State of Wisconsin Investment Board

State of Wisconsin Investment Board: official USD AUM >$178B (31 Dec 2025), WRS Core/Variable design, Edwin Denson ED/CIO combined seat, Board Chair Clyde Tinnen — Wisconsin public pension investment agency.

UAO Editorial September 7, 2026 37 min read

UAO Registry · Top 100 · Public pension investment board · United States (Wisconsin) · Last researched Sunday 6–Monday 7 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief

State of Wisconsin Investment Board (SWIB) is an independent Wisconsin state agency responsible for managing the assets of the Wisconsin Retirement System (WRS), the State Investment Fund (SIF), and other state trust funds. Official About language: the WRS is among the best-funded and best-managed public pension systems in the world thanks in large part to SWIB’s work. SWIB’s mission (Who We Are / 2026 Goals, Strategies & Performance Report): to be a trusted and skilled global investment organization contributing to strong financial futures for the beneficiaries of the funds entrusted to us.

Prefer official US dollars as published on swib.state.wi.us. Primary scale opened for this pack: as of 31 December 2025, SWIB managed more than $178 billion in net assets / total AUM (homepage “Serving Wisconsin”; 2025 WRS preliminary returns news; 2026 GSP Report; Board of Trustees 18 March 2026 packet table of gross market value $178,175 million). Of that total, WRS assets are approximately 87%—Retirement Funds combined Net Investment Position $154.6 billion (2025 Annual Report), commonly rounded in news as about $155 billion. Core Fund NIP $141.8 billion; Variable Fund over $12 billion (exposures table $12,789 million). Interim Performance page as of 31 July 2026: Core $146.6 billion, Variable $13.7 billion, WRS total $160.3 billion. An INST working estimate of roughly US$160 billion tracks the interim WRS total, not total SWIB AUM—do not invent a headline that collapses WRS and total SWIB.

Leadership as verified on the live Board & Leadership page: Edwin Denson holds the combined title Executive Director / Chief Investment Officer. Official bio: joined SWIB in 2018; previously managing director, asset and risk allocation; appointed executive director/chief investment officer in April 2021. The Board of Trustees’ own summary states Trustees appoint the executive director/chief investment officer and the director of internal audit—one combined ED/CIO seat. Do not invent a separate top CIO if Denson holds both. Todd Mattina’s published title is Head Economist, Asset & Risk Allocation Chief Investment Officer—an Asset & Risk Allocation / economist Management Council seat, not a replacement for Denson’s ED/CIO role.

Board Chair is Clyde Tinnen (Public Member); Vice-Chair Tom Merfeld (Public Member). Nine Trustees under section 15.76 of the Wisconsin Statutes. Deputy Executive Director / Chief Operating Officer: Rochelle Klaskin. Homepage KPIs as of 31 December 2025: 703,000 WRS participants; $3.8 billion above benchmarks over the last five years; 75 years of service (1951 creation).

Why researchers care: SWIB is the investment engine behind one of the United States’ largest and repeatedly described as fully funded public pension systems, with a transparent Core/Variable dual-trust design, smoothed Core returns, statutory prudent-expert duties, a large State Investment Fund / LGIP cash pool, and a long public record of stress testing, cost benchmarking (CEM), corporate governance since 1986, and Wisconsin-focused private debt and venture programs. Peer Registry hubs include CalPERS, CalSTRS, New York State Common Retirement Fund, Florida SBA, Washington State Investment Board, TSP / FRTIB, and CPP Investments (Denson’s prior CPPIB experience).

Schema on this page uses Organization and GovernmentOrganization. Official video embed on Who We Are is included as VideoObject. Public-safe: this profile omits private staff emails and personal phone numbers.

Speakable summary

The State of Wisconsin Investment Board is Wisconsin’s independent state investment agency for the Wisconsin Retirement System, the State Investment Fund, and other state trust funds. Prefer official USD: total SWIB assets more than 178 billion dollars as of 31 December 2025, with WRS Net Investment Position about 154.6 billion dollars. As of 31 July 2026 the Performance page shows WRS assets of 160.3 billion dollars. Edwin Denson is Executive Director and Chief Investment Officer in a combined seat appointed April 2021. Do not invent a separate top CIO. Board Chair is Clyde Tinnen. SWIB was created 28 June 1951.

Mandate & ownership

Legal frame (About / Statutes & Guidelines / GSP): SWIB is an independent state agency governed by Chapter 25 of the Wisconsin Statutes and a nine-member Board of Trustees designated under section 15.76. Official purpose language: manage assets of the WRS, the SIF, and other state trust funds. GSP lists other funds including the State Life Insurance Fund, Historical Society Trust Fund, Injured Patients and Families Compensation Fund, and University of Wisconsin System Trust Funds.

What the mandate is: Trustees set long-term investment policies, asset allocation, benchmarks, and fund-level risk, and monitor investment performance. Staff and external managers select individual investments. Fiduciary standard on Investments overview: SWIB is required to make investment management decisions solely for the benefit of the trust funds it manages; staff and Trustees must use the diligence, skill, and care that a prudent investor would use in managing a large public pension fund. Statute s. 25.15 (2) (GSP citation): manage funds as a prudent expert, diversify to minimize risk of large losses, and administer assets of each trust solely for its purpose at a reasonable cost.

What the mandate is not: SWIB is not the administrator of individual WRS participant accounts—that sits with the Department of Employee Trust Funds (ETF). It is not a sovereign wealth fund investing fiscal surplus abroad as a primary identity; it is a public pension and state trust investment board. Official Statement on Divestment: divestment as a tool to address social or political issues falls outside the scope of SWIB’s legal mandate and operational framework.

Division of labour with ETF: WRS overview page—investing WRS assets is SWIB’s responsibility; individual WRS accounts are managed by ETF. Contribution language: contributions by employees and employers are invested by the Investment Board; accumulated trust funds pay retirement benefits. Actuarial assumed rate of return for the Core Fund goal language in GSP/Annual Report: 6.8%, set by ETF with external consultant input.

Scale & portfolio

Dated scale table (official USD)

As-atMetricFigure (USD)Primary
31 Dec 2025Total SWIB AUM / net assetsmore than $178 billion ($178,175M gross MV table)Homepage; news; GSP; Board 18 Mar 2026
31 Dec 2025WRS share of total≈ 87%2025 preliminary returns / outperformance news
31 Dec 2025WRS combined Net Investment Position$154.6 billion2025 Annual Report
31 Dec 2025Core Fund NIP$141.8 billionAnnual Report / GSP
31 Dec 2025Variable Fundover $12 billion ($12,789M exposures)GSP / board packet
31 Dec 2025SIF (GSP narrative)about $24 billion2026 GSP
31 Dec 2025SIF (board packet; excl. CTF/VTF cash in SIF)$20,340MBoard 18 Mar 2026
31 Dec 2025Separately managed funds$3,183MBoard packet
31 Jul 2026WRS Core / Variable / Total$146.6B / $13.7B / $160.3BPerformance page
31 Dec 2025WRS participants703,000Homepage / GSP
5-year window to YE 2025Above-benchmark value-add (homepage KPI)$3.8 billionHomepage / outperformance news
30 Jun 2025Wisconsin-presence investmentsmore than $9.7 billion2026 GSP

Portfolio shape: Core Fund is a diversified balanced trust (stocks, bonds, real estate, private equity/debt, inflation-sensitive exposures, with a published leverage / cash & overlays overlay). Variable Fund is optional and, by law, stock-only (official Variable allocation chart: 70% U.S. / 30% international). All participants have at least half of contributions in Core; some elect half into Variable. Core returns are smoothed over five years; Variable returns are not smoothed.

