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SOW

State of Wyoming Portfolio holdings

AUM $989M
1-Year Est. Return 52.24%
This Fund
S&P 500
This Quarter Est. Return
+4.52%
1 Year Est. Return
+52.24%
3 Year Est. Return
+130.83%
5 Year Est. Return
+163.43%
10 Year Est. Return
–
AUM
$913M
AUM Growth
+$35.7M
Cap. Flow
+$18.6M
Cap. Flow %
2.04%
Top 10 Hldgs %
33.09%
Holding
2,157
New
341
Increased
852
Reduced
581
Closed
374

Top Buys

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$4.61M
2
MSFT icon
Microsoft
MSFT
+$3.9M
3
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$2.67M
4
SPOT icon
Spotify
SPOT
+$1.67M
5
ILMN icon
Illumina
ILMN
+$1.3M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$8.51M
2
ACWX icon
iShares MSCI ACWI ex US ETF
ACWX
+$3.92M
3
WBD icon
Warner Bros
WBD
+$3.91M
4
META icon
Meta Platforms (Facebook)
META
+$2.81M
5
V icon
Visa
V
+$2.19M

Sector Composition

Rank Sector Weight
1 Technology 17.73%
2 Industrials 12.35%
3 Healthcare 8.84%
4 Consumer Discretionary 8.51%
5 Financials 7.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MTN icon
2001
Vail Resorts
MTN
$5.21B
– –
-374
Closed -$55.9K
MTW icon
2002
Manitowoc
MTW
$681M
– –
-11,115
Closed -$111K
MU icon
2003
Micron Technology
MU
$972B
– –
-2,262
Closed -$378K
MUSA icon
2004
Murphy USA
MUSA
$10.2B
– –
-167
Closed -$64.8K
MWA icon
2005
Mueller Water Products
MWA
$4.07B
– –
-11,818
Closed -$302K
NAT icon
2006
Nordic American Tanker
NAT
$1.33B
– –
-64,705
Closed -$203K
NAVI icon
2007
Navient
NAVI
$796M
– –
-13,517
Closed -$178K
NBTB icon
2008
NBT Bancorp
NBTB
$2.73B
– –
-152
Closed -$6.35K
NCDL icon
2009
Nuveen Churchill Direct Lending
NCDL
$623M
– –
-7,739
Closed -$107K
NDAQ icon
2010
Nasdaq
NDAQ
$53.4B
– –
-2,097
Closed -$185K
NDSN icon
2011
Nordson
NDSN
$17.2B
– –
-1,276
Closed -$290K
NEXN
2012
Nexxen International
NEXN
$599M
– –
-23,059
Closed -$213K
NGVC icon
2013
Vitamin Cottage Natural Grocers
NGVC
$605M
– –
-1,536
Closed -$61.4K
NNI icon
2014
Nelnet
NNI
$4.53B
– –
-973
Closed -$122K
NOVT icon
2015
Novanta
NOVT
$6.2B
– –
-929
Closed -$93K
ODP
2016
DELISTED
ODP
ODP
– –
-17,067
Closed -$475K
OKE icon
2017
Oneok
OKE
$56.9B
– –
-218
Closed -$15.9K
OKTA icon
2018
Okta
OKTA
$26.2B
– –
-923
Closed -$84.6K
OLPX
2019
DELISTED
Olaplex Holdings
OLPX
– –
-344,340
Closed -$451K
OPEN icon
2020
Opendoor
OPEN
$3.38B
– –
-256,747
Closed -$1.98M
OPK icon
2021
Opko Health
OPK
$1.04B
– –
-135,954
Closed -$211K
OR icon
2022
OR Royalties Inc
OR
$6.32B
– –
-10,809
Closed -$431K
ORC
2023
Orchid Island Capital
ORC
$1.3B
– –
-25,044
Closed -$176K
PAA icon
2024
Plains All American Pipeline
PAA
$16.4B
– –
-36,470
Closed -$622K
PAYX icon
2025
Paychex
PAYX
$43.1B
– –
-3
Closed -$380
79 80
81
82 83

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KIA
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SMM
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GCM
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State of Wyoming's Q4 2025 Portfolio in Review

As of Q4 2025, State of Wyoming held 2,157 positions worth $913M, up 4.1% from $877M the previous quarter. Its ten largest holdings account for 33% of the portfolio.

State of Wyoming's Q4 2025 filing shows 341 new, 852 increased, 581 reduced and 374 closed positions. Its largest new stake was iShares MSCI Emerging Markets ETF: 49,110 shares worth $2.69M. The largest sale was Apple, an estimated $8.51M.

By sector, the portfolio is most concentrated in Technology at 18% of assets, down from 18% a quarter earlier, followed by Industrials and Healthcare.

  • State of Wyoming's largest Q4 2025 buy was iShares MSCI Emerging Markets ETF: 49,110 shares worth $2.69M.
  • State of Wyoming added most to NVIDIA in Q4 2025, an estimated $4.61M increase.
  • State of Wyoming's biggest Q4 2025 reduction was Apple, cutting an estimated $8.51M.
  • State of Wyoming fully exited Warner Bros in Q4 2025, selling an estimated $3.91M.
  • State of Wyoming's ten largest holdings make up 33% of its $913M portfolio in Q4 2025.
  • State of Wyoming opened 341 new positions and closed 374 in Q4 2025.
  • State of Wyoming's portfolio value rose 4.1% quarter-over-quarter to $913M.

Based on State of Wyoming's 13F filing for Q4 2025, filed 11 Feb 2026.