With approximately $117 billion in assets under management, the State of Wisconsin Investment Board (SWIB) is among the world’s largest institutional investors. Using a range of investment strategies across a spectrum of fixed income, equity, and private market asset classes, SWIB’s Core Fund has commonly beaten its benchmarks in the one, five, and ten year time horizons with a combination of internal portfolio management and allocation of assets to external managers. SWIB has an “analyst-centric” organizational structure and culture with an attractive career path for analysts. Analysts work on small, collaborative portfolio teams, and make significant individual contributions to their team’s investment decision process. SWIB’s incentive compensation plan rewards analysts based largely on the investment performance of their portfolio team.