--- title: "SWIB Q1 2026: Nvidia Leads $43.70B Pension Book" type: research slug: swib-q1-2026-nvidia-pension-book canonical_url: https://13finsight.com/research/swib-q1-2026-nvidia-pension-book published_at: 2026-06-19T05:57:13.581Z updated_at: 2026-06-19T05:57:18.573Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 959 locale: en source: 13F Insight --- # SWIB Q1 2026: Nvidia Leads $43.70B Pension Book > STATE OF WISCONSIN INVESTMENT BOARD reported $43.70B for Q1 2026, with Nvidia, Apple, Microsoft, and RSP defining the public-equity sleeve. TL;DR: STATE OF WISCONSIN INVESTMENT BOARD's Q1 2026 13F is not a passive index snapshot or a hedge fund book; it is a public pension allocator's disclosed public-equity sleeve, with Nvidia (NVDA) at $2.27B, Apple (AAPL) at $2.01B, and reported 13F value of $43.70B. The central signal is a pension book that still leans into mega-cap technology while using broad market exposure as ballast. SWIB reported $43.70B for 2026Q1, down -2.3% from the prior quarter in the brief's AUM history, but the leading disclosed positions remained concentrated in AI infrastructure, platform software, and consumer internet. The SEC time anchor matters: this analysis is based on SWIB's Form 13F-HR for reportDate 2026-03-31, filed 2026-05-15, accession 0001062993-26-002676. SWIB's own 2026 public materials frame the agency as the manager of Wisconsin Retirement System assets with an active-return mandate, which fits the evidence here: this is a large public pension allocator with active discretion, not an index-fund proxy. What changed in SWIB's Q1 2026 pension book? For a casual 13F reader, the headline is simply that STATE OF WISCONSIN INVESTMENT BOARD remains a very large institutional holder. The deeper read is that SWIB's reported 13F value slipped to $43.70B from $44.74B, even as the history line shows holdings count rising to 2491. That combination points to a portfolio that broadened while the total public-equity value eased. The largest disclosed position was Nvidia at $2.27B and 6.09%, followed by Apple's institutional holder profile at $2.01B and 5.38%. Microsoft (MSFT) ranked third at $1.41B and 3.77%, with Invesco S&P 500 Equal Weight ETF (RSP) at $1.27B and 3.40% acting as the most obvious diversification counterweight inside the top group. Why Nvidia leads the disclosed public-equity sleeve Nvidia's $2.27B line is the strongest single data point in the filing because it sits above every other disclosed holding and carries the only weight above 6.09% in the brief. For a public pension allocator, that does not mean the entire Wisconsin Retirement System is a single-stock bet; it means the disclosed 13F sleeve has a visible AI infrastructure anchor. Apple at $2.01B, Microsoft at $1.41B, Amazon at $1.08B, Alphabet Class A at $899.5M, Broadcom at $760.3M, Alphabet Class C at $746.8M, Meta at $667.7M, and Tesla at $563.1M make the same point from different angles: the public-equity book is still organized around scalable platform companies. The RSP line matters because it is the exception in that cluster, showing broad-market exposure alongside mega-cap leadership. Concentration is meaningful, but the tail still dominates The concentration chart keeps the story honest. SWIB's largest disclosed names matter, but the diversified tail is still 68.72% of the charted portfolio weight. That makes this less like a concentrated hedge fund and more like a public pension allocator that allows active tilts inside a very broad public-equity program. That distinction is important for retail investors using 13F data. A hedge fund's top position can define the fund. A public pension allocator's top position usually defines a sleeve within a multi-asset mandate. SWIB's filing still gives useful signal, but the right question is not "what is Wisconsin betting everything on?" It is "where does a large active public pension allocator allow its disclosed equity exposure to lean?" The