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 | |
|---|---|---|---|---|---|---|
|
NTST
1626
NETSTREIT Corp
NTST
$2.11B
| $2.51M | ﹤0.01% |
158,100
+5,900
| +4% | +$86.2K |
|
1627
Sonos
SONO
$1.94B
| $2.49M | ﹤0.01% |
233,500
-4,500
| -2% | -$59.1K |
|
1628
Triumph Financial Inc
TFIN
$1.87B
| $2.49M | ﹤0.01% |
43,100
-600
| -1% | -$43.7K |
|
1629
Hope Bancorp
HOPE
$1.84B
| $2.48M | ﹤0.01% |
236,557
| – | – |
|
1630
Dillards
DDS
$8.79B
| $2.47M | ﹤0.01% |
6,900
-300
| -4% | -$129K |
|
1631
IDEAYA Biosciences
IDYA
$3.52B
| $2.47M | ﹤0.01% |
150,800
+1,200
| +0.8% | +$25.6K |
|
1632
Certara
CERT
$1.23B
| $2.47M | ﹤0.01% |
249,500
+29,100
| +13% | +$353K |
|
1633
Compass Diversified
CODI
$958M
| $2.46M | ﹤0.01% |
132,000
-1,900
| -1% | -$39.2K |
|
|
PMT
1634
PennyMac Mortgage Investment
PMT
$829M
| $2.46M | ﹤0.01% |
168,200
-1,400
| -0.8% | -$19.2K |
|
1635
German American Bancorp
GABC
$1.93B
| $2.46M | ﹤0.01% |
65,550
+7,200
| +12% | +$283K |
|
1636
Vermilion Energy
VET
$1.74B
| $2.45M | ﹤0.01% |
302,367
-8,300
| -3% | -$74.1K |
|
1637
Schneider National
SNDR
$6.31B
| $2.45M | ﹤0.01% |
107,200
-1,200
| -1% | -$32.5K |
|
1638
HCI Group
HCI
$2.3B
| $2.45M | ﹤0.01% |
16,400
| – | – |
|
|
SASR
1639
DELISTED
Sandy Spring Bancorp Inc
SASR
| $2.45M | ﹤0.01% |
87,535
-800
| -0.9% | -$25.5K |
|
1640
Trupanion
TRUP
$1.35B
| $2.45M | ﹤0.01% |
65,610
-700
| -1% | -$29.1K |
|
1641
Hafnia
HAFN
$3.87B
| $2.44M | ﹤0.01% |
596,388
+40,536
| +7% | +$201K |
|
1642
Tandem Diabetes Care
TNDM
$1.58B
| $2.44M | ﹤0.01% |
127,300
-1,400
| -1% | -$41K |
|
|
DMC
1643
Del Monte Corp
DMC
$1.44B
| $2.44M | ﹤0.01% |
79,000
+4,000
| +5% | +$123K |
|
1644
Asana
ASAN
$2.12B
| $2.43M | ﹤0.01% |
167,100
| – | – |
|
|
ARI
1645
Apollo Commercial Real Estate
ARI
$877M
| $2.43M | ﹤0.01% |
254,339
-4,200
| -2% | -$39.9K |
|
1646
Schrodinger
SDGR
$1.34B
| $2.43M | ﹤0.01% |
123,300
-1,800
| -1% | -$40.5K |
|
1647
Clarivate
CLVT
$1.23B
| $2.43M | ﹤0.01% |
619,300
-21,600
| -3% | -$102K |
|
1648
TriCo Bancshares
TCBK
$1.84B
| $2.43M | ﹤0.01% |
60,800
-700
| -1% | -$29.9K |
|
1649
Employers Holdings
EIG
$878M
| $2.43M | ﹤0.01% |
47,900
-1,000
| -2% | -$49.6K |
|
|
ALEX
1650
DELISTED
Alexander & Baldwin
ALEX
| $2.42M | ﹤0.01% |
140,720
-1,100
| -0.8% | -$19.4K |
|
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.