State of Wisconsin Investment Board

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), State of Wisconsin Investment Board reported 2,230 stock positions worth $38.6 billion. Its top holding was Apple (AAPL) at 5.1% of the portfolio, followed by Microsoft (MSFT, 4.0%) and Nvidia (NVDA, 4.0%). Compared with Q4 2024, it opened 121 new positions, sold out of 138, added to 1,235 and reduced 836. The biggest buy was Invesco S&P 500 Equal Weight (RSP, shares +3848%) and the biggest sale an exit from iShares Bitcoin Trust ETF (IBIT).

Most Recent 13F
Q2 2026
Location
MADISON, WI
CIK
0000854157
Portfolio Value
$38.6B (Q1 2025)
SEC Filing
0001062993-25-009484 ↗ filed May 15, 2025

Holdings Value

0$10.0B$20.0B$30.0B$40.0B$50.0B Q1 2024: $37.8B Q1 2024 Q2 2024: $37.7B Q2 2024 Q3 2024: $39.7B Q3 2024 Q4 2024: $38.7B Q4 2024 Q1 2025: $38.6B $38.6B Q1 2025 Q2 2025: $40.9B Q2 2025 Q3 2025: $43.5B Q3 2025 Q4 2025: $44.6B Q4 2025 Q1 2026: $43.7B Q1 2026 Q2 2026: $49.6B Q2 2026

