STATE OF WISCONSIN INVESTMENT BOARD

The State of Wisconsin Investment Board reported $43.70 billion across 2,491 positions for Q1 2026, a broad public-pension book led by Nvidia (NVDA, 5.2%), Apple (AAPL, 4.6%) and Microsoft (MSFT, 3.2%), with an equal-weight S&P 500 ETF (RSP, 2.9%) as its fourth-largest holding. Technology dominates at $8.10B. SWIB made measured adjustments rather than wholesale shifts: it trimmed the RSP equal-weight sleeve by ~$359M (-22%) and added to Exxon (XOM), while opening new positions in semiconductor-equipment makers Lam Research (LRCX) and Applied Materials (AMAT) and in defense prime RTX. It cut or exited UnitedHealth (UNH), Wells Fargo (WFC) and IBM among five sold positions.