Swiss National Bank Portfolio holdings
The Swiss National Bank (SNB), founded in 1907 and headquartered in Zurich with an office in Bern, is Switzerland’s central bank, responsible for conducting monetary policy, issuing the Swiss franc, and ensuring price stability, while uniquely managing a massive investment portfolio. Unlike most central banks, the SNB is a joint-stock company with shares traded on the SIX Swiss Exchange, owned roughly 55% by public entities like cantons and 45% by private investors, yet it operates independently under federal oversight. It holds over $800 billion in foreign currency reserves as of late 2024—invested in global equities, bonds, and gold—to manage the franc’s value, famously intervening in markets to prevent excessive appreciation, as seen with the 2015 abandonment of the euro peg. Led by Chairman Thomas Jordan until his planned exit in September 2024, the SNB balances its dual role as a monetary authority and a significant global investor, influencing both Swiss and international financial stability.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
B
Barrick Mining
B
|
+$169M |
| 2 |
AMRZ
Amrize Ltd
AMRZ
|
+$69.6M |
| 3 |
NBIS
Nebius Group N.V.
NBIS
|
+$60M |
| 4 |
Q
Qnity Electronics Inc
Q
|
+$48.7M |
| 5 |
CRWV
CoreWeave
CRWV
|
+$47.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$697M |
| 2 |
Apple
AAPL
|
+$641M |
| 3 |
Microsoft
MSFT
|
+$503M |
| 4 |
Amazon
AMZN
|
+$284M |
| 5 |
Tesla
TSLA
|
+$271M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 35.64% |
| 2 | Consumer Discretionary | 11.52% |
| 3 | Communication Services | 11.09% |
| 4 | Healthcare | 10.44% |
| 5 | Industrials | 8.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
426
Packaging Corp of America
PKG
$22.8B
| $50.9M | 0.03% |
246,600
-12,700
| -5% | -$2.58M |
|
427
Charter Communications
CHTR
$18.7B
| $50.8M | 0.03% |
243,336
-12,680
| -5% | -$2.85M |
|
428
RB Global
RBA
$16B
| $50.8M | 0.03% |
492,043
-40,900
| -8% | -$4.15M |
|
429
Burlington
BURL
$22.4B
| $49.9M | 0.03% |
172,720
-9,180
| -5% | -$2.49M |
|
430
Snap-on
SNA
$21.1B
| $49.2M | 0.03% |
142,900
-7,900
| -5% | -$2.7M |
|
431
CDW
CDW
$17.8B
| $48.9M | 0.03% |
358,900
-20,600
| -5% | -$3.04M |
|
432
Zimmer Biomet
ZBH
$18.7B
| $48.8M | 0.03% |
542,900
-27,300
| -5% | -$2.59M |
|
433
Rocket Companies
RKT
$42.6B
| $48.7M | 0.03% |
+2,515,500
| New | +$45M |
|
|
NBIS
434
Nebius Group N.V.
NBIS
$69.3B
| $48.5M | 0.03% |
+579,090
| New | +$60M |
|
435
CGI
GIB
$15.3B
| $48.1M | 0.03% |
519,400
-54,300
| -9% | -$4.84M |
|
436
Rollins
ROL
$17.4B
| $47.8M | 0.03% |
796,800
-41,400
| -5% | -$2.43M |
|
437
International Flavors & Fragrances
IFF
$21.4B
| $47.3M | 0.03% |
702,399
-34,900
| -5% | -$2.26M |
|
438
McCormick & Company Non-Voting
MKC
$14.6B
| $47.3M | 0.03% |
693,900
-35,500
| -5% | -$2.36M |
|
439
GoDaddy
GDDY
$12.7B
| $47.1M | 0.03% |
379,400
-31,300
| -8% | -$4.05M |
|
440
Genuine Parts
GPC
$18.7B
| $46.9M | 0.03% |
381,100
-19,000
| -5% | -$2.46M |
|
|
Q
441
Qnity Electronics Inc
Q
$29.8B
| $46.8M | 0.03% |
+573,486
| New | +$48.7M |
|
442
Weyerhaeuser
WY
$17.9B
| $46.8M | 0.03% |
1,976,533
-113,900
| -5% | -$2.63M |
|
443
Pentair
PNR
$10.5B
| $46.7M | 0.03% |
448,387
-25,900
| -5% | -$2.77M |
|
444
Elbit Systems
ESLT
$36.5B
| $46.4M | 0.03% |
80,425
-3,734
| -4% | -$1.87M |
|
445
Trade Desk
TTD
$6.84B
| $46.3M | 0.03% |
1,221,000
-66,400
| -5% | -$2.94M |
|
446
Essex Property Trust
ESS
$18.1B
| $46.2M | 0.03% |
176,472
-9,080
| -5% | -$2.35M |
|
447
DuPont de Nemours
DD
$19.5B
| $46.1M | 0.03% |
382,458
-578,619
| -60% | -$65.1M |
|
448
Texas Pacific Land
TPL
$23.9B
| $46.1M | 0.03% |
160,533
-8,520
| -5% | -$2.6M |
|
449
Tyson Foods
TSN
$19.8B
| $45.9M | 0.03% |
782,800
-42,000
| -5% | -$2.31M |
|
450
Alliant Energy
LNT
$18.2B
| $45.8M | 0.03% |
704,200
-36,300
| -5% | -$2.43M |
|
Similar funds
Swiss National Bank's Q4 2025 Portfolio in Review
As of Q4 2025, Swiss National Bank held 2,386 positions worth $168B, down 2.5% from $172B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
Swiss National Bank withdrew a net $7.75B in Q4 2025, closing 75 positions and reducing 690 holdings. Its most notable exit was Kellanova, an estimated $76.6M position sold in full.
By sector, the portfolio is most concentrated in Technology at 36% of assets, down from 36% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Swiss National Bank opened a new position in Barrick Mining worth $197M.
- Swiss National Bank's largest Q4 2025 buy was Barrick Mining: 4,513,129 shares worth $197M.
- Swiss National Bank added most to Insmed in Q4 2025, an estimated $37.9M increase.
- Swiss National Bank's biggest Q4 2025 reduction was NVIDIA, cutting an estimated $697M.
- Swiss National Bank fully exited Kellanova in Q4 2025, selling an estimated $76.6M.
- Swiss National Bank's ten largest holdings make up 37% of its $168B portfolio in Q4 2025.
- Swiss National Bank opened 71 new positions and closed 75 in Q4 2025.
- Swiss National Bank's portfolio value fell 2.5% quarter-over-quarter to $168B.
Based on Swiss National Bank's 13F filing for Q4 2025, filed 12 Feb 2026.