Holdings 2,230 stocks · $38.6B

AAPL Apple Inc. 5.08% 8,835,636 $2.0B Add +1.3%
MSFT Microsoft Corp. 4.04% 4,159,241 $1.6B Add +2.4%
NVDA Nvidia Corp. 4.04% 14,404,543 $1.6B Add +2.5%
AMZN Amazon.com Inc. 2.72% 5,520,247 $1.1B Add +2.8%
GOOGL Alphabet Inc. Class A 2.26% 5,646,794 $873.2M Add +60.6%
RSP Invesco S&P 500 Equal Weight 2.06% 4,584,878 $794.2M Add +3848.3%
META Meta Platforms Inc. Class A 1.89% 1,268,260 $731.0M Add +2.9%
AVGO Broadcom Inc. 1.15% 2,659,706 $445.3M Add +4.6%
GOOG Alphabet Inc. Class C 1.13% 2,799,010 $437.3M Add +0.3%
TSLA Tesla Inc. 1.11% 1,656,530 $429.3M Add +3.8%
JPM JPMorgan Chase & Co. 1.05% 1,651,032 $405.0M Add +2.1%
BRK.B Berkshire Hathaway Inc. Class B 1.03% 750,708 $399.8M Add +2.0%
LLY Eli Lilly & Co. 1.00% 470,122 $388.3M Add +1.4%
V Visa Inc. Class A 0.92% 1,009,685 $353.9M Add +4.8%
HAPI Harbor Human Capital Factor 0.87% 9,871,200 $336.5M No change
FOX Fox Corp. Class B 0.82% 5,993,903 $315.9M Add +2.3%
XOM Exxon Mobil Corp. 0.78% 2,531,145 $301.0M Reduce -0.0%
UNH Unitedhealth Group Inc. 0.71% 521,771 $273.3M Add +1.1%
MA Mastercard Inc. Class A 0.69% 484,890 $265.8M Add +2.9%
COST Costco Wholesale Corp. 0.65% 264,167 $249.8M Add +3.7%
BRK.A Berkshire Hathaway Inc. Class A 0.64% 308 $245.9M Add +67.4%
ISTB iShares Core 1-5 Year Usd Bo 0.63% 5,045,925 $244.0M Add +0.0%
PG The Procter & Gamble Co. 0.63% 1,420,944 $242.2M Add +4.1%
NFLX Netflix Inc. 0.61% 251,780 $234.8M Add +1.2%
JNJ Johnson & Johnson 0.59% 1,383,262 $229.4M Add +2.1%
WMT Walmart Inc. 0.57% 2,511,718 $220.5M Add +1.0%
ABBV Abbvie Inc. 0.55% 1,021,208 $214.0M Add +1.8%
HD Home Depot Inc. 0.54% 573,248 $210.1M Add +2.8%
HEI.A Heico Corp. Class A 0.50% 922,809 $194.7M Reduce -16.2%
NWSA News Corp. Class A 0.45% 6,416,349 $174.7M Add +16.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.45% 4,129,903 $172.3M Add +3.8%
KO The Coca-Cola Co. 0.44% 2,388,708 $171.1M Add +3.5%
CVX Chevron Corp. 0.42% 959,560 $160.5M Reduce -0.1%
CSCO Cisco Systems Inc. 0.40% 2,505,737 $154.6M Add +4.7%
CRM Salesforce Inc. 0.39% 568,435 $152.5M Add +3.7%
EEM iShares MSCI Emerging Market 0.39% 3,436,628 $150.2M Add +42.2%
LIN Linde PLC 0.38% 314,572 $146.5M Reduce -2.6%
ZG Zillow Group Inc. Class A 0.38% 2,167,503 $144.9M Reduce -2.9%
PM Philip Morris International 0.37% 911,972 $144.8M Reduce -1.5%
MRK Merck & Co. Inc. 0.36% 1,553,755 $139.5M Add +3.6%
WFC Wells Fargo & Co. 0.35% 1,904,205 $136.7M Reduce -0.8%
GE General Electric filed as GE AEROSPACE 0.35% 672,207 $134.5M Reduce -1.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.34% 535,322 $133.1M Add +0.0%
ORCL Oracle Corp. 0.34% 944,179 $132.0M Add +2.7%
ABT Abbott Laboratories 0.34% 983,006 $130.4M Add +2.2%
MCD McDonald's Corp. 0.33% 402,608 $125.8M Add +0.4%
HAPS Harbor Human Capital Factor 0.31% 4,520,000 $120.5M No change
T AT&T Inc. 0.31% 4,252,046 $120.2M Reduce -2.1%
PEP Pepsico Inc. 0.31% 799,096 $119.8M Add +1.3%