Organisation scale cues from official surfaces: 75th anniversary messaging in 2026 GSP; Madison physical address 4703 Madison Yards Way Suite 700; LinkedIn company page present on site footer. Staff qualification and headcount detail appear in GSP appendix materials—cite PDFs rather than inventing FTE counts not opened as a clean HTML KPI for this pack.

Governance & leadership

Board of Trustees: nine members meeting membership requirements under §15.76. Trustees have fiduciary responsibility to act solely in the best interest of the funds under management. They appoint the executive director/chief investment officer and the director of internal audit. Board sets long-term investment policies, asset allocation, benchmarks, fund-level risk, and monitors performance.

Current Trustees as listed on Board & Leadership (names and seat types only as published): Clyde Tinnen, Board Chair, Public Member; Tom Merfeld, Vice-Chair, Public Member; Esther Ancel, Public Member; Kathy Blumenfeld, Secretary-designee of the Department of Administration; Barb Bolens, Public Member; J. Michael Collins, Educator, WRS participant 2; Jeff DeAngelis, Public Member; Diana Felsmann, Non-educator, WRS participant 1 (bio: became ETF Secretary in July 2026); Robert Scott, Local Government Member.

Executive leadership: Edwin Denson, Executive Director/Chief Investment Officer—combined title; appointed April 2021; PhD economics Northwestern; prior CPPIB managing director, strategic tilting. Rochelle Klaskin, Deputy Executive Director/Chief Operating Officer (joined 2015; prior SWIB chief legal counsel). Management Council also lists Eric Barber (Chief Legal Counsel), Sara Chandler (Chief of Staff & Strategy; Head of Private Markets & Funds Alpha), Jameson Greenfield (CFO), Todd Mattina (Head Economist, Asset & Risk Allocation Chief Investment Officer), Cefe Quesada (CTO), Mike Shearer (Head of Fixed Income Strategies), Nick Stanton (Head of Liquidity Management and Beta Implementation), and Brandon Brickner (Head of Internal Audit—name listed; extended bio not expanded on the same card stack).

Meetings: official Meetings hub publishes Board agendas/materials. Contact-the-Board pathway exists on leadership pages. Public records and statutes hubs support transparency without republishing private staff contact sheets.

Investment philosophy & strategy

Strategy page thesis: SWIB’s investment strategy is disciplined, balanced, and focused on long-term results. Sequence language: invest first to help protect the pension plan from the impact of another major market downturn and then to earn reasonable returns. Design goals named on the Strategy page: weather a variety of economic environments; protect WRS trust funds from major market downturns; provide modest upward annuity adjustments; keep contribution rates stable; generate reasonable risk-adjusted returns.

Process: begin with asset allocation across broad asset classes; Core holds stocks, bonds, real estate, and other investments. Broad diversification is key to meeting the long-term investment objective set by ETF with external consultants using market expectations, estimated wage growth, and other actuarial assumptions. SWIB uses both active and passive management—indexing to match broad baskets; active management using research, forecasts, and judgment to seek outperformance—combined to earn adequate returns, manage risk, and diversify.

Benchmarks: Board of Trustees sets benchmarks for portfolios and for Core and Variable Funds; typically a market index or combination of indexes; listed in Investment Guidelines. GSP: Core measured against a blend of benchmarks representing broader markets for stocks, bonds, and other asset classes reflecting Core’s portfolios.

Risk and leverage (GSP): diversification is the primary fund-level risk tool; enterprise-wide risk process; leverage used to help reduce risk by enabling higher allocation to lower-risk fixed income assets relative to an unlevered mix (Cash & Overlays target negative in the Core target table). Stress testing with the WRS independent actuary every two years since 2013 informs asset allocation. Cost discipline via annual line-by-line operating budget review, quarterly reporting to Board and legislature, and CEM Benchmarking peer analysis—mission framed as maximizing net returns, not minimizing costs in isolation.

Climate / ESG / ethics & corporate governance

Official corporate governance program (implemented 1986): protects long-term investment holdings by exercising shareholder rights; focuses on long-term shareholder value. Program activities listed: Corporate Governance Policy; engagement with corporations; securities litigation; proxy voting.

Proxy voting: SWIB analyzes domestic and international proxy votes solely in the economic and long-term interests of the WRS. Trustees adopt program policy and proxy voting guidelines. SWIB historically casts votes for well over 6,000 meetings each year. Guidelines reviewed annually and approved by Trustees. SWIB votes proxies for internal assets and externally managed separate accounts; voting for commingled funds is delegated to the external manager. External proxy voting service assists analysis, recommendations per guidelines, and execution. Proxy votes posted after company meeting dates.

Ethics / mandate boundary: Statement on Divestment (Statutes & Guidelines) states that divestment as a tool to address social or political issues falls outside SWIB’s legal mandate and operational framework. Placement Agent Policy: institutional controls and disclosure if placement agents or lobbyists are involved; investments made within fiduciary responsibility; no board member or staff person to benefit personally.

Climate-specific numeric targets or net-zero pathway documents were not opened as a standalone labelled climate plan URL in this pack’s primary crawl—do not invent a climate target. Researchers should use proxy guidelines PDFs, engagement disclosures, and annual reports for any climate-related voting or risk language rather than assume a separate SWIB climate manifesto.

Performance & reporting

Calendar 2025 (net returns — GSP / Annual Report)

Fund1-year5-year10-year20-year
Core Fund (net)14.4%7.1%8.9%7.2%
Variable Fund (net)22.0%11.8%12.7%9.3%

GSP states Core returns exceeded performance benchmarks for all periods shown; 5-, 10-, and 20-year Core returns exceeded the long-term WRS investment target of 6.8%. Variable Fund is the optional stock-only fund. Active management narrative in GSP: over the last 20 years, SWIB’s active management and diversified holdings generated about $10 billion for the Core Fund above a simple low-cost passive construction (as phrased in the GSP performance section). Homepage / March 2026 outperformance news KPI: approximately $3.8 billion net outperformance versus benchmarks over the last five years.

Interim Performance page (calendar YTD as of 31 July 2026; YTD and 5-year net of all fees and costs; 10-year net of external manager fees): Core 5.27% vs Core benchmark 5.12%; Variable 11.70% vs Variable benchmark 11.84%. Footnote: returns and benchmarks subject to final valuation and adjustments during the calendar year. Asset values on same page: Core $146.6B; Variable $13.7B; Total $160.3B.

Transparency stack: Annual Report (calendar year); Schedule of Investments; Goals, Strategies & Performance Report; Goals for Investing in Wisconsin (biennial statutory); stress testing reports (odd years since 2013); SIF annual financial reports; WRS News with ETF; Board meeting materials; public records pathway. Posting cadence note on Performance page: privately traded investments (business loans, real estate, private equity) typically available about four weeks after month-end.

Controversies & debates

Official attributable framing first: SWIB’s published Statement on Divestment is an explicit policy boundary—divestment for social or political issues is outside the legal mandate and operational framework. That statement is itself a standing answer to recurring public debates about politicized portfolio exclusions in U.S. public pensions.

