By Mackenzie Tatananni

The state of Wyoming initiated a position in two European banks during the second quarter and made changes to its holdings in the broad healthcare sector.

A Form 13-F filed with the U.S. Securities and Exchange Commission on Aug. 19 shows the 44th state initiated a position in Barclays and Banco Santander during the second quarter. Wyoming owned 6,371 Barclays shares and 15,638 Banco Santander shares as of June 30.

Since then, American depository receipts of Barclays have gained 7.8%, outpacing a 4.8% gain for the benchmark S&P 500 index but performing in line with a 7.9% gain for the KBW Nasdaq Bank Index. Banco Santander, meanwhile, is up nearly 17%.

The so-called Cowboy State also made some moves in the broader healthcare sector. Wyoming exited Gilead Sciences through the sale of 842 shares after steadily decreasing its holdings over the past few quarters. Gilead has risen 1.5% since the end of the second quarter, in part due to solid earnings posted at the start of August.

Wyoming more than doubled down on its CVS Health stake, increasing its holdings by 271% to 15,898 shares. The stock has gained 4.5% since June 30, in line with the broader market. While other healthcare stocks such as UnitedHealth Group have been challenged lately, CVS Health has become an unsung success story. The company crushed second-quarter earnings forecasts at the end of July, and analysts have pointed to strength in its healthcare benefits segment.

The Wyoming State Treasurer's Office didn't respond to a request for comment regarding the latest portfolio adjustments.

Wyoming's total holdings were valued at more than $818 million for the quarter. Notable names in the portfolio include Nvidia, with 76,299 shares valued at $12.1 million as of the time of the filing. The shares are worth some $13.3 million today.

One of the state's biggest holdings is the SPDR S&P 500 ETF Trust. As of the end of the second quarter, Wyoming owned 270,275 units valued at $167 million. A considerable chunk of the state's holdings is distributed across various ETFs.

The fund is managed by the state Treasurer's office and is separate from the Wyoming Retirement System, which is overseen by its own board of trustees. The Treasurer's office says on its website that it invests around $32 billion for the state of Wyoming.

Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members -- so-called insiders -- as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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September 05, 2025 21:30 ET (01:30 GMT)

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