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 | |
|---|---|---|---|---|---|---|
|
AIOT
2026
PowerFleet Inc
AIOT
$420M
| $1.27M | ﹤0.01% |
+230,500
| New | +$1.48M |
|
2027
Mesa Laboratories
MLAB
$622M
| $1.26M | ﹤0.01% |
10,602
| – | – |
|
2028
Camden National
CAC
$1,000M
| $1.26M | ﹤0.01% |
31,061
+2,400
| +8% | +$104K |
|
2029
Dream Finders Homes
DFH
$1.42B
| $1.25M | ﹤0.01% |
55,400
+1,500
| +3% | +$35.1K |
|
|
KREF
2030
KKR Real Estate Finance Trust
KREF
$508M
| $1.25M | ﹤0.01% |
115,700
| – | – |
|
2031
Independent Bank Corp
IBCP
$854M
| $1.25M | ﹤0.01% |
40,500
-800
| -2% | -$26.9K |
|
2032
Fortrea Holdings
FTRE
$1.64B
| $1.25M | ﹤0.01% |
165,120
-2,300
| -1% | -$32.5K |
|
2033
United Fire Group
UFCS
$1.4B
| $1.25M | ﹤0.01% |
42,300
| – | – |
|
|
OLO
2034
DELISTED
Olo Inc
OLO
| $1.24M | ﹤0.01% |
205,800
| – | – |
|
2035
John B. Sanfilippo & Son
JBSS
$1.01B
| $1.24M | ﹤0.01% |
17,476
-200
| -1% | -$15.3K |
|
2036
Eagle Bancorp
EGBN
$884M
| $1.24M | ﹤0.01% |
58,932
| – | – |
|
2037
Dyne Therapeutics
DYN
$4.81B
| $1.24M | ﹤0.01% |
118,300
+9,700
| +9% | +$139K |
|
2038
ImmunityBio
IBRX
$7.96B
| $1.24M | ﹤0.01% |
410,400
+136,400
| +50% | +$413K |
|
2039
Universal Insurance Holdings
UVE
$1.19B
| $1.23M | ﹤0.01% |
52,100
-1,200
| -2% | -$24.7K |
|
2040
Ethan Allen Interiors
ETD
$577M
| $1.23M | ﹤0.01% |
44,400
-700
| -2% | -$19.9K |
|
2041
Portillo's
PTLO
$368M
| $1.23M | ﹤0.01% |
103,200
+5,900
| +6% | +$76.7K |
|
2042
Xencor
XNCR
$1.69B
| $1.23M | ﹤0.01% |
115,300
-8,300
| -7% | -$137K |
|
|
NNE
2043
Nano Nuclear Energy
NNE
$1.09B
| $1.22M | ﹤0.01% |
+46,100
| New | +$1.41M |
|
2044
First Community Bankshares
FCBC
$935M
| $1.22M | ﹤0.01% |
32,279
| – | – |
|
|
WSR
2045
DELISTED
Whitestone REIT
WSR
| $1.21M | ﹤0.01% |
82,900
| – | – |
|
|
UDMY
2046
DELISTED
Udemy
UDMY
| $1.21M | ﹤0.01% |
155,500
-7,200
| -4% | -$61.2K |
|
|
RYZ
2047
Ryerson Holding Corp
RYZ
$1.51B
| $1.21M | ﹤0.01% |
52,500
-6,300
| -11% | -$141K |
|
|
INVX
2048
Innovex International
INVX
$2.21B
| $1.2M | ﹤0.01% |
67,000
+1,500
| +2% | +$25.5K |
|
2049
Intuitive Machines
LUNR
$3.15B
| $1.2M | ﹤0.01% |
+161,500
| New | +$2.54M |
|
2050
Opendoor
OPEN
$3.53B
| $1.2M | ﹤0.01% |
1,214,477
| – | – |
|
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.