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 |
Visa
V
|
+$53.6M |
| 2 |
Strategy Inc
MSTR
|
+$39M |
| 3 |
International Paper
IP
|
+$25.9M |
| 4 |
DoorDash
DASH
|
+$22.6M |
| 5 |
United Airlines
UAL
|
+$21.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Chevron
CVX
|
+$712M |
| 2 |
Apple
AAPL
|
+$125M |
| 3 |
Interactive Brokers
IBKR
|
+$38.1M |
| 4 |
NVIDIA
NVDA
|
+$28.5M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$27.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.44% |
| 2 | Healthcare | 11.83% |
| 3 | Consumer Discretionary | 11.73% |
| 4 | Communication Services | 9.55% |
| 5 | Industrials | 9.1% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1001
Sabra Healthcare REIT
SBRA
$5.15B
| $8.01M | 0.01% |
458,441
-2,300
| -0.5% | -$38.8K |
|
1002
Southwest Gas
SWX
$6.68B
| $7.98M | 0.01% |
111,200
-1,600
| -1% | -$118K |
|
1003
Five Below
FIVE
$13.2B
| $7.98M | 0.01% |
106,559
-1,600
| -1% | -$141K |
|
1004
Moelis & Co
MC
$4.91B
| $7.98M | 0.01% |
136,800
-1,600
| -1% | -$113K |
|
1005
Exponent
EXPO
$3.22B
| $7.98M | 0.01% |
98,400
-1,400
| -1% | -$122K |
|
1006
Maximus
MMS
$2.94B
| $7.97M | 0.01% |
116,807
-1,500
| -1% | -$107K |
|
1007
Sanmina
SANM
$11.2B
| $7.96M | 0.01% |
104,500
-3,000
| -3% | -$244K |
|
1008
ESCO Technologies
ESE
$7.78B
| $7.96M | 0.01% |
50,000
-700
| -1% | -$105K |
|
|
VRN
1009
DELISTED
Veren
VRN
| $7.94M | 0.01% |
1,200,000
-20,200
| -2% | -$112K |
|
1010
Installed Building Products
IBP
$6.46B
| $7.94M | 0.01% |
46,333
-900
| -2% | -$162K |
|
1011
The GEO Group
GEO
$4.14B
| $7.91M | 0.01% |
270,900
-3,700
| -1% | -$106K |
|
1012
Boyd Gaming
BYD
$6.03B
| $7.89M | 0.01% |
119,900
-15,400
| -11% | -$1.13M |
|
1013
Ormat Technologies
ORA
$6.97B
| $7.88M | 0.01% |
111,334
+4,300
| +4% | +$291K |
|
1014
Cleveland-Cliffs
CLF
$6.99B
| $7.87M | 0.01% |
956,961
-12,200
| -1% | -$124K |
|
1015
Insight Enterprises
NSIT
$4.54B
| $7.84M | 0.01% |
52,300
-2,200
| -4% | -$354K |
|
|
ESGR
1016
DELISTED
Enstar Group
ESGR
| $7.84M | 0.01% |
23,600
-300
| -1% | -$98.9K |
|
1017
Belden
BDC
$5.39B
| $7.84M | 0.01% |
78,200
-2,000
| -2% | -$222K |
|
1018
Bloom Energy
BE
$69.6B
| $7.84M | 0.01% |
398,600
-5,200
| -1% | -$124K |
|
|
SPR
1019
DELISTED
Spirit AeroSystems
SPR
| $7.83M | 0.01% |
227,200
-2,100
| -0.9% | -$71.7K |
|
1020
Cavco Industries
CVCO
$4.6B
| $7.74M | 0.01% |
14,900
+300
| +2% | +$151K |
|
1021
EPR Properties
EPR
$4.7B
| $7.72M | 0.01% |
146,788
-2,200
| -1% | -$108K |
|
1022
Mueller Water Products
MWA
$4.09B
| $7.71M | 0.01% |
303,300
-3,200
| -1% | -$80.3K |
|
1023
Kadant
KAI
$3.94B
| $7.68M | 0.01% |
22,800
-300
| -1% | -$109K |
|
1024
Integer Holdings
ITGR
$4.25B
| $7.67M | 0.01% |
65,000
-900
| -1% | -$118K |
|
1025
Rayonier
RYN
$6.47B
| $7.64M | 0.01% |
287,561
-19,095
| -6% | -$484K |
|
Similar funds
Swiss National Bank's Q1 2025 Portfolio in Review
As of Q1 2025, Swiss National Bank held 2,478 positions worth $142B, down 5.8% from $150B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q1 2025: portfolio turnover was 4.8%. Swiss National Bank opened 38 new positions and exited 81, leaving the 2,478-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 34% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q1 2025 buy was United Airlines: 231,900 shares worth $16M.
- Swiss National Bank added most to Visa in Q1 2025, an estimated $53.6M increase.
- Swiss National Bank's biggest Q1 2025 reduction was Apple, cutting an estimated $125M.
- Swiss National Bank fully exited Chevron in Q1 2025, selling an estimated $712M.
- Swiss National Bank's ten largest holdings make up 31% of its $142B portfolio in Q1 2025.
- Swiss National Bank opened 38 new positions and closed 81 in Q1 2025.
- Swiss National Bank's portfolio value fell 5.8% quarter-over-quarter to $142B.
Based on Swiss National Bank's 13F filing for Q1 2025, filed 12 May 2025.