STATE OF WISCONSIN INVESTMENT BOARD
Q4 2025 Form 13-F
MADISON, WISCONSIN
CIK 0000854157
· Institutional investment manager
$44.7B Reported Value Total
Reported value
$44.7B
Quarter over quarter
+1.9%
Holdings
2,362
Top-10 concentration
29.0%
Key People
Named on the latest Form 13-F filing — not necessarily an owner
Lisa Lange
DIRECTOR OF COMPLIANCE & SENIOR LEGAL COUNSEL
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
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Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | February 17, 2026 |
| Form | 13F-HR |
| Reported value | $44.7B |
| Positions | 2,362 |
| Change in reported value | +2.6% |
| New positions | 251 |
| Exited positions | 254 |
| Position turnover | 19.3% |
| Top-10 concentration | 29.0% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
2,527 | $49.6B |
|
Q1 2026 13F
Filed May 15, 2026
|
2,487 | $43.7B |
|
Q4 2025 13F
Filed Feb 17, 2026
|
2,362 | $44.7B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
2,365 | $43.6B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
2,308 | $41.0B |
|
Q1 2025 13F
Filed May 15, 2025
|
2,240 | $38.7B |
|
Q4 2024 13F
Filed Feb 14, 2025
|
2,258 | $39.2B |
|
Q3 2024 13F
Filed Nov 14, 2024
|
2,277 | $39.8B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
2,293 | $37.8B |
|
Q1 2024 13F
Filed May 14, 2024
|
2,212 | $37.9B |
|
Q4 2023 13F
Filed Feb 12, 2024
|
2,350 | $35.4B |
|
Q3 2023 13F
Filed Nov 14, 2023
|
2,502 | $32.0B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
2,328 | $35.6B |
|
Q1 2023 13F
Filed May 15, 2023
|
2,535 | $33.6B |
|
Q4 2022 13F
Filed Feb 14, 2023
|
2,492 | $31.0B |
|
Q3 2022 13F
Filed Nov 14, 2022
|
2,675 | $31.5B |
|
Q2 2022 13F
Filed Aug 15, 2022
|
2,788 | $38.3B |
|
Q1 2022 13F
Filed May 13, 2022
|
2,265 | $48.2B |
|
Q4 2021 13F
Filed Feb 11, 2022
|
2,143 | $51.8B |
|
Q3 2021 13F
Filed Nov 12, 2021
|
2,111 | $48.3B |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | NVDA NVIDIA CORPORATION | $2.4B | 5.26% |
| 2 | AAPL APPLE INC | $2.1B | 4.69% |
| 3 | MSFT MICROSOFT CORP | $1.8B | 3.97% |
| 4 | RSP INVESCO EXCHANGE TRADED FD T | $1.6B | 3.63% |
| 5 | AMZN AMAZON COM INC | $1.2B | 2.57% |
| 6 | GOOGL ALPHABET INC | $946.6M | 2.12% |
| 7 | AVGO BROADCOM INC | $823.2M | 1.84% |
| 8 | GOOG ALPHABET INC | $795.8M | 1.78% |
| 9 | META META PLATFORMS INC | $742.2M | 1.66% |
| 10 | TSLA TESLA INC | $659.7M | 1.47% |
| 11 | FOX FOX CORP | $504.9M | 1.13% |
| 12 | BRK-A BERKSHIRE HATHAWAY INC DEL | $467.2M | 1.04% |
| 13 | JPM JPMORGAN CHASE & CO. | $461.2M | 1.03% |
| 14 | LLY ELI LILLY & CO | $447.8M | 1.0% |
| 15 | HAPI HARBOR ETF TRUST | $405.1M | 0.91% |
| 16 | BRK-B BERKSHIRE HATHAWAY INC DEL | $362.3M | 0.81% |
| 17 | V VISA INC | $308.6M | 0.69% |
| 18 | XOM EXXON MOBIL CORP | $265.8M | 0.59% |
| 19 | JNJ JOHNSON & JOHNSON | $259.3M | 0.58% |
| 20 | ISTB ISHARES TR | $259.0M | 0.58% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.