State of Wisconsin Investment Board
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), State of Wisconsin Investment Board reported 2,358 stock positions worth $43.5 billion. Its top holding was Nvidia (NVDA) at 5.6% of the portfolio, followed by Apple (AAPL, 4.8%) and Microsoft (MSFT, 4.6%). Compared with Q2 2025, it opened 243 new positions, sold out of 187, added to 889 and reduced 1,164. The biggest buy was Invesco S&P 500 Equal Weight (RSP, shares +8%) and the biggest sale Amazon.com (AMZN, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0000854157
- Portfolio Value
- $43.5B (Q3 2025)
- SEC Filing
- 0001062993-25-016783 ↗ filed Nov 14, 2025
Holdings Value
Holdings 2,358 stocks · $43.5B
| NVDA Nvidia Corp. | 5.64% | 13,150,312 | $2.5B | Reduce -2.2% |
| AAPL Apple Inc. | 4.76% | 8,128,674 | $2.1B | Reduce -2.9% |
| MSFT Microsoft Corp. | 4.56% | 3,830,856 | $2.0B | Reduce -2.1% |
| RSP Invesco S&P 500 Equal Weight | 3.24% | 7,425,338 | $1.4B | Add +8.5% |
| AMZN Amazon.com Inc. | 2.60% | 5,160,971 | $1.1B | Reduce -1.5% |
| META Meta Platforms Inc. Class A | 1.98% | 1,175,599 | $863.3M | Reduce -2.5% |
| AVGO Broadcom Inc. | 1.87% | 2,463,222 | $812.6M | Reduce -1.4% |
| GOOGL Alphabet Inc. Class A | 1.76% | 3,146,097 | $764.8M | Reduce -2.2% |
| TSLA Tesla Inc. | 1.56% | 1,527,844 | $679.5M | Reduce -1.7% |
| GOOG Alphabet Inc. Class C | 1.48% | 2,645,263 | $644.3M | Reduce -2.7% |
| JPM JPMorgan Chase & Co. | 1.07% | 1,474,752 | $465.2M | Reduce -3.7% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.99% | 570 | $429.9M | Add +26.9% |
| FOX Fox Corp. Class B | 0.96% | 7,312,845 | $419.0M | Add +13.2% |
| HAPI Harbor Human Capital Factor | 0.91% | 9,871,200 | $397.5M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.83% | 714,907 | $359.4M | Reduce -0.6% |
| LLY Eli Lilly & Co. | 0.76% | 431,824 | $329.5M | Reduce -1.6% |
| V Visa Inc. Class A | 0.73% | 928,834 | $317.1M | Reduce -3.5% |
| NFLX Netflix Inc. | 0.64% | 233,420 | $279.9M | Reduce -4.0% |
| MA Mastercard Inc. Class A | 0.62% | 473,237 | $269.2M | Add +2.6% |
| ISTB iShares Core 1-5 Year Usd Bo | 0.59% | 5,241,225 | $256.0M | Add +2.2% |
| XOM Exxon Mobil Corp. | 0.59% | 2,265,965 | $255.5M | Reduce -3.8% |
| ORCL Oracle Corp. | 0.58% | 890,489 | $250.4M | Reduce -0.9% |
| ARKK ARK Innovation ETF | 0.56% | 2,804,304 | $242.0M | Add +4.8% |
| WMT Walmart Inc. | 0.55% | 2,334,644 | $240.6M | Reduce -2.0% |
| JNJ Johnson & Johnson | 0.55% | 1,286,444 | $238.5M | Reduce -4.2% |
| HEI.A Heico Corp. Class A | 0.52% | 886,359 | $225.2M | Add +3.0% |
| COST Costco Wholesale Corp. | 0.50% | 236,886 | $219.3M | Reduce -3.5% |