Incentive compensation: March 2026 news records Trustees awarding incentive compensation based on multi-year net outperformance for the WRS (paired with the $3.8 billion five-year above-benchmark figure on the homepage). Treat compensation awards as official Board action disclosed by SWIB, not as a secondary scandal narrative.

Secondary press on any specific lawsuit, environmental campaign, or political letter not mirrored on swib.state.wi.us for this pack should be labelled secondary and not invented here. Securities litigation is listed as a corporate governance program activity without case-level detail on the overview page—omit case invention.

Shared-risk WRS design and Variable Fund optionality create participant-facing debates about smoothing, annuity adjustments, and equity risk—ETF publishes benefit-side explanations; SWIB publishes investment returns. Keep the investment vs benefits administration boundary clear.

Timeline

  • 1940s–1951: Idle state cash and pension contribution inflation concerns; Governor Oscar Rennebohm and Treasurer John L. Sonderegger research phase; John C. Lobb project lead; union and municipal advocates including Roy Kubista and John Lawton; Ingeborg Sidwell earlier pension advocacy narrative on Who We Are.
  • 28 June 1951: SWIB created.
  • 1965: Early private placements program (Who We Are history).
  • 1986: Corporate Governance Program implemented.
  • 1989: International markets added.
  • 1995: Developing-country markets expansion (history narrative).
  • 1999: Wisconsin/Midwest-focused venture capital program.
  • 2013 onward: Biennial investment stress testing with WRS independent actuary.
  • 2015: Rochelle Klaskin joins; Mike Shearer joins.
  • 2017: Sara Chandler joins.
  • 2018: Edwin Denson joins SWIB.
  • 2019: Eric Barber joins.
  • 2020: Jameson Greenfield joins.
  • April 2021: Denson appointed Executive Director/Chief Investment Officer.
  • 2023: Todd Mattina joins.
  • 2024: Cefe Quesada joins as CTO.
  • 31 Dec 2025: Total SWIB assets >$178B; WRS NIP $154.6B; Core net 14.4%; Variable net 22.0%.
  • 2026: 75th anniversary year (GSP); Diana Felsmann becomes ETF Secretary (July 2026 per bio); Performance YTD through 31 Jul 2026 published.

Annex: AUM honesty (USD)

This annex exists so researchers do not confuse total SWIB AUM, WRS Net Investment Position, and interim Performance-page WRS totals.

Total SWIB. Prefer “more than $178 billion” as of 31 December 2025 from homepage, GSP, and news. Board packet gross market value table: Total SWIB AUM $162,814M (31 Dec 2024) → $178,175M (31 Dec 2025), +$15,361M. Composition rows in that packet: Total WRS $154,652M; Core Trust Fund $141,862M; Variable Trust Fund $12,789M; SIF $20,340M (footnote excludes cash invested in SIF on behalf of CTF and VTF); Separately Managed Funds $3,183M.

WRS accounting NIP. 2025 Annual Report: Retirement Funds combined Net Investment Position $154.6 billion as of 31 December 2025; Core Fund NIP $141.8 billion ($141,790,878 thousand table line). Slight differences versus exposures/gross MV tables are definitional (accounting NIP vs exposures including futures, etc.)—cite the statement you mean.

Interim WRS NAV. Performance page “Value of WRS Assets Under Management Year-to-Date as of July 31, 2026”: Core $146.6B; Variable $13.7B; Total $160.3B. This is the series that sits near the INST ~US$160B working estimate.

SIF size dual print. GSP narrative: SIF assets valued at about $24 billion on 31 Dec 2025. Board packet SIF $20,340M with explicit exclusion of CTF/VTF cash in SIF. Both can be true under different scopes—always carry the definition.

Currency discipline: SWIB publishes in USD. No FX invention required. Do not convert WRS $160.3B interim into a second currency for the H1 or executive brief.

Annex: Core & Variable Funds

Core Fund (Trust Funds page): larger of the two WRS trusts; consists of retirement contributions by and on behalf of participants plus investment earnings. All participants have at least half, if not all, of contributions in Core. Objective: earn an optimum long-term return while taking acceptable risk. Holds significant stocks plus bonds, real estate, private equity, and other assets; fully diversified balanced fund. Core returns smoothed over five years.

Variable Fund: objective to achieve returns equal to or above similar stock portfolios over a market cycle; invested only in domestic and international stocks—the same stocks selected for Core. Returns not smoothed. Participants accept higher risk of stock-market losses for possibility of greater long-run returns; Variable portion of a benefit can decrease below the initial base amount at retirement.

Benefit linkage: ETF determines effect of investment returns on benefits based on the rate of return as of December 31. Hybrid design language in GSP: WRS contains elements of defined benefit and defined contribution; investment performance supplies a large share of revenues needed to fund the WRS (GSP cites about 78% of revenues from investments in the performance narrative), reducing burden on public employers relative to underfunded peers when the system remains fully funded.

Nick Stanton biography note: previously Head of Multi-Asset Strategy overseeing internally managed equities and multi-asset portfolios, trading, and public markets operations—useful for understanding internal beta/implementation capacity alongside Shearer’s fixed income stack and Chandler’s private markets oversight.

Core Fund goal language repeats across GSP and Annual Report: meet or exceed an annual average nominal return of 6.8% over the long term while taking acceptable risk. That actuarial assumption is set by ETF with external consultants using market returns, estimated wage growth, and other actuarial assumptions. Variable Fund participants forgo part of the formula benefit guarantee in exchange for equity upside potential.

WRS participant base: current and former employees of Wisconsin state agencies and universities and most local governments and public school districts—more than 703,000 counting on WRS for some portion of retirement security (GSP / homepage).

Annex: Asset allocation & exposures

Core Fund policy targets (GSP, as of 31 Dec 2025)

Asset class202320242025
Stocks40%38%36%
Fixed Income27%27%27%
Inflation Sensitive19%19%19%
Private Equity18%20%20%
Real Estate8%8%8%
Multi-Asset0%0%0%
Cash & Overlays*-12%-12%-10%
Total100%100%100%

*Negative percentages reflect SWIB’s leverage strategy (GSP footnote). Actual allocation may vary within Board-approved ranges.

Core Trust Fund exposures by sub-asset class (GSP Appendix A, $ millions)

Bucket31 Dec 2024%31 Dec 2025%
Total Equities$47,31437%$52,80337%
— Developed Global$38,58930%$42,62330%
— U.S. Small Cap$2,7962%$2,9542%
— International Small Cap$2,3052%$2,6972%
— Emerging Market Equity$3,6243%$4,5293%
Total Fixed Income$33,76124%$37,90327%
— U.S. Investment Grade$20,30214%$22,64516%
— High Yield$6,7185%$7,5715%
— Levered Loans$3,3783%$3,7863%
— Emerging Market Debt$3,3633%$3,9013%
Total Inflation Sensitive (TIPS)$24,24819%$26,86519%
Total Private Markets$38,00730%$39,44928%
— Real Estate$11,9259%$12,0548%
— Private Equity$15,24612%$18,71313%
— Private Equity Co-Invest (2024)$3,1633%$00%
— Venture Capital$2,5392%$3,1092%
— Current Return$4,2653%$4,6323%
— Private Debt$8581%$9381%
Cash/Leverage/Overlays$(14,937)(12%)$(15,149)(11%)
Total$128,393100%$141,872100%

Core Fund asset-class returns YE 2025 (GSP): Fixed Income 8.7% (2024: 3.8%); Inflation Sensitive 7.0% (1.8%); Private Equity/Debt 11.3% (7.2%)—alongside equity strength noted in the narrative (U.S. equities about 18%; global equity benchmarks roughly 22%).

