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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
+13.3%
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
$41B
AUM Growth
+$2.26B
Cap. Flow
-$1.49B
Cap. Flow %
-3.63%
Top 10 Hldgs %
27.58%
Holding
2,442
New
201
Increased
735
Reduced
1,331
Closed
129

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$390M
2
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$107M
3
XHB icon
State Street SPDR S&P Homebuilders ETF
XHB
+$38M
4
COF icon
Capital One
COF
+$29.9M
5
LBRDA icon
Liberty Broadband Class A
LBRDA
+$28.6M

Top Sells

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$398M
2
NVDA icon
NVIDIA
NVDA
+$120M
3
MSFT icon
Microsoft
MSFT
+$107M
4
AAPL icon
Apple
AAPL
+$94.7M
5
ZG icon
Zillow
ZG
+$57.8M

Sector Composition

Rank Sector Weight
1 Technology 27.25%
2 Financials 12.9%
3 Communication Services 10.11%
4 Consumer Discretionary 9.5%
5 Industrials 8.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AZEK
2276
DELISTED
The AZEK Co
AZEK
– –
-196,357
Closed -$9.6M
AZTA icon
2277
Azenta
AZTA
$1.47B
– –
-27,615
Closed -$957K
BABA icon
2278
Alibaba
BABA
$300B
– –
-15,000
Closed -$1.98M
BBUC
2279
Brookfield Business Corp Class A Subordinate Voting Shares
BBUC
$5.93B
– –
-8,102
Closed -$216K
BEKE icon
2280
KE Holdings
BEKE
$19.2B
– –
-11,068
Closed -$222K
BFLY icon
2281
Butterfly Network
BFLY
$2.52B
– –
-11,240
Closed -$25.6K
BH icon
2282
Biglari Holdings Class B
BH
$1.23B
– –
-1,200
Closed -$260K
BRCC icon
2283
BRC Inc
BRCC
$215M
– –
-37,794
Closed -$79K
BRKL
2284
DELISTED
Brookline Bancorp
BRKL
– –
-10,433
Closed -$114K
CABO icon
2285
Cable One
CABO
$191M
– –
-2,789
Closed -$741K
CAPR icon
2286
Capricor Therapeutics
CAPR
$243M
– –
-23,662
Closed -$225K
CATX icon
2287
Perspective Therapeutics
CATX
$372M
– –
-30,854
Closed -$65.7K
CHPT icon
2288
ChargePoint
CHPT
$166M
– –
-1,655
Closed -$20K
CLBT icon
2289
Cellebrite
CLBT
$3.8B
– –
-379,365
Closed -$7.37M
CLNE icon
2290
Clean Energy Fuels
CLNE
$384M
– –
-15,274
Closed -$23.7K
CMPX icon
2291
Compass Therapeutics
CMPX
$427M
– –
-47,700
Closed -$90.6K
CMTG icon
2292
Claros Mortgage Trust
CMTG
$262M
– –
-36,384
Closed -$136K
CNDT icon
2293
Conduent
CNDT
$241M
– –
-235,825
Closed -$637K
CNS icon
2294
Cohen & Steers
CNS
$4.36B
– –
-2,790
Closed -$224K
CNXC icon
2295
Concentrix
CNXC
$1.5B
– –
-4,105
Closed -$228K
COLM icon
2296
Columbia Sportswear
COLM
$2.88B
– –
-4,752
Closed -$360K
CRNC icon
2297
Cerence
CRNC
$391M
– –
-25,691
Closed -$203K
CVI icon
2298
CVR Energy
CVI
$3.52B
– –
-85,052
Closed -$1.65M
CWCO icon
2299
Consolidated Water Co
CWCO
$505M
– –
-27,404
Closed -$671K
DBD icon
2300
Diebold Nixdorf
DBD
$2.44B
– –
-7,637
Closed -$334K
90 91
92
93 94

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State of Wisconsin Investment Board's Q2 2025 Portfolio in Review

As of Q2 2025, State of Wisconsin Investment Board held 2,442 positions worth $41B, up 5.8% from $38.7B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

State of Wisconsin Investment Board withdrew a net $1.49B in Q2 2025, closing 129 positions and reducing 1,331 holdings. Its most notable exit was Discover Financial Services, an estimated $25.4M position sold in full.

By sector, the portfolio is most concentrated in Technology at 27% of assets, up from 25% a quarter earlier, followed by Financials and Communication Services.

Against the trend, State of Wisconsin Investment Board opened a new position in State Street SPDR S&P Homebuilders ETF worth $39.4M.

  • State of Wisconsin Investment Board's largest Q2 2025 buy was State Street SPDR S&P Homebuilders ETF: 400,000 shares worth $39.4M.
  • State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q2 2025, an estimated $390M increase.
  • State of Wisconsin Investment Board's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $398M.
  • State of Wisconsin Investment Board fully exited Discover Financial Services in Q2 2025, selling an estimated $25.4M.
  • State of Wisconsin Investment Board's ten largest holdings make up 28% of its $41B portfolio in Q2 2025.
  • State of Wisconsin Investment Board opened 201 new positions and closed 129 in Q2 2025.
  • State of Wisconsin Investment Board's portfolio value rose 5.8% quarter-over-quarter to $41B.

Based on State of Wisconsin Investment Board's 13F filing for Q2 2025, filed 14 Aug 2025.