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 | |
|---|---|---|---|---|---|---|
|
CSGS
1401
DELISTED
CSG Systems International
CSGS
| $4.61M | ﹤0.01% |
60,100
+3,900
| +7% | +$288K |
|
1402
Privia Health
PRVA
$2.75B
| $4.59M | ﹤0.01% |
193,600
+4,500
| +2% | +$110K |
|
1403
Freshworks
FRSH
$3.51B
| $4.59M | ﹤0.01% |
374,700
| – | – |
|
1404
Magnite
MGNI
$3.49B
| $4.56M | ﹤0.01% |
280,700
+8,100
| +3% | +$134K |
|
1405
ATS Corp
ATS
$2B
| $4.54M | ﹤0.01% |
164,400
+4,300
| +3% | +$115K |
|
1406
SiriusPoint
SPNT
$2.66B
| $4.53M | ﹤0.01% |
207,100
+3,700
| +2% | +$74.2K |
|
1407
BancFirst
BANF
$3.84B
| $4.53M | ﹤0.01% |
42,718
+900
| +2% | +$102K |
|
1408
Denali Therapeutics
DNLI
$3.97B
| $4.52M | ﹤0.01% |
273,800
+6,300
| +2% | +$106K |
|
1409
Diodes
DIOD
$4.93B
| $4.52M | ﹤0.01% |
91,600
+1,700
| +2% | +$86K |
|
1410
Chefs' Warehouse
CHEF
$4.53B
| $4.51M | ﹤0.01% |
72,400
+1,400
| +2% | +$84.2K |
|
1411
Kohl's
KSS
$2.19B
| $4.51M | ﹤0.01% |
221,000
+3,900
| +2% | +$73.1K |
|
1412
The GEO Group
GEO
$4.14B
| $4.5M | ﹤0.01% |
279,000
+6,000
| +2% | +$100K |
|
1413
Dentsply Sirona
XRAY
$2.27B
| $4.5M | ﹤0.01% |
393,300
+6,900
| +2% | +$81K |
|
1414
O-I Glass
OI
$1.04B
| $4.48M | ﹤0.01% |
303,724
+3,900
| +1% | +$51.6K |
|
|
CON
1415
Concentra Group Holdings
CON
$4.4B
| $4.48M | ﹤0.01% |
227,435
+3,800
| +2% | +$76K |
|
1416
Centuri Holdings
CTRI
$2.4B
| $4.46M | ﹤0.01% |
176,800
+22,700
| +15% | +$508K |
|
1417
Avis
CAR
$4.93B
| $4.45M | ﹤0.01% |
34,700
+600
| +2% | +$83.7K |
|
1418
Baytex Energy
BTE
$3.05B
| $4.44M | ﹤0.01% |
1,369,488
+30,000
| +2% | +$83.6K |
|
1419
St. Joe Company
JOE
$3.87B
| $4.41M | ﹤0.01% |
74,300
+900
| +1% | +$50.4K |
|
|
HI
1420
DELISTED
Hillenbrand
HI
| $4.41M | ﹤0.01% |
139,059
+2,400
| +2% | +$73.9K |
|
1421
Patterson-UTI
PTEN
$4.2B
| $4.41M | ﹤0.01% |
721,588
+10,600
| +1% | +$63.3K |
|
1422
HCI Group
HCI
$2.28B
| $4.41M | ﹤0.01% |
23,000
+4,000
| +21% | +$753K |
|
1423
Trustmark
TRMK
$2.79B
| $4.41M | ﹤0.01% |
113,100
+1,800
| +2% | +$70.1K |
|
1424
Freedom Holding
FRHC
$9.65B
| $4.4M | ﹤0.01% |
36,200
+600
| +2% | +$87K |
|
1425
Loar Holdings
LOAR
$6.93B
| $4.4M | ﹤0.01% |
64,700
+1,200
| +2% | +$87.5K |
|
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.