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 |
Spotify
SPOT
|
+$181M |
| 2 |
Boeing
BA
|
+$50.7M |
| 3 |
Carvana
CVNA
|
+$25.6M |
| 4 |
ConocoPhillips
COP
|
+$24.1M |
| 5 |
EXE
Expand Energy Corp
EXE
|
+$18.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$513M |
| 2 |
Microsoft
MSFT
|
+$430M |
| 3 |
Amazon
AMZN
|
+$228M |
| 4 |
Meta Platforms (Facebook)
META
|
+$194M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$155M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.87% |
| 2 | Consumer Discretionary | 12.65% |
| 3 | Healthcare | 10.7% |
| 4 | Communication Services | 9.69% |
| 5 | Industrials | 8.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
OSG
2126
Octave Specialty Group
OSG
$210M
| $1.18M | ﹤0.01% |
93,300
+4,100
| +5% | +$49.4K |
|
|
WSR
2127
DELISTED
Whitestone REIT
WSR
| $1.17M | ﹤0.01% |
82,900
| – | – |
|
2128
Sturm, Ruger & Co
RGR
$600M
| $1.17M | ﹤0.01% |
33,200
-800
| -2% | -$31.1K |
|
2129
Repay Holdings
RPAY
$311M
| $1.17M | ﹤0.01% |
153,683
-7,100
| -4% | -$56.7K |
|
|
ONT
2130
Onterris Inc
ONT
$576M
| $1.17M | ﹤0.01% |
63,200
| – | – |
|
2131
Digimarc Corp
DMRC
$167M
| $1.17M | ﹤0.01% |
31,300
| – | – |
|
|
CCRN
2132
DELISTED
Cross Country Healthcare
CCRN
| $1.17M | ﹤0.01% |
64,500
| – | – |
|
2133
Washington Trust Bancorp
WASH
$750M
| $1.17M | ﹤0.01% |
37,300
+3,700
| +11% | +$128K |
|
|
KREF
2134
KKR Real Estate Finance Trust
KREF
$493M
| $1.17M | ﹤0.01% |
115,700
| – | – |
|
2135
Neumora Therapeutics
NMRA
$317M
| $1.17M | ﹤0.01% |
+110,200
| New | +$1.32M |
|
2136
Mativ Holdings
MATV
$690M
| $1.16M | ﹤0.01% |
106,812
| – | – |
|
2137
Genco Shipping & Trading
GNK
$1.1B
| $1.16M | ﹤0.01% |
83,500
| – | – |
|
2138
Varex Imaging
VREX
$780M
| $1.16M | ﹤0.01% |
79,640
| – | – |
|
2139
Ivanhoe Electric
IE
$1.7B
| $1.16M | ﹤0.01% |
153,900
+11,900
| +8% | +$110K |
|
2140
Conduent
CNDT
$241M
| $1.16M | ﹤0.01% |
287,454
-12,100
| -4% | -$48.1K |
|
2141
Stagwell
STGW
$2.29B
| $1.15M | ﹤0.01% |
175,500
| – | – |
|
2142
Shenandoah Telecom
SHEN
$721M
| $1.15M | ﹤0.01% |
91,172
| – | – |
|
2143
Similarweb
SMWB
$770M
| $1.15M | ﹤0.01% |
80,974
+17,900
| +28% | +$198K |
|
2144
MarineMax
HZO
$1.15B
| $1.15M | ﹤0.01% |
39,600
| – | – |
|
|
LAC
2145
Lithium Americas
LAC
$1.24B
| $1.15M | ﹤0.01% |
383,100
| – | – |
|
2146
Agilon Health
AGL
$1.45B
| $1.15M | ﹤0.01% |
24,112
| – | – |
|
2147
Green Plains
GPRE
$1.06B
| $1.14M | ﹤0.01% |
120,400
| – | – |
|
|
SHOE
2148
Shoe Station Group
SHOE
$420M
| $1.14M | ﹤0.01% |
34,500
| – | – |
|
|
GATO
2149
DELISTED
Gatos Silver, Inc.
GATO
| $1.14M | ﹤0.01% |
81,600
| – | – |
|
2150
Taboola.com
TBLA
$1.05B
| $1.14M | ﹤0.01% |
312,100
| – | – |
|
Similar funds
Swiss National Bank's Q4 2024 Portfolio in Review
As of Q4 2024, Swiss National Bank held 2,505 positions worth $150B, down 2.4% from $154B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Swiss National Bank withdrew a net $6.32B in Q4 2024, closing 65 positions and reducing 893 holdings. Its most notable exit was Marathon Oil Corporation, an estimated $44.6M position sold in full.
By sector, the portfolio is most concentrated in Technology at 34% of assets, up from 33% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Swiss National Bank opened a new position in Spotify worth $189M.
- Swiss National Bank's largest Q4 2024 buy was Spotify: 422,900 shares worth $189M.
- Swiss National Bank added most to Boeing in Q4 2024, an estimated $50.7M increase.
- Swiss National Bank's biggest Q4 2024 reduction was NVIDIA, cutting an estimated $513M.
- Swiss National Bank fully exited Marathon Oil Corporation in Q4 2024, selling an estimated $44.6M.
- Swiss National Bank's ten largest holdings make up 34% of its $150B portfolio in Q4 2024.
- Swiss National Bank opened 40 new positions and closed 65 in Q4 2024.
- Swiss National Bank's portfolio value fell 2.4% quarter-over-quarter to $150B.
Based on Swiss National Bank's 13F filing for Q4 2024, filed 10 Feb 2025.