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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 | |
|---|---|---|---|---|---|---|
2051
Seaboard Corp
SEB
$4.08B
| $316K | ﹤0.01% |
71
-21
| -23% | -$83.1K |
|
2052
Old Second Bancorp
OSBC
$1.31B
| $315K | ﹤0.01% |
+16,141
| New | +$302K |
|
2053
Enliven Therapeutics
ELVN
$4.25B
| $314K | ﹤0.01% |
20,398
-27,274
| -57% | -$543K |
|
|
SAFE
2054
Safehold
SAFE
$1.1B
| $314K | ﹤0.01% |
22,916
-2,536
| -10% | -$36K |
|
2055
Lifecore Biomedical
LFCR
$179M
| $309K | ﹤0.01% |
37,825
+21,946
| +138% | +$162K |
|
2056
Monte Rosa Therapeutics
GLUE
$1.35B
| $308K | ﹤0.01% |
19,628
-207
| -1% | -$2.79K |
|
2057
Ryan Specialty Holdings
RYAN
$11B
| $308K | ﹤0.01% |
5,958
-4,338
| -42% | -$238K |
|
2058
Arcos Dorados Holdings
ARCO
$1.71B
| $305K | ﹤0.01% |
+41,590
| New | +$299K |
|
2059
Warby Parker
WRBY
$3.2B
| $305K | ﹤0.01% |
14,000
-6,469
| -32% | -$141K |
|
|
UNIT
2060
Uniti Group
UNIT
$2.38B
| $305K | ﹤0.01% |
43,507
+30,173
| +226% | +$191K |
|
2061
Timken Company
TKR
$9.1B
| $305K | ﹤0.01% |
3,620
-2,701
| -43% | -$215K |
|
|
SNBR
2062
DELISTED
Sleep Number
SNBR
| $303K | ﹤0.01% |
35,847
-44,192
| -55% | -$279K |
|
2063
Hamilton Lane
HLNE
$5.91B
| $303K | ﹤0.01% |
2,257
-1,507
| -40% | -$190K |
|
2064
N-able
NABL
$695M
| $303K | ﹤0.01% |
40,490
-3,147
| -7% | -$24K |
|
2065
Telecom Argentina
TEO
$5.75B
| $302K | ﹤0.01% |
+26,013
| New | +$279K |
|
2066
Caleres
CAL
$461M
| $302K | ﹤0.01% |
+24,809
| New | +$305K |
|
2067
Verastem
VSTM
$604M
| $302K | ﹤0.01% |
+39,107
| New | +$349K |
|
2068
Southwest Airlines
LUV
$22B
| $302K | ﹤0.01% |
+7,300
| New | +$255K |
|
2069
NewMarket
NEU
$8.72B
| $301K | ﹤0.01% |
438
-1,773
| -80% | -$1.35M |
|
2070
Vontier
VNT
$4.47B
| $301K | ﹤0.01% |
8,095
-106,143
| -93% | -$4.06M |
|
2071
Iovance Biotherapeutics
IOVA
$2.95B
| $300K | ﹤0.01% |
109,997
-5,041
| -4% | -$11.7K |
|
2072
Glacier Bancorp
GBCI
$6.48B
| $300K | ﹤0.01% |
6,807
-4,570
| -40% | -$200K |
|
2073
United Bankshares
UBSI
$6.68B
| $298K | ﹤0.01% |
7,767
-5,693
| -42% | -$212K |
|
|
BAND
2074
Bandwidth Inc
BAND
$1.74B
| $297K | ﹤0.01% |
19,235
+3,100
| +19% | +$47K |
|
2075
Sunrun
RUN
$2.37B
| $296K | ﹤0.01% |
16,063
-5,299
| -25% | -$102K |
|
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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.