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 | |
|---|---|---|---|---|---|---|
2101
Republic Bancorp
RBCAA
$1.93B
| $1.07M | ﹤0.01% |
16,800
-300
| -2% | -$19.9K |
|
2102
B&G Foods
BGS
$301M
| $1.07M | ﹤0.01% |
155,200
| – | – |
|
2103
Bloomin' Brands
BLMN
$919M
| $1.06M | ﹤0.01% |
148,000
-2,400
| -2% | -$25.4K |
|
2104
Sinclair Inc
SBGI
$1.04B
| $1.06M | ﹤0.01% |
66,250
| – | – |
|
2105
Paymentus
PAY
$5.28B
| $1.05M | ﹤0.01% |
40,400
+3,000
| +8% | +$88.8K |
|
2106
Douglas Dynamics
PLOW
$958M
| $1.05M | ﹤0.01% |
45,300
| – | – |
|
2107
Gogo Inc
GOGO
$385M
| $1.05M | ﹤0.01% |
121,900
-2,200
| -2% | -$17.2K |
|
2108
Arcus Biosciences
RCUS
$3.6B
| $1.05M | ﹤0.01% |
133,596
+35,300
| +36% | +$409K |
|
2109
BigBear.ai
BBAI
$1.6B
| $1.05M | ﹤0.01% |
+365,500
| New | +$1.74M |
|
|
UHT
2110
Universal Health Realty Income Trust
UHT
$575M
| $1.04M | ﹤0.01% |
25,500
-400
| -2% | -$15.7K |
|
2111
Metropolitan Bank Holding Corp
MCB
$1.17B
| $1.04M | ﹤0.01% |
18,600
| – | – |
|
|
BOW
2112
Bowhead Specialty Holdings
BOW
$1.11B
| $1.04M | ﹤0.01% |
25,600
| – | – |
|
2113
Hovnanian Enterprises
HOV
$806M
| $1.04M | ﹤0.01% |
9,900
| – | – |
|
|
LAC
2114
Lithium Americas
LAC
$1.25B
| $1.04M | ﹤0.01% |
383,100
| – | – |
|
2115
Esquire Financial Holdings
ESQ
$1.59B
| $1.03M | ﹤0.01% |
+13,700
| New | +$1.09M |
|
2116
N-able
NABL
$688M
| $1.03M | ﹤0.01% |
145,350
| – | – |
|
2117
Orthofix Medical
OFIX
$416M
| $1.03M | ﹤0.01% |
63,000
-4,600
| -7% | -$80.7K |
|
2118
Tidewater
TDW
$4.59B
| $1.03M | ﹤0.01% |
24,300
-400
| -2% | -$19.9K |
|
2119
Amalgamated Financial
AMAL
$1.53B
| $1.03M | ﹤0.01% |
35,700
+2,700
| +8% | +$88.3K |
|
2120
Praxis Precision Medicines
PRAX
$10.1B
| $1.03M | ﹤0.01% |
27,100
+1,000
| +4% | +$62.5K |
|
2121
Rocket Pharmaceuticals
RCKT
$366M
| $1.03M | ﹤0.01% |
153,700
| – | – |
|
2122
Ennis
EBF
$559M
| $1.02M | ﹤0.01% |
51,000
| – | – |
|
2123
MetroCity Bankshares
MCBS
$1.05B
| $1.02M | ﹤0.01% |
36,862
-500
| -1% | -$15K |
|
2124
SI-BONE Inc
SIBN
$852M
| $1.02M | ﹤0.01% |
72,400
| – | – |
|
2125
PACS Group
PACS
$7B
| $1.01M | ﹤0.01% |
90,200
-1,400
| -2% | -$18.4K |
|
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.