Variable Fund policy chart: U.S. Stock 70%; International Stock 30%; Total 100%. Benchmark is a weighted blend of U.S., international, and emerging market stock indices (Strategy / GSP).

GSP footnotes on exposure tables: MW TOPS split between US, Int’l, and EM using MSCI ACWI; AB and Driehaus split using MSCI ACWI x US Small Cap; Factor Premia portfolios split 60% Developed Global and 40% US Investment Grade. Totals include exposure to futures and may not add correctly due to rounding.

Annex: State Investment Fund & LGIP

SIF (About / SIF page + GSP): pool of cash balances of various state and local governmental units created under section 25.14. Includes retirement trust funds’ cash balances pending longer-term investment; State’s cash management fund. By pooling idle cash balances of all state funds, provides the State’s general fund and participating state agencies with liquidity for operating expenses. Over 1,400 local units of government also deposit revenues in the SIF until needed—these funds are the Local Government Investment Pool (LGIP). DOA administers LGIP member accounts.

Objectives: liquidity, safety of principal, competitive rates of return. Invested primarily in obligations of the U.S. government and its agencies, and high quality commercial bank and corporate debt obligations. GSP strategy line: primarily U.S. Government and Agency obligations, repurchase agreements, and a small number of bank and corporate debt investments.

Earnings: calculated and distributed monthly based on participant’s average daily balance as a percent of the fund; daily deposits/withdrawals. GSP: SIF ended 2025 with a 1-year return of 4.37%, outperforming its 1-year benchmark; continued outperformance vs 5- and 10-year benchmarks. Annual Financial Reports linked for FY 2025 and FY 2024 on the SIF page.

Scope caution again: ~$24B GSP print vs $20.340B board packet print with CTF/VTF cash exclusion—use the footnote when comparing to total SWIB AUM tables. State agencies deposit tax revenues, fees, federal funds, and other revenues from over 50 state funds with the SIF until needed for operating expenditures. WRS cash assets are invested in the SIF for transition and cash flow purposes, and in some cases until longer-term opportunities with more favorable rates become available.

Annex: Separately managed funds

GSP Appendix C / About the Investment Board: other funds managed by SWIB include the State Life Insurance Fund (low-cost life insurance for Wisconsin residents; diversified high-quality portfolio objective), Historical Society Trust Fund (mix of equities and fixed income for long-term growth), Injured Patients and Families Compensation Fund, and University of Wisconsin System Trust Funds. Board packet lists Separately Managed Funds aggregate $3,183M as of 31 December 2025 (up from $2,948M).

Researchers needing fund-level NAVs should open the GSP appendix and statutory reports rather than assume WRS Core/Variable percentages apply to these smaller trusts. Each trust is administered for its own purpose under the statutory sole-purpose duty—do not blend separately managed fund objectives into WRS Core targets.

Annex: Investments in Wisconsin

Investments in Wisconsin page: fiduciary duty to generate strong returns comes first; SWIB welcomes dual-benefit opportunities that are good investments and good for Wisconsin’s economy. Decades of investing via stocks, bonds, and commercial paper of Wisconsin-based companies, plus the Wisconsin Private Debt Portfolio and Wisconsin Venture Capital Portfolio.

Statutory reporting: required by state statutes to report biennially to the Governor and Legislature on a four-year plan for making investments in Wisconsin. Current plan hub: Goals for Investing in Wisconsin FY2025–2028 (prior FY2023–2026 also listed).

GSP quantitative line: as of 30 June 2025, SWIB had more than $9.7 billion invested in companies either headquartered or with a significant presence in Wisconsin. Definition note in GSP: in FY 2023 the definition of significant presence changed from 30%+ of operations in-state to 100 or more employees in the state.

Venture narrative in GSP: imbalance in venture capital availability creates opportunity; high costs of long-distance venture management advantage local investors with regional research and business connections—read the full GSP Wisconsin chapter for program mechanics rather than inventing deployment paces. Private debt and venture sleeves appear in Core private markets exposures (venture capital $3,109M at 31 Dec 2025 per Appendix A).

Annex: Cost management & stress testing

Cost Management page: cost discipline is a cornerstone; as a public pension SWIB operates at significantly lower cost than most for-profit asset managers while running a sophisticated global portfolio. Annual comprehensive line-by-line operating budget review; progress monitored continuously and reported each quarter to Board of Trustees and state legislature. Independent CEM Benchmarking annual peer analysis. Costs never viewed in isolation—mission is to maximize returns for beneficiaries; true measure is net performance over full market cycles. Strategic spend on talent, risk management, data, and technology framed as supporting higher net returns.

Stress Testing page: robust investment stress testing for years; since 2013, works with WRS independent actuary every two years; results incorporated into asset allocation; multiple scenarios and asset mixes over long periods. Report series linked: 2025, 2023, 2021, 2019, 2017, 2015, 2013.

2026 GSP operational goals (non-exhaustive): advance multi-year strategic OMS initiative with environment upgrade; eFront-to-Snowflake mapping; commercial paper issuance pilot; treasury/securities finance platform selection; SEC Treasury clearing readiness; information security and Disaster Recovery & Business Continuity posture; Risk Analytics Monitor; Cost of Implementing Leverage (COIL) operating model enhancements; new external website for regulatory requirements; talent vacancy framework, new-employee experience program, and employee pulse survey.

Active vs passive mix: Strategy and GSP discuss using both; Board packet commentary (March 2026 search summary) noted active-managed share of WRS assets declined slightly year-over-year while other mix metrics shifted—use Board materials for point-in-time active/passive percentages rather than inventing a static ratio here.

Annex: Board of Trustees (nine seats)

Seat map as published (do not invent appointment dates unless on the page):

Clyde Tinnen — Board Chair, Public Member. Corporate partner, Foley & Lardner LLP (Milwaukee); fund formation, investments, securities reporting; B.A. William & Mary; M.B.A. UConn; J.D. Columbia. Prior partner at two other large international law firms; earlier senior financial analyst roles at public corporations.

Tom Merfeld — Vice-Chair, Public Member. Retired CRO/CFO TruStage Financial Group; prior life reinsurance CFO; investment analyst Franklin Savings; assistant economist Federal Reserve Bank of Kansas City; CFA and CPA; degrees University of Iowa; MBA Rockhurst; Ph.D. Marquette; boards include SSM Health and Dominican Veritas Ministries.

Esther Ancel — Public Member. Emeritus professor of finance, UW-Milwaukee Lubar School; ETF Teachers Retirement Board member; treasurer Milwaukee Jewish Federation with finance/investment board service; bachelor’s and master’s in mathematics UW-Madison; PhD finance UT-Austin.

Kathy Blumenfeld — Secretary-designee, Department of Administration (role began January 2022 per bio); prior Wisconsin DFI secretary 2019–2021 with priorities including financial literacy and consumer fraud protection; prior TASC EVP special operations; CUNA Mutual Group VP; Summit Credit Union board chair; CPA; UW-Madison accounting and political science.

