State of Wisconsin Investment Board
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), State of Wisconsin Investment Board reported 2,354 stock positions worth $44.6 billion. Its top holding was Nvidia (NVDA) at 5.3% of the portfolio, followed by Apple (AAPL, 4.7%) and Microsoft (MSFT, 4.0%). Compared with Q3 2025, it opened 237 new positions, sold out of 243, added to 777 and reduced 1,215. The biggest buy was Invesco S&P 500 Equal Weight (RSP, shares +14%) and the biggest sale Microsoft (MSFT, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0000854157
- Portfolio Value
- $44.6B (Q4 2025)
- SEC Filing
- 0001062993-26-000957 ↗ filed Feb 17, 2026
Holdings Value
Holdings 2,354 stocks · $44.6B
| NVDA Nvidia Corp. | 5.27% | 12,606,695 | $2.4B | Reduce -4.1% |
| AAPL Apple Inc. | 4.70% | 7,711,087 | $2.1B | Reduce -5.1% |
| MSFT Microsoft Corp. | 3.98% | 3,669,627 | $1.8B | Reduce -4.2% |
| RSP Invesco S&P 500 Equal Weight | 3.65% | 8,485,519 | $1.6B | Add +14.3% |
| AMZN Amazon.com Inc. | 2.58% | 4,987,135 | $1.2B | Reduce -3.4% |
| GOOGL Alphabet Inc. Class A | 2.12% | 3,024,412 | $946.6M | Reduce -3.9% |
| AVGO Broadcom Inc. | 1.85% | 2,378,575 | $823.2M | Reduce -3.4% |
| GOOG Alphabet Inc. Class C | 1.78% | 2,536,050 | $795.8M | Reduce -4.1% |
| META Meta Platforms Inc. Class A | 1.66% | 1,124,442 | $742.2M | Reduce -4.3% |
| TSLA Tesla Inc. | 1.48% | 1,466,810 | $659.7M | Reduce -4.0% |
| FOX Fox Corp. Class B | 1.13% | 7,775,600 | $504.9M | Add +6.3% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.05% | 619 | $467.2M | Add +8.6% |
| JPM JPMorgan Chase & Co. | 1.03% | 1,431,301 | $461.2M | Reduce -3.0% |
| LLY Eli Lilly & Co. | 1.00% | 416,718 | $447.8M | Reduce -3.5% |
| HAPI Harbor Human Capital Factor | 0.91% | 9,871,200 | $405.1M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.81% | 720,767 | $362.3M | Add +0.8% |
| V Visa Inc. Class A | 0.69% | 880,068 | $308.6M | Reduce -5.3% |
| XOM Exxon Mobil Corp. | 0.60% | 2,208,564 | $265.8M | Reduce -2.5% |
| JNJ Johnson & Johnson | 0.58% | 1,252,970 | $259.3M | Reduce -2.6% |
| ISTB iShares Core 1-5 Year Usd Bo | 0.58% | 5,312,625 | $259.0M | Add +1.4% |
| MA Mastercard Inc. Class A | 0.57% | 447,685 | $255.6M | Reduce -5.4% |
| WMT Walmart Inc. | 0.57% | 2,272,277 | $253.2M | Reduce -2.7% |
| HEI.A Heico Corp. Class A | 0.56% | 993,940 | $250.9M | Add +12.1% |
| ARKK ARK Innovation ETF | 0.48% | 2,804,342 | $215.7M | Add +0.0% |
| PLTR Palantir Technologies Inc. Class A | 0.47% | 1,189,602 | $211.5M | Reduce -0.6% |
| NFLX Netflix Inc. | 0.47% | 2,245,114 | $210.5M | Reduce -3.8% |
| ABBV Abbvie Inc. | 0.47% | 919,423 | $210.1M | Reduce -1.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.46% | 3,699,216 | $203.5M | Reduce -5.8% |
| COST Costco Wholesale Corp. | 0.45% | 232,243 | $200.3M | Reduce -2.0% |
| NWSA News Corp. Class A | 0.43% | 7,365,364 | $192.4M | Add +3.9% |
| AMD Advanced Micro Devices | 0.40% | 840,983 | $180.1M | Reduce -2.1% |
