CIK: 0000854157
Total reported value
$43.7B
Reporting period: 2026-03-31 · Number of holdings: 2491
STATE OF WISCONSIN INVESTMENT BOARD disclosed 2491 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $43.7B and a quarterly turnover rate of 17.1%.
Browse other institutions with $10B to $100B AUMBrowse other institutions starting with "S"
State Of Wisconsin Investment Board's disclosed holdings carry a Herfindahl concentration index of 0.010 — mathematically equivalent to about 95 equally-sized positions, well below its 2491 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 5.01), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
+3.6% -$367.7M
Trim RSP
-22.3% -$359.5M
Add XOM
+2.2% $117.3M
Add Z
+2354.8% $79.8M
Trim TSLA
+3.3% -$96.6M
Trim FOX
+0.6% -$89.6M
STATE OF WISCONSIN INVESTMENT BOARD is rotating capital from broad-based passive exposure (trimming RSP) into concentrated bets on mega-cap tech and select new names like CCOM, AZN, and XOM — a clear signal they are hunting alpha through active stock selection rather than hugging market weights. The consistent adds to Microsoft, Apple, and Tesla despite declining portfolio weights confirm they are leaning into these positions, not rotating away.
The simultaneous adds to XOM and AZN alongside mega-cap tech bets stretch the portfolio across both reflation and defensive themes, suggesting a bet on continued large-cap leadership with energy as an inflation hedge and pharma as a late-cycle buffer. The opposing thesis is that this positioning conflates momentum with conviction, leaving no clean bet on either a growth acceleration or a recession — a muddled macro signal that could get squeezed if the rally broadens into small-cap value.
A momentum_tilt score of 100 in a portfolio of 2,488 holdings with low turnover is a structural exposure to factor crowding: the entire strategy is a leveraged bet on the persistence of existing winners, and when the consensus momentum trade reverses, the institution faces both a positioning squeeze and a liquidity trap from hundreds of low-conviction positions that covertly amplify beta without generating alpha.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Showing top 200 holdings (of 2491 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 5.20% | -0.06% | +3.37% | |
| 2 | AAPL | Apple INC | Stock-Tech | 4.59% | -0.10% | +2.53% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.22% | -0.75% | +3.58% | |
| 4 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 2.90% | -0.73% | -22.26% | |
| 5 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.46% | -0.11% | +3.67% | |
| 6 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.06% | -0.06% | +3.43% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 1.74% | -0.10% | +3.27% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.71% | -0.07% | +2.65% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.53% | -0.13% | +3.80% | |
| 10 | TSLA | Tesla INC | Stock-Consumer Disc | 1.29% | -0.18% | +3.26% | |
| 11 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 1.04% | — | +1.78% | |
| 12 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.98% | -0.05% | +1.82% | |
| 13 | FOX | Fox CORP - Class B | Stock-Comm Services | 0.95% | -0.18% | +0.58% | |
| 14 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.91% | -0.09% | +3.47% | |
