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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
BOH icon
2076
Bank of Hawaii
BOH
$3.15B
$265K ﹤0.01%
4,044
+113
+3% +$7.53K
CHH icon
2077
Choice Hotels
CHH
$4.71B
$265K ﹤0.01%
2,478
-154
-6% -$18.8K
SXI icon
2078
Standex International
SXI
$3.97B
$265K ﹤0.01%
+1,250
New +$236K
STGW icon
2079
Stagwell
STGW
$2.28B
$265K ﹤0.01%
47,037
-189,550
-80% -$1.01M
CLMB icon
2080
Climb Global Solutions
CLMB
$532M
$264K ﹤0.01%
7,840
-2,000
-20% -$59.3K
HUBG icon
2081
HUB Group
HUBG
$2.55B
$264K ﹤0.01%
7,672
-8,046
-51% -$287K
BKE icon
2082
Buckle
BKE
$2.31B
$262K ﹤0.01%
+4,468
New +$242K
ULH icon
2083
Universal Logistics Holdings
ULH
$518M
$261K ﹤0.01%
11,150
-8,100
-42% -$204K
LMB icon
2084
Limbach Holdings
LMB
$527M
$261K ﹤0.01%
+2,689
New +$324K
AKR icon
2085
Acadia Realty Trust
AKR
$2.86B
$261K ﹤0.01%
12,959
+1,287
+11% +$24.8K
UE icon
2086
Urban Edge Properties
UE
$2.78B
$261K ﹤0.01%
12,745
+118
+0.9% +$2.35K
EOSE icon
2087
Eos Energy Enterprises
EOSE
$1.51B
$260K ﹤0.01%
22,801
– –
YOU icon
2088
Clear Secure
YOU
$4.7B
$260K ﹤0.01%
7,778
-1,011
-12% -$33.5K
AMBP icon
2089
Ardagh Metal Packaging
AMBP
$3.16B
$259K ﹤0.01%
+64,902
New +$258K
NEOG icon
2090
Neogen
NEOG
$2.59B
$257K ﹤0.01%
45,087
-33,123
-42% -$177K
DERM icon
2091
Journey Medical
DERM
$183M
$255K ﹤0.01%
+35,838
New +$260K
ACEL icon
2092
Accel Entertainment
ACEL
$1.01B
$255K ﹤0.01%
23,012
-28,961
-56% -$339K
FWRD icon
2093
Forward Air
FWRD
$682M
$255K ﹤0.01%
9,932
+1,253
+14% +$36K
TWO
2094
Two Harbors Investment
TWO
$1.26B
$253K ﹤0.01%
25,660
+15,355
+149% +$155K
BCSS.U
2095
Bain Capital GSS Investment Corp Units
BCSS.U
$252K ﹤0.01%
+25,000
New +$252K
BLKB icon
2096
Blackbaud
BLKB
$2.1B
$252K ﹤0.01%
3,922
-58
-1% -$3.8K
CVBF icon
2097
CVB Financial
CVBF
$4.08B
$251K ﹤0.01%
13,286
+16
+0.1% +$319
MSBI icon
2098
Midland States Bancorp
MSBI
$698M
$250K ﹤0.01%
14,600
+1,700
+13% +$30.6K
MPT
2099
Medical Properties Trust
MPT
$2.51B
$250K ﹤0.01%
49,283
+951
+2% +$4.19K
IOVA icon
2100
Iovance Biotherapeutics
IOVA
$2.95B
$250K ﹤0.01%
115,038
+7,079
+7% +$16.7K
82 83
84
85 86

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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.