| HD Home Depot Inc. | 0.40% | 516,039 | $177.6M | Reduce -1.3% |
| GE General Electric filed as GE AEROSPACE | 0.39% | 570,746 | $175.8M | Reduce -7.0% |
| PG The Procter & Gamble Co. | 0.39% | 1,212,826 | $173.8M | Reduce -4.8% |
| ORCL Oracle Corp. | 0.39% | 888,397 | $173.2M | Reduce -0.2% |
| MU Micron Technology Inc. | 0.37% | 581,631 | $166.0M | Reduce -1.1% |
| CSCO Cisco Systems Inc. | 0.36% | 2,074,120 | $159.8M | Reduce -7.3% |
| UNH Unitedhealth Group Inc. | 0.35% | 469,282 | $154.9M | Reduce -2.1% |
| WFC Wells Fargo & Co. | 0.35% | 1,659,110 | $154.6M | Reduce -2.0% |
| CVX Chevron Corp. | 0.34% | 998,453 | $152.2M | Reduce -3.3% |
| KO The Coca-Cola Co. | 0.33% | 2,119,742 | $148.2M | Reduce -3.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.33% | 489,341 | $144.9M | Reduce -2.8% |
| HAPS Harbor Human Capital Factor | 0.32% | 4,520,000 | $141.9M | No change |
| CAT Caterpillar Inc. | 0.32% | 245,658 | $140.7M | Reduce -2.5% |
| GS Goldman Sachs Group Inc. | 0.31% | 158,528 | $139.3M | Reduce -2.8% |
| EEM iShares MSCI Emerging Market | 0.31% | 2,528,628 | $138.3M | No change |
| MRK Merck & Co. Inc. | 0.31% | 1,294,096 | $136.2M | Reduce -7.6% |
| EFFI Harbor Osmosis Ire ETF | 0.30% | 5,500,000 | $132.9M | No change |
| BEP Brookfield Renewable Partner | 0.29% | 4,867,084 | $131.3M | Add +128.0% |
| RTX RTX Corp. | 0.29% | 715,069 | $131.1M | Add +0.6% |
| CRM Salesforce Inc. | 0.29% | 494,369 | $131.0M | Reduce -5.5% |
| PM Philip Morris International | 0.29% | 813,108 | $130.4M | Reduce -5.8% |
| EFFE Harbor Osm Emrg MRKT Res ETF | 0.27% | 5,140,000 | $118.6M | No change |
| LRCX Lam Research Corp. | 0.26% | 685,944 | $117.4M | Reduce -1.4% |
| FWONA Liberty Media Corp. Class A | 0.26% | 1,301,839 | $116.4M | Reduce -6.1% |
| TMO Thermo Fisher Scientific Inc. | 0.26% | 199,535 | $115.6M | Reduce -1.8% |
| MS Morgan Stanley | 0.26% | 651,061 | $115.6M | Reduce -2.0% |
| C Citigroup Inc. | 0.26% | 981,921 | $114.6M | Reduce -5.3% |
| ABT Abbott Laboratories | 0.25% | 902,796 | $113.1M | Reduce -1.2% |
| MCD McDonald's Corp. | 0.25% | 369,760 | $113.0M | Reduce -1.7% |
| AXP American Express Co. | 0.25% | 302,405 | $111.9M | Reduce -1.7% |
| ISRG Intuitive Surgical Inc. | 0.25% | 193,289 | $109.5M | Reduce -2.5% |
| IVV iShares Core S&P 500 ETF | 0.24% | 158,110 | $108.3M | Add +65.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.24% | 951,365 | $108.2M | Reduce -3.1% |
| AMAT Applied Materials Inc. | 0.24% | 418,007 | $107.4M | Reduce -2.5% |
| LIN Linde PLC | 0.24% | 245,859 | $104.8M | Reduce -1.9% |
| PEP Pepsico Inc. | 0.23% | 715,924 | $102.7M | Reduce -2.2% |
| INTC Intel Corp. | 0.22% | 2,670,144 | $98.5M | Add +16.4% |
| T AT&T Inc. | 0.22% | 3,899,079 | $96.9M | Reduce -7.5% |
| GEV GE Vernova Inc. | 0.22% | 147,142 | $96.2M | Reduce -6.5% |
| INTU Intuit Inc. | 0.21% | 144,465 | $95.7M | Reduce -4.5% |