| 15 | HAPI | Harbor Human Capital Factor | ETF-Other | 0.90% | — | — | |
| 16 | XOM | Exxon Mobil CORP | Stock-Energy | 0.88% | +0.29% | +2.23% | |
| 17 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.81% | — | +3.09% | |
| 18 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.72% | +0.14% | +3.37% | |
| 19 | HEI-A | Heico Corp-class A | Stock-Other | 0.69% | +0.13% | +44.34% | |
| 20 | WMT | Walmart INC | Stock-Consumer Staples | 0.67% | +0.10% | +3.31% | |
| 21 | V | Visa Inc-class A Shares | Stock-Financials | 0.63% | -0.06% | +3.42% | |
| 22 | ISTB | Ishares Core 1-5 Year Usd Bo | ETF-Other | 0.60% | — | +1.93% | |
| 23 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.55% | +0.10% | +3.51% | |
| 24 | MA | Mastercard INC - A | Stock-Financials | 0.53% | -0.04% | +3.00% | |
| 25 | NFLX | Netflix INC | Stock-Comm Services | 0.52% | — | +5.30% | |
| 26 | CVX | Chevron CORP | Stock-Energy | 0.49% | +0.15% | +2.71% | |
| 27 | ABBV | Abbvie INC | Stock-Healthcare | 0.47% | — | +3.41% | |
| 28 | MU | Micron Technology INC | Stock-Tech | 0.47% | +0.10% | +3.62% | |
| 29 | ARKK | Ark Innovation ETF | ETF-Other | 0.46% | — | +5.32% | |
| 30 | NWSA | News CORP - Class A | Stock-Comm Services | 0.43% | — | +3.17% | |
| 31 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.41% | — | +3.16% | |
| 32 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.41% | -0.06% | +3.62% | |
| 33 | CAT | Caterpillar INC | Stock-Industrials | 0.41% | +0.10% | +3.34% | |
| 34 | BAC | Bank Of America CORP | Stock-Financials | 0.41% | — | -0.38% | |
| 35 | AMD | Advanced Micro Devices | Stock-Tech | 0.41% | — | +4.17% | |
| 36 | HD | Home Depot INC | Stock-Consumer Disc | 0.40% | — | +3.36% | |
| 37 | CSCO | Cisco Systems INC | Stock-Tech | 0.39% | — | +6.31% | |
| 38 | GE | General Electric | Stock-Industrials | 0.38% | — | +3.32% | |
| 39 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.38% | — | +3.28% | |
| 40 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.38% | +0.08% | +5.56% | |
| 41 | LRCX | Lam Research CORP | Stock-Tech | 0.35% | +0.09% | +4.18% | |
| 42 | AMAT | Applied Materials INC | Stock-Tech | 0.34% | +0.10% | +2.98% | |
| 43 | EEM | Ishares Msci Emerging Market | ETF-Emerging Markets | 0.33% | — | — | |
| 44 | HAPS | Harbor Human Capital Factor | ETF-Other | 0.32% | — | — | |
| 45 | RTX | Rtx CORP | Stock-Industrials | 0.32% | — | +1.73% | |
| 46 | PM | Philip Morris International | Stock-Consumer Staples | 0.32% | — | +3.34% | |
| 47 | BEP | Brookfield Renewable Partners L.P. | Stock-Other | 0.32% | — | -13.29% | |
| 48 | GS | Goldman Sachs Group INC | Stock-Financials | 0.31% | — | +2.01% | |
| 49 | ORCL | Oracle CORP | Stock-Tech | 0.31% | -0.08% | +4.20% | |
| 50 | GEV | GE Vernova INC | Stock-Industrials | 0.31% | +0.10% | +5.64% |
Performance for Q3 2026
+3.3%
Performance Last 4 Quarters
+20.5%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 2491 | $43.7B | 17 | |
| 2025-12-31 | 2365 | $44.7B | 16 | |
| 2025-09-30 | 2366 | $43.6B | 25 | |
| 2025-06-30 | 2313 | $41.0B | 0 | |
| 2025-03-31 | 2241 | $38.7B | 100 | |
| 2024-12-31 | 2263 | $39.2B | 0 | |
| 2024-09-30 | 2282 | $39.8B | 0 | |
| 2024-06-30 | 2299 | $37.8B | 0 | |
| 2024-03-31 | 2216 | $37.9B | 0 | |
| 2023-12-31 | 2356 | $35.4B | 0 | |
| 2023-09-30 | 2506 | $32.0B | 0 | |