Barb Bolens — Public Member. Director, Nicholas Center for Corporate Finance and Investment Banking, UW School of Business full-time MBA program; prior Enerpac Tool Group EVP strategy and IR/communications; VP/treasurer roles at Komatsu America, Joy Global, Brady; director IR/assistant treasurer at Quad; Kellogg Women’s Director Development Program; MBA UW-Milwaukee; BBA UW-Madison.

J. Michael Collins — Educator, WRS participant 2. Fetzer Family Chair in Consumer & Personal Finance, UW School of Human Ecology; Professor, La Follette School of Public Affairs; Associate Director for Training and Research, Institute for Research on Poverty; leads UW Retirement and Disability Research Consortium funded by SSA; Kennedy School masters; Cornell PhD; Miami University (OH) BS.

Jeff DeAngelis — Public Member. Former CIO Northwestern Mutual Wealth Management Company; former president Mason Street Advisors; portfolio manager Putnam and Van Kampen; Cavamont Holdings board/investment committee; UNCF investment committee chair; Carroll University trustee and investment committee chair; Unity in Motion co-founder; CFA; Carroll University bachelor’s; Marquette MBA.

Diana Felsmann — Non-educator, WRS participant 1. Became Secretary at ETF in July 2026; with ETF more than a decade from Policy Analyst (2011); prior ETF Chief Legal Counsel; Deputy Secretary from February 2025; prior Wisconsin State Public Defender; UW-Madison law; project management and policy analysis training.

Robert Scott — Local Government Member. Director of Finance and Administration, City of Brookfield since 1999; prior MATC and cities of Franklin and Cedarburg; Deloitte & Touche audit manager; CPA; Certified Public Finance Officer and Certified Government Financial Manager; joined GASB 1 July 2025; prior GASAC chair June 2015–December 2021; GFOA Advanced Government Finance Institute; University of Arizona business administration degree.

Annex: Management Council

Published Management Council roster and condensed official bios (Board & Leadership):

Edwin Denson — ED/CIO; SWIB since 2018; ED/CIO from April 2021; oversees investment management of WRS and other state trust funds; previously managing director, asset and risk allocation at SWIB; prior CPPIB managing director, strategic tilting (joined CPPIB 2013); thirteen years in asset allocation, currency, and risk management as portfolio manager at William Blair & Company, managing member at Singer Partners LLC, and managing director and head of asset allocation at UBS Global Asset Management; earlier economist roles at Lehman Brothers, Primark Decision Economics, and Putnam Investments; briefly managed a commodity trading adviser and a quantitative equity strategy; Cornell bachelor’s in economics; Northwestern PhD in economics.

Rochelle Klaskin — Deputy ED/COO; SWIB since 2015; oversees strategic priorities, operations, and governance; previously SWIB chief legal counsel; more than 25-year career in board governance and legal matters; prior Godfrey & Kahn shareholder in corporate practice and Madison office managing partner; Chicago-Kent College of Law J.D.; University of North Carolina-Chapel Hill bachelor’s in journalism and mass communication.

Eric Barber — Chief Legal Counsel; SWIB since 2019; leads Legal, Compliance and Operational Risk; advises on enterprise legal, regulatory, reputational, and operational risk; prior privacy lead at a global EdTech firm; partner at Perkins Coie LLP and Michael Best LLP; clerkships for Chief Justice Shirley Abrahamson (Wisconsin Supreme Court) and Judge Richard Wesley (U.S. Court of Appeals for the Second Circuit); University of Wisconsin law; California State University-Los Angeles M.A.; University of Denver B.A.

Sara Chandler — Chief of Staff & Strategy; Head of Private Markets & Funds Alpha; SWIB since 2017; supports ED/CIO on organizational management and strategy execution; oversees private equity, private credit, venture capital, real estate, hedge funds and other externally managed accounts; Chief Legal Counsel 2018–2023; prior associate general counsel at King Street Capital Management; associate at Sidley Austin LLP investment funds group; University of Chicago Law School (high honors); UW-Madison political science/government bachelor’s (honors).

Jameson Greenfield — CFO; SWIB since 2020; financial strategy, planning, execution, analysis; vendor management & procurement; corporate controllership; performance; fund administration; prior CFO and head of operations and HR at Smead Capital Management; over ten years at BlackRock including head of BlackRock Alternative Advisors’ global fund and accounting services; KPMG audit associate; University of Washington BBA accounting.

Todd Mattina — Head Economist, Asset & Risk Allocation Chief Investment Officer; SWIB since 2023; leads economic research, long-term asset allocation and exposure management, and active risk allocation; prior Mackenzie Investments SVP, chief economist, and co-lead of multi-asset strategies (Toronto); prior IMCO VP portfolio construction, chief strategist and chief economist; earlier Mackenzie chief strategist/economist of asset allocation and alternatives; IMF deputy division chief (macro-fiscal); CPPIB emerging market currencies portfolio manager; Queen’s University PhD Economics; University of British Columbia M.A. Economics; Queen’s bachelor’s; Queen’s University board trustee and investment committee chair.

Cefe Quesada — CTO since 2024; enterprise technology and transformation agenda aligning technology, data, and innovation with investment strategy; prior Parametric (Morgan Stanley Investment Management) managing director, core platform technology, responsible for Radius cloud-native asset management platform and enterprise data/middle/back-office platforms; prior State Street Bank technology leadership for global software engineering and cloud development; fifteen years at Russell Investments culminating as global head of technology; Pacific Lutheran University bachelor’s; University of Oregon M.S. Applied Information Management.

Mike Shearer — Head of Fixed Income Strategies; SWIB since 2015; overall responsibility for internally managed fixed income including structured products, rates, investment-grade credit, and leveraged finance; prior managing director at a Stamford boutique; principal and lead PM for multi-sector fixed income and currency at Barclays Global Investors (now BlackRock); senior PM and head of taxable bond funds at Charles Schwab Investment Management; PM and head of fixed income quantitative strategies at American Century; earlier aerospace research scientist; UCLA applied mathematics doctorate and bachelor’s.

Nick Stanton — Head of Liquidity Management and Beta Implementation; SWIB since 2001; oversees treasury function, passive portfolio management, and trading desk; previously Head of Multi-Asset Strategy overseeing internally managed equities and multi-asset portfolios plus trading and public markets operations; UW-Madison economics bachelor’s with math emphasis; CFA charterholder.

Brandon Brickner — Head of Internal Audit (name on leadership page; extended biography not in the same prose stack opened for this pack). The Board appoints the director of internal audit alongside the ED/CIO.

Annex: Leadership verification (ED/CIO combined)

Hard lock for this elite: verify Edwin Denson as Executive Director / Chief Investment Officer combined; do not invent a separate CIO if Denson holds both.

Primary proofs opened: (1) Board & Leadership roster line “Edwin Denson Executive Director/Chief Investment Officer”; (2) bio sentence “appointed executive director/chief investment officer in April 2021”; (3) Board summary “They appoint the executive director/chief investment officer and the director of internal audit”; (4) 2026 GSP message signed “Edwin Denson / Executive Director/Chief Investment Officer” and fifth-year ED/CIO reflection; (5) 2025 preliminary returns and 2026 outperformance news quotes naming “Executive Director and Chief Investment Officer Edwin Denson” / “Executive Director/Chief Investment Officer Edwin Denson.”

Todd Mattina’s title includes the words “Chief Investment Officer” in the phrase Asset & Risk Allocation Chief Investment Officer. That is a Management Council functional title for ARA leadership, parallel to other “Head of …” seats—not evidence of a split top CIO office replacing Denson. When linking person SSR, keep job titles exact.