TMO Thermo Fisher Scientific Inc. 0.29% 229,094 $114.0M Add +3.8%
ACN Accenture PLC Class A 0.29% 359,579 $112.2M Add +4.0%
VZ Verizon Communications Inc. 0.29% 2,456,881 $111.4M Reduce -2.5%
EFFI Harbor Osmosis Ire ETF 0.29% 5,500,000 $110.7M Add +111.5%
ISRG Intuitive Surgical Inc. 0.29% 222,916 $110.4M Add +3.4%
FWONA Liberty Media Corp. Class A 0.28% 1,334,816 $108.7M Reduce -2.8%
PGR Progressive Corp. 0.28% 383,587 $108.6M Add +8.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.28% 1,081,261 $106.7M Add +2.1%
EFFE Harbor Osm Emrg MRKT Res ETF 0.27% 5,140,000 $106.2M New
ARKK ARK Innovation ETF 0.27% 2,229,174 $106.1M Add +18.4%
RTX RTX Corp. 0.27% 775,381 $102.7M Add +5.4%
INTU Intuit Inc. 0.26% 164,215 $100.8M Add +0.6%
PLTR Palantir Technologies Inc. Class A 0.26% 1,184,329 $100.0M Add +2.5%
GS Goldman Sachs Group Inc. 0.26% 182,636 $99.8M Add +2.3%
SPGI S&P Global Inc. 0.26% 195,495 $99.3M Add +2.6%
QCOM Qualcomm Inc. 0.25% 639,948 $98.3M Add +1.8%
NOW ServiceNow Inc. 0.25% 121,249 $96.5M Reduce -0.4%
TXN Texas Instruments Inc. 0.25% 528,099 $94.9M Add +2.0%
AXP American Express Co. 0.24% 351,661 $94.6M Add +5.9%
AMGN Amgen Inc. 0.24% 302,216 $94.2M Add +1.1%
ADBE Adobe Inc. 0.24% 244,667 $93.8M Add +0.5%
AMD Advanced Micro Devices 0.24% 912,132 $93.7M Reduce -2.5%
CAT Caterpillar Inc. 0.24% 278,648 $91.9M Add +1.2%
CMCSA Comcast Corp. Class A 0.23% 2,455,357 $90.6M Add +1.0%
BSX Boston Scientific Corp. 0.23% 882,913 $89.1M Add +0.7%
MS Morgan Stanley 0.23% 758,262 $88.5M Add +3.8%
UBER Uber Technologies Inc. 0.23% 1,209,962 $88.2M Add +6.8%
BKNG Booking Holdings Inc. 0.22% 18,601 $85.7M Add +0.3%
PFE Pfizer Inc. 0.22% 3,357,594 $85.1M Add +7.2%
NEE Nextera Energy Inc. 0.22% 1,186,765 $84.1M Add +1.6%
GILD Gilead Sciences Inc. 0.21% 725,913 $81.3M Reduce -1.4%
BLK BlackRock Inc. 0.21% 85,686 $81.1M Add +4.5%
TMUS T-Mobile US Inc. 0.21% 303,986 $81.1M Add +0.1%
UNP Union Pacific Corp. 0.21% 340,566 $80.5M Add +1.1%
COP Conocophillips 0.20% 754,171 $79.2M Reduce -4.6%
C Citigroup Inc. 0.20% 1,105,117 $78.5M Add +4.7%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.20% 638,458 $77.8M Reduce -1.0%
SCHW Schwab (charles) Corp. 0.20% 992,582 $77.7M Add +5.8%
HON Honeywell International Inc. 0.20% 365,466 $77.4M Add +1.7%
SYK Stryker Corp. 0.20% 205,233 $76.4M Add +0.3%
FISV Fiserv Inc. 0.20% 345,415 $76.3M Add +3.6%
DHR Danaher Corp. 0.20% 368,998 $75.6M Add +0.9%
ADP Automatic Data Processing 0.19% 245,286 $74.9M Add +3.2%
LOW Lowe's Cos Inc. 0.19% 317,397 $74.0M Add +0.4%
VRTX Vertex Pharmaceuticals Inc. 0.19% 152,677 $74.0M Add +0.3%
BA The Boeing Co. 0.19% 430,163 $73.4M Add +6.6%
MDT Medtronic PLC 0.18% 781,805 $70.3M Add +5.4%
MRSH Marsh & McLennan Cos 0.18% 285,815 $69.7M Reduce -6.1%
BMY Bristol-Myers Squibb Co. 0.18% 1,140,867 $69.6M Reduce -7.7%
CB Chubb Ltd. 0.18% 226,558 $68.4M Reduce -0.2%
DE Deere & Co. 0.18% 145,469 $68.3M Add +1.2%