| QCOM Qualcomm Inc. | 0.21% | 556,143 | $95.1M | Reduce -3.5% |
| AMGN Amgen Inc. | 0.20% | 278,964 | $91.3M | Reduce -1.4% |
| SCHW Schwab (charles) Corp. | 0.20% | 911,566 | $91.1M | Reduce -9.4% |
| BIP Brookfield Infrastructure Pa | 0.20% | 2,592,339 | $90.1M | Add +212.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.20% | 585,891 | $90.0M | Reduce -3.8% |
| BKNG Booking Holdings Inc. | 0.20% | 16,789 | $89.9M | Reduce -1.9% |
| VZ Verizon Communications Inc. | 0.20% | 2,184,722 | $89.0M | Reduce -3.5% |
| KLAC KLA Corp. | 0.20% | 72,746 | $88.4M | Add +1.8% |
| ACN Accenture PLC Class A | 0.20% | 329,399 | $88.4M | Reduce -2.0% |
| RY Royal Bank of Canada | 0.20% | 513,881 | $87.7M | New |
| BA The Boeing Co. | 0.20% | 403,742 | $87.7M | Reduce 0.0% |
| SPGI S&P Global Inc. | 0.19% | 166,066 | $86.8M | Reduce -10.6% |
| NEE Nextera Energy Inc. | 0.19% | 1,080,395 | $86.7M | Reduce -2.4% |
| APP AppLovin Corp. Class A | 0.19% | 127,513 | $85.9M | Reduce -2.3% |
| APH Amphenol Corp. Class A | 0.19% | 632,749 | $85.5M | Reduce -3.2% |
| UBER Uber Technologies Inc. | 0.19% | 1,038,122 | $84.8M | Reduce -6.0% |
| TXN Texas Instruments Inc. | 0.19% | 478,155 | $83.0M | Reduce -1.4% |
| NOW ServiceNow Inc. | 0.19% | 538,803 | $82.5M | Reduce -5.8% |
| BLK BlackRock Inc. | 0.18% | 76,321 | $81.7M | Reduce -2.9% |
| GILD Gilead Sciences Inc. | 0.18% | 661,095 | $81.1M | Reduce -3.6% |
| COF Capital One Financial Corp. | 0.18% | 334,180 | $81.0M | Reduce -10.3% |
| DHR Danaher Corp. | 0.17% | 336,576 | $77.0M | Reduce -1.6% |
| ADBE Adobe Inc. | 0.17% | 216,885 | $75.9M | Reduce -4.6% |
| PFE Pfizer Inc. | 0.17% | 2,974,689 | $74.1M | Reduce -1.9% |
| BSX Boston Scientific Corp. | 0.16% | 767,854 | $73.2M | Reduce -8.8% |
| ANET Arista Networks Inc. | 0.16% | 553,065 | $72.5M | Reduce -6.5% |
| UNP Union Pacific Corp. | 0.16% | 307,348 | $71.1M | Reduce -2.1% |
| SHOP Shopify Inc. Class A | 0.16% | 439,830 | $70.9M | New |
| ADI Analog Devices Inc. | 0.16% | 259,889 | $70.5M | Reduce -1.8% |
Options reported separately and not counted above: KWEB calls ($68.1M), ASHR calls ($60.5M), SLV puts ($25.8M).
Other holdings (8): bonds, preferreds, convertibles and warrants · $242K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GME.WS Gamestop Corp. | *W EXP 10/30/202 | 64,308 | $194K | Add +157.3% |
| EONR.WS HNR Acquisition Corp. -CW23 | *W EXP 11/15/202 | 320,000 | $15K | No change |
| KRSP.WS Rice Acquisition Corp. 3 | *W EXP 99/99/999 | 16,483 | $13K | New |
| ANNAW Aleanna Inc. Class A - 29 | *W EXP 12/13/202 | 55,000 | $9K | No change |
| SLND.WS Legato Merger Corp. II -CW23 | *W EXP 02/14/202 | 75,000 | $6K | No change |
| OBAWW Oxley Bridge Acq Ltd. -30 | *W EXP 06/17/203 | 12,500 | $3K | No change |
| SWVLW Pivotal Holdings Corp. -CW27 | *W EXP 99/99/999 | 93,367 | $934 | No change |
| PRENW Prenetics Global Ltd. -CW26 | *W EXP 05/18/202 | 20,000 | $600 | No change |
Total filed on the 13F, all lines: $44.6B.
