A Top Pension Sold Bank of America, Wells Fargo, and Exxon Stock. Here’s What It Bought.

The State of Wisconsin Investment Board made some big changes in some of its largest stock investments in the third quarter.

SWIB, as the board is known, manages $128 billion of state trust funds, 91% of which falls under the Wisconsin Retirement System, one of the few fully funded state pensions. In fact, a study by the Pew Charitable Trusts, using 2018 data, found that Wisconsin’s pension had a 96.5% funded ratio, meaning the pension was 3.5 cents short for every dollar in obligations it had. Only three main state pensions...