Show all 2,230 holdings

Options reported separately and not counted above: GLD puts ($69.2M).

Other holdings (10): bonds, preferreds, convertibles and warrants · $201K (not counted above)
SecurityClassShares / PrincipalValueChange
SKGRW SK Growth Opportunities -29 *W EXP 06/28/202 150,002$98KNo change
AIMWF Aimfinity Investment-CW27 *W EXP 99/99/999 500,000$39KNo change
EONR.WS HNR Acquisition Corp. -CW23 *W EXP 11/15/202 320,000$19KNo change
RZLVW Rezolve AI PLC -CW27 *W EXP 08/15/202 75,000$15KNo change
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 55,000$14KNew
SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 75,000$12KNo change
RBOT.WS Vicarious Surgical Inc.-CW27 *W EXP 09/17/202 50,000$2KNo change
SWVLW Pivotal Holdings Corp. -CW27 *W EXP 99/99/999 93,367$1KNo change
REEWF Cartesian Growth Corp. II -28 *W EXP 07/12/202 13,337$827No change
PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 20,000$220No change

Total filed on the 13F, all lines: $38.6B.

Portfolio Sells Q4 2024 → Q1 2025

IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.83
USHY iShares Broad Usd High Yield Sold out 0.00% −0.22
NOW ServiceNow Inc. Reduce -0.4% 0.25% −0.08
SPY SS SPDR S&P 500 ETF Trust-US Reduce -49.0% 0.07% −0.07
ALTR Altair Engineering Inc. Class A Sold out 0.00% −0.06
RYAAY Ryanair Holdings PLC-SP ADR Sold out 0.00% −0.05
AMD Advanced Micro Devices Reduce -2.5% 0.24% −0.05
LBTYA Liberty Global Ltd. Class A Reduce -25.3% 0.10% −0.05
BX Blackstone Inc. Reduce -0.5% 0.15% −0.04
ZG Zillow Group Inc. Class A Reduce -2.9% 0.38% −0.03
VRT Vertiv Holdings Co. Class A Reduce -9.0% 0.04% −0.03
PYPL PayPal Holdings Inc. Reduce -0.3% 0.09% −0.03
CHX Championx Corp. Reduce -51.4% 0.03% −0.03
EME Emcor Group Inc. Reduce -21.4% 0.05% −0.03
SMAR Smartsheet Inc. Class A Sold out 0.00% −0.03
APO Apollo Global Management Inc. Reduce -9.8% 0.08% −0.03
HEI.A Heico Corp. Class A Reduce -16.2% 0.50% −0.03
IWM iShares Russell 2000 ETF Reduce -63.2% 0.01% −0.03
XBI SS SPDR S&P Biotech ETF Sold out 0.00% −0.02
BWA Borgwarner Inc. Reduce -69.6% 0.01% −0.02
TFX Teleflex Inc. Reduce -45.5% 0.02% −0.02
MANH Manhattan Associates Inc. Reduce -6.2% 0.03% −0.02
EIX Edison International Reduce -17.6% 0.03% −0.02
MCHI iShares MSCI China ETF Sold out 0.00% −0.02
XRT SS SPDR S&P Retail ETF Reduce -0.1% 0.14% −0.02
DDOG Datadog Inc. Class A Reduce -4.3% 0.04% −0.02
IBKR Interactive Brokers Gro Class A Reduce -34.8% 0.03% −0.02
BERY Berry Global Group Inc. Reduce -41.1% 0.03% −0.02
PWR Quanta Services Inc. Reduce -8.3% 0.05% −0.02
PNC PNC Financial Services Group Reduce -6.9% 0.10% −0.02
PKG Packaging Corp. of America Reduce -25.3% 0.03% −0.02
DELL Dell Technologies -C Reduce -10.3% 0.04% −0.02
HPE Hewlett Packard Enterprise Reduce -12.6% 0.03% −0.02
APH Amphenol Corp. Class A Reduce -6.5% 0.13% −0.02
JETS US Global Jets ETF Reduce -5.6% 0.06% −0.02
FWONA Liberty Media Corp. Class A Reduce -2.8% 0.28% −0.02
FICO Fair Isaac Corp. Reduce -11.2% 0.08% −0.02
CTSH Cognizant Tech Solutions-A Reduce -22.5% 0.06% −0.02
LDOS Leidos Holdings Inc. Reduce -25.1% 0.04% −0.02
VST Vistra Corp. Reduce -7.5% 0.06% −0.02
EVR Evercore Inc. Class A Reduce -3.7% 0.04% −0.02
HLT Hilton Worldwide Holdings Inc. Reduce -8.5% 0.08% −0.01
NTAP Netapp Inc. Reduce -15.7% 0.03% −0.01
NARI Inari Medical Inc. Sold out 0.00% −0.01
FOUR SHIFT4 Payments Inc. Class A Reduce -9.9% 0.03% −0.01
INCY Incyte Corp. Reduce -25.9% 0.03% −0.01
MSCI MSCI Inc. Reduce -12.8% 0.06% −0.01
WST West Pharmaceutical Services Reduce -4.8% 0.03% −0.01
RHI Robert Half Inc. Reduce -44.4% 0.01% −0.01
AXON Axon Enterprise Inc. Reduce -4.4% 0.07% −0.01