| 2023-06-30 | 2333 | $35.6B | 0 | |
| 2023-03-31 | 2542 | $33.6B | 0 | |
| 2022-12-31 | 2496 | $31.0B | 0 | |
| 2022-09-30 | 2684 | $31.5B | 0 | |
| 2022-06-30 | 2790 | $38.3B | 0 | |
| 2022-03-31 | 2273 | $48.2B | 0 | |
| 2021-12-31 | 2147 | $51.8B | 0 | |
| 2021-09-30 | 2116 | $48.3B | 0 | |
| 2021-06-30 | 2060 | $48.3B | 99 | |
| 2021-03-31 | 2019 | $46.9B | 21 | |
| 2020-12-31 | 1981 | $43.2B | 23 | |
| 2020-09-30 | 1945 | $40.1B | 20 | |
| 2020-06-30 | 1709 | $36.1B | 30 | |
| 2020-03-31 | 1694 | $30.0B | 42 | |
| 2019-12-31 | 1616 | $39.9B | 18 | |
| 2019-09-30 | 1539 | $36.2B | 17 | |
| 2019-06-30 | 1532 | $35.9B | 24 | |
| 2019-03-31 | 1537 | $35.2B | 23 | |
| 2018-12-31 | 1541 | $30.7B | 26 | |
| 2018-09-30 | 1539 | $36.2B | 17 | |
| 2018-06-30 | 1469 | $34.8B | 16 | |
| 2018-03-31 | 1456 | $34.6B | 18 | |
| 2017-12-31 | 1447 | $36.4B | 17 | |
| 2017-09-30 | 1455 | $33.8B | 20 | |
| 2017-06-30 | 1459 | $31.0B | 26 | |
| 2017-03-31 | 1284 | $25.9B | 26 | |
| 2016-12-31 | 1285 | $23.2B | 21 | |
| 2016-09-30 | 1315 | $25.4B | 17 | |
| 2016-06-30 | 1307 | $24.8B | 17 | |
| 2016-03-31 | 1311 | $25.6B | 19 | |
| 2015-12-31 | 1310 | $26.0B | 21 | |
| 2015-09-30 | 1328 | $25.9B | 24 | |
| 2015-06-30 | 1345 | $28.5B | 18 | |
| 2015-03-31 | 1328 | $28.9B | 15 | |
| 2014-12-31 | 1325 | $29.1B | 19 | |
| 2014-09-30 | 1331 | $27.6B | 17 | |
| 2014-06-30 | 1340 | $27.8B | 17 | |
| 2014-03-31 | 1336 | $26.2B | 15 | |
| 2013-12-31 | 1322 | $26.0B | 16 | |
| 2013-09-30 | 1307 | $24.2B | 13 | |
| 2013-06-30 | 1310 | $23.9B | 0 |
State Of Wisconsin Investment Board's most significant position changes for 2026-03-31: New buy: Simplify China Com Str No K1 (CCOM); New buy: AstraZeneca PLC (AZN); Sold out: Xtrackers Harvest Csi 300 Ch (ASHR); Sold out: Ss Spdr S&p Retail ETF (XRT); Sold out: Janus Henderson Aaa Clo ETF (JAAA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.3% | +2.23% | Add |
| 2 | Z | Zillow Group INC - C | +0.2% | +2354.76% | Add |
| 3 | CVX | Chevron CORP | +0.2% | +2.71% | Add |
| 4 | JNJ | Johnson & Johnson | +0.1% | +3.37% | Add |
| 5 | HEI-A | Heico Corp-class A | +0.1% | +44.34% | Add |
| 6 | AMAT | Applied Materials INC | +0.1% | +2.98% | Add |
| 7 | GEV | GE Vernova INC | +0.1% | +5.64% | Add |
| 8 | COST | Costco Wholesale CORP | +0.1% | +3.51% | Add |
| 9 | CAT | Caterpillar INC | +0.1% | +3.34% | Add |
| 10 | WMT | Walmart INC | +0.1% | +3.31% | Add |
| 11 | MU | Micron Technology INC | +0.1% | +3.62% | Add |
| 12 | SNDK | Sandisk CORP | +0.1% | +28.25% | Add |
| 13 | LRCX | Lam Research CORP | +0.1% | +4.18% | Add |
| 14 | MRK | Merck & Co. INC. | +0.1% | +5.56% | Add |
| 15 | NSC | Norfolk Southern CORP | +0.1% | +95.31% | Add |
| 16 | BKLN | Invesco Senior Loan ETF | +0.1% | +44.83% | Add |
| 17 | COP | Conocophillips | +0.1% | +1.97% | Add |
| 18 | MA | Mastercard INC - A | 0% | +3.00% | Add |
| 19 | JPM | Jpmorgan Chase & Co | -0.1% | +1.82% | Add |
| 20 | NVDA | Nvidia CORP | -0.1% | +3.37% | Add |
| 21 | GOOGL | Alphabet Inc-cl A | -0.1% | +3.43% | Add |
| 22 | V | Visa Inc-class A Shares | -0.1% | +3.42% | Add |
| 23 | PLTR | Palantir Technologies Inc-a | -0.1% | +3.62% | Add |
| 24 | APP | Applovin Corp-class A | -0.1% | +8.15% | Add |
| 25 | INTU | Intuit INC | -0.1% | +6.08% | Add |
| 26 | SHOP | Shopify INC - Class A | -0.1% | -12.35% | Trim |
