STATE OF WISCONSIN INVESTMENT BOARD

CIK 0000854157 · Q1 2026

13F Equity AUM

$43.7B

-2.3% QoQ

Positions

2,476

+122 QoQ

AUM Rank

#253

Top 2%

Skill Alpha (FF)

-0.8%/yr^ns

No Clear Edge

Rank #3,345 · Top 41%

vs S&P -3.3%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 18.4%Top 10: 26.7%Top 20: 35.3%

NVDA5.2%

AAPL4.6%

MSFT3.2%

RSP2.9%

AMZN2.5%

GOOGL2.1%

AVGO1.7%

GOOG1.7%

META1.5%

TSLA1.3%

Others (2466)73.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology25.6%

Financial Services18.5%

Communication Services9.8%

Healthcare8.8%

Consumer Cyclical8.6%

Industrials8.4%

Energy4.4%

Consumer Defensive4.0%

Other11.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 2476Median: 0.01%Avg: 0.04%

0–0.5%

2451(61.9%)

0.5–1%

14(10.3%)

1–3%

8(14.7%)

3–5%

2(7.8%)

5%+

1(5.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 2,456Unique: 20vs 20 funds

33.6%Moderate

2,476

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

44.5%

BlackRock, Inc.

58.4%

STATE STREET CORP

64.4%

BANK OF AMERICA CORP /DE/

46.1%

GEODE CAPITAL MANAGEMENT, LLC

62.3%

VANGUARD CAPITAL MANAGEMENT LLC

61.9%

JPMORGAN CHASE & CO

43.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

69.2%

FMR LLC

54.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New280Increased1112Decreased949Exited157

New Positions

SIMPLIFY EXCHANGE TR…0.2%

+4.2M

AZN0.2%

+499K

HYG0.1%

+325K

AMCOR PLC0.1%

+500K

PJX0.1%

+1.2M

PNFP0.0%

+145K

PIPER SANDLER COMPAN…0.0%

+96K

EPOL0.0%

+251K

ZIM0.0%

+250K

SUNBELT RENTALS HOLD…0.0%

+131K

Increased

UAA0.0%

+2.7M(+1711%)

Z0.2%

+2.0M(+2355%)

BKLN0.2%

+1.4M(+45%)

WBD0.1%

+780K(+57%)

AES0.0%

+611K(+133%)

LBTYK0.1%

+550K(+44%)

CDE0.0%

+499K(+205%)

PCG0.1%

+469K(+41%)

HEI/A0.7%

+441K(+44%)

PAA0.0%

+433K(+123%)

Decreased

RSP2.9%

-1,889,019(-22%)

KWEB0.0%

-1,880,000(-94%)

BIP0.1%

-1,185,908(-46%)

BEPC0.3%

-646,802(-13%)

CTRA0.0%

-430,267(-51%)

STNE0.0%

-426,413(-95%)

EMF0.0%

-356,525(-35%)

UHAL/B0.0%

-340,615(-52%)

IEMG0.0%

-337,600(-82%)

DBRG0.0%

-337,206(-95%)

Exited

ASHR

-1,840,900

XRT

-633,318

JAAA

-1,000,000

-595,214

-609,000

-400,000

-255,049

-1,923,208

-3,000,000

-218,090

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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