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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 | |
|---|---|---|---|---|---|---|
2026
Aurora
AUR
$13.4B
| $337K | ﹤0.01% |
87,781
-81,011
| -48% | -$371K |
|
2027
Tower Semiconductor
TSEM
$28.6B
| $336K | ﹤0.01% |
+2,869
| New | +$276K |
|
2028
Calumet Specialty Products
CLMT
$4.29B
| $335K | ﹤0.01% |
16,860
-9,259
| -35% | -$178K |
|
2029
John Wiley & Sons Class A
WLY
$2.63B
| $334K | ﹤0.01% |
10,918
-1,268
| -10% | -$44.7K |
|
2030
First Advantage
FA
$3.81B
| $334K | ﹤0.01% |
22,992
-29
| -0.1% | -$409 |
|
2031
DXP Enterprises
DXPE
$3B
| $333K | ﹤0.01% |
3,037
-322
| -10% | -$35.1K |
|
|
SEE
2032
DELISTED
Sealed Air
SEE
| $333K | ﹤0.01% |
8,046
-8,669
| -52% | -$335K |
|
2033
Aviat Networks
AVNW
$282M
| $333K | ﹤0.01% |
+15,585
| New | +$348K |
|
2034
Crescent Energy
CRGY
$3.93B
| $331K | ﹤0.01% |
39,467
-24,949
| -39% | -$219K |
|
2035
Blend Labs
BLND
$367M
| $331K | ﹤0.01% |
108,910
+90,575
| +494% | +$289K |
|
2036
Gibraltar Industries
ROCK
$1.45B
| $329K | ﹤0.01% |
+6,655
| New | +$381K |
|
2037
Methode Electronics
MEI
$593M
| $328K | ﹤0.01% |
49,400
-12,600
| -20% | -$89.4K |
|
2038
International Money Express
IMXI
$353M
| $327K | ﹤0.01% |
21,269
-11,800
| -36% | -$177K |
|
2039
Mine Safety
MSA
$7.32B
| $326K | ﹤0.01% |
2,036
-1,491
| -42% | -$243K |
|
|
JHG
2040
DELISTED
Janus Henderson
JHG
| $326K | ﹤0.01% |
6,853
-4,971
| -42% | -$220K |
|
2041
Atea Pharmaceuticals
AVIR
$406M
| $326K | ﹤0.01% |
91,245
-15,721
| -15% | -$50K |
|
|
TE
2042
T1 Energy
TE
$1.41B
| $324K | ﹤0.01% |
+48,465
| New | +$214K |
|
2043
American Superconductor
AMSC
$1.53B
| $323K | ﹤0.01% |
11,227
+4,823
| +75% | +$209K |
|
|
BBBY
2044
Bed Bath & Beyond
BBBY
$423M
| $323K | ﹤0.01% |
+59,090
| New | +$429K |
|
2045
CEVA Inc
CEVA
$855M
| $322K | ﹤0.01% |
+14,983
| New | +$368K |
|
2046
ATN International
ATNI
$491M
| $321K | ﹤0.01% |
14,100
+300
| +2% | +$5.56K |
|
|
JAMF
2047
DELISTED
Jamf
JAMF
| $319K | ﹤0.01% |
24,554
-12,552
| -34% | -$152K |
|
2048
Tredegar Corp
TG
$278M
| $319K | ﹤0.01% |
44,361
+61
| +0.1% | +$462 |
|
2049
Distribution Solutions Group
DSGR
$1.61B
| $318K | ﹤0.01% |
11,627
-3,499
| -23% | -$98.4K |
|
2050
Reynolds Consumer Products
REYN
$5.55B
| $316K | ﹤0.01% |
+13,780
| New | +$332K |
|
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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.