| 27 | GOOG | Alphabet Inc-cl C | -0.1% | +2.65% | Add |
| 28 | BIP | Brookfield Infrastructure Partners L.P. | -0.1% | -45.75% | Trim |
| 29 | CRM | Salesforce INC | -0.1% | +1.51% | Add |
| 30 | ORCL | Oracle CORP | -0.1% | +4.20% | Add |
| 31 | IVV | Ishares Core S&p 500 ETF | -0.1% | -30.57% | Trim |
| 32 | LLY | Eli Lilly & Co | -0.1% | +3.47% | Add |
| 33 | AAPL | Apple INC | -0.1% | +2.53% | Add |
| 34 | AVGO | Broadcom INC | -0.1% | +3.27% | Add |
| 35 | AMZN | Amazon.com INC | -0.1% | +3.67% | Add |
| 36 | META | Meta Platforms Inc-class A | -0.1% | +3.80% | Add |
| 37 | KWEB | Kranesh Csi China Internet | -0.1% | -94.00% | Trim |
| 38 | TSLA | Tesla INC | -0.2% | +3.26% | Add |
| 39 | FOX | Fox CORP - Class B | -0.2% | +0.58% | Add |
| 40 | RSP | Invesco S&p 500 Equal Weight | -0.7% | -22.26% | Trim |
| 41 | MSFT | Microsoft CORP | -0.8% | +3.58% | Add |
| 42 | CCOM | Simplify China Com Str No K1 | — | NEW | New buy |
| 43 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 44 | ASHR | Xtrackers Harvest Csi 300 Ch | — | EXIT | Sold out |
| 45 | XRT | Ss Spdr S&p Retail ETF | — | EXIT | Sold out |
| 46 | JAAA | Janus Henderson Aaa Clo ETF | — | EXIT | Sold out |
| 47 | ZG | Zillow Group INC - A | — | EXIT | Sold out |
| 48 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | — | NEW | New buy |
| 49 | SLV | Ishares Silver Trust | — | EXIT | Sold out |
| 50 | SRLN | Ss Blackstone Sr Loan ETF | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-12 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-03 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-06 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-13 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-03 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-07 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-08 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-01 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-03 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-08 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-31 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-04 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-08 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-06 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-11 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-11 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-12 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-12 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-13 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-09 | 13F-HR | View on EDGAR |
Institutions with a similar AUM
CIK 0001061186
Total reported value
$43.8B
291 stks
2026-03-31
AUM within 0.3% of this institution
CIK 0001596800
Total reported value
$43.4B
1,526 stks
2026-03-31
AUM within 0.7% of this institution
CIK 0001529090
Total reported value
$44.1B
32 stks
2026-03-31
AUM within 1.0% of this institution
Institutions with overlapping top holdings
CIK 0000002230
Total reported value
$2.8B
99 stks
2026-03-31
4 of the top 5 holdings overlap, including Nvidia CORP
CIK 0000003520
Total reported value
$22.8B
525 stks
2026-03-31
4 of the top 5 holdings overlap, including Nvidia CORP
CIK 0000019617
Total reported value
$1.6T
33,063 stks
2026-03-31
4 of the top 5 holdings overlap, including Nvidia CORP