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 | |
|---|---|---|---|---|---|---|
101
Spotify
SPOT
$101B
| $260M | 0.15% |
448,040
-8,960
| -2% | -$5.6M |
|
102
Mercado Libre
MELI
$92.7B
| $252M | 0.15% |
125,030
-6,470
| -5% | -$13.6M |
|
|
MRSH
103
Marsh
MRSH
$90.1B
| $250M | 0.15% |
1,348,300
-72,000
| -5% | -$13.5M |
|
104
Duke Energy
DUK
$96.3B
| $250M | 0.15% |
2,130,941
-109,600
| -5% | -$13.4M |
|
105
Waste Management
WM
$90.5B
| $243M | 0.14% |
1,104,000
-56,000
| -5% | -$11.9M |
|
106
Synopsys
SNPS
$79B
| $239M | 0.14% |
508,975
-25,400
| -5% | -$11.3M |
|
107
Trane Technologies
TT
$105B
| $237M | 0.14% |
609,743
-33,060
| -5% | -$13.7M |
|
108
DoorDash
DASH
$92.1B
| $237M | 0.14% |
1,047,480
+13,180
| +1% | +$3.09M |
|
109
3M
MMM
$94.8B
| $234M | 0.14% |
1,459,639
-91,700
| -6% | -$15M |
|
110
Cadence Design Systems
CDNS
$89B
| $233M | 0.14% |
746,660
-40,440
| -5% | -$13.2M |
|
111
CRH
CRH
$65.2B
| $230M | 0.14% |
1,842,460
-106,100
| -5% | -$12.6M |
|
112
Agnico Eagle Mines
AEM
$93.8B
| $226M | 0.13% |
1,332,758
-115,100
| -8% | -$19.3M |
|
113
American Tower
AMT
$79.4B
| $225M | 0.13% |
1,283,100
-66,400
| -5% | -$12.1M |
|
114
Regeneron Pharmaceuticals
REGN
$82.2B
| $220M | 0.13% |
285,460
-20,540
| -7% | -$13.9M |
|
115
Elevance Health
ELV
$86.6B
| $216M | 0.13% |
617,060
-34,240
| -5% | -$11.6M |
|
116
Howmet Aerospace
HWM
$112B
| $215M | 0.13% |
1,049,384
-56,100
| -5% | -$11.2M |
|
117
Johnson Controls International
JCI
$92.6B
| $215M | 0.13% |
1,793,381
-103,600
| -5% | -$11.9M |
|
118
Northrop Grumman
NOC
$82B
| $212M | 0.13% |
372,645
-21,500
| -5% | -$12.5M |
|
119
General Motors
GM
$76.1B
| $212M | 0.13% |
2,609,100
-162,300
| -6% | -$11.4M |
|
120
O'Reilly Automotive
ORLY
$74.5B
| $212M | 0.13% |
2,325,100
-139,100
| -6% | -$13.6M |
|
121
General Dynamics
GD
$107B
| $211M | 0.13% |
626,506
-31,140
| -5% | -$10.6M |
|
122
Sherwin-Williams
SHW
$87.4B
| $210M | 0.13% |
648,880
-37,320
| -5% | -$12.5M |
|
123
HCA Healthcare
HCA
$89.8B
| $210M | 0.12% |
448,840
-71,260
| -14% | -$33.1M |
|
124
Nike
NKE
$60.1B
| $208M | 0.12% |
3,259,100
-136,900
| -4% | -$8.92M |
|
125
Equinix
EQIX
$105B
| $205M | 0.12% |
268,203
-13,800
| -5% | -$10.8M |
|
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.