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 | |
|---|---|---|---|---|---|---|
1526
Ziff Davis
ZD
$1.89B
| $3.11M | ﹤0.01% |
82,831
-5,200
| -6% | -$249K |
|
|
LTC
1527
LTC Properties
LTC
$2.18B
| $3.11M | ﹤0.01% |
87,762
+2,400
| +3% | +$83.4K |
|
1528
Magnite
MGNI
$3.53B
| $3.11M | ﹤0.01% |
272,600
+22,700
| +9% | +$362K |
|
1529
Diamondrock Hospitality Co
DRH
$2.53B
| $3.1M | ﹤0.01% |
402,200
-5,500
| -1% | -$46.5K |
|
1530
ICF International
ICFI
$1.59B
| $3.09M | ﹤0.01% |
36,400
-500
| -1% | -$52.4K |
|
1531
Rapid7
RPD
$867M
| $3.09M | ﹤0.01% |
116,400
-800
| -0.7% | -$27.2K |
|
1532
First Commonwealth Financial
FCF
$2.19B
| $3.06M | ﹤0.01% |
197,200
-4,200
| -2% | -$68.2K |
|
1533
Baytex Energy
BTE
$3.06B
| $3.06M | ﹤0.01% |
1,381,388
-18,100
| -1% | -$43.1K |
|
1534
Global Net Lease
GNL
$1.85B
| $3.05M | ﹤0.01% |
379,857
-5,400
| -1% | -$40.6K |
|
|
STR
1535
DELISTED
Sitio Royalties
STR
| $3.05M | ﹤0.01% |
153,607
-3,900
| -2% | -$78.9K |
|
1536
Warby Parker
WRBY
$3.18B
| $3.05M | ﹤0.01% |
167,400
-900
| -0.5% | -$21.5K |
|
1537
AtriCure
ATRC
$2.24B
| $3.05M | ﹤0.01% |
94,500
-1,300
| -1% | -$48.3K |
|
1538
Kennametal
KMT
$2.38B
| $3.05M | ﹤0.01% |
143,100
-2,500
| -2% | -$56.7K |
|
1539
Perdoceo Education
PRDO
$1.98B
| $3.05M | ﹤0.01% |
121,000
-1,700
| -1% | -$45.2K |
|
1540
PagerDuty
PD
$917M
| $3.03M | ﹤0.01% |
165,900
-8,000
| -5% | -$147K |
|
1541
Nelnet
NNI
$4.55B
| $3.03M | ﹤0.01% |
27,300
-300
| -1% | -$33.6K |
|
1542
Alaska Air
ALK
$5.15B
| $3.03M | ﹤0.01% |
61,500
-400
| -0.6% | -$26.3K |
|
|
REVG
1543
DELISTED
REV Group
REVG
| $3.02M | ﹤0.01% |
95,700
-1,200
| -1% | -$38.9K |
|
1544
UFP Technologies
UFPT
$2.51B
| $3.01M | ﹤0.01% |
14,900
-200
| -1% | -$48.4K |
|
1545
Mercury Insurance
MCY
$5.82B
| $3M | ﹤0.01% |
53,700
-800
| -1% | -$43.1K |
|
1546
DigitalBridge
DBRG
$2.95B
| $2.97M | ﹤0.01% |
337,125
-4,500
| -1% | -$47.3K |
|
|
DVAX
1547
DELISTED
Dynavax Technologies
DVAX
| $2.97M | ﹤0.01% |
229,178
-2,800
| -1% | -$37.1K |
|
1548
Innovative Industrial Properties
IIPR
$1.63B
| $2.97M | ﹤0.01% |
54,900
-800
| -1% | -$55.4K |
|
|
ELME
1549
Elme Communities
ELME
$144M
| $2.97M | ﹤0.01% |
170,500
-1,300
| -0.8% | -$21K |
|
1550
Northwest Bancshares
NWBI
$2.31B
| $2.97M | ﹤0.01% |
246,800
-3,800
| -2% | -$48.1K |
|
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.