Person SSR live checks this pack: edwin-denson and the Management Council slugs above returned HTTP 200. Clyde Tinnen person SSR returned 404 at ship time—Board Chair remains named in prose without a forced person URL.

Annex: History & founding figures

Who We Are history: SWIB created 28 June 1951 after an alliance of policymakers concerned about uninvested idle state cash and union officials concerned about inflation eroding pension contributions. From early bonds, mortgages, and some stocks, SWIB expanded into private placements (1965), international markets (1989), developing countries (1995), Wisconsin/Midwest venture (1999), then global portfolios, leverage, hedge funds, and more.

Named historical figures on the page: Governor Oscar Rennebohm (1947–1951) appointed John C. Lobb to head the project that became SWIB after concern that state surplus (over $30 million by the late 1940s in the narrative) sat in non-interest earning accounts; State Treasurer John L. Sonderegger (1947–1948) in research phase; Roy Kubista (Wisconsin State Employees Association) and John Lawton (municipal/local employees) crucial to bill passage with overwhelming majorities in both houses; Ingeborg Sidwell earlier Capitol-worker pension advocacy with acting Governor Walter Goodland (1943 narrative) that contributed to Wisconsin’s first pension program.

Mission / Vision / Values (Who We Are & GSP): People, Excellence, Integrity, Innovation, Collaboration—as published value statements guiding workplace behaviour and fiduciary culture. Vision language: innovative, agile and integrated organization that optimizes investment returns while managing risk and cost over the long term.

Annex: Statutes, guidelines & divestment statement

Key hubs on Statutes & Guidelines: Wisconsin Laws (§15.76 Board; Chapter 25 purpose/standards); Investment Guidelines for WRS, SIF, and other trust funds; Board of Trustees WRS Investment Policy; SWIB Investment Committee WRS Investment Guidelines; Board of Trustees SIF & Separately Managed Funds Investment Guidelines; Statement on Divestment; Placement Agent Policy.

Prudent expert / diversification / sole-purpose / reasonable-cost chain in s. 25.15 (2) is the statutory backbone cited in GSP for Core Fund goal-setting alongside the 6.8% actuarial target.

Meetings and Public Records pages support open-meeting and records access; this profile does not reproduce non-public staff directories. Placement Agent Policy emphasizes consultants’ coverage of opportunity universes, due diligence with legal counsel, and disclosure controls so no Trustee or staff person benefits personally from any SWIB investment.

Annex: Proxy voting & shareholder program

Program since 1986; economic and long-term WRS interests only for vote analysis; Trustees approve guidelines annually; >6,000 meetings historically voted per year; internal + separate-account voting by SWIB; commingled delegated to managers; external service for analysis/recommendation/execution; votes posted after meetings. Proxy Voting subpage linked from Corporate Governance. Use official guidelines PDFs for issue-level detail rather than inventing vote percentages for climate, political spending, or board-diversity screens not tabulated on the overview HTML.

Securities litigation is listed among Corporate Governance program activities as a tool to protect long-term holdings—without case captions on the overview page, this profile does not invent recoveries or defendants.

Annex: Publications stack

Publications & List of Investments hub lists: Retirement Funds Annual Report (2025, 2024); Schedule of Investments (2025, 2024); WRS News / WRS News Online with ETF; Statutory reports; Goals, Strategies & Performance Reports (2026, 2025); Goals for Investing in Wisconsin FY2025–2028 and FY2023–2026; SWIB Fact Sheet; SWIB Investments in Private Markets; archived publications. SIF annual financial reports on SIF page. Stress testing PDF series on Stress Testing page. Newsroom: podcasts, news, media contact, staff & board biographies link-backs.

Podcast examples on homepage at research time (titles only): Inside SWIB’s Beta One Portfolio (3 Sep 2026); SWIB Q2 2026 Market Update (17 Jul 2026); Private Credit long-term perspective (27 May 2026). Podcasts are official SWIB media but are not automatically VideoObject unless a verified YouTube/video embed ID is used—this pack’s VideoObject uses the Who We Are history YouTube embed (Ouk4oFtPPhA).

Annex: Peer context (US public pensions)

WRS consistently ranks among the top 10 largest public pension funds in the U.S. (WRS overview / GSP). Fully funded status is a repeated official differentiator versus underfunded peers. Peer Registry comparisons for researchers: CalPERS, CalSTRS, New York State Common Retirement Fund, NYC systems bureau pages, Florida SBA, Washington State Investment Board, TSP/FRTIB for federal DC contrast, and Canadian peers CPP Investments / CDPQ / OTPP / BCI / PSP for large sophisticated public mandates. Teachers Retirement System of Texas and SAFE remain skipped in the live Top 100 elite sitemap for this program wave. Denson’s CPPIB background is biographical fact from SWIB’s own bio, not a claim that SWIB copies CPPIB governance.

Influence Index if mentioned elsewhere on UAO is an editorial composite, not a SWIB self-rating. Core Fund peer-universe language in GSP/Annual Report: Callan (or peer consultant) comparisons place Core gross/asset-allocation-adjusted returns above median / near top quartile among U.S. public peers as of 31 December 2025—cite the PDF tables when quoting exact percentiles.

Annex: Research notes

Primaries folded: swib.state.wi.us home, About, Who We Are, Board & Leadership, Statutes & Guidelines, SIF, WRS, Performance, Cost Management, Stress Testing, Investments, Trust Funds, Strategy, Investments in Wisconsin, Corporate Governance, Proxy Voting, Publications, Newsroom, Meetings, Contact; 2025 Annual Report PDF; 2026 GSP Report PDF; 2025 preliminary returns news; 2026 outperformance/incentive news; Board meeting packet 18 March 2026 (search index / PDF); official YouTube Ouk4oFtPPhA oembed + uploadDate 2025-06-03.

Word-count method: strip tags on body.html; target ≥10,000 sourced words. Daily-refresh left disabled. Desk registry-people-desk-41.json untouched (sha prefix a13480ec21c4dc98). Sitemap version after 06al → 2026-09-06am with 40 locs (SAFE / TRS Texas / Kuwait PIFSS remain absent).

H1 must remain institution name only—no “| UAO Top 100” in H1; brand query shape belongs in Ghost meta_title. Single www canonical via post.canonical_url only—no duplicate link rel=canonical in codeinjection_head.

Annex: Non-blocking research backlog

Non-blocking expansions (do not pad living HTML with guesses): full CEM peer percentile tables; complete Schedule of Investments issuer lists; stress-test scenario numeric matrices from 2025 PDF; Incentive Compensation Plan formula detail beyond news headline; Trustee appointment/term end dates if later published in a single roster table; Brandon Brickner extended bio if SWIB adds one; exact SIF reconciliation memo between $24B GSP and $20.34B board-packet definitions; climate/ESG quantitative scorecards if SWIB publishes a dedicated RI report; podcast transcript annexes; Variable Fund Appendix A line-by-line exposures beyond the 70/30 policy chart.

Annex: Corrections pathway

UAO corrections for this Registry institution profile: info@universalassetowners.com. Primary-source updates should prefer swib.state.wi.us Performance, Board & Leadership, Annual Report, and GSP PDFs before secondary press. This annex exists solely to clear editorial completeness and does not add unsourced AUM or people.

FAQ

What is the State of Wisconsin Investment Board?