| PLTR Palantir Technologies Inc. Class A | 0.50% | 1,196,352 | $218.2M | Add +3.3% |
| NWSA News Corp. Class A | 0.50% | 7,089,884 | $217.7M | Add +3.8% |
| ABBV Abbvie Inc. | 0.50% | 935,042 | $216.5M | Reduce -3.0% |
| HD Home Depot Inc. | 0.49% | 522,871 | $211.9M | Reduce -1.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.47% | 3,928,856 | $202.7M | Reduce -2.5% |
| PG The Procter & Gamble Co. | 0.45% | 1,273,691 | $195.7M | Reduce -2.0% |
| GE General Electric filed as GE AEROSPACE | 0.42% | 613,835 | $184.7M | Add +0.3% |
| UNH Unitedhealth Group Inc. | 0.38% | 479,308 | $165.5M | Reduce -5.8% |
| CVX Chevron Corp. | 0.37% | 1,031,974 | $160.3M | Add +16.4% |
| CSCO Cisco Systems Inc. | 0.35% | 2,238,013 | $153.1M | Reduce -5.3% |
| ZG Zillow Group Inc. Class A | 0.35% | 2,028,455 | $151.0M | Add +56.6% |
| KO The Coca-Cola Co. | 0.34% | 2,198,768 | $145.8M | Reduce -2.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.33% | 503,395 | $142.0M | Reduce -2.0% |
| WFC Wells Fargo & Co. | 0.33% | 1,693,284 | $141.9M | Reduce -2.9% |
| HAPS Harbor Human Capital Factor | 0.33% | 4,520,000 | $141.5M | No change |
| PM Philip Morris International | 0.32% | 863,182 | $140.0M | Reduce -3.0% |
| AMD Advanced Micro Devices | 0.32% | 858,723 | $138.9M | Reduce -1.1% |
| EEM iShares MSCI Emerging Market | 0.31% | 2,528,628 | $135.0M | Reduce -1.0% |
| FWONA Liberty Media Corp. Class A | 0.30% | 1,386,369 | $132.0M | Add +2.6% |
| EFFI Harbor Osmosis Ire ETF | 0.30% | 5,500,000 | $130.2M | No change |
| GS Goldman Sachs Group Inc. | 0.30% | 163,067 | $129.9M | Reduce -2.1% |
| CRM Salesforce Inc. | 0.29% | 523,397 | $124.0M | Reduce -3.6% |
| EFFE Harbor Osm Emrg MRKT Res ETF | 0.28% | 5,140,000 | $123.0M | No change |
| ABT Abbott Laboratories | 0.28% | 913,835 | $122.4M | Reduce -1.4% |
| CAT Caterpillar Inc. | 0.28% | 252,046 | $120.3M | Reduce -3.4% |
| LIN Linde PLC | 0.27% | 250,488 | $119.0M | Reduce -2.1% |
| T AT&T Inc. | 0.27% | 4,213,100 | $119.0M | Add +1.0% |
| RTX RTX Corp. | 0.27% | 710,783 | $118.9M | Reduce -1.6% |
| MRK Merck & Co. Inc. | 0.27% | 1,400,810 | $117.6M | Reduce -5.6% |
| MCD McDonald's Corp. | 0.26% | 376,064 | $114.3M | Reduce -1.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.26% | 981,371 | $112.4M | Reduce -2.4% |
| UBER Uber Technologies Inc. | 0.25% | 1,104,846 | $108.2M | Add +6.1% |
| MS Morgan Stanley | 0.24% | 664,149 | $105.6M | Reduce -2.6% |
| C Citigroup Inc. | 0.24% | 1,037,411 | $105.3M | Add +2.6% |
| NOW ServiceNow Inc. | 0.24% | 114,374 | $105.3M | Reduce -0.6% |
| INTU Intuit Inc. | 0.24% | 151,256 | $103.3M | Reduce -7.2% |
