ﹤0.01%
4,161
-1,049
-20% -$82.9K
SFST icon
1958
Southern First Bancshares
SFST
$612M
$354K ﹤0.01%
9,300
+1,200
+15% +$42.1K
EVLV icon
1959
Evolv Technologies
EVLV
$1.04B
$350K ﹤0.01%
+56,164
New +$260K
ONT
1960
Onterris Inc
ONT
$615M
$350K ﹤0.01%
+15,976
New +$286K
NPKI
1961
NPK International
NPKI
$1.18B
$349K ﹤0.01%
41,010
-14,201
-26% -$104K
PBPB
1962
DELISTED
Potbelly
PBPB
$349K ﹤0.01%
28,451
-2,724
-9% -$26.8K
LPRO
1963
DELISTED
Open Lending Corp
LPRO
$348K ﹤0.01%
179,140
-137,934
-44% -$223K
CBZ icon
1964
CBIZ
CBZ
$2.96B
$345K ﹤0.01%
4,817
+154
+3% +$11.1K
CLDT
1965
Chatham Lodging
CLDT
$601M
$345K ﹤0.01%
+49,509
New +$346K
PJT icon
1966
PJT Partners
PJT
$4.57B
$344K ﹤0.01%
2,084
-3,479
-63% -$506K
ANIK icon
1967
Anika Therapeutics
ANIK
$283M
$343K ﹤0.01%
32,427
+2,886
+10% +$36.4K
REPX icon
1968
Riley Exploration Permian
REPX
$786M
$343K ﹤0.01%
13,071
+5,232
+67% +$138K
EVCM icon
1969
EverCommerce
EVCM
$1.79B
$342K ﹤0.01%
+32,574
New +$329K
KW
1970
DELISTED
Kennedy-Wilson Holdings
KW
$342K ﹤0.01%
50,297
+38,799
+337% +$259K
PZZA icon
1971
Papa John's
PZZA
$804M
$341K ﹤0.01%
6,974
-4,047
-37% -$165K
MZTI
1972
The Marzetti Company
MZTI
$3.22B
$340K ﹤0.01%
1,969
-52
-3% -$8.97K
LLYVK icon
1973
Liberty Live Group Series C
LLYVK
$9.92B
$336K ﹤0.01%
4,139
-953
-19% -$70.3K
DNTH icon
1974
Dianthus Therapeutics
DNTH
$6.13B
$336K ﹤0.01%
18,009
+5,329
+42% +$100K
GDYN icon
1975
Grid Dynamics Holdings
GDYN
$644M
$335K ﹤0.01%
29,010
+2,731
+10% +$35.9K
77 78
79
80 81

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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.