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 |
Linde
LIN
|
+$303M |
| 2 |
General Dynamics
GD
|
+$147M |
| 3 |
Cigna
CI
|
+$95.5M |
| 4 |
CVS Health
CVS
|
+$85.5M |
| 5 |
Marathon Petroleum
MPC
|
+$52.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$234M |
| 2 |
Northrop Grumman
NOC
|
+$218M |
| 3 |
ESRX
Express Scripts Holding Company
ESRX
|
+$170M |
| 4 |
PX
Praxair Inc
PX
|
+$168M |
| 5 |
COL
Rockwell Collins
COL
|
+$116M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 18.9% |
| 2 | Healthcare | 16.26% |
| 3 | Consumer Discretionary | 11.53% |
| 4 | Communication Services | 10.15% |
| 5 | Industrials | 9.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CNH
351
CNH Industrial
CNH
$17.3B
| $41.3M | 0.05% |
5,287,400
+32,223
| +0.6% | +$284K |
|
352
PG&E
PCG
$37.7B
| $41.2M | 0.05% |
1,735,324
-22,200
| -1% | -$794K |
|
|
VAR
353
DELISTED
Varian Medical Systems, Inc.
VAR
| $41M | 0.05% |
361,848
+3,300
| +0.9% | +$377K |
|
354
Principal Financial Group
PFG
$24.1B
| $40.7M | 0.05% |
925,563
+11,400
| +1% | +$561K |
|
355
Cheniere Energy
LNG
$55.4B
| $40.6M | 0.05% |
686,300
+13,000
| +2% | +$800K |
|
356
D.R. Horton
DHI
$41.5B
| $40.3M | 0.05% |
1,163,774
+19,200
| +2% | +$700K |
|
357
MGM Resorts International
MGM
$11B
| $40.3M | 0.05% |
1,661,150
-27,400
| -2% | -$715K |
|
358
Host Hotels & Resorts
HST
$15.4B
| $40.2M | 0.05% |
2,412,769
+46,200
| +2% | +$865K |
|
359
Cadence Design Systems
CDNS
$89.3B
| $40M | 0.05% |
920,000
+20,200
| +2% | +$877K |
|
360
Mercado Libre
MELI
$96.8B
| $39.9M | 0.05% |
136,300
+2,300
| +2% | +$745K |
|
361
CoStar Group
CSGP
$12.6B
| $39.9M | 0.05% |
1,183,000
+20,000
| +2% | +$731K |
|
362
CDW
CDW
$17B
| $39.9M | 0.05% |
491,800
+7,300
| +2% | +$629K |
|
|
MRO
363
DELISTED
Marathon Oil Corporation
MRO
| $39.8M | 0.05% |
2,778,597
+54,900
| +2% | +$980K |
|
364
Loews
L
$23.1B
| $39.8M | 0.05% |
873,419
+7,000
| +0.8% | +$330K |
|
365
Alexandria Real Estate Equities
ARE
$8.33B
| $39.6M | 0.05% |
343,800
+15,100
| +5% | +$1.84M |
|
366
Celanese
CE
$4.96B
| $39.5M | 0.05% |
438,730
+4,900
| +1% | +$480K |
|
367
Universal Health Services
UHS
$10B
| $39.4M | 0.05% |
337,800
+3,400
| +1% | +$427K |
|
368
RenaissanceRe
RNR
$13.2B
| $39.4M | 0.05% |
294,375
-1,200
| -0.4% | -$157K |
|
369
NetEase
NTES
$82.6B
| $39.4M | 0.05% |
835,940
| – | – |
|
370
lululemon athletica
LULU
$14.2B
| $39.2M | 0.05% |
322,655
-2,200
| -0.7% | -$295K |
|
371
Cencora
COR
$63B
| $39.1M | 0.05% |
526,216
| – | – |
|
372
NRG Energy
NRG
$25.3B
| $39.1M | 0.05% |
986,400
+461,000
| +88% | +$17.6M |
|
373
Skyworks Solutions
SWKS
$10.4B
| $39M | 0.05% |
581,300
| – | – |
|
374
Xylem
XYL
$28.5B
| $38.9M | 0.05% |
583,522
+9,200
| +2% | +$636K |
|
375
Cincinnati Financial
CINF
$26.5B
| $38.9M | 0.05% |
502,432
+4,600
| +0.9% | +$358K |
|
Similar funds
Swiss National Bank's Q4 2018 Portfolio in Review
As of Q4 2018, Swiss National Bank held 2,591 positions worth $78B, down 13% from $89.8B the previous quarter. Its ten largest holdings account for 18% of the portfolio.
Swiss National Bank's Q4 2018 filing shows 87 new, 1,610 increased, 323 reduced and 55 closed positions. Its largest new stake was Linde: 1,915,836 shares worth $299M. The largest sale was Aetna Inc, an estimated $234M.
By sector, the portfolio is most concentrated in Technology at 19% of assets, down from 20% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q4 2018 buy was Linde: 1,915,836 shares worth $299M.
- Swiss National Bank added most to Cigna in Q4 2018, an estimated $95.5M increase.
- Swiss National Bank's biggest Q4 2018 reduction was Dell, cutting an estimated $52.3M.
- Swiss National Bank fully exited Aetna Inc in Q4 2018, selling an estimated $234M.
- Swiss National Bank's ten largest holdings make up 18% of its $78B portfolio in Q4 2018.
- Swiss National Bank opened 87 new positions and closed 55 in Q4 2018.
- Swiss National Bank's portfolio value fell 13% quarter-over-quarter to $78B.
Based on Swiss National Bank's 13F filing for Q4 2018, filed 13 Feb 2019.