State of Wisconsin Investment Board

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), State of Wisconsin Investment Board reported 2,300 stock positions worth $40.9 billion. Its top holding was Nvidia (NVDA) at 5.2% of the portfolio, followed by Microsoft (MSFT, 4.8%) and Apple (AAPL, 4.2%). Compared with Q1 2025, it opened 195 new positions, sold out of 126, added to 738 and reduced 1,329. The biggest buy was Invesco S&P 500 Equal Weight (RSP, shares +49%) and the biggest sale Apple (AAPL, shares −5%).

Most Recent 13F
Q2 2026
Location
MADISON, WI
CIK
0000854157
Portfolio Value
$40.9B (Q2 2025)
SEC Filing
0001062993-25-014368 ↗ filed Aug 14, 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 Q1 2025 Q2 2025: $40.9B $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 2,300 stocks · $40.9B

NVDA Nvidia Corp. 5.20% 13,449,309 $2.1B Reduce -6.6%
MSFT Microsoft Corp. 4.76% 3,912,383 $1.9B Reduce -5.9%
AAPL Apple Inc. 4.20% 8,366,836 $1.7B Reduce -5.3%
RSP Invesco S&P 500 Equal Weight 3.04% 6,845,838 $1.2B Add +49.3%
AMZN Amazon.com Inc. 2.81% 5,240,477 $1.1B Reduce -5.1%
META Meta Platforms Inc. Class A 2.18% 1,205,990 $890.1M Reduce -4.9%
AVGO Broadcom Inc. 1.69% 2,499,071 $688.9M Reduce -6.0%
GOOGL Alphabet Inc. Class A 1.39% 3,215,595 $566.7M Reduce -43.0%
TSLA Tesla Inc. 1.21% 1,553,682 $493.5M Reduce -6.2%
GOOG Alphabet Inc. Class C 1.18% 2,718,173 $482.2M Reduce -2.9%
JPM JPMorgan Chase & Co. 1.09% 1,531,660 $444.0M Reduce -7.2%
HAPI Harbor Human Capital Factor 0.92% 9,871,200 $376.9M No change
BRK.B Berkshire Hathaway Inc. Class B 0.85% 719,210 $349.4M Reduce -4.2%
LLY Eli Lilly & Co. 0.84% 438,948 $342.2M Reduce -6.6%
V Visa Inc. Class A 0.84% 962,127 $341.6M Reduce -4.7%
FOX Fox Corp. Class B 0.82% 6,458,170 $333.4M Add +7.8%
BRK.A Berkshire Hathaway Inc. Class A 0.80% 449 $327.2M Add +45.8%
NFLX Netflix Inc. 0.80% 243,100 $325.5M Reduce -3.5%
MA Mastercard Inc. Class A 0.63% 461,391 $259.3M Reduce -4.8%
XOM Exxon Mobil Corp. 0.62% 2,354,903 $253.9M Reduce -7.0%
ISTB iShares Core 1-5 Year Usd Bo 0.61% 5,128,625 $249.5M Add +1.6%
COST Costco Wholesale Corp. 0.59% 245,415 $242.9M Reduce -7.1%
WMT Walmart Inc. 0.57% 2,383,099 $233.0M Reduce -5.1%
HEI.A Heico Corp. Class A 0.54% 860,468 $222.6M Reduce -6.8%
