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 |
Broadcom
AVGO
|
+$57.1M |
| 2 |
Veralto
VLTO
|
+$54.6M |
| 3 |
Newmont
NEM
|
+$40.4M |
| 4 |
Vertiv
VRT
|
+$17.2M |
| 5 |
Webster Financial
WBS
|
+$14.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$314M |
| 2 |
ATVI
Activision Blizzard
ATVI
|
+$237M |
| 3 |
Microsoft
MSFT
|
+$231M |
| 4 |
VMW
VMware, Inc
VMW
|
+$130M |
| 5 |
NVIDIA
NVDA
|
+$102M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.88% |
| 2 | Healthcare | 12.91% |
| 3 | Consumer Discretionary | 12.16% |
| 4 | Industrials | 9.38% |
| 5 | Communication Services | 8.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1501
First Majestic Silver
AG
$9.59B
| $3.5M | ﹤0.01% |
568,600
-49,300
| -8% | -$272K |
|
1502
Dutch Bros
BROS
$9.04B
| $3.49M | ﹤0.01% |
110,300
-9,600
| -8% | -$261K |
|
|
RCM
1503
DELISTED
R1 RCM Inc. Common Stock
RCM
| $3.49M | ﹤0.01% |
330,300
-37,400
| -10% | -$424K |
|
1504
Primoris Services
PRIM
$4.41B
| $3.49M | ﹤0.01% |
105,100
-12,000
| -10% | -$374K |
|
1505
Indivior Pharmaceuticals
INDV
$4.49B
| $3.49M | ﹤0.01% |
231,066
-56,831
| -20% | -$1.01M |
|
|
DOOR
1506
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $3.49M | ﹤0.01% |
41,177
-5,000
| -11% | -$433K |
|
|
ROIC
1507
DELISTED
Retail Opportunity Investments Corp.
ROIC
| $3.49M | ﹤0.01% |
248,400
-28,600
| -10% | -$360K |
|
1508
Edgewell Personal Care
EPC
$1.3B
| $3.48M | ﹤0.01% |
95,100
-11,700
| -11% | -$414K |
|
1509
InMode
INMD
$880M
| $3.48M | ﹤0.01% |
156,500
-9,100
| -5% | -$204K |
|
|
CPE
1510
DELISTED
Callon Petroleum Company
CPE
| $3.48M | ﹤0.01% |
107,400
-12,400
| -10% | -$425K |
|
1511
Talos Energy
TALO
$2.62B
| $3.48M | ﹤0.01% |
244,500
-31,600
| -11% | -$462K |
|
1512
OFG Bancorp
OFG
$2.27B
| $3.48M | ﹤0.01% |
92,800
-11,600
| -11% | -$382K |
|
1513
Ginkgo Bioworks
DNA
$471M
| $3.47M | ﹤0.01% |
51,270
-5,353
| -9% | -$328K |
|
1514
Virtus Investment Partners
VRTS
$1.14B
| $3.46M | ﹤0.01% |
14,300
-1,700
| -11% | -$339K |
|
|
CMBT
1515
CMB.TECH NV
CMBT
$4.97B
| $3.45M | ﹤0.01% |
195,126
-22,506
| -10% | -$399K |
|
|
JOYY
1516
JOYY Inc
JOYY
$3.69B
| $3.45M | ﹤0.01% |
86,816
-7,000
| -7% | -$278K |
|
1517
Veeco
VECO
$3.27B
| $3.44M | ﹤0.01% |
111,021
-2,600
| -2% | -$72.4K |
|
|
SQSP
1518
DELISTED
Squarespace, Inc.
SQSP
| $3.44M | ﹤0.01% |
104,200
+8,300
| +9% | +$243K |
|
1519
Enerpac Tool Group
EPAC
$1.89B
| $3.44M | ﹤0.01% |
110,500
-12,800
| -10% | -$365K |
|
|
VRNT
1520
DELISTED
Verint Systems
VRNT
| $3.42M | ﹤0.01% |
126,600
-15,100
| -11% | -$350K |
|
1521
Viasat
VSAT
$11.3B
| $3.42M | ﹤0.01% |
122,224
-14,100
| -10% | -$295K |
|
1522
Gentherm
THRM
$1.33B
| $3.41M | ﹤0.01% |
65,100
-7,800
| -11% | -$381K |
|
1523
Hilltop Holdings
HTH
$2.29B
| $3.39M | ﹤0.01% |
96,200
-11,000
| -10% | -$332K |
|
1524
Cushman & Wakefield Ltd
CWK
$3.34B
| $3.38M | ﹤0.01% |
313,300
-36,100
| -10% | -$301K |
|
|
VSTO
1525
DELISTED
Vista Outdoor Inc.
VSTO
| $3.38M | ﹤0.01% |
114,400
-13,000
| -10% | -$358K |
|
Similar funds
Swiss National Bank's Q4 2023 Portfolio in Review
As of Q4 2023, Swiss National Bank held 2,646 positions worth $136B, up 6.9% from $127B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Swiss National Bank withdrew a net $4.96B in Q4 2023, closing 112 positions and reducing 2,341 holdings. Its most notable exit was Activision Blizzard, an estimated $237M position sold in full.
By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 29% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Swiss National Bank opened a new position in Veralto worth $60.2M.
- Swiss National Bank's largest Q4 2023 buy was Veralto: 731,669 shares worth $60.2M.
- Swiss National Bank added most to Broadcom in Q4 2023, an estimated $57.1M increase.
- Swiss National Bank's biggest Q4 2023 reduction was Apple, cutting an estimated $314M.
- Swiss National Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $237M.
- Swiss National Bank's ten largest holdings make up 28% of its $136B portfolio in Q4 2023.
- Swiss National Bank opened 38 new positions and closed 112 in Q4 2023.
- Swiss National Bank's portfolio value rose 6.9% quarter-over-quarter to $136B.
Based on Swiss National Bank's 13F filing for Q4 2023, filed 6 Feb 2024.