STATE OF WISCONSIN INVESTMENT BOARD
Long book
$43.68B
Q1 2026
Positions
2487
Top-10 weight
27%
concentration
Last quarter
+14.4%
SPY +14.8%
Turnover
16%
of book per quarter
Strategy in plain words
auto-generated from filingsSTATE OF WISCONSIN INVESTMENT BOARD is a mechanically diversified allocator, running a $43.68B US long book across 2487 positions.
The portfolio is moderately concentrated (top 10 ≈ 27% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, INVESCO S&P 500 EQUAL WEIGHT, AMAZON.COM INC.
Over the last 9 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.8%
Q2 2024
+6.6%
Q3 2024
+2.5%
Q4 2024
-4.4%
Q1 2025
+10.6%
Q2 2025
+7.6%
Q3 2025
+2.2%
Q4 2025
-3.4%
Q1 2026
+14.4%
Sector allocation
Technology 34%
Financials 13%
Industrials 12%
Consumer discretionary 9%
Healthcare 8%
Services media 6%
Other 4%
Energy 4%
Long book by quarter
What does STATE OF own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 13.0M | $2.27B | 5.2% | +3.4% |
| AAPL APPLE INC | Technology | 7.9M | $2.01B | 4.6% | +2.5% |
| MSFT MICROSOFT CORP | Technology | 3.8M | $1.41B | 3.2% | +3.6% |
| AMZN AMAZON.COM INC | Consumer discretionary | 5.2M | $1.08B | 2.5% | +3.7% |
| GOOGL ALPHABET INC-CL A | Technology | 3.1M | $899.5M | 2.1% | +3.4% |
| AVGO BROADCOM INC | Technology | 2.5M | $760.3M | 1.7% | +3.3% |
| GOOG ALPHABET INC-CL C | Technology | 2.6M | $746.8M | 1.7% | +2.6% |
| META META PLATFORMS INC-CLASS A | Technology | 1.2M | $667.7M | 1.5% | +3.8% |
| TSLA TESLA INC | Industrials | 1.5M | $563.1M | 1.3% | +3.3% |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 630 | $452.4M | 1.0% | +1.8% |
| JPM JPMORGAN CHASE & CO | Financials | 1.5M | $428.7M | 1.0% | +1.8% |
| FOX FOX CORP - CLASS B | Communications | 7.8M | $415.3M | 1.0% | +0.6% |
| LLY ELI LILLY & CO | Healthcare | 431.2K | $396.6M | 0.9% | +3.5% |
| XOM EXXON MOBIL CORP | Energy | 2.3M | $383.1M | 0.9% | +2.2% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 743.1K | $356.1M | 0.8% | +3.1% |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.3M | $316.6M | 0.7% | +3.4% |
| HEI/A HEICO CORP-CLASS A | Industrials | 1.4M | $302.8M | 0.7% | +44.3% |
| WMT WALMART INC | Consumer discretionary | 2.3M | $291.7M | 0.7% | +3.3% |
| V VISA INC-CLASS A SHARES | Services media | 910.2K | $275.1M | 0.6% | +3.4% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 240.4K | $239.5M | 0.5% | +3.5% |
| MA MASTERCARD INC - A | Services media | 461.1K | $230.4M | 0.5% | +3.0% |
| NFLX NETFLIX INC | Services media | 2.3M | $221.2M | 0.5% | +2.5% |
| CVX CHEVRON CORP | Energy | 1.0M | $212.2M | 0.5% | +2.7% |
| ABBV ABBVIE INC | Healthcare | 950.7K | $206.8M | 0.5% | +3.4% |
| MU MICRON TECHNOLOGY INC | Technology | 602.7K | $203.6M | 0.5% | +3.6% |
| NWSA NEWS CORP - CLASS A | Other | 7.6M | $189.4M | 0.4% | +3.2% |
| PG PROCTER & GAMBLE CO/THE | Other | 1.3M | $180.7M | 0.4% | +3.2% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 1.2M | $180.3M | 0.4% | +3.6% |
| CAT CATERPILLAR INC | Industrials | 253.9K | $179.9M | 0.4% | +3.3% |
| BAC BANK OF AMERICA CORP | Financials | 3.7M | $179.7M | 0.4% | -0.4% |
| AMD ADVANCED MICRO DEVICES | Technology | 876.0K | $178.2M | 0.4% | +4.2% |
| HD HOME DEPOT INC | Consumer discretionary | 533.4K | $175.4M | 0.4% | +3.4% |
| CSCO CISCO SYSTEMS INC | Technology | 2.2M | $171.1M | 0.4% | +6.3% |
| GE GENERAL ELECTRIC | Industrials | 589.7K | $167.3M | 0.4% | +3.3% |
| KO COCA-COLA CO/THE | Consumer staples | 2.2M | $166.5M | 0.4% | +3.3% |
| MRK MERCK & CO. INC. | Healthcare | 1.4M | $164.3M | 0.4% | +5.6% |
| LRCX LAM RESEARCH CORP | Industrials | 714.6K | $152.7M | 0.3% | +4.2% |
| AMAT APPLIED MATERIALS INC | Technology | 430.5K | $147.1M | 0.3% | +3.0% |
| RTX RTX CORP | Industrials | 727.4K | $140.3M | 0.3% | +1.7% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 840.3K | $138.9M | 0.3% | +3.3% |
| GS GOLDMAN SACHS GROUP INC | Financials | 161.7K | $136.8M | 0.3% | +2.0% |
| ORCL ORACLE CORP | Technology | 925.7K | $136.2M | 0.3% | +4.2% |
| GEV GE VERNOVA INC | Industrials | 155.4K | $135.7M | 0.3% | +5.6% |
| WFC WELLS FARGO & CO | Financials | 1.7M | $133.8M | 0.3% | +1.3% |
| UNH UNITEDHEALTH GROUP INC | Financials | 485.1K | $131.3M | 0.3% | +3.4% |
| LIN LINDE PLC | Materials | 252.2K | $125.0M | 0.3% | +2.6% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 506.6K | $122.8M | 0.3% | +3.5% |
| MCD MCDONALD'S CORP | Consumer discretionary | 381.4K | $118.5M | 0.3% | +3.1% |
| T AT&T INC | Communications | 4.0M | $115.1M | 0.3% | +1.8% |
| INTC INTEL CORP | Technology | 2.6M | $114.0M | 0.3% | -3.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 2491 | $43.70B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 2365 | $44.74B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 2366 | $43.62B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 2313 | $40.98B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 2241 | $38.71B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 2263 | $39.20B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 2282 | $39.77B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 2299 | $37.83B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 2216 | $37.90B | canonical | SEC ↗ |
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