PG The Procter & Gamble Co. 0.51% 1,299,980 $207.1M Reduce -8.5%
JNJ Johnson & Johnson 0.50% 1,342,850 $205.1M Reduce -2.9%
NWSA News Corp. Class A 0.50% 6,832,884 $203.1M Add +6.5%
ORCL Oracle Corp. 0.48% 898,978 $196.5M Reduce -4.8%
HD Home Depot Inc. 0.48% 531,111 $194.7M Reduce -7.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.47% 4,031,203 $190.8M Reduce -2.4%
ARKK ARK Innovation ETF 0.46% 2,674,736 $188.0M Add +20.0%
ABBV Abbvie Inc. 0.44% 963,670 $178.9M Reduce -5.6%
CSCO Cisco Systems Inc. 0.40% 2,364,527 $164.1M Reduce -5.6%
PM Philip Morris International 0.40% 889,822 $162.1M Reduce -2.4%
KO The Coca-Cola Co. 0.39% 2,249,236 $159.1M Reduce -5.8%
UNH Unitedhealth Group Inc. 0.39% 508,822 $158.7M Reduce -2.5%
PLTR Palantir Technologies Inc. Class A 0.39% 1,158,561 $157.9M Reduce -2.2%
GE General Electric filed as GE AEROSPACE 0.39% 612,003 $157.5M Reduce -9.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.37% 513,766 $151.4M Reduce -4.0%
CRM Salesforce Inc. 0.36% 542,706 $148.0M Reduce -4.5%
WFC Wells Fargo & Co. 0.34% 1,743,440 $139.7M Reduce -8.4%
INTU Intuit Inc. 0.31% 162,979 $128.4M Reduce -0.8%
FWONA Liberty Media Corp. Class A 0.31% 1,351,443 $128.3M Add +1.3%
HAPS Harbor Human Capital Factor 0.31% 4,520,000 $127.9M No change
CVX Chevron Corp. 0.31% 886,530 $126.9M Reduce -7.6%
EFFI Harbor Osmosis Ire ETF 0.31% 5,500,000 $126.3M No change
ABT Abbott Laboratories 0.31% 927,094 $126.1M Reduce -5.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.31% 1,005,818 $124.7M Reduce -7.0%
EEM iShares MSCI Emerging Market 0.30% 2,553,828 $123.2M Reduce -25.7%
AMD Advanced Micro Devices 0.30% 867,963 $123.2M Reduce -4.8%
T AT&T Inc. 0.30% 4,172,029 $120.7M Reduce -1.9%
LIN Linde PLC 0.29% 255,790 $120.0M Reduce -18.7%
NOW ServiceNow Inc. 0.29% 115,027 $118.3M Reduce -5.1%
GS Goldman Sachs Group Inc. 0.29% 166,615 $117.9M Reduce -8.8%
MRK Merck & Co. Inc. 0.29% 1,484,036 $117.5M Reduce -4.5%
EFFE Harbor Osm Emrg MRKT Res ETF 0.29% 5,140,000 $116.6M No change
MCD McDonald's Corp. 0.27% 382,243 $111.7M Reduce -5.1%
TXN Texas Instruments Inc. 0.27% 529,850 $110.0M Add +0.3%
ISRG Intuitive Surgical Inc. 0.27% 201,750 $109.6M Reduce -9.5%
RTX RTX Corp. 0.26% 722,657 $105.5M Reduce -6.8%
AXP American Express Co. 0.25% 322,414 $102.8M Reduce -8.3%