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -4.2% | 3.98% | −0.58 |
| NVDA Nvidia Corp. | Reduce -4.1% | 5.27% | −0.37 |
| META Meta Platforms Inc. Class A | Reduce -4.3% | 1.66% | −0.32 |
| ZG Zillow Group Inc. Class A | Reduce -70.7% | 0.09% | −0.26 |
| ORCL Oracle Corp. | Reduce -0.2% | 0.39% | −0.19 |
| NFLX Netflix Inc. | Reduce -3.8% | 0.47% | −0.17 |
| HD Home Depot Inc. | Reduce -1.3% | 0.40% | −0.09 |
| TSLA Tesla Inc. | Reduce -4.0% | 1.48% | −0.08 |
| LBRDA Liberty Broadband-A | Reduce -43.0% | 0.06% | −0.08 |
| PG The Procter & Gamble Co. | Reduce -4.8% | 0.39% | −0.06 |
| UBER Uber Technologies Inc. | Reduce -6.0% | 0.19% | −0.06 |
| ASHR Xtrackers Harvest Csi 300 CH | Sold out | 0.00% | −0.06 |
| MSTR Strategy Inc. | Reduce -4.1% | 0.04% | −0.06 |
| NOW ServiceNow Inc. | Reduce -5.8% | 0.19% | −0.06 |
| T AT&T Inc. | Reduce -7.5% | 0.22% | −0.06 |
| AAPL Apple Inc. | Reduce -5.1% | 4.70% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -2.0% | 0.45% | −0.05 |
| FISV Fiserv Inc. | Reduce -6.5% | 0.04% | −0.05 |
| MA Mastercard Inc. Class A | Reduce -5.4% | 0.57% | −0.05 |
| FWONA Liberty Media Corp. Class A | Reduce -6.1% | 0.26% | −0.04 |
| RBLX Roblox Corp. Class A | Reduce -1.7% | 0.05% | −0.04 |
| PBR.A Petroleo Brasil-SP Pref ADR | Sold out | 0.00% | −0.04 |
| LIN Linde PLC | Reduce -1.9% | 0.24% | −0.04 |
| V Visa Inc. Class A | Reduce -5.3% | 0.69% | −0.04 |
| BX Blackstone Inc. | Reduce -10.8% | 0.13% | −0.04 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −0.04 |
| ANET Arista Networks Inc. | Reduce -6.5% | 0.16% | −0.04 |
| JPM JPMorgan Chase & Co. | Reduce -3.0% | 1.03% | −0.03 |
| MSI Motorola Solutions Inc. | Reduce -16.5% | 0.07% | −0.03 |
| EWZ iShares MSCI Brazil ETF | Reduce -78.6% | 0.01% | −0.03 |
| CADE Cadence Bank | Reduce -97.5% | 0.00% | −0.03 |
| EME Emcor Group Inc. | Reduce -46.1% | 0.03% | −0.03 |
| UNH Unitedhealth Group Inc. | Reduce -2.1% | 0.35% | −0.03 |
| ETN Eaton Corp. PLC | Reduce -1.9% | 0.14% | −0.03 |
| MTUM iShares MSCI USA Momentum Fa | Sold out | 0.00% | −0.03 |
| GE General Electric | Reduce -7.0% | 0.39% | −0.03 |
| K Kellanova | Sold out | 0.00% | −0.03 |
| ORLY O'reilly Automotive Inc. | Reduce -7.7% | 0.10% | −0.03 |
| PM Philip Morris International | Reduce -5.8% | 0.29% | −0.03 |
| HOOD Robinhood Markets Inc. Class A | Reduce -0.4% | 0.10% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -3.5% | 0.20% | −0.03 |
| TMUS T-Mobile US Inc. | Reduce -2.2% | 0.12% | −0.03 |
| COIN Coinbase Global Inc. Class A | Reduce -0.5% | 0.05% | −0.03 |
| ABT Abbott Laboratories | Reduce -1.2% | 0.25% | −0.03 |
| UHAL.B U-Haul Holding Co.-Non Voting | Reduce -20.5% | 0.07% | −0.03 |
| BLK BlackRock Inc. | Reduce -2.9% | 0.18% | −0.03 |
| PLTR Palantir Technologies Inc. Class A | Reduce -0.6% | 0.47% | −0.03 |
| MO Altria Group Inc. | Reduce -5.5% | 0.11% | −0.03 |
| CVX Chevron Corp. | Reduce -3.3% | 0.34% | −0.03 |
| ABBV Abbvie Inc. | Reduce -1.7% | 0.47% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| RSP Invesco S&P 500 Equal Weight | Add +14.3% | 3.65% | +0.41 |
| RY Royal Bank of Canada | New | 0.20% | +0.20 |
| FOX Fox Corp. Class B | Add +6.3% | 1.13% | +0.17 |