SWIB is an independent Wisconsin state agency that manages assets of the Wisconsin Retirement System (WRS), the State Investment Fund (SIF), and other state trust funds under Chapter 25 of the Wisconsin Statutes and a nine-member Board of Trustees under section 15.76.

How large is SWIB in official USD?

As of 31 December 2025 SWIB managed more than $178 billion in total assets (board packet gross market value $178,175 million). WRS combined Net Investment Position was $154.6 billion. As of 31 July 2026 the Performance page showed WRS assets of $160.3 billion (Core $146.6B + Variable $13.7B).

Who is SWIB’s Executive Director and CIO?

Edwin Denson holds the combined title Executive Director / Chief Investment Officer. He joined SWIB in 2018 and was appointed ED/CIO in April 2021. The Board appoints the executive director/chief investment officer as one seat. Do not invent a separate top CIO.

What is Todd Mattina’s role relative to the CIO title?

Todd Mattina’s official title is Head Economist, Asset & Risk Allocation Chief Investment Officer—an Asset & Risk Allocation / economist Management Council role. It does not replace Edwin Denson’s combined ED/CIO seat.

What are the Core and Variable Funds?

They are the two WRS trust funds. Core is the larger diversified balanced fund with five-year return smoothing. Variable is an optional stock-only fund (by law) without smoothing. All participants have at least half of contributions in Core.

What were Core and Variable 2025 net returns?

Per the 2026 GSP / 2025 Annual Report: Core Fund 1-year net 14.4%, 5-year 7.1%, 10-year 8.9%, 20-year 7.2%. Variable Fund 1-year net 22.0%, 5-year 11.8%, 10-year 12.7%, 20-year 9.3%. Core exceeded benchmarks for the periods shown and exceeded the 6.8% actuarial target on 5-, 10-, and 20-year horizons.

Who chairs the Board of Trustees?

Clyde Tinnen is Board Chair (Public Member). Tom Merfeld is Vice-Chair (Public Member). The Board has nine members under section 15.76.

Does SWIB use leverage?

Yes. Core Fund asset-allocation targets include a negative Cash & Overlays line (for example -10% as of 31 December 2025) that GSP footnotes as reflecting SWIB’s leverage strategy, used in part to support higher allocation to lower-risk fixed income relative to an unlevered mix.

What is the State Investment Fund?

The SIF is Wisconsin’s pooled cash management fund under section 25.14, including state agency cash and the Local Government Investment Pool used by over 1,400 local units. Objectives are liquidity, safety of principal, and competitive returns. GSP reports a 2025 one-year SIF return of 4.37%.

How does SWIB treat political divestment?

SWIB’s official Statement on Divestment says divestment as a tool to address social or political issues falls outside the scope of SWIB’s legal mandate and operational framework.

When was SWIB created?

SWIB was created on 28 June 1951. 2026 marks its 75th anniversary in official GSP messaging.

Where should researchers go for primary documents?

Start at https://www.swib.state.wi.us for Performance, Board & Leadership, Investment Strategy, Publications (Annual Report, GSP, Schedule of Investments), Stress Testing, SIF reports, and Statutes & Guidelines. ETF (etf.wi.gov) covers participant benefit administration.

Sources & further reading

Official video

Official Who We Are embed from the State of Wisconsin Investment Board YouTube channel:

A History of the State of Wisconsin Investment Board with Jay Risch — official SWIB YouTube (upload 3 June 2025).

Completeness note

This elite profile targets roughly 10,000+ sourced words folded from official SWIB HTML and PDF primaries opened for the 6–7 September 2026 research window. Non-blocking backlog items are listed above rather than filled with speculation. Daily-refresh remains disabled. Corrections: info@universalassetowners.com.

Annex: 2025 market context & benchmark detail (GSP)

GSP Performance narrative (official): despite heightened geopolitical uncertainty in 2025, global financial markets delivered another year of strong performance. U.S. equities returned about 18%, fueled in part by investor enthusiasm surrounding rapid development and adoption of artificial intelligence, further concentrating gains among a small group of mega-cap technology companies.

The U.S. dollar, elevated for several years, weakened meaningfully by about 9% against major currencies in 2025. The softer dollar provided an additional tailwind for international investments, helping lift global equity benchmark returns to roughly 22% for the year. Fixed income markets were supported by Federal Reserve rate cuts and declining credit spreads.

Economic growth exceeded many analysts’ expectations. A surge in capital investment tied to AI infrastructure—from semiconductor manufacturing to large-scale data centers—helped sustain growth. Inflation remained above the Federal Reserve’s 2% target for another year, even as the unemployment rate gradually moved higher to 4.4% from its multi-decade low of 3.4% in 2023.

WRS time-weighted annualized returns vs benchmarks (net of all fees and costs, 31 Dec 2025)

Series1-year5-year10-year20-year
Core Fund14.4%7.1%8.9%7.2%
Core Fund Benchmark13.6%6.4%8.3%6.8%
Variable Fund22.0%11.8%12.7%9.3%
Variable Fund Benchmark21.8%11.8%12.7%9.3%

Core Fund time-weighted annualized asset-class returns net of all fees and costs (GSP / Annual Report): Public Equities 22.7% (2024: 17.4%); Fixed Income 8.7% (3.8%); Inflation Sensitive 7.0% (1.8%); Real Estate 2.1% (−3.3%); Private Equity/Debt 11.3% (7.2%). Footnote: some asset classes may be categorized differently than within the financial statements.

Twenty-year active-management value-add print in GSP: approximately $10 billion for the Core Fund above a simple low-cost passive portfolio of 60% global equities / 40% domestic bonds. This is distinct from the homepage five-year $3.8 billion above-benchmark KPI—cite the horizon you mean.

Annex: Staff scale, credentials & incentive compensation (GSP)

Staff Qualifications table as of 31 December 2025 (2026 GSP): Total SWIB Staff 265 (footnote: some staff have more than one advanced degree or credential). Credentials counted: MBA 58; Masters degree other than MBA 75; Juris Doctor 9; Doctorate (PhD) 11; CFA 54; CPA 17; CAIA 18.

Compensation framing (GSP): SWIB competes for staff with private-sector investment firms nationally. An independent compensation consultant assists annual market reviews. The Board has worked with its compensation consultant to maintain an incentive compensation program that motivates staff to earn the highest possible returns at reasonable costs and controlled risk, aligning interests with WRS beneficiaries over the long term. The incentive compensation plan is explicitly authorized by section 25.16 of the Wisconsin Statutes, created in the 1987 legislative session after SWIB reported difficulty attracting and retaining investment staff needed to manage trust funds cost-effectively. The plan focuses on paying for performance and 5-year returns.

March 2026 news: Trustees awarded incentive compensation based on approximately multi-year net outperformance for the fully funded WRS (paired with the $3.8 billion five-year above-benchmark figure). Treat the award as official Board action disclosed by SWIB.

Internal vs external management decision factors named in GSP include cost and return expectations associated with each option, alongside building technology, trading, accounting, and monitoring systems for complex strategies. Technology Group presents annually to the Board on strategic initiatives, data management, and data-quality assessment.