AUM line says the quarter cooled, not collapsed SWIB's displayed 13F history shows $37.83B in 2024Q2, $39.77B in 2024Q3, $39.20B in 2024Q4, $38.71B in 2025Q1, $40.98B in 2025Q2, $43.62B in 2025Q3, $44.74B in 2025Q4, and $43.70B in 2026Q1. The Q1 line is a step down from the prior quarter, not a break in the longer displayed range. The practical read is that SWIB entered 2026Q1 with a public-equity book still close to the upper end of its displayed history, even after the -2.3% quarter. That makes the individual top holdings more useful than the AUM line alone: the filing shows where the pension allocator kept scale after the cooling. How investors should use SWIB's 13F SWIB is best treated as an allocator signal. The filer is a public pension manager for the Wisconsin Retirement System, and SWIB's 2026 context emphasizes active return, risk management, and operational modernization. The 13F does not show private markets, fixed income, or the full policy portfolio, but it does show the public companies and ETFs that survived into the disclosed equity sleeve. For follow-up work, compare SWIB's top technology names with the stock-level holder pages for NVDA holder concentration, Microsoft's institutional base, Amazon (AMZN), Alphabet Class A (GOOGL), Broadcom (AVGO), Meta Platforms (META), and Tesla (TSLA). If those names are also being accumulated by other active managers, SWIB's allocation becomes part of a broader institutional-consensus signal. FAQ What does the Wisconsin pension fund hold in Q1 2026? STATE OF WISCONSIN INVESTMENT BOARD's Q1 2026 13F shows Nvidia at $2.27B, Apple at $2.01B, Microsoft at $1.41B, RSP at $1.27B, and Amazon at $1.08B among its largest disclosed holdings. Is SWIB a hedge fund or an index fund? SWIB is neither a hedge fund nor a passive index fund. It is a large U.S. public pension allocator managing assets for the Wisconsin Retirement System with active discretion across its investment program. Why is Nvidia the top SWIB holding in Q1 2026? Nvidia is the top disclosed holding because the Q1 2026 brief lists NVDA at $2.27B and 6.09%, ahead of Apple, Microsoft, RSP, and Amazon in the public 13F portfolio. How large was SWIB's 13F portfolio in Q1 2026? SWIB's canonical reported 13F value for Q1 2026 was $43.70B, with the brief's AUM history showing a -2.3% quarter-over-quarter move from $44.74B in 2025Q4. What is the main signal from SWIB's Q1 2026 filing? The main signal is a broad public pension equity sleeve with visible mega-cap technology leadership: NVDA, AAPL, MSFT, AMZN, GOOGL, AVGO, GOOG, META, and TSLA all appear in the top disclosed group. ## FAQ ### What does the Wisconsin pension fund hold in Q1 2026? STATE OF WISCONSIN INVESTMENT BOARD's Q1 2026 13F shows Nvidia at $2.27B, Apple at $2.01B, Microsoft at $1.41B, RSP at $1.27B, and Amazon at $1.08B among its largest disclosed holdings. ### Is SWIB a hedge fund or an index fund? SWIB is neither a hedge fund nor a passive index fund. It is a large U.S. public pension allocator managing assets for the Wisconsin Retirement System with active discretion across its investment program. ### Why is Nvidia the top SWIB holding in Q1 2026? Nvidia is the top disclosed holding because the Q1 2026 brief lists NVDA at $2.27B and 6.09%, ahead of Apple, Microsoft, RSP, and Amazon in the public 13F portfolio. ### How large was SWIB's 13F portfolio in Q1 2026? SWIB's canonical reported 13F value for Q1 2026 was $43.70B, with the brief's AUM history showing a -2.3% quarter-over-quarter move from $44.74B in 2025Q4. ### What is the main signal from SWIB's Q1 2026 filing? The main signal is a broad public pension equity sleeve with visible mega-cap technology leadership: NVDA, AAPL, MSFT, AMZN, GOOGL, AVGO, GOOG, META, and TSLA all appear in the top disclosed group. --- Source: 13F Insight — https://13finsight.com/research/swib-q1-2026-nvidia-pension-book Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-06-19T05:57:18.573Z