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 | |
|---|---|---|---|---|---|---|
1701
Universal Technical Institute
UTI
$1.42B
| $2.8M | ﹤0.01% |
107,300
+12,400
| +13% | +$351K |
|
1702
Triumph Financial Inc
TFIN
$1.87B
| $2.79M | ﹤0.01% |
44,500
+900
| +2% | +$50.4K |
|
1703
Sally Beauty Holdings
SBH
$1.55B
| $2.78M | ﹤0.01% |
194,700
| – | – |
|
1704
Array Technologies
ARRY
$796M
| $2.78M | ﹤0.01% |
301,100
+5,400
| +2% | +$46.3K |
|
1705
Rogers Corp
ROG
$2.46B
| $2.77M | ﹤0.01% |
30,300
-2,000
| -6% | -$172K |
|
1706
J&J Snack Foods
JJSF
$1.7B
| $2.77M | ﹤0.01% |
30,700
+600
| +2% | +$54.4K |
|
1707
ANI Pharmaceuticals
ANIP
$1.72B
| $2.77M | ﹤0.01% |
35,100
+1,600
| +5% | +$139K |
|
1708
Ardelyx
ARDX
$1.01B
| $2.77M | ﹤0.01% |
475,200
+11,300
| +2% | +$62.9K |
|
1709
QCR Holdings
QCRH
$1.75B
| $2.77M | ﹤0.01% |
33,239
+500
| +2% | +$39.4K |
|
|
ALM
1710
Almonty Industries
ALM
$4B
| $2.76M | ﹤0.01% |
+313,400
| New | +$2.3M |
|
1711
MasterBrand
MBC
$1.89B
| $2.76M | ﹤0.01% |
249,900
+4,200
| +2% | +$49.2K |
|
1712
FIVE9
FIVN
$2.53B
| $2.75M | ﹤0.01% |
137,200
-3,300
| -2% | -$70K |
|
1713
Expro Ltd
XPRO
$2.1B
| $2.74M | ﹤0.01% |
205,100
+15,000
| +8% | +$202K |
|
1714
Insperity
NSP
$2.05B
| $2.73M | ﹤0.01% |
70,600
+1,300
| +2% | +$51.9K |
|
1715
Healthcare Services Group
HCSG
$1.45B
| $2.73M | ﹤0.01% |
142,863
+1,500
| +1% | +$27K |
|
1716
Kenon Holdings
KEN
$3.53B
| $2.72M | ﹤0.01% |
41,293
+6,201
| +18% | +$346K |
|
1717
ACV Auctions
ACVA
$1.35B
| $2.72M | ﹤0.01% |
339,300
+7,600
| +2% | +$61.5K |
|
1718
Calumet Specialty Products
CLMT
$4.29B
| $2.72M | ﹤0.01% |
136,900
+2,500
| +2% | +$48.1K |
|
1719
ManpowerGroup
MAN
$2.75B
| $2.71M | ﹤0.01% |
91,300
+2,000
| +2% | +$62.5K |
|
1720
NovoCure
NVCR
$2.02B
| $2.71M | ﹤0.01% |
209,500
+4,200
| +2% | +$53.9K |
|
1721
Azenta
AZTA
$1.49B
| $2.71M | ﹤0.01% |
81,400
+1,500
| +2% | +$49K |
|
1722
United States Lime & Minerals
USLM
$3.37B
| $2.71M | ﹤0.01% |
22,600
+400
| +2% | +$49.6K |
|
1723
Appian
APPN
$2.65B
| $2.7M | ﹤0.01% |
76,300
+13,600
| +22% | +$484K |
|
|
EFC
1724
Ellington Financial
EFC
$1.76B
| $2.67M | ﹤0.01% |
196,900
+13,700
| +7% | +$186K |
|
1725
Spectrum Brands
SPB
$2.09B
| $2.67M | ﹤0.01% |
45,199
| – | – |
|
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.