| BEP Brookfield Renewable Partner | Add +128.0% | 0.29% | +0.17 |
| SHOP Shopify Inc. Class A | New | 0.16% | +0.16 |
| BKLN Invesco Senior Loan ETF | New | 0.15% | +0.15 |
| BIP Brookfield Infrastructure Pa | Add +212.4% | 0.20% | +0.14 |
| TD Toronto-Dominion Bank | New | 0.13% | +0.13 |
| UBS UBS Group AG-Reg | New | 0.13% | +0.13 |
| JAAA Janus Henderson Aaa Clo ETF | New | 0.11% | +0.11 |
| TTE Totalenergies SE | New | 0.10% | +0.10 |
| IVV iShares Core S&P 500 ETF | Add +65.4% | 0.24% | +0.10 |
| ENB Enbridge Inc. | New | 0.08% | +0.08 |
| BNS Bank of Nova Scotia | New | 0.08% | +0.08 |
| BMO Bank of Montreal | New | 0.08% | +0.08 |
| AEM Agnico Eagle Mines Ltd. | New | 0.07% | +0.07 |
| BN Brookfield Corp. | New | 0.07% | +0.07 |
| CM Can Imperial BK of Commerce | New | 0.07% | +0.07 |
| DB Deutsche Bank AG-Registered | New | 0.07% | +0.07 |
| BRK.A Berkshire Hathaway Inc. Class A | Add +8.6% | 1.05% | +0.06 |
| B Barrick Mining Corp. | New | 0.06% | +0.06 |
| XBI SS SPDR S&P Biotech ETF | New | 0.06% | +0.06 |
| SRLN SS Blackstone Sr Loan ETF | New | 0.06% | +0.06 |
| CNQ Canadian Natural Resources | New | 0.06% | +0.06 |
| SU Suncor Energy Inc. | New | 0.05% | +0.05 |
| CP Canadian Pacific Kansas City | New | 0.05% | +0.05 |
| MFC Manulife Financial Corp. | New | 0.05% | +0.05 |
| TRP TC Energy Corp. | New | 0.05% | +0.05 |
| HEI.A Heico Corp. Class A | Add +12.1% | 0.56% | +0.04 |
| INTC Intel Corp. | Add +16.4% | 0.22% | +0.04 |
| WPM Wheaton Precious Metals Corp. | New | 0.04% | +0.04 |
| CNI Canadian Natl Railway Co. | New | 0.04% | +0.04 |
| CCJ Cameco Corp. | New | 0.04% | +0.04 |
| RACE Ferrari NV | New | 0.04% | +0.04 |
| GIL Gildan Activewear Inc. | Add +191.3% | 0.05% | +0.04 |
| CAE Cae Inc. | New | 0.04% | +0.04 |
| BTE Baytex Energy Corp. | New | 0.04% | +0.04 |
| KGC Kinross Gold Corp. | New | 0.03% | +0.03 |
| CLS Celestica Inc. | New | 0.03% | +0.03 |
| DOO BRP Inc./Ca- Sub Voting | New | 0.03% | +0.03 |
| FNV Franco-Nevada Corp. | New | 0.03% | +0.03 |
| WDC Western Digital Corp. | Add +15.0% | 0.09% | +0.03 |
| ALC Alcon Inc. | New | 0.03% | +0.03 |
| FIX Comfort Systems USA Inc. | Add +146.8% | 0.05% | +0.03 |
| AMRZ Amrize Ltd. | New | 0.03% | +0.03 |
| NEM Newmont Corp. | Add +7.4% | 0.15% | +0.03 |
| OMC Omnicom Group | Add +158.5% | 0.05% | +0.03 |
| LLYVA Liberty Live Holdings Class A | Add +1508.1% | 0.03% | +0.03 |
| SLF Sun Life Financial Inc. | New | 0.03% | +0.03 |
| FER Ferrovial NV | New | 0.03% | +0.03 |
Options Activity Q3 2025 → Q4 2025
| ARKK ARK Innovation ETF | put | Sold out | 1,372,400 | $118.4Mbefore exit |
| KWEB Kranesh Csi China Internet | call | New | 2,000,000 | $68.1M |
| ASHR Xtrackers Harvest Csi 300 CH | call | New | 1,840,900 | $60.5M |
| SLV iShares Silver Trust | put | New | 400,000 | $25.8M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| GME.WS Gamestop Corp. | *W EXP 10/30/202 | Add +157.3% | 64,308 | $194K |
| KRSP.WS Rice Acquisition Corp. 3 | *W EXP 99/99/999 | New | 16,483 | $13K |
| RBOT.WS Vicarious Surgical Inc.-CW27 | *W EXP 09/17/202 | Sold out | 50,000 | $1Kbefore 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 |