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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
+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
(+5.8%)
Cap. Flow
-$1.49B
Cap. Flow
% of AUM
-3.63%
Top 10 Holdings %
Top 10 Hldgs %
27.58%
Holding
2,442
New
201
Increased
735
Reduced
1,331
Closed
129
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Invesco S&P 500 Equal Weight ETF
RSP
|
+$390M |
| 2 |
Berkshire Hathaway Class A
BRK.A
|
+$107M |
| 3 |
State Street SPDR S&P Homebuilders ETF
XHB
|
+$38M |
| 4 |
Capital One
COF
|
+$29.9M |
| 5 |
Liberty Broadband Class A
LBRDA
|
+$28.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$398M |
| 2 |
NVIDIA
NVDA
|
+$120M |
| 3 |
Microsoft
MSFT
|
+$107M |
| 4 |
Apple
AAPL
|
+$94.7M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
1
NVIDIA
NVDA
$5.27T
| $2.12B | 5.19% |
13,449,309
-955,234
| -7% | -$120M |
|
|
2
Microsoft
MSFT
$3.76T
| $1.95B | 4.75% |
3,912,383
-246,858
| -6% | -$107M |
|
|
3
Apple
AAPL
$4.5T
| $1.72B | 4.19% |
8,366,836
-468,800
| -5% | -$94.7M |
|
|
4
Invesco S&P 500 Equal Weight ETF
RSP
$99.1B
| $1.24B | 3.04% |
6,845,838
+2,260,960
| +49% | +$390M |
|
5
Amazon
AMZN
$3T
| $1.15B | 2.81% |
5,240,477
-279,770
| -5% | -$55.4M |
|
6
Meta Platforms (Facebook)
META
$1.52T
| $890M | 2.17% |
1,205,990
-62,270
| -5% | -$38.5M |
|
7
Broadcom
AVGO
$2.01T
| $689M | 1.68% |
2,499,071
-160,635
| -6% | -$34.9M |
|
|
8
Alphabet (Google) Class A
GOOGL
$4.37T
| $567M | 1.38% |
3,215,595
-2,431,199
| -43% | -$398M |
|
9
Tesla
TSLA
$1.31T
| $494M | 1.2% |
1,553,682
-102,848
| -6% | -$31M |
|
|
10
Alphabet (Google) Class C
GOOG
$4.35T
| $482M | 1.18% |
2,718,173
-80,837
| -3% | -$13.4M |
|
11
JPMorgan Chase
JPM
$956B
| $444M | 1.08% |
1,531,660
-119,372
| -7% | -$30.5M |
|
12
Harbor Human Capital Factor US Large Cap ETF
HAPI
$507M
| $377M | 0.92% |
9,871,200
| – | – |
|
|
13
Berkshire Hathaway Class B
BRK.B
$1.14T
| $349M | 0.85% |
719,210
-31,498
| -4% | -$16M |
|
14
Eli Lilly
LLY
$1.1T
| $342M | 0.84% |
438,948
-31,174
| -7% | -$24.2M |
|
15
Visa
V
$675B
| $342M | 0.83% |
962,127
-47,558
| -5% | -$16.6M |
|
16
Fox Class B
FOX
$23.6B
| $333M | 0.81% |
6,458,170
+464,267
| +8% | +$22.6M |
|
|
17
Berkshire Hathaway Class A
BRK.A
$1.14T
| $327M | 0.8% |
449
+141
| +46% | +$107M |
|
18
Netflix
NFLX
$318B
| $326M | 0.79% |
2,431,000
-86,800
| -3% | -$9.81M |
|
19
Mastercard
MA
$493B
| $259M | 0.63% |
461,391
-23,499
| -5% | -$13M |
|
20
ExxonMobil
XOM
$662B
| $254M | 0.62% |
2,354,903
-176,242
| -7% | -$18.8M |
|
21
iShares Core 1-5 Year USD Bond ETF
ISTB
$5.12B
| $250M | 0.61% |
5,128,625
+82,700
| +2% | +$3.99M |
|
22
Costco
COST
$423B
| $243M | 0.59% |
245,415
-18,752
| -7% | -$18.6M |
|
23
Walmart Inc
WMT
$897B
| $233M | 0.57% |
2,383,099
-128,619
| -5% | -$12.3M |
|
24
HEICO Corp Class A
HEI.A
$37B
| $223M | 0.54% |
860,468
-62,341
| -7% | -$13.6M |
|
25
Procter & Gamble
PG
$340B
| $207M | 0.51% |
1,299,980
-120,964
| -9% | -$19.7M |
|
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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.