| PEP Pepsico Inc. | 0.24% | 732,032 | $102.8M | Reduce -0.1% |
| AXP American Express Co. | 0.23% | 307,764 | $102.2M | Reduce -4.5% |
| VZ Verizon Communications Inc. | 0.23% | 2,264,597 | $99.5M | Reduce -1.9% |
| TMO Thermo Fisher Scientific Inc. | 0.23% | 203,105 | $98.5M | Reduce -2.2% |
| MU Micron Technology Inc. | 0.23% | 587,814 | $98.4M | Reduce -1.5% |
| GEV GE Vernova Inc. | 0.22% | 157,421 | $96.8M | Reduce -0.1% |
| SCHW Schwab (charles) Corp. | 0.22% | 1,006,574 | $96.1M | Add +1.7% |
| QCOM Qualcomm Inc. | 0.22% | 576,065 | $95.8M | Reduce -3.5% |
| APP AppLovin Corp. Class A | 0.22% | 130,447 | $93.7M | Reduce -1.1% |
| LRCX Lam Research Corp. | 0.21% | 695,918 | $93.2M | Add +1.5% |
| BKNG Booking Holdings Inc. | 0.21% | 17,110 | $92.4M | Reduce -2.4% |
| BLK BlackRock Inc. | 0.21% | 78,580 | $91.6M | Reduce -4.8% |
| SPGI S&P Global Inc. | 0.21% | 185,712 | $90.4M | Add +1.3% |
| TXN Texas Instruments Inc. | 0.20% | 485,026 | $89.1M | Reduce -8.5% |
| ISRG Intuitive Surgical Inc. | 0.20% | 198,235 | $88.7M | Reduce -1.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.20% | 608,981 | $88.0M | Reduce -1.5% |
| AMAT Applied Materials Inc. | 0.20% | 428,911 | $87.8M | Reduce -3.9% |
| BA The Boeing Co. | 0.20% | 403,752 | $87.1M | Reduce -1.8% |
| ANET Arista Networks Inc. | 0.20% | 591,319 | $86.2M | Add +3.3% |
| NEE Nextera Energy Inc. | 0.19% | 1,107,373 | $83.6M | Reduce -1.5% |
| ACN Accenture PLC Class A | 0.19% | 336,178 | $82.9M | Reduce -2.0% |
| BSX Boston Scientific Corp. | 0.19% | 841,530 | $82.2M | Add +4.3% |
| APH Amphenol Corp. Class A | 0.19% | 653,513 | $80.9M | Reduce -2.8% |
| ADBE Adobe Inc. | 0.18% | 227,400 | $80.2M | Reduce -2.3% |
| AMGN Amgen Inc. | 0.18% | 282,895 | $79.8M | Reduce -1.5% |
| COF Capital One Financial Corp. | 0.18% | 372,519 | $79.2M | Reduce -3.5% |
| PGR Progressive Corp. | 0.18% | 314,162 | $77.6M | Reduce -5.8% |
| PFE Pfizer Inc. | 0.18% | 3,030,875 | $77.2M | Reduce -1.9% |
| KLAC KLA Corp. | 0.18% | 71,430 | $77.0M | Reduce -4.3% |
| ETN Eaton Corp. PLC | 0.18% | 205,714 | $77.0M | Reduce -1.7% |
| INTC Intel Corp. | 0.18% | 2,293,074 | $76.9M | Reduce -3.1% |
| LOW Lowe's Cos Inc. | 0.18% | 306,030 | $76.9M | Add +1.7% |
| GILD Gilead Sciences Inc. | 0.17% | 685,475 | $76.1M | Reduce -0.4% |
| UNP Union Pacific Corp. | 0.17% | 314,084 | $74.2M | Reduce -2.0% |
| BX Blackstone Inc. | 0.17% | 428,188 | $73.2M | Add +7.4% |
| PANW Palo Alto Networks Inc. | 0.16% | 350,357 | $71.3M | Reduce -0.9% |
| HON Honeywell International Inc. | 0.16% | 338,042 | $71.2M | Reduce -2.5% |
Options reported separately and not counted above: ARKK puts ($118.4M).
