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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
PPTA
2351
Perpetua Resources
PPTA
$3.16B
– –
-35,269
Closed -$377K
PVBC
2352
DELISTED
Provident Bancorp
PVBC
– –
-12,150
Closed -$139K
QUAD icon
2353
Quad
QUAD
$507M
– –
-12,206
Closed -$66.5K
RDFN
2354
DELISTED
Redfin
RDFN
– –
-13,191
Closed -$121K
RENEW
2355
DELISTED
Cartesian Growth Corporation II Warrant
RENEW
– –
-13,337
Closed -$827
RLAY icon
2356
Relay Therapeutics
RLAY
$4.4B
– –
-100,555
Closed -$263K
ROCK icon
2357
Gibraltar Industries
ROCK
$1.46B
– –
-4,428
Closed -$260K
RYZ
2358
Ryerson Holding Corp
RYZ
$1.5B
– –
-34,603
Closed -$794K
SANA icon
2359
Sana Biotechnology
SANA
$1.13B
– –
-82,750
Closed -$139K
SCLX icon
2360
Scilex Holding
SCLX
$48.5M
– –
-1,819
Closed -$15.8K
SEAT icon
2361
Vivid Seats
SEAT
$81.6M
– –
-6,342
Closed -$375K
SMLR
2362
DELISTED
Semler Scientific
SMLR
– –
-6,068
Closed -$220K
SMMT icon
2363
Summit Therapeutics
SMMT
$12B
– –
-44,364
Closed -$856K
SPNT icon
2364
SiriusPoint
SPNT
$2.66B
– –
-24,955
Closed -$431K
SSRM icon
2365
SSR Mining
SSRM
$6.63B
– –
-10,001
Closed -$100K
SXI icon
2366
Standex International
SXI
$4B
– –
-3,915
Closed -$632K
TERN
2367
DELISTED
Terns Pharmaceuticals
TERN
– –
-41,502
Closed -$115K
TITN icon
2368
Titan Machinery
TITN
$431M
– –
-42,063
Closed -$717K
TRMK icon
2369
Trustmark
TRMK
$2.79B
– –
-6,248
Closed -$215K
TRUP icon
2370
Trupanion
TRUP
$1.33B
– –
-8,809
Closed -$328K
TSVT
2371
DELISTED
2seventy bio
TSVT
– –
-33,929
Closed -$168K
TTI icon
2372
TETRA Technologies
TTI
$1.29B
– –
-10,547
Closed -$35.4K
TUR icon
2373
iShares MSCI Turkey ETF
TUR
$221M
– –
-165,000
Closed -$5.42M
UFI icon
2374
UNIFI
UFI
$127M
– –
-12,800
Closed -$61.6K
UFPT icon
2375
UFP Technologies
UFPT
$2.5B
– –
-1,908
Closed -$385K
92 93 94
95
96

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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.