ACN Accenture PLC Class A 0.25% 343,012 $102.5M Reduce -4.6%
BKNG Booking Holdings Inc. 0.25% 17,532 $101.5M Reduce -5.8%
CAT Caterpillar Inc. 0.25% 261,027 $101.3M Reduce -6.3%
VZ Verizon Communications Inc. 0.24% 2,308,838 $99.9M Reduce -6.0%
UBER Uber Technologies Inc. 0.24% 1,041,093 $97.1M Reduce -14.0%
PEP Pepsico Inc. 0.24% 732,695 $96.7M Reduce -8.3%
SPGI S&P Global Inc. 0.24% 183,276 $96.6M Reduce -6.3%
LBRDA Liberty Broadband-A 0.24% 982,934 $96.2M Add +48.8%
MS Morgan Stanley 0.23% 681,622 $96.0M Reduce -10.1%
QCOM Qualcomm Inc. 0.23% 597,198 $95.1M Reduce -6.7%
SCHW Schwab (charles) Corp. 0.22% 989,628 $90.3M Reduce -0.3%
ADBE Adobe Inc. 0.22% 232,789 $90.1M Reduce -4.8%
PGR Progressive Corp. 0.22% 333,650 $89.0M Reduce -13.0%
ZG Zillow Group Inc. Class A 0.22% 1,295,090 $88.7M Reduce -40.3%
BSX Boston Scientific Corp. 0.21% 806,736 $86.7M Reduce -8.6%
BLK BlackRock Inc. 0.21% 82,523 $86.6M Reduce -3.7%
BA The Boeing Co. 0.21% 410,984 $86.1M Reduce -4.5%
C Citigroup Inc. 0.21% 1,010,917 $86.0M Reduce -8.5%
TMO Thermo Fisher Scientific Inc. 0.21% 207,660 $84.2M Reduce -9.4%
GEV GE Vernova Inc. 0.20% 157,572 $83.4M Reduce -11.0%
COF Capital One Financial Corp. 0.20% 386,004 $82.1M Add +71.0%
AMAT Applied Materials Inc. 0.20% 446,332 $81.7M Reduce -4.8%
HON Honeywell International Inc. 0.20% 346,695 $80.7M Reduce -5.1%
AMGN Amgen Inc. 0.20% 287,168 $80.2M Reduce -5.0%
NEE Nextera Energy Inc. 0.19% 1,124,408 $78.1M Reduce -5.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.19% 618,529 $76.4M Reduce -3.1%
GILD Gilead Sciences Inc. 0.19% 687,993 $76.3M Reduce -5.2%
SYK Stryker Corp. 0.18% 190,477 $75.4M Reduce -7.2%
PFE Pfizer Inc. 0.18% 3,091,254 $74.9M Reduce -7.9%
ADP Automatic Data Processing 0.18% 242,576 $74.8M Reduce -1.1%
ETN Eaton Corp. PLC 0.18% 209,335 $74.7M Reduce -6.5%
CMCSA Comcast Corp. Class A 0.18% 2,082,123 $74.3M Reduce -15.2%
UNP Union Pacific Corp. 0.18% 320,460 $73.7M Reduce -5.9%
MU Micron Technology Inc. 0.18% 596,937 $73.6M Reduce -4.7%
PANW Palo Alto Networks Inc. 0.18% 353,647 $72.4M Reduce -10.3%
DE Deere & Co. 0.17% 137,752 $70.0M Reduce -5.3%
DHR Danaher Corp. 0.17% 347,543 $68.7M Reduce -5.8%
CRWD CrowdStrike Holdings Inc. Class A 0.16% 132,379 $67.4M Reduce -4.4%
KLAC KLA Corp. 0.16% 74,601 $66.8M Reduce -6.6%

