STATE OF WISCONSIN INVESTMENT BOARD

RIA/Wealth

STATE OF WISCONSIN INVESTMENT BOARD is a RIA/Wealth based in Dallas, TX led by Scott Allen Hayes, managing $43.1B across 2,271 long positions as of Q3 2025 with NVDA as the largest holding (6% allocation).

PresidentScott Allen Hayes

Portfolio Value: $43.1B
Positions: 2,271
Top Holding: NVDA at 5.69%
Last Reported: Q3 2025

Address3500 Oak Lawn Ave, Ste 400, Dallas, TX, 75219, United States

Top Holdings

Largest long holdings in STATE OF WISCONSIN INVESTMENT BOARD's portfolio (29.7% of total portfolio)

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Holding	Sector	Market Value	Weight	Ownership	Owned Since
1 Nvidia NVDA	Semiconductors Technology	$2.5B	5.69%	0.05% 13.2M shares	≤ Q2 2013 Held for 12y 5m+
2 Apple AAPL	Consumer Electronics Technology	$2.1B	4.80%	0.05% 8.1M shares	≤ Q2 2013 Held for 12y 5m+
3 Microsoft MSFT	Software - Infrastructure Technology	$2.0B	4.60%	0.05% 3.8M shares	≤ Q2 2013 Held for 12y 5m+
4 Invesco S&P 500 Equal Weight ETF RSP	ETF ETF	$1.4B	3.27%	— 7.4M shares	Q4 2024 Held for 11 months
5 Amazon AMZN	Specialty Retail Consumer Cyclical	$1.1B	2.63%	0.05% 5.2M shares	≤ Q2 2013 Held for 12y 5m+
6 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$863.3M	2.00%	0.05% 1.2M shares	≤ Q2 2013 Held for 12y 5m+
7 Broadcom Inc. AVGO	Semiconductors Technology	$812.6M	1.89%	0.05% 2.5M shares	≤ Q2 2013 Held for 12y 5m+
8 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$764.8M	1.77%	0.03% 3.1M shares	≤ Q2 2013 Held for 12y 5m+
9 Tesla, Inc. TSLA	Auto - Manufacturers Consumer Cyclical	$679.5M	1.58%	0.05% 1.5M shares	≤ Q2 2013 Held for 12y 5m+
10 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$644.3M	1.49%	0.02% 2.6M shares	Q2 2014 Held for 11y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in STATE OF WISCONSIN INVESTMENT BOARD's latest filing

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Market Value

$43.1B

Prior: $40.7B

Q/Q Change

+5.99%

+$2.4B

Net Flows % of MV

-1.52%

Turnover Ratio

3.63%

New Purchases

60 stocks

$138.9M

Added To

848 stocks

+$1.1B

Sold Out Of

185 stocks

$348.7M

Reduced Holdings

1,161 stocks

-$1.5B

Increased Positions

Position	Shares Δ	Change
1 Brookfield Renewable Partners BEP	New	0 → 2.1M +$55.0M
2 Brookfield Infrastructure Partners BIP	New	0 → 829.9K +$27.3M
3 Arm Holdings ARM	New	0 → 110.8K +$15.7M
4 Brookfield Business Partners BBU	New	0 → 195.6K +$6.4M
5 FIGR First National Bank Groton N Y FIGR	New	0 → 125.4K +$4.6M

Decreased Positions

Position	Shares Δ	Change
1 Fiserv FI	Sold	308.1K → 0 −$53.1M
2 Hess HES	Sold	316.0K → 0 −$43.8M
3 SPDR S&P Homebuilders XHB	Sold	400.0K → 0 −$39.4M
4 Ansys ANSS	Sold	79.9K → 0 −$28.1M
5 Juniper Networks JNPR	Sold	291.1K → 0 −$11.6M

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Analytics

Portfolio insights and performance metrics for STATE OF WISCONSIN INVESTMENT BOARD

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Sector Allocation

Technology

28.50%

Financial Services

12.40%

Communication Services

10.30%

Consumer Cyclical

9.30%

Industrials

8.70%

Healthcare

8.20%

ETF

7.80%

Consumer Defensive

4.30%

Energy

2.80%

Real Estate

2.40%

Utilities

2.40%

Basic Materials

1.70%

Market Cap Distribution

Mega Cap (> $200B)

44.43%

Large Cap ($10B - $200B)

37.44%

Mid Cap ($2B - $10B)

7.59%

Small Cap ($300M - $2B)

1.59%

Micro Cap ($50M - $300M)

0.07%

Nano Cap (< $50M)

0.39%

N/A (ETF or Unknown)

8.49%

Portfolio Concentration

Top 10 Holdings %

29.73%

Top 20 Holdings %

37.9%

Top 50 Holdings %

50.35%

Top 100 Holdings %

61.01%