Portfolio Buys Q4 2024 → Q1 2025

RSP Invesco S&P 500 Equal Weight Add +3848.3% 2.06% +2.00
GOOGL Alphabet Inc. Class A Add +60.6% 2.26% +0.54
BRK.A Berkshire Hathaway Inc. Class A Add +67.4% 0.64% +0.31
EFFE Harbor Osm Emrg MRKT Res ETF New 0.27% +0.27
BRK.B Berkshire Hathaway Inc. Class B Add +2.0% 1.03% +0.17
EFFI Harbor Osmosis Ire ETF Add +111.5% 0.29% +0.16
V Visa Inc. Class A Add +4.8% 0.92% +0.13
EEM iShares MSCI Emerging Market Add +42.2% 0.39% +0.13
FOX Fox Corp. Class B Add +2.3% 0.82% +0.12
IVV iShares Core S&P 500 ETF Add +203.6% 0.17% +0.11
XSOE Wisdmtree Emerg MKT Ex-St Ow New 0.11% +0.11
GEM Goldman Sachs Activebeta Em New 0.09% +0.09
ABBV Abbvie Inc. Add +1.8% 0.55% +0.09
JNJ Johnson & Johnson Add +2.1% 0.59% +0.09
LLY Eli Lilly & Co. Add +1.4% 1.00% +0.08
KO The Coca-Cola Co. Add +3.5% 0.44% +0.07
PGR Progressive Corp. Add +8.2% 0.28% +0.06
NWSA News Corp. Class A Add +16.5% 0.45% +0.06
ABT Abbott Laboratories Add +2.2% 0.34% +0.06
UBER Uber Technologies Inc. Add +6.8% 0.23% +0.05
CVS CVS Health Corp. Add +6.0% 0.13% +0.05
MA Mastercard Inc. Class A Add +2.9% 0.69% +0.05
JPM JPMorgan Chase & Co. Add +2.1% 1.05% +0.05
RTX RTX Corp. Add +5.4% 0.27% +0.05
COST Costco Wholesale Corp. Add +3.7% 0.65% +0.04
AMGN Amgen Inc. Add +1.1% 0.24% +0.04
IBM Intl Business Machines Corp. Add +0.0% 0.34% +0.04
ITCI Intra-Cellular Therapies Inc. Add +120.6% 0.06% +0.04
LBRDA Liberty Broadband-A Add +19.1% 0.15% +0.04
ASHR Xtrackers Harvest Csi 300 CH Add +76.4% 0.09% +0.04
PBR.A Petroleo Brasil-SP Pref ADR New 0.04% +0.04
TMUS T-Mobile US Inc. Add +0.1% 0.21% +0.04
PG The Procter & Gamble Co. Add +4.1% 0.63% +0.04
NFLX Netflix Inc. Add +1.2% 0.61% +0.03
CSCO Cisco Systems Inc. Add +4.7% 0.40% +0.03
DEM Wisdomtree Emerging Markets New 0.03% +0.03
EMF Templeton Emerging Markets New 0.03% +0.03
DASH DoorDash Inc. Class A Add +28.3% 0.12% +0.03
VRTX Vertex Pharmaceuticals Inc. Add +0.3% 0.19% +0.03
PLTR Palantir Technologies Inc. Class A Add +2.5% 0.26% +0.03
UNH Unitedhealth Group Inc. Add +1.1% 0.71% +0.03
WELL Welltower Inc. Add +3.3% 0.14% +0.03
MDT Medtronic PLC Add +5.4% 0.18% +0.03
BSX Boston Scientific Corp. Add +0.7% 0.23% +0.03
HES Hess Corp. Add +1.3% 0.16% +0.03
CME Cme Group Inc. Add +6.2% 0.15% +0.03
PXH Inves Rafi Emer MRKT-Usd Inc. New 0.03% +0.03
IP International Paper Co. Add +103.5% 0.05% +0.03
META Meta Platforms Inc. Class A Add +2.9% 1.89% +0.03
UHAL.B U-Haul Holding Co.-Non Voting Add +66.6% 0.07% +0.03

Options Activity Q4 2024 → Q1 2025

IWM iShares Russell 2000 ETF call Sold out 1,500,000 $331.4Mbefore exit
TLT iShares 20+ Year Treasury BD call Sold out 1,500,000 $131.0Mbefore exit
FCX Freeport-McMoran Inc. call Sold out 100,000 $3.8Mbefore exit
SCCO Southern Copper Corp. call Sold out 40,000 $3.6Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025

OCSAW Oculis Holding AG -30 *W EXP 03/06/202 Sold out 19,560 $109Kbefore exit
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 New 55,000 $14K
BYNOW Bynordic Acquisition -CW27 *W EXP 07/01/202 Sold out 200,000 $9Kbefore exit
VMCWF Valuence Merger Corp. -CW27 *W EXP 99/99/999 Sold out 165,000 $6Kbefore exit
NMHIW Nature's Miracle Cali - 29 *W EXP 02/15/202 Sold out 100,000 $2Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 2,509$49.6BNVDA, AAPL, RSP, MSFT, AMZN
Q1 2026 2,474$43.7BNVDA, AAPL, MSFT, RSP, AMZN
Q4 2025 2,354$44.6BNVDA, AAPL, MSFT, RSP, AMZN
Q3 2025 2,358$43.5BNVDA, AAPL, MSFT, RSP, AMZN
Q2 2025 2,300$40.9BNVDA, MSFT, AAPL, RSP, AMZN
Q1 2025 2,230$38.6BAAPL, MSFT, NVDA, AMZN, GOOGL
Q4 2024 2,245$38.7BAAPL, NVDA, MSFT, AMZN, META
Q3 2024 2,256$39.7BAAPL, MSFT, NVDA, AMZN, GOOGL
Q2 2024 2,270$37.7BMSFT, NVDA, AAPL, AMZN, GOOGL
Q1 2024 2,186$37.8BMSFT, AAPL, NVDA, AMZN, GOOGL