Show all 2,300 holdings

Options reported separately and not counted above: GLD puts ($73.2M), XOP calls ($20.9M), KDKRW calls ($2.8M), CRPWF calls ($2.4M), NVNWF calls ($194K).

Other holdings (8): bonds, preferreds, convertibles and warrants · $273K (not counted above)
SecurityClassShares / PrincipalValueChange
BULLW Webull Corp.-30 *W EXP 04/10/203 40,000$162KNew
RZLVW Rezolve AI PLC -CW27 *W EXP 08/15/202 75,000$60KNo change
SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 75,000$18KNo change
EONR.WS HNR Acquisition Corp. -CW23 *W EXP 11/15/202 320,000$16KNo change
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 55,000$13KNo change
SWVLW Pivotal Holdings Corp. -CW27 *W EXP 99/99/999 93,367$2KNo change
RBOT.WS Vicarious Surgical Inc.-CW27 *W EXP 09/17/202 50,000$1KNo change
PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 20,000$780No change

Total filed on the 13F, all lines: $40.9B.

Portfolio Sells Q1 2025 → Q2 2025

AAPL Apple Inc. Reduce -5.3% 4.20% −0.88
GOOGL Alphabet Inc. Class A Reduce -43.0% 1.39% −0.87
UNH Unitedhealth Group Inc. Reduce -2.5% 0.39% −0.32
BRK.B Berkshire Hathaway Inc. Class B Reduce -4.2% 0.85% −0.18
LLY Eli Lilly & Co. Reduce -6.6% 0.84% −0.17
XOM Exxon Mobil Corp. Reduce -7.0% 0.62% −0.16
ZG Zillow Group Inc. Class A Reduce -40.3% 0.22% −0.16
PG The Procter & Gamble Co. Reduce -8.5% 0.51% −0.12
ABBV Abbvie Inc. Reduce -5.6% 0.44% −0.12
CVX Chevron Corp. Reduce -7.6% 0.31% −0.10
JNJ Johnson & Johnson Reduce -2.9% 0.50% −0.09
TMO Thermo Fisher Scientific Inc. Reduce -9.4% 0.21% −0.09
EEM iShares MSCI Emerging Market Reduce -25.7% 0.30% −0.09
LIN Linde PLC Reduce -18.7% 0.29% −0.09
V Visa Inc. Class A Reduce -4.7% 0.84% −0.08
MRK Merck & Co. Inc. Reduce -4.5% 0.29% −0.07
PEP Pepsico Inc. Reduce -8.3% 0.24% −0.07
FISV Fiserv Inc. Reduce -10.8% 0.13% −0.07
HD Home Depot Inc. Reduce -7.3% 0.48% −0.07
DFS Discover Financial Services Sold out 0.00% −0.07
IVV iShares Core S&P 500 ETF Reduce -39.7% 0.11% −0.06
PGR Progressive Corp. Reduce -13.0% 0.22% −0.06
TMUS T-Mobile US Inc. Reduce -16.9% 0.15% −0.06
ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −0.06
MA Mastercard Inc. Class A Reduce -4.8% 0.63% −0.05
BMY Bristol-Myers Squibb Co. Reduce -1.9% 0.13% −0.05
KO The Coca-Cola Co. Reduce -5.8% 0.39% −0.05
CMCSA Comcast Corp. Class A Reduce -15.2% 0.18% −0.05
COST Costco Wholesale Corp. Reduce -7.1% 0.59% −0.05
MCD McDonald's Corp. Reduce -5.1% 0.27% −0.05
COP Conocophillips Reduce -6.0% 0.16% −0.05
HES Hess Corp. Reduce -15.9% 0.11% −0.05
AMGN Amgen Inc. Reduce -5.0% 0.20% −0.05
OKE Oneok Inc. Reduce -22.0% 0.07% −0.04
VZ Verizon Communications Inc. Reduce -6.0% 0.24% −0.04
LBTYA Liberty Global Ltd. Class A Reduce -29.9% 0.06% −0.04
X United States Steel Corp. Sold out 0.00% −0.04
ACN Accenture PLC Class A Reduce -4.6% 0.25% −0.04
BKR Baker Hughes Co. Reduce -30.4% 0.05% −0.04
PFE Pfizer Inc. Reduce -7.9% 0.18% −0.04
REGN Regeneron Pharmaceuticals Reduce -14.5% 0.07% −0.04
ASHR Xtrackers Harvest Csi 300 CH Reduce -40.2% 0.05% −0.04
VRTX Vertex Pharmaceuticals Inc. Reduce -6.4% 0.16% −0.04
MRSH Marsh & McLennan Cos Reduce -4.6% 0.15% −0.03
MDLZ Mondelez International Inc. Class A Reduce -15.4% 0.13% −0.03
BERY Berry Global Group Inc. Sold out 0.00% −0.03
CRM Salesforce Inc. Reduce -4.5% 0.36% −0.03
BDX Becton Dickinson and Co. Reduce -6.1% 0.07% −0.03
LEN Lennar Corp. Class A Reduce -33.4% 0.05% −0.03
MDT Medtronic PLC Reduce -9.4% 0.15% −0.03