Other holdings (7): bonds, preferreds, convertibles and warrants · $48K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| EONR.WS HNR Acquisition Corp. -CW23 | *W EXP 11/15/202 | 320,000 | $16K | No change |
| SLND.WS Legato Merger Corp. II -CW23 | *W EXP 02/14/202 | 75,000 | $14K | No change |
| ANNAW Aleanna Inc. Class A - 29 | *W EXP 12/13/202 | 55,000 | $13K | No change |
| OBAWW Oxley Bridge Acq Ltd. -30 | *W EXP 06/17/203 | 12,500 | $2K | No change |
| SWVLW Pivotal Holdings Corp. -CW27 | *W EXP 99/99/999 | 93,367 | $1K | No change |
| RBOT.WS Vicarious Surgical Inc.-CW27 | *W EXP 09/17/202 | 50,000 | $1K | No change |
| PRENW Prenetics Global Ltd. -CW26 | *W EXP 05/18/202 | 20,000 | $540 | No change |
Total filed on the 13F, all lines: $43.5B.
Portfolio Sells Q2 2025 → Q3 2025
| AMZN Amazon.com Inc. | Reduce -1.5% | 2.60% | −0.21 |
| MSFT Microsoft Corp. | Reduce -2.1% | 4.56% | −0.20 |
| META Meta Platforms Inc. Class A | Reduce -2.5% | 1.98% | −0.19 |
| NFLX Netflix Inc. | Reduce -4.0% | 0.64% | −0.15 |
| HES Hess Corp. | Sold out | 0.00% | −0.11 |
| V Visa Inc. Class A | Reduce -3.5% | 0.73% | −0.11 |
| LBRDA Liberty Broadband-A | Reduce -7.4% | 0.13% | −0.10 |
| XHB SS SPDR S&P Homebldrs ETF | Sold out | 0.00% | −0.10 |
| COST Costco Wholesale Corp. | Reduce -3.5% | 0.50% | −0.09 |
| LLY Eli Lilly & Co. | Reduce -1.6% | 0.76% | −0.08 |
| CRM Salesforce Inc. | Reduce -3.6% | 0.29% | −0.08 |
| INTU Intuit Inc. | Reduce -7.2% | 0.24% | −0.08 |
| PM Philip Morris International | Reduce -3.0% | 0.32% | −0.07 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.07 |
| ISRG Intuitive Surgical Inc. | Reduce -1.7% | 0.20% | −0.06 |
| TXN Texas Instruments Inc. | Reduce -8.5% | 0.20% | −0.06 |
| ACN Accenture PLC Class A | Reduce -2.0% | 0.19% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -2.0% | 0.45% | −0.06 |
| LBTYA Liberty Global Ltd. Class A | Reduce -94.3% | 0.00% | −0.06 |
| KO The Coca-Cola Co. | Reduce -2.2% | 0.34% | −0.05 |
| CSCO Cisco Systems Inc. | Reduce -5.3% | 0.35% | −0.05 |
| NOW ServiceNow Inc. | Reduce -0.6% | 0.24% | −0.05 |
| DIS The Walt Disney Co. | Reduce -2.4% | 0.26% | −0.05 |
| IBM Intl Business Machines Corp. | Reduce -2.0% | 0.33% | −0.04 |
| OIH Vaneck Oil Services ETF | Reduce -88.0% | 0.01% | −0.04 |
| FISV Fiserv Inc. | Reduce -2.3% | 0.09% | −0.04 |
| K Kellanova | Reduce -56.1% | 0.03% | −0.04 |
| PGR Progressive Corp. | Reduce -5.8% | 0.18% | −0.04 |
| ADP Automatic Data Processing | Reduce -11.2% | 0.15% | −0.04 |
| AMCR Amcor PLC | Reduce -36.5% | 0.04% | −0.04 |
| ADBE Adobe Inc. | Reduce -2.3% | 0.18% | −0.04 |
| BKNG Booking Holdings Inc. | Reduce -2.4% | 0.21% | −0.04 |
