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 | |
|---|---|---|---|---|---|---|
1826
Unitil
UTL
$992M
| $1.81M | ﹤0.01% |
31,400
-300
| -0.9% | -$16.5K |
|
1827
Quantum Computing Inc
QUBT
$2.03B
| $1.81M | ﹤0.01% |
+225,800
| New | +$1.99M |
|
1828
Hamilton Insurance Group
HG
$2.35B
| $1.81M | ﹤0.01% |
87,100
+32,800
| +60% | +$640K |
|
1829
Sprinklr
CXM
$1.61B
| $1.8M | ﹤0.01% |
215,500
| – | – |
|
|
SCS
1830
DELISTED
Steelcase
SCS
| $1.8M | ﹤0.01% |
164,100
-2,000
| -1% | -$23.1K |
|
1831
Artivion
AORT
$1.4B
| $1.8M | ﹤0.01% |
73,100
-800
| -1% | -$22.2K |
|
1832
Calumet Specialty Products
CLMT
$4.18B
| $1.8M | ﹤0.01% |
141,600
+6,500
| +5% | +$102K |
|
1833
Sally Beauty Holdings
SBH
$1.52B
| $1.79M | ﹤0.01% |
198,500
-3,600
| -2% | -$35.5K |
|
1834
Novavax
NVAX
$1.31B
| $1.79M | ﹤0.01% |
279,300
-4,100
| -1% | -$33.9K |
|
1835
Appian
APPN
$2.56B
| $1.79M | ﹤0.01% |
62,100
+1,400
| +2% | +$45.8K |
|
1836
Camping World
CWH
$655M
| $1.79M | ﹤0.01% |
110,700
-1,000
| -0.9% | -$20.4K |
|
1837
Energy Recovery
ERII
$413M
| $1.78M | ﹤0.01% |
112,300
| – | – |
|
|
PDM
1838
Piedmont Realty Trust
PDM
$1.19B
| $1.78M | ﹤0.01% |
242,000
| – | – |
|
1839
Disc Medicine
IRON
$3.01B
| $1.78M | ﹤0.01% |
35,900
+3,700
| +11% | +$206K |
|
|
SPNS
1840
DELISTED
Sapiens International
SPNS
| $1.78M | ﹤0.01% |
65,508
| – | – |
|
1841
Kornit Digital
KRNT
$776M
| $1.77M | ﹤0.01% |
93,000
-800
| -0.9% | -$20.9K |
|
1842
Kohl's
KSS
$2.22B
| $1.76M | ﹤0.01% |
215,600
-3,200
| -1% | -$37.1K |
|
|
CALY
1843
Callaway Golf Company
CALY
$2.95B
| $1.76M | ﹤0.01% |
267,100
-4,000
| -1% | -$29.4K |
|
1844
Dorian LPG
LPG
$2.02B
| $1.76M | ﹤0.01% |
78,785
+3,900
| +5% | +$90.3K |
|
|
NXRT
1845
NexPoint Residential Trust
NXRT
$636M
| $1.75M | ﹤0.01% |
44,309
-700
| -2% | -$27.7K |
|
1846
CareDx
CDNA
$2.36B
| $1.75M | ﹤0.01% |
98,600
| – | – |
|
|
SA
1847
Seabridge Gold
SA
$3.62B
| $1.75M | ﹤0.01% |
150,200
| – | – |
|
1848
Rush Street Interactive
RSI
$2.93B
| $1.75M | ﹤0.01% |
163,100
+7,800
| +5% | +$103K |
|
1849
Coursera
COUR
$1.52B
| $1.75M | ﹤0.01% |
262,300
| – | – |
|
1850
Ingles Markets
IMKTA
$1.66B
| $1.75M | ﹤0.01% |
26,800
-400
| -1% | -$25.5K |
|
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.