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 | |
|---|---|---|---|---|---|---|
301
Weyerhaeuser
WY
$17.8B
| $79.4M | 0.06% |
2,282,333
-73,000
| -3% | -$2.27M |
|
302
Aptiv
APTV
$10.3B
| $79.3M | 0.06% |
884,400
-25,500
| -3% | -$2.2M |
|
303
DoorDash
DASH
$91.7B
| $79.2M | 0.06% |
800,800
-11,900
| -1% | -$1.05M |
|
304
ResMed
RMD
$32.3B
| $79.1M | 0.06% |
459,900
-12,700
| -3% | -$1.95M |
|
305
Willis Towers Watson
WTW
$31.5B
| $79.1M | 0.06% |
327,810
-14,500
| -4% | -$3.35M |
|
306
Cardinal Health
CAH
$55.5B
| $77.6M | 0.06% |
770,300
-48,700
| -6% | -$4.83M |
|
307
Cenovus Energy
CVE
$55.6B
| $77.2M | 0.06% |
4,626,035
-170,700
| -4% | -$3.13M |
|
308
Corning
GLW
$143B
| $77.2M | 0.06% |
2,533,900
-63,800
| -2% | -$1.82M |
|
309
LyondellBasell Industries
LYB
$20.4B
| $77.1M | 0.06% |
810,900
-26,200
| -3% | -$2.45M |
|
310
Hartford Financial Services
HIG
$38.2B
| $76.9M | 0.06% |
956,300
-41,700
| -4% | -$3.14M |
|
|
SPLK
311
DELISTED
Splunk Inc
SPLK
| $76.3M | 0.06% |
500,600
-5,500
| -1% | -$822K |
|
312
Broadridge
BR
$19B
| $76M | 0.06% |
369,300
-10,200
| -3% | -$1.88M |
|
313
Thomson Reuters
TRI
$43.7B
| $75.9M | 0.06% |
510,155
-13,882
| -3% | -$1.88M |
|
314
Ulta Beauty
ULTA
$23B
| $75.5M | 0.06% |
154,000
-6,200
| -4% | -$2.62M |
|
315
Alnylam Pharmaceuticals
ALNY
$30B
| $74.8M | 0.05% |
390,800
-9,800
| -2% | -$1.67M |
|
316
Restaurant Brands International
QSR
$25.6B
| $73.2M | 0.05% |
934,730
-55,800
| -6% | -$3.88M |
|
317
Tractor Supply
TSCO
$18.4B
| $73.2M | 0.05% |
1,701,000
-60,500
| -3% | -$2.47M |
|
318
CGI
GIB
$15.2B
| $72.9M | 0.05% |
679,300
-29,900
| -4% | -$3.03M |
|
319
Wheaton Precious Metals
WPM
$62B
| $72.8M | 0.05% |
1,472,800
-44,100
| -3% | -$2M |
|
320
Church & Dwight Co
CHD
$24.1B
| $72.8M | 0.05% |
769,400
-16,400
| -2% | -$1.5M |
|
321
eBay
EBAY
$46.3B
| $72.7M | 0.05% |
1,666,200
-54,500
| -3% | -$2.26M |
|
322
Cloudflare
NET
$113B
| $72.4M | 0.05% |
869,200
-15,500
| -2% | -$1.08M |
|
323
NVR
NVR
$16.8B
| $71.5M | 0.05% |
10,210
-240
| -2% | -$1.48M |
|
324
Wabtec
WAB
$50.3B
| $71.1M | 0.05% |
560,529
-18,100
| -3% | -$2.04M |
|
325
DTE Energy
DTE
$28.8B
| $71.1M | 0.05% |
644,800
-18,200
| -3% | -$1.86M |
|
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.