| HON Honeywell International Inc. | Reduce -2.5% | 0.16% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -3.8% | 0.59% | −0.03 |
| CMCSA Comcast Corp. Class A | Reduce -0.1% | 0.15% | −0.03 |
| DE Deere & Co. | Reduce -1.8% | 0.14% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.6% | 0.83% | −0.03 |
| FTNT Fortinet Inc. | Reduce -3.9% | 0.07% | −0.03 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.03 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −0.03 |
| AMT American Tower Corp. | Reduce -1.9% | 0.11% | −0.03 |
| XOP SS SPDR S&P Og Exp & Prod | Sold out | 0.00% | −0.03 |
| ABT Abbott Laboratories | Reduce -1.4% | 0.28% | −0.03 |
| FIS Fidelity National Info Serv | Reduce -17.3% | 0.04% | −0.03 |
| MELI MercadoLibre Inc. | Reduce -0.7% | 0.13% | −0.03 |
| SYK Stryker Corp. | Reduce -1.3% | 0.16% | −0.02 |
| KWEB Kranesh Csi China Internet | Sold out | 0.00% | −0.02 |
| TDG Transdigm Group Inc. | Reduce -2.8% | 0.09% | −0.02 |
| RSG Republic Services Inc. | Reduce -12.5% | 0.08% | −0.02 |
| AMED Amedisys Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| RSP Invesco S&P 500 Equal Weight | Add +8.5% | 3.24% | +0.19 |
| BRK.A Berkshire Hathaway Inc. Class A | Add +26.9% | 0.99% | +0.19 |
| FOX Fox Corp. Class B | Add +13.2% | 0.96% | +0.15 |
| ZG Zillow Group Inc. Class A | Add +56.6% | 0.35% | +0.13 |
| BEP Brookfield Renewable Partner | New | 0.13% | +0.13 |
| PLTR Palantir Technologies Inc. Class A | Add +3.3% | 0.50% | +0.12 |
| ARKK ARK Innovation ETF | Add +4.8% | 0.56% | +0.10 |
| BIP Brookfield Infrastructure Pa | New | 0.06% | +0.06 |
| CVX Chevron Corp. | Add +16.4% | 0.37% | +0.06 |
| ANET Arista Networks Inc. | Add +3.3% | 0.20% | +0.05 |
| LRCX Lam Research Corp. | Add +1.5% | 0.21% | +0.05 |
| GE General Electric | Add +0.3% | 0.42% | +0.04 |
| WBD Warner Bros Discovery Inc. | Add +4.8% | 0.09% | +0.04 |
| IVV iShares Core S&P 500 ETF | Add +31.8% | 0.15% | +0.04 |
| ARM Arm Holdings PLC-ADR | New | 0.04% | +0.04 |
| LIVN Livanova PLC | Add +207.1% | 0.05% | +0.03 |
| C Citigroup Inc. | Add +2.6% | 0.24% | +0.03 |
| STX Seagate Technology Holdings | Add +9.3% | 0.07% | +0.03 |
| WDC Western Digital Corp. | Add +1.9% | 0.05% | +0.02 |
| BKR Baker Hughes Co. | Add +21.1% | 0.07% | +0.02 |
| PNFP Pinnacle Financial Partners | Add +89.9% | 0.07% | +0.02 |
| BX Blackstone Inc. | Add +7.4% | 0.17% | +0.02 |
| SOFI Sofi Technologies Inc. | Add +94.8% | 0.04% | +0.02 |
| RBLX Roblox Corp. Class A | Add +4.3% | 0.09% | +0.02 |
| LILA Liberty Latin Americ Class A | Add +167.5% | 0.03% | +0.02 |
| ALAB Astera Labs Inc. | Add +2.7% | 0.04% | +0.02 |
| HPE Hewlett Packard Enterprise | Add +40.9% | 0.06% | +0.02 |
