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 |
Snowflake
SNOW
|
+$187M |
| 2 |
Amazon
AMZN
|
+$170M |
| 3 |
Analog Devices
ADI
|
+$104M |
| 4 |
Palantir
PLTR
|
+$95.7M |
| 5 |
Tesla
TSLA
|
+$75.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$364M |
| 2 |
Microsoft
MSFT
|
+$269M |
| 3 |
L3Harris
LHX
|
+$185M |
| 4 |
ALXN
Alexion Pharmaceuticals
ALXN
|
+$166M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$140M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 27.73% |
| 2 | Healthcare | 14.18% |
| 3 | Consumer Discretionary | 13.57% |
| 4 | Communication Services | 11.56% |
| 5 | Industrials | 8.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
326
Xylem
XYL
$28.4B
| $88.1M | 0.06% |
711,990
-23,900
| -3% | -$3.08M |
|
327
Peloton Interactive
PTON
$2.38B
| $87.9M | 0.06% |
1,009,550
-11,700
| -1% | -$1.29M |
|
328
Dollar Tree
DLTR
$24.7B
| $87.8M | 0.06% |
916,940
-42,500
| -4% | -$4.09M |
|
329
Alnylam Pharmaceuticals
ALNY
$29.7B
| $87.7M | 0.06% |
464,610
-12,300
| -3% | -$2.31M |
|
330
Waters Corp
WAT
$40.8B
| $87.2M | 0.06% |
244,011
-9,800
| -4% | -$3.84M |
|
331
Carvana
CVNA
$78B
| $86.9M | 0.06% |
1,440,525
+3,500
| +0.2% | +$233K |
|
332
Fortis
FTS
$28.7B
| $86.3M | 0.05% |
1,955,982
-44,300
| -2% | -$2.01M |
|
333
Invitation Homes
INVH
$17.7B
| $86M | 0.05% |
2,244,557
-68,400
| -3% | -$2.74M |
|
|
HES
334
DELISTED
Hess
HES
| $85.7M | 0.05% |
1,096,806
-30,100
| -3% | -$2.22M |
|
335
Ventas
VTR
$45.6B
| $85.6M | 0.05% |
1,550,572
+22,100
| +1% | +$1.27M |
|
336
DTE Energy
DTE
$28.7B
| $85.6M | 0.05% |
766,070
-162,615
| -18% | -$19.1M |
|
337
TransUnion
TRU
$15.2B
| $85M | 0.05% |
756,739
-22,000
| -3% | -$2.59M |
|
|
PPL
338
PPL Corp
PPL
$26.5B
| $84.8M | 0.05% |
3,043,150
-94,000
| -3% | -$2.71M |
|
339
Avantor
AVTR
$9.27B
| $84.8M | 0.05% |
2,073,983
-55,700
| -3% | -$2.18M |
|
340
Mid-America Apartment Communities
MAA
$15.3B
| $84.7M | 0.05% |
453,796
-12,800
| -3% | -$2.4M |
|
341
NetEase
NTES
$79.3B
| $84.6M | 0.05% |
990,917
+7,100
| +0.7% | +$671K |
|
342
Zscaler
ZS
$28.5B
| $84.6M | 0.05% |
322,575
-5,700
| -2% | -$1.43M |
|
343
Martin Marietta Materials
MLM
$32.6B
| $84.4M | 0.05% |
247,129
-6,800
| -3% | -$2.47M |
|
|
CERN
344
DELISTED
Cerner Corp
CERN
| $84M | 0.05% |
1,191,502
-57,400
| -5% | -$4.43M |
|
345
Airbnb
ABNB
$108B
| $83.3M | 0.05% |
496,405
+250,100
| +102% | +$38.2M |
|
346
Monolithic Power Systems
MPWR
$70.3B
| $83.3M | 0.05% |
171,789
-3,600
| -2% | -$1.64M |
|
347
Edison International
EIX
$26.5B
| $83.2M | 0.05% |
1,500,491
-48,200
| -3% | -$2.76M |
|
348
CarMax
KMX
$8.23B
| $82.5M | 0.05% |
645,053
-17,700
| -3% | -$2.36M |
|
349
International Paper
IP
$21.9B
| $82.3M | 0.05% |
1,553,957
-54,912
| -3% | -$3.06M |
|
350
VeriSign
VRSN
$25.7B
| $82.2M | 0.05% |
400,837
-14,200
| -3% | -$3.11M |
|
Similar funds
Swiss National Bank's Q3 2021 Portfolio in Review
As of Q3 2021, Swiss National Bank held 2,649 positions worth $157B, down 3% from $162B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Trading was light in Q3 2021: portfolio turnover was 1.3%. Swiss National Bank opened 7 new positions and exited 28, leaving the 2,649-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q3 2021 buy was DoorDash: 291,100 shares worth $60M.
- Swiss National Bank added most to Snowflake in Q3 2021, an estimated $187M increase.
- Swiss National Bank's biggest Q3 2021 reduction was Apple, cutting an estimated $364M.
- Swiss National Bank fully exited L3Harris in Q3 2021, selling an estimated $185M.
- Swiss National Bank's ten largest holdings make up 26% of its $157B portfolio in Q3 2021.
- Swiss National Bank opened 7 new positions and closed 28 in Q3 2021.
- Swiss National Bank's portfolio value fell 3% quarter-over-quarter to $157B.
Based on Swiss National Bank's 13F filing for Q3 2021, filed 8 Nov 2021.