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State of Wisconsin Investment Board
Edwin Denson · Pension Fund · Multi-Strategy
The State of Wisconsin Investment Board (SWIB) is an independent state agency responsible for managing the assets of the Wisconsin Retirement System (WRS), the State Investment Fund, and several other trust funds. Established in 1951, SWIB is one of the largest public pension funds in the United States, overseeing more than $162 billion in assets. The institution is recognized for its sophisticated and cost-effective investment management, utilizing a combination of internal and external resources to navigate global markets. SWIB's primary focus is to ensure the long-term financial health of the retirement system, providing stable returns and protecting the benefits of hundreds of thousands of Wisconsin public employees and retirees through a disciplined, risk-aware approach to asset management.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +16.4% |
| YTD return | +10.5% |
| Sharpe ratio | 3.69 |
| Win rate | 57% |
| AUM | $18.4B |
| Inception | Oct 1, 2025 |
| Updated | Sep 21, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $18.4B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.swib.state.wi.us/ |
Current Holdings
Updated on Sep 21, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| NVDA | NVIDIA Corporation | 14.7% | +19.4% |
| AAPL | Apple Inc | 14.2% | +30.7% |
| GOOGL | Alphabet Inc Class A | 11.8% | +36.5% |
| MSFT | Microsoft Corporation | 10.1% | -0.7% |
| AMZN | Amazon.com Inc | 7.1% | +15.6% |
| AVGO | Broadcom Inc | 4.7% | +6.8% |
| BRK-A | Berkshire Hathaway Inc | 4.4% | +1.1% |
| META | Meta Platforms Inc. | 4.3% | +8.4% |
| HEI | Heico Corporation | 3.5% | -7.2% |
| MU | Micron Technology Inc | 3.2% | +8.4% |
| TSLA | Tesla Inc | 3.0% | -15.5% |
| FOXA | Fox Corp Class A | 2.8% | +7.1% |
| JPM | JPMorgan Chase & Co | 2.7% | +12.6% |
| LLY | Eli Lilly and Company | 2.7% | +31.2% |
| AMD | Advanced Micro Devices Inc | 2.6% | +20.2% |
| XOM | Exxon Mobil Corp | 2.0% | +32.3% |
| JNJ | Johnson & Johnson | 1.9% | +36.8% |
| V | Visa Inc. Class A | 1.8% | +6.1% |
| INTC | Intel Corporation | 1.4% | 0.0% |
| MA | Mastercard Inc | 1.4% | -2.2% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 21, 2026 | BUY | V | 1.8% → 1.8% |
| Sep 21, 2026 | SELL | TSLA | 2.9% → 3.0% |
| Sep 21, 2026 | BUY | GOOGL | 11.4% → 11.8% |
| Sep 21, 2026 | SELL | META | 3.9% → 4.3% |
| Sep 21, 2026 | BUY | JNJ | 1.9% → 1.9% |
Investment Style Analysis
State of Wisconsin Investment Board is widely recognized for employing a Multi-Strategy strategy. As of Sep 21, 2026, the firm oversees approximately $18.4B in assets under management (AUM). The portfolio demonstrates a clear preference for the Semiconductors and Internet Content & Information sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 21, State of Wisconsin Investment Board made a significant move by increasing exposure to V. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
SWIB's investment philosophy is rooted in a disciplined, balanced, and long-term approach designed to ensure the Wisconsin Retirement System remains fully funded. The board emphasizes a diversified asset allocation that spans public and private equities, fixed income, real estate, and alternative investments. By focusing first on protecting the pension plan from significant market downturns and then on earning reasonable risk-adjusted returns, SWIB aims to keep employer and employee contribution rates stable. A core component of its strategy is the use of extensive internal management and advanced risk management techniques to optimize costs and generate alpha across diverse market cycles.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with State of Wisconsin Investment Board.
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Frequently asked questions
How is the simulated portfolio for State of Wisconsin Investment Board constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is State of Wisconsin Investment Board's largest holding?
As of the latest filing, State of Wisconsin Investment Board's top position is NVIDIA Corporation (NVDA), representing 14.7% of the portfolio. This reflects a high-conviction bet by the institution.
What is State of Wisconsin Investment Board's historical performance and risk profile?
Our simulation indicates a total return of +16.4% with a win rate of 57%. Notably, the portfolio maintains a Sharpe Ratio of 3.69, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does State of Wisconsin Investment Board primarily invest in?
State of Wisconsin Investment Board has a strong preference for the Semiconductors sector, which makes up 26.5% of their disclosed assets. The portfolio also has exposure to Internet Content & Information, indicating a specific thematic focus.
Is State of Wisconsin Investment Board's portfolio concentrated or diversified?
State of Wisconsin Investment Board runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 40.7% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has State of Wisconsin Investment Board performed in 2026?
Our AI-simulated model portfolio for State of Wisconsin Investment Board tracks a Year-to-Date (YTD) return of +10.5%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Edwin Denson manage State of Wisconsin Investment Board directly?
Yes, Edwin Denson serves as the key portfolio manager for State of Wisconsin Investment Board, overseeing the investment strategy and final capital allocation decisions.