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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
(+2.6%)
Cap. Flow
+$282M
Cap. Flow
% of AUM
0.63%
Top 10 Holdings %
Top 10 Hldgs %
28.98%
Holding
2,613
New
247
Increased
776
Reduced
1,214
Closed
248
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Invesco S&P 500 Equal Weight ETF
RSP
|
+$201M |
| 2 |
Royal Bank of Canada
RY
|
+$78.9M |
| 3 |
Brookfield Renewable
BEP
|
+$77.7M |
| 4 |
Shopify
SHOP
|
+$70.6M |
| 5 |
Invesco Senior Loan ETF
BKLN
|
+$66.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$112M |
| 2 |
NVIDIA
NVDA
|
+$101M |
| 3 |
Zillow
ZG
|
+$101M |
| 4 |
Microsoft
MSFT
|
+$80.8M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1976
Natural Gas Services Group
NGS
$474M
| $374K | ﹤0.01% |
+11,116
| New | +$332K |
|
1977
PJT Partners
PJT
$4.57B
| $374K | ﹤0.01% |
2,235
-557
| -20% | -$95.3K |
|
1978
AAR Corp
AIR
$5.77B
| $372K | ﹤0.01% |
4,499
-20,064
| -82% | -$1.66M |
|
1979
Red Rock Resorts
RRR
$3.67B
| $372K | ﹤0.01% |
5,998
-13,492
| -69% | -$789K |
|
1980
The Joint Corp
JYNT
$119M
| $371K | ﹤0.01% |
42,600
-8,400
| -16% | -$71.3K |
|
1981
ThredUp
TDUP
$416M
| $371K | ﹤0.01% |
58,115
-2,824
| -5% | -$22.8K |
|
|
ZBIO
1982
Zenas BioPharma
ZBIO
$1.84B
| $371K | ﹤0.01% |
+10,221
| New | +$336K |
|
1983
El Pollo Loco
LOCO
$471M
| $371K | ﹤0.01% |
35,463
-200
| -0.6% | -$2.07K |
|
|
PSTL
1984
Postal Realty Trust
PSTL
$701M
| $370K | ﹤0.01% |
+22,955
| New | +$353K |
|
1985
Capricor Therapeutics
CAPR
$244M
| $368K | ﹤0.01% |
12,755
-58,800
| -82% | -$768K |
|
1986
AngioDynamics
ANGO
$647M
| $368K | ﹤0.01% |
28,640
-3,500
| -11% | -$43.2K |
|
|
RWT
1987
Redwood Trust
RWT
$599M
| $367K | ﹤0.01% |
66,441
+33,241
| +100% | +$183K |
|
1988
Stepan Co
SCL
$1.48B
| $366K | ﹤0.01% |
+7,721
| New | +$354K |
|
1989
Kodiak Gas Services
KGS
$6.3B
| $365K | ﹤0.01% |
9,764
-22,441
| -70% | -$794K |
|
1990
Genie Energy
GNE
$386M
| $365K | ﹤0.01% |
26,500
-30,700
| -54% | -$452K |
|
1991
Nektar Therapeutics
NKTR
$2.57B
| $365K | ﹤0.01% |
+8,629
| New | +$483K |
|
1992
SiriusXM
SIRI
$9.43B
| $364K | ﹤0.01% |
18,222
-1,691
| -8% | -$36.3K |
|
|
AIV
1993
Aimco
AIV
$379M
| $364K | ﹤0.01% |
61,204
+15,201
| +33% | +$91K |
|
|
TGNA
1994
DELISTED
TEGNA Inc
TGNA
| $362K | ﹤0.01% |
18,649
+3,046
| +20% | +$60.2K |
|
1995
AppFolio
APPF
$7.22B
| $360K | ﹤0.01% |
1,549
-5,310
| -77% | -$1.26M |
|
1996
Tilray
TLRY
$640M
| $360K | ﹤0.01% |
39,852
-3,902
| -9% | -$47.6K |
|
1997
Franklin Covey
FC
$227M
| $358K | ﹤0.01% |
21,350
+1,600
| +8% | +$26.8K |
|
1998
Hanover Insurance
THG
$7.77B
| $358K | ﹤0.01% |
1,960
-1,471
| -43% | -$265K |
|
1999
BrightView Holdings
BV
$1.08B
| $357K | ﹤0.01% |
28,208
-67,075
| -70% | -$851K |
|
|
WBI
2000
WaterBridge Infrastructure LLC
WBI
$1.47B
| $357K | ﹤0.01% |
17,840
+2,840
| +19% | +$65.9K |
|
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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.