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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
+9.63%
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
$43.6B
AUM Growth
+$2.64B
Cap. Flow
-$296M
Cap. Flow %
-0.68%
Top 10 Hldgs %
29.38%
Holding
2,561
New
248
Increased
889
Reduced
1,164
Closed
195

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$108M
2
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$88M
3
ZG icon
Zillow
ZG
+$57.7M
4
BEP icon
Brookfield Renewable
BEP
+$55M
5
FOX icon
Fox Class B
FOX
+$45.1M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$53.8M
2
NVDA icon
NVIDIA
NVDA
+$52.1M
3
HES
Hess
HES
+$43.8M
4
MSFT icon
Microsoft
MSFT
+$41.6M
5
XHB icon
State Street SPDR S&P Homebuilders ETF
XHB
+$39.4M

Sector Composition

Rank Sector Weight
1 Technology 27.91%
2 Financials 12.67%
3 Communication Services 10.52%
4 Consumer Discretionary 9.45%
5 Industrials 8.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PCT icon
2001
PureCycle Technologies
PCT
$1.41B
$312K ﹤0.01%
23,712
+10,664
+82% +$148K
CODI icon
2002
Compass Diversified
CODI
$924M
$311K ﹤0.01%
46,957
-116,492
-71% -$803K
CIVB icon
2003
Civista Bancshares
CIVB
$595M
$311K ﹤0.01%
+15,300
New +$322K
AVIR icon
2004
Atea Pharmaceuticals
AVIR
$406M
$310K ﹤0.01%
106,966
-2,374
-2% -$8.11K
AMRC icon
2005
Ameresco
AMRC
$1.47B
$309K ﹤0.01%
9,210
-61,666
-87% -$1.41M
FRHC icon
2006
Freedom Holding
FRHC
$9.35B
$309K ﹤0.01%
1,795
-8
-0.4% -$1.35K
CATY icon
2007
Cathay General Bancorp
CATY
$4.31B
$309K ﹤0.01%
6,435
+253
+4% +$12.2K
NLOP
2008
Net Lease Office Properties
NLOP
$173M
$307K ﹤0.01%
+10,351
New +$325K
TIGO icon
2009
Millicom
TIGO
$15.8B
$305K ﹤0.01%
+6,284
New +$276K
DHT icon
2010
DHT Holdings
DHT
$3.09B
$305K ﹤0.01%
+25,512
New +$296K
CBU icon
2011
Community Bank
CBU
$3.46B
$303K ﹤0.01%
5,171
+217
+4% +$12.6K
FIP icon
2012
FTAI Infrastructure
FIP
$551M
$302K ﹤0.01%
69,323
-147,279
-68% -$798K
BMRC icon
2013
Bank of Marin Bancorp
BMRC
$462M
$302K ﹤0.01%
+12,441
New +$301K
APAM icon
2014
Artisan Partners
APAM
$3.03B
$302K ﹤0.01%
6,948
+60
+0.9% +$2.77K
MVBF icon
2015
MVB Financial
MVBF
$397M
$301K ﹤0.01%
12,000
+3,000
+33% +$71.3K
GERN icon
2016
Geron
GERN
$982M
$301K ﹤0.01%
219,398
-7,884
-3% -$10.5K
FENC icon
2017
Fennec Pharmaceuticals
FENC
$423M
$300K ﹤0.01%
32,100
+8,900
+38% +$77K
AZZ icon
2018
AZZ Inc
AZZ
$4.52B
$300K ﹤0.01%
2,750
-1,243
-31% -$138K
PCH
2019
DELISTED
PotlatchDeltic
PCH
$299K ﹤0.01%
7,344
+334
+5% +$13.8K
GEF.B icon
2020
Greif Class B
GEF.B
$4.22B
$299K ﹤0.01%
4,856
+1,256
+35% +$84.5K
VAL icon
2021
Valaris
VAL
$5.91B
$299K ﹤0.01%
6,122
+74
+1% +$3.61K
FBIZ icon
2022
First Business Financial Services
FBIZ
$601M
$298K ﹤0.01%
5,815
+700
+14% +$35.8K
BBT
2023
Beacon Financial Corp
BBT
$2.71B
$298K ﹤0.01%
12,569
-4,765
-27% -$122K
HIPO icon
2024
Hippo Holdings
HIPO
$869M
$297K ﹤0.01%
8,213
-3,300
-29% -$103K
MBWM icon
2025
Mercantile Bank Corp
MBWM
$1.06B
$296K ﹤0.01%
6,573
-3,486
-35% -$166K
79 80
81
82 83

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State of Wisconsin Investment Board's Q3 2025 Portfolio in Review

As of Q3 2025, State of Wisconsin Investment Board held 2,561 positions worth $43.6B, up 6.5% from $41B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

State of Wisconsin Investment Board's Q3 2025 filing shows 248 new, 889 increased, 1,164 reduced and 195 closed positions. Its largest new stake was Brookfield Renewable: 2,134,542 shares worth $55M. The largest sale was Apple, an estimated $53.8M.

By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Financials and Communication Services.

  • State of Wisconsin Investment Board's largest Q3 2025 buy was Brookfield Renewable: 2,134,542 shares worth $55M.
  • State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q3 2025, an estimated $108M increase.
  • State of Wisconsin Investment Board's biggest Q3 2025 reduction was Apple, cutting an estimated $53.8M.
  • State of Wisconsin Investment Board fully exited Hess in Q3 2025, selling an estimated $43.8M.
  • State of Wisconsin Investment Board's ten largest holdings make up 29% of its $43.6B portfolio in Q3 2025.
  • State of Wisconsin Investment Board opened 248 new positions and closed 195 in Q3 2025.
  • State of Wisconsin Investment Board's portfolio value rose 6.5% quarter-over-quarter to $43.6B.

Based on State of Wisconsin Investment Board's 13F filing for Q3 2025, filed 14 Nov 2025.