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 | |
|---|---|---|---|---|---|---|
1976
Iovance Biotherapeutics
IOVA
$2.93B
| $1.38M | ﹤0.01% |
413,356
-4,500
| -1% | -$23.2K |
|
1977
First Mid Bancshares
FMBH
$1.39B
| $1.38M | ﹤0.01% |
39,400
-600
| -2% | -$22.1K |
|
1978
Astec Industries
ASTE
$994M
| $1.37M | ﹤0.01% |
39,800
-2,800
| -7% | -$96.2K |
|
1979
First Watch Restaurant Group
FWRG
$795M
| $1.37M | ﹤0.01% |
82,300
| – | – |
|
1980
Garrett Motion
GTX
$5.42B
| $1.37M | ﹤0.01% |
163,400
-8,600
| -5% | -$79.7K |
|
1981
Embecta
EMBC
$283M
| $1.36M | ﹤0.01% |
107,020
| – | – |
|
1982
STAAR Surgical
STAA
$1.3B
| $1.36M | ﹤0.01% |
77,100
| – | – |
|
1983
Planet Labs
PL
$8.77B
| $1.36M | ﹤0.01% |
401,700
| – | – |
|
1984
Deluxe
DLX
$1.11B
| $1.36M | ﹤0.01% |
85,800
-1,200
| -1% | -$22.7K |
|
1985
Byline Bancorp
BY
$1.78B
| $1.36M | ﹤0.01% |
51,800
| – | – |
|
1986
Applied Optoelectronics
AAOI
$12.5B
| $1.35M | ﹤0.01% |
88,200
+11,800
| +15% | +$297K |
|
1987
Energy Fuels
UUUU
$3.78B
| $1.35M | ﹤0.01% |
364,800
| – | – |
|
1988
Ocular Therapeutix
OCUL
$2.14B
| $1.35M | ﹤0.01% |
184,000
| – | – |
|
1989
TFS Financial
TFSL
$4.97B
| $1.35M | ﹤0.01% |
108,800
-1,700
| -2% | -$21.8K |
|
1990
Cars.com
CARS
$656M
| $1.34M | ﹤0.01% |
119,200
-3,600
| -3% | -$54.7K |
|
|
SPTN
1991
DELISTED
SpartanNash
SPTN
| $1.34M | ﹤0.01% |
66,180
| – | – |
|
1992
UWM Holdings
UWMC
$2.63B
| $1.34M | ﹤0.01% |
244,700
+68,100
| +39% | +$414K |
|
1993
Transcat
TRNS
$877M
| $1.33M | ﹤0.01% |
17,915
| – | – |
|
1994
Intellia Therapeutics
NTLA
$1.63B
| $1.33M | ﹤0.01% |
187,400
-2,300
| -1% | -$23.2K |
|
1995
Ecovyst
ECVT
$1.13B
| $1.33M | ﹤0.01% |
214,400
-2,700
| -1% | -$20K |
|
1996
Cohu
COHU
$2.75B
| $1.33M | ﹤0.01% |
90,350
-2,200
| -2% | -$45.8K |
|
|
TGB
1997
Trekor Metals
TGB
$3.13B
| $1.33M | ﹤0.01% |
593,500
+21,500
| +4% | +$45.6K |
|
1998
Northeast Bank
NBN
$1.16B
| $1.33M | ﹤0.01% |
14,500
| – | – |
|
1999
Hanmi Financial
HAFC
$967M
| $1.33M | ﹤0.01% |
58,500
-1,000
| -2% | -$23.1K |
|
2000
Business First Bancshares
BFST
$1.05B
| $1.32M | ﹤0.01% |
54,408
+6,900
| +15% | +$178K |
|
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.