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 | |
|---|---|---|---|---|---|---|
2051
Ituran Location and Control
ITRN
$1.06B
| $1.33M | ﹤0.01% |
30,925
| – | – |
|
2052
Amerant Bancorp
AMTB
$1.14B
| $1.33M | ﹤0.01% |
68,037
| – | – |
|
2053
Taboola.com
TBLA
$1.06B
| $1.32M | ﹤0.01% |
287,000
-16,500
| -5% | -$62.1K |
|
|
DAWN
2054
DELISTED
Day One Biopharmaceuticals
DAWN
| $1.32M | ﹤0.01% |
141,500
+15,700
| +12% | +$131K |
|
2055
Independent Bank Corp
IBCP
$854M
| $1.32M | ﹤0.01% |
40,500
| – | – |
|
2056
Accel Entertainment
ACEL
$1.01B
| $1.31M | ﹤0.01% |
114,800
| – | – |
|
2057
Aquestive Therapeutics
AQST
$533M
| $1.31M | ﹤0.01% |
+202,700
| New | +$1.26M |
|
2058
Excelerate Energy
EE
$1.12B
| $1.31M | ﹤0.01% |
46,600
| – | – |
|
|
ORKA
2059
Oruka Therapeutics
ORKA
$7.16B
| $1.3M | ﹤0.01% |
+43,000
| New | +$1.2M |
|
2060
Embecta
EMBC
$290M
| $1.3M | ﹤0.01% |
109,620
+2,600
| +2% | +$34.3K |
|
2061
PC Connection
CNXN
$2.04B
| $1.3M | ﹤0.01% |
22,500
+400
| +2% | +$23.8K |
|
2062
Dianthus Therapeutics
DNTH
$6.13B
| $1.29M | ﹤0.01% |
+31,400
| New | +$1.22M |
|
|
BLDP
2063
Ballard Power Systems
BLDP
$790M
| $1.29M | ﹤0.01% |
+506,100
| New | +$1.57M |
|
2064
Orrstown Financial Services
ORRF
$855M
| $1.29M | ﹤0.01% |
36,500
-1,100
| -3% | -$38.4K |
|
|
CTLP
2065
DELISTED
Cantaloupe
CTLP
| $1.29M | ﹤0.01% |
121,700
+8,100
| +7% | +$85.8K |
|
2066
ImmunityBio
IBRX
$8.11B
| $1.29M | ﹤0.01% |
652,400
+138,900
| +27% | +$315K |
|
2067
Kornit Digital
KRNT
$827M
| $1.29M | ﹤0.01% |
89,800
+2,700
| +3% | +$37K |
|
|
NXRT
2068
NexPoint Residential Trust
NXRT
$636M
| $1.28M | ﹤0.01% |
42,609
+1,000
| +2% | +$30.6K |
|
2069
Metallus
MTUS
$892M
| $1.27M | ﹤0.01% |
74,300
+1,900
| +3% | +$32.6K |
|
|
ARX
2070
Accelerant Holdings
ARX
$4.26B
| $1.27M | ﹤0.01% |
+77,900
| New | +$1.1M |
|
2071
Eagle Bancorp
EGBN
$877M
| $1.26M | ﹤0.01% |
58,932
| – | – |
|
2072
Hertz
HTZ
$838M
| $1.26M | ﹤0.01% |
245,100
+7,500
| +3% | +$40.9K |
|
|
AIOT
2073
PowerFleet Inc
AIOT
$421M
| $1.26M | ﹤0.01% |
236,800
+6,300
| +3% | +$32.2K |
|
|
SAFE
2074
Safehold
SAFE
$1.1B
| $1.26M | ﹤0.01% |
92,014
+2,000
| +2% | +$28.4K |
|
|
WSR
2075
DELISTED
Whitestone REIT
WSR
| $1.26M | ﹤0.01% |
90,600
+7,700
| +9% | +$99.3K |
|
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.