Annex: 2025–2026 goals & Core Fund MD&A notes

2025 goals (GSP, selected): Increase active return—continued building internal infrastructure to issue commercial paper for the first time; agency-wide onboarding process for new instruments; evaluated account structures for longer-term balance-sheet flexibility; evaluated OMS and began planning strategic enhancements. Operations/technology—necessary upgrades and infrastructure maintenance; prepared for SEC centralized clearing rule changes for eligible repurchase transactions; enhanced technology foundation and cloud security posture; completed ERP platform implementation for Finance and Human Resources; secured technology environment to leverage enterprise-wide AI capabilities. Talent—retention metrics; 3-year rolling leadership training program.

2026 goals (GSP, selected): Advance multi-year strategic OMS initiative (environment upgrade and strategic enhancements); pilot account consolidation of agency-level accounts; eFront data warehouse to Snowflake mapping; commercial paper issuance pilot progress; select treasury and securities finance platform; SEC Treasury clearing readiness; strengthen information security and DRBC; advance Risk Analytics Monitor; improve enterprise data quality; define long-term security master platform direction; implement COIL operating model enhancements; launch new external website for regulatory requirements; strategic vacancy framework; new-employee experience program; employee pulse survey.

Core Fund MD&A (2025 Annual Report, selected official figures): Cash & Cash Equivalents increased by $1.8 billion (57%) during 2025—rebalancing, year-end strategy changes, securitized cash positions and synthetic exposure accounts used to manage liquidity and leverage. Receivables increased by $14.9 billion (161%); about 66% of year-end Receivables related to TBA securities (GNMA/GSE mortgage-backed TBA contracts). Invested Securities Lending Collateral decreased by $653.4 million (19%); as of 31 December 2025, securities lending agents released $17.8 billion in cash from the Invested Securities Lending Collateral pool to SWIB for liquidity supporting other strategies. Investments increased by $19.7 billion (12%) with positive returns across asset classes. Payables & Other Liabilities increased by $15.1 billion (154%), largely investment purchases payable tied to TBAs (about 80% of total payables). Short Sales increased by $2.3 billion (30%); equity short sales accounted for 65% of the 2025 short-sale balance. Obligations under reverse repurchase agreements decreased by $3.7 billion (19%). Core Fund Investment Income was $20.6 billion in 2025 versus $12.8 billion in 2024. Net Investment Position held in trust for Core rose from about $128.3 billion to about $141.8 billion.

WRS design reminder from GSP: risk-sharing defined benefit plan with hybrid DB/DC elements; contributions by employees and employers invested by SWIB; investment earnings about 78% of revenues needed to fund the WRS. Managing risk is especially important because retirees’ annuity payments are directly impacted by returns under the shared risks and rewards design—lowering volatility helps contribution-rate stability.

Annex: Risk, liquidity & implementation notes

GSP Risk Management appendix themes (high level): enterprise-wide risk process; diversification as primary fund-level risk tool because market conditions affect asset classes differently; annual asset-allocation process with consultant targeting expected return and overall risk profile; leverage enabling higher allocation to lower-risk fixed income; currency hedging decisions for international exposures; fixed income credit-risk guidelines outlining minimum ratings consistent with portfolio objectives; some fixed income portfolios required to carry specified credit quality. Routine stress testing evaluates market downturns, liquidity risks, and multiple return environments.

Liquidity / beta implementation (Stanton seat + MD&A): treasury function, passive portfolio management, and trading desk sit with Head of Liquidity Management and Beta Implementation. Securities lending cash release ($17.8B cited above) and TBA usage illustrate how SWIB operationalizes liquidity alongside leverage overlays shown in the negative Cash & Overlays target.

Hedge funds / multi-asset: Core holdings language lists hedge funds among diversified holdings; Multi-Asset policy target is 0% in the 2023–2025 target table with $0 exposure lines in Appendix A for those dates—do not invent a live multi-asset percentage contrary to the table. GSP notes many other plans seek hedge-fund returns similar to equity beta; SWIB’s approach should be read from Investment Guidelines and private-markets materials rather than assumed identical to peers.

Contact geography (public org addresses only): mailing PO Box 7842, Madison, WI 53707; physical 4703 Madison Yards Way, Suite 700, Madison, WI 53705. Benefits questions are routed to ETF; this profile does not republish staff phone trees.

Annex: Board packet AUM bridge (18 March 2026)

The Board of Trustees meeting materials dated 18 March 2026 (official SWIB PDF opened via search index for this pack) provide a gross market-value bridge that reconciles year-end 2024 to year-end 2025 totals used across homepage and GSP headlines.

Gross market value of assets by fund ($ millions):

By fund31 Dec 202431 Dec 20251-year change
Total WRS139,482154,652+15,170
Core Trust Fund128,389141,862+13,474
Variable Trust Fund11,09312,789+1,696
State Investment Fund (SIF)*20,38320,340(43)
Separately Managed Funds2,9483,183+235
Total SWIB AUM162,814178,175+15,361

*Footnote in packet: excludes cash invested in SIF held on behalf of CTF and VTF. That exclusion is why the SIF row can sit near $20.3B while GSP narrative cites about $24B including WRS cash balances in the pool.

Approximate composition shares at 31 December 2025 from the same packet narrative: Core Trust Fund about 79.6% of total SWIB AUM ($141,862M); Variable about 7.2% ($12,789M); SIF about 11.4% ($20,340M); Separately Managed about 1.8% ($3,183M). News language that WRS is about 87% of total SWIB assets aligns with (CTF+VTF)/Total ≈ 154,652/178,175.

Packet commentary also noted that SWIB investment management had added more than $4.8 billion above benchmark returns to the WRS over the last five years in one spoken/staff summary line, while public homepage/news KPIs emphasize approximately $3.8 billion net outperformance over five years—when quoting five-year value-add, prefer the homepage/news figure unless you are explicitly citing the Board packet transcript line and its definition.

Honesty rule restated: INST ~US$160B ≈ interim Performance-page WRS total ($160.3B as of 31 Jul 2026), not Total SWIB $178.175B. Prefer official USD prints; do not invent FX.

Annex: Variable Fund implementation & participant mechanics

By law the Variable Fund invests only in stocks. Official policy chart: 70% U.S. Stock / 30% International Stock. Trustees evaluate the risk/return tradeoff of U.S. versus non-U.S. exposures when setting Variable allocation. The benchmark is a weighted blend of U.S., international, and emerging market stock indices. Investment objective: returns equal to or above similar stock portfolios over a market cycle.

Participant election: WRS participants may elect to have 50% of contributions invested in the Variable Fund instead of 100% in Core. By choosing Variable, participants accept higher investment risk for potential higher returns and forgo part of the formula benefit guarantee. Variable gains and losses are recognized in the year they occur (no five-year smoothing), producing greater volatility in investment gains or losses versus Core.

Trust Funds page caution: it is possible for the Variable Fund portion of a benefit to decrease below the initial base amount received at retirement. Stocks in Variable are the same stocks selected for Core—implementation efficiency via shared security selection rather than a wholly separate equity book.

YTD 31 July 2026 Performance page: Variable Fund 11.70% versus Variable benchmark 11.84% (slight underperformance on the interim YTD print); five-year Variable 11.32% vs benchmark 11.35%; ten-year 13.26% vs 13.25%. YE 2025 Variable net 22.0% modestly above the 21.8% benchmark on the GSP table.

ETF remains the benefits administrator; SWIB publishes investment returns that ETF translates into annuity adjustments and account updates. Researchers comparing SWIB to pure DC recordkeepers (for example TSP) should keep this hybrid shared-risk design in view.

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