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 |
Broadcom
AVGO
|
+$57.1M |
| 2 |
Veralto
VLTO
|
+$54.6M |
| 3 |
Newmont
NEM
|
+$40.4M |
| 4 |
Vertiv
VRT
|
+$17.2M |
| 5 |
Webster Financial
WBS
|
+$14.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$314M |
| 2 |
ATVI
Activision Blizzard
ATVI
|
+$237M |
| 3 |
Microsoft
MSFT
|
+$231M |
| 4 |
VMW
VMware, Inc
VMW
|
+$130M |
| 5 |
NVIDIA
NVDA
|
+$102M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.88% |
| 2 | Healthcare | 12.91% |
| 3 | Consumer Discretionary | 12.16% |
| 4 | Industrials | 9.38% |
| 5 | Communication Services | 8.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
226
Sysco
SYY
$40.3B
| $115M | 0.08% |
1,576,800
-52,900
| -3% | -$3.65M |
|
227
Otis Worldwide
OTIS
$27.8B
| $115M | 0.08% |
1,287,943
-41,500
| -3% | -$3.45M |
|
228
Allstate
ALL
$66.3B
| $115M | 0.08% |
818,000
-27,500
| -3% | -$3.59M |
|
229
Yum! Brands
YUM
$39.5B
| $114M | 0.08% |
876,200
-24,800
| -3% | -$3.1M |
|
230
PG&E
PCG
$38.1B
| $114M | 0.08% |
6,337,100
+238,700
| +4% | +$4.03M |
|
231
Republic Services
RSG
$65.9B
| $114M | 0.08% |
692,430
-19,800
| -3% | -$3.07M |
|
232
ON Semiconductor
ON
$31.6B
| $113M | 0.08% |
1,349,400
-39,800
| -3% | -$3.13M |
|
233
Exelon
EXC
$46.2B
| $112M | 0.08% |
3,112,055
-87,000
| -3% | -$3.35M |
|
234
CoStar Group
CSGP
$12.6B
| $112M | 0.08% |
1,276,900
-37,200
| -3% | -$3.01M |
|
235
Rockwell Automation
ROK
$49.6B
| $111M | 0.08% |
359,100
-10,500
| -3% | -$2.94M |
|
236
Fidelity National Information Services
FIS
$22.1B
| $111M | 0.08% |
1,852,646
-52,800
| -3% | -$2.9M |
|
237
Gartner
IT
$11.8B
| $111M | 0.08% |
246,431
-7,800
| -3% | -$3.12M |
|
238
Kinder Morgan
KMI
$70.1B
| $111M | 0.08% |
6,270,674
-214,700
| -3% | -$3.66M |
|
239
DuPont de Nemours
DD
$19.5B
| $110M | 0.08% |
1,143,593
-32,743
| -3% | -$2.98M |
|
|
EA
240
DELISTED
Electronic Arts
EA
| $110M | 0.08% |
805,400
-26,100
| -3% | -$3.45M |
|
241
PPG Industries
PPG
$25.8B
| $110M | 0.08% |
736,500
-20,800
| -3% | -$2.81M |
|
242
Cencora
COR
$63.7B
| $110M | 0.08% |
533,800
-19,300
| -3% | -$3.77M |
|
243
Keurig Dr Pepper
KDP
$39.7B
| $109M | 0.08% |
3,276,900
+342,000
| +12% | +$10.7M |
|
244
Verisk Analytics
VRSK
$23.6B
| $108M | 0.08% |
453,500
-12,200
| -3% | -$2.89M |
|
245
Baker Hughes
BKR
$64.3B
| $108M | 0.08% |
3,155,120
-101,100
| -3% | -$3.45M |
|
246
Xcel Energy
XEL
$48.5B
| $107M | 0.08% |
1,724,600
-45,600
| -3% | -$2.74M |
|
247
Corteva
CTVA
$50.9B
| $106M | 0.08% |
2,219,483
-67,000
| -3% | -$3.19M |
|
248
Estee Lauder
EL
$31.8B
| $106M | 0.08% |
725,800
-20,100
| -3% | -$2.67M |
|
249
Cummins
CMI
$87.1B
| $106M | 0.08% |
442,900
-12,400
| -3% | -$2.82M |
|
250
Extra Space Storage
EXR
$31B
| $106M | 0.08% |
660,627
-18,800
| -3% | -$2.39M |
|
Similar funds
Swiss National Bank's Q4 2023 Portfolio in Review
As of Q4 2023, Swiss National Bank held 2,646 positions worth $136B, up 6.9% from $127B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Swiss National Bank withdrew a net $4.96B in Q4 2023, closing 112 positions and reducing 2,341 holdings. Its most notable exit was Activision Blizzard, an estimated $237M position sold in full.
By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 29% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Swiss National Bank opened a new position in Veralto worth $60.2M.
- Swiss National Bank's largest Q4 2023 buy was Veralto: 731,669 shares worth $60.2M.
- Swiss National Bank added most to Broadcom in Q4 2023, an estimated $57.1M increase.
- Swiss National Bank's biggest Q4 2023 reduction was Apple, cutting an estimated $314M.
- Swiss National Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $237M.
- Swiss National Bank's ten largest holdings make up 28% of its $136B portfolio in Q4 2023.
- Swiss National Bank opened 38 new positions and closed 112 in Q4 2023.
- Swiss National Bank's portfolio value rose 6.9% quarter-over-quarter to $136B.
Based on Swiss National Bank's 13F filing for Q4 2023, filed 6 Feb 2024.