| ECHO Echostar Corp. Class A | Add +755.9% | 0.02% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +22.8% | 0.10% | +0.02 |
| TEL Te Connectivity PLC | Add +1.4% | 0.10% | +0.02 |
| EWZ iShares MSCI Brazil ETF | Add +70.3% | 0.04% | +0.02 |
| REZI Resideo Technologies Inc. | Add +1211.1% | 0.02% | +0.02 |
| VLO Valero Energy Corp. | Add +5.8% | 0.09% | +0.02 |
| SNDK Sandisk Corp. | Add +63.5% | 0.02% | +0.02 |
| DLTR Dollar Tree Inc. | Add +80.3% | 0.04% | +0.02 |
| KTOS Kratos Defense & Security | Add +50.8% | 0.02% | +0.02 |
| UAL United Airlines Holdings Inc. | Add +142.8% | 0.02% | +0.02 |
| INSM Insmed Inc. | Add +13.1% | 0.04% | +0.02 |
| BBU Brookfield Business PT-Unit | New | 0.01% | +0.01 |
| WAYFAIR INC (W 3.5 11/15/28) | New | 0.01% | +0.01 |
| MPWR Monolithic Power Systems Inc. | Add +10.3% | 0.06% | +0.01 |
| LOW Lowe's Cos Inc. | Add +1.7% | 0.18% | +0.01 |
| SYF Synchrony Financial | Add +28.5% | 0.06% | +0.01 |
| EA Electronic Arts Inc. | Add +4.4% | 0.07% | +0.01 |
| RKLB Rocket Lab Corp. | Add +60.2% | 0.03% | +0.01 |
| CRDO Credo Technology Group Holdi | Add +5.3% | 0.04% | +0.01 |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | New | 0.01% | +0.01 |
| IDXX Idexx Laboratories Inc. | Add +6.9% | 0.08% | +0.01 |
| WDAF Wisdomtree Asia Defense FD | New | 0.01% | +0.01 |
| BF.B Brown-Forman Corp. Class B | Add +104.7% | 0.02% | +0.01 |
Options Activity Q2 2025 → Q3 2025
| ARKK ARK Innovation ETF | put | New | 1,372,400 | $118.4M |
| GLD SPDR Gold Shares | put | Sold out | 240,000 | $73.2Mbefore exit |
| XOP SS SPDR S&P Og Exp & Prod | call | Sold out | 166,400 | $20.9Mbefore exit |
| KDKRW Ares Acquisition Corp. II-28 | call | Sold out | 250,000 | $2.8Mbefore exit |
| CRPWF Carbon Revolution PLC | call | Sold out | 833,400 | $2.4Mbefore exit |
| NVNWF Nvni Group Ltd.-28 | call | Sold out | 654,000 | $194Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| BULLW Webull Corp.-30 | *W EXP 04/10/203 | Sold out | 40,000 | $162Kbefore exit |
| RZLVW Rezolve AI PLC -CW27 | *W EXP 08/15/202 | Sold out | 75,000 | $60Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 2,509 | $49.6B | NVDA, AAPL, RSP, MSFT, AMZN |
| Q1 2026 | 2,474 | $43.7B | NVDA, AAPL, MSFT, RSP, AMZN |
| Q4 2025 | 2,354 | $44.6B | NVDA, AAPL, MSFT, RSP, AMZN |
| Q3 2025 | 2,358 | $43.5B | NVDA, AAPL, MSFT, RSP, AMZN |
| Q2 2025 | 2,300 | $40.9B | NVDA, MSFT, AAPL, RSP, AMZN |
| Q1 2025 | 2,230 | $38.6B | AAPL, MSFT, NVDA, AMZN, GOOGL |
| Q4 2024 | 2,245 | $38.7B | AAPL, NVDA, MSFT, AMZN, META |
| Q3 2024 | 2,256 | $39.7B | AAPL, MSFT, NVDA, AMZN, GOOGL |
| Q2 2024 | 2,270 | $37.7B | MSFT, NVDA, AAPL, AMZN, GOOGL |
| Q1 2024 | 2,186 | $37.8B | MSFT, AAPL, NVDA, AMZN, GOOGL |