Portfolio Buys Q1 2025 → Q2 2025

RSP Invesco S&P 500 Equal Weight Add +49.3% 3.04% +0.99
ARKK ARK Innovation ETF Add +20.0% 0.46% +0.19
BRK.A Berkshire Hathaway Inc. Class A Add +45.8% 0.80% +0.16
XHB SS SPDR S&P Homebldrs ETF New 0.10% +0.10
COF Capital One Financial Corp. Add +71.0% 0.20% +0.10
LBRDA Liberty Broadband-A Add +48.8% 0.24% +0.09
HOOD Robinhood Markets Inc. Class A Add +14.4% 0.09% +0.05
SPOT Spotify Technology SA Add +33.1% 0.11% +0.05
NWSA News Corp. Class A Add +6.5% 0.50% +0.04
MSTR Strategy Inc. Add +3.7% 0.13% +0.04
AMCR Amcor PLC Add +94.9% 0.08% +0.03
FWONA Liberty Media Corp. Class A Add +1.3% 0.31% +0.03
RBLX Roblox Corp. Class A Add +4.5% 0.07% +0.03
CUK Carnival PLC-ADR Add +44.9% 0.06% +0.03
XOP SS SPDR S&P Og Exp & Prod New 0.03% +0.03
UHAL.B U-Haul Holding Co.-Non Voting Add +58.3% 0.10% +0.03
RL Ralph Lauren Corp. Add +127.0% 0.04% +0.02
TXN Texas Instruments Inc. Add +0.3% 0.27% +0.02
AFRM Affirm Holdings Inc. Add +55.0% 0.04% +0.02
ALAB Astera Labs Inc. New 0.02% +0.02
SE Sea Ltd.-ADR Add +24.7% 0.06% +0.02
WRB WR Berkley Corp. Add +51.6% 0.06% +0.02
LPLA LPL Financial Holdings Inc. Add +39.3% 0.05% +0.02
NEM Newmont Corp. Add +6.7% 0.10% +0.02
ASH Ashland Inc. Add +1026.7% 0.02% +0.02
KMX Carmax Inc. Add +133.6% 0.04% +0.02
WIX Wix.com Ltd. Add +301.9% 0.02% +0.02
BATRK Atlanta Braves Holdings in-C Add +6.4% 0.11% +0.02
JCAP Jefferson Capital Inc. New 0.02% +0.02
VMC Vulcan Materials Co. Add +25.7% 0.06% +0.02
CAH Cardinal Health Inc. Add +12.5% 0.07% +0.01
TRV The Travelers Cos Inc. Add +21.5% 0.10% +0.01
TEL Te Connectivity PLC Add +8.7% 0.08% +0.01
COR Cencora Inc. Add +16.1% 0.09% +0.01
STNE Stoneco Ltd. Class A Add +1707.9% 0.01% +0.01
BPMC Blueprint Medicines Corp. Add +39.5% 0.03% +0.01
KWEB Kranesh Csi China Internet Add +140.0% 0.02% +0.01
RF Regions Financial Corp. Add +35.4% 0.05% +0.01
ZBRA Zebra Technologies Corp. Class A Add +50.1% 0.03% +0.01
PFG Principal Financial Group Add +56.7% 0.04% +0.01
CF CF Industries Holdings Inc. Add +37.4% 0.03% +0.01
WING Wingstop Inc. Add +11.2% 0.03% +0.01
ALNY Alnylam Pharmaceuticals Inc. Add +6.8% 0.06% +0.01
TDY Teledyne Technologies Inc. Add +25.9% 0.06% +0.01
BROS Dutch Bros Inc. Class A Add +57.1% 0.03% +0.01
TOST Toast Inc. Class A Add +8.2% 0.04% +0.01
EMXC iShares MSCI Emr MRK Ex Chna Add +1.2% 0.12% +0.01
DG Dollar General Corp. Add +10.3% 0.04% +0.01
PRMB Primo Brands Corp. Add +169.1% 0.02% +0.01
CAI Caris Life Sciences Inc. New 0.01% +0.01

Options Activity Q1 2025 → Q2 2025

XOP SS SPDR S&P Og Exp & Prod call New 166,400 $20.9M
KDKRW Ares Acquisition Corp. II-28 call New 250,000 $2.8M
CRPWF Carbon Revolution PLC call New 833,400 $2.4M
NVNWF Nvni Group Ltd.-28 call New 654,000 $194K

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

Notes & Other Activity Q1 2025 → Q2 2025

BULLW Webull Corp.-30 *W EXP 04/10/203 New 40,000 $162K
SKGRW SK Growth Opportunities -29 *W EXP 06/28/202 Sold out 150,002 $98Kbefore exit
AIMWF Aimfinity Investment-CW27 *W EXP 99/99/999 Sold out 500,000 $39Kbefore exit
REEWF Cartesian Growth Corp. II -28 *W EXP 07/12/202 Sold out 13,337 $827before 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