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 |
Microsoft
MSFT
|
+$633M |
| 2 |
Apple
AAPL
|
+$618M |
| 3 |
NVIDIA
NVDA
|
+$603M |
| 4 |
Amazon
AMZN
|
+$440M |
| 5 |
Meta Platforms (Facebook)
META
|
+$298M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DFS
Discover Financial Services
DFS
|
+$121M |
| 2 |
KE Holdings
BEKE
|
+$31.8M |
| 3 |
ITCI
Intra-Cellular Therapies Inc.
ITCI
|
+$24.4M |
| 4 |
X
US Steel
X
|
+$18.4M |
| 5 |
T-Mobile US
TMUS
|
+$16M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 34.94% |
| 2 | Consumer Discretionary | 11.79% |
| 3 | Communication Services | 10.31% |
| 4 | Healthcare | 9.96% |
| 5 | Industrials | 9.24% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
351
Equity Residential
EQR
$24.2B
| $69.8M | 0.04% |
1,034,450
+71,300
| +7% | +$4.9M |
|
352
HP
HPQ
$25.9B
| $69.8M | 0.04% |
2,853,600
+208,600
| +8% | +$5.32M |
|
|
SW
353
Smurfit Westrock
SW
$25.4B
| $68.2M | 0.04% |
1,580,197
+113,200
| +8% | +$4.84M |
|
354
W.R. Berkley
WRB
$26.1B
| $67.4M | 0.04% |
917,762
+58,000
| +7% | +$4.16M |
|
355
Corpay
CPAY
$26.5B
| $67M | 0.04% |
202,000
+15,200
| +8% | +$4.96M |
|
356
Western Digital
WDC
$160B
| $67M | 0.04% |
1,046,507
+71,600
| +7% | +$3.41M |
|
357
Liberty Media Series C
FWONK
$26.2B
| $67M | 0.04% |
640,800
+45,200
| +8% | +$4.2M |
|
358
ON Semiconductor
ON
$32.5B
| $67M | 0.04% |
1,277,600
+76,700
| +6% | +$3.33M |
|
359
FirstEnergy
FE
$27.1B
| $66.8M | 0.04% |
1,659,644
+115,500
| +7% | +$4.77M |
|
360
Insulet
PODD
$9.88B
| $66.8M | 0.04% |
212,600
+14,700
| +7% | +$4.24M |
|
361
NetApp
NTAP
$39.3B
| $66.6M | 0.04% |
624,800
+51,400
| +9% | +$4.88M |
|
362
Labcorp
LH
$25.9B
| $66.5M | 0.04% |
253,220
+17,300
| +7% | +$4.21M |
|
363
NVR
NVR
$16.7B
| $66.4M | 0.04% |
8,990
+350
| +4% | +$2.51M |
|
364
Hubbell
HUBB
$27.3B
| $66.2M | 0.04% |
162,100
+10,700
| +7% | +$3.97M |
|
365
Pembina Pipeline
PBA
$28.5B
| $66M | 0.04% |
1,764,496
+112,400
| +7% | +$4.24M |
|
366
Natera
NTRA
$45.6B
| $65.7M | 0.04% |
388,800
+35,000
| +10% | +$5.45M |
|
367
AerCap
AER
$23.7B
| $65.3M | 0.04% |
558,200
+600
| +0.1% | +$64.9K |
|
368
Coca-Cola Europacific Partners
CCEP
$47.1B
| $64.8M | 0.04% |
698,614
+104,100
| +18% | +$9.32M |
|
369
Pinterest
PINS
$12.9B
| $64.5M | 0.04% |
1,797,400
+124,200
| +7% | +$3.77M |
|
370
Pultegroup
PHM
$24.5B
| $64.4M | 0.04% |
610,200
+31,700
| +5% | +$3.19M |
|
371
Ulta Beauty
ULTA
$23B
| $64.2M | 0.04% |
137,200
+6,400
| +5% | +$2.65M |
|
372
CGI
GIB
$15.2B
| $64M | 0.04% |
611,400
+33,000
| +6% | +$3.48M |
|
373
Amcor
AMCR
$21.3B
| $63.5M | 0.04% |
1,382,770
+567,472
| +70% | +$26.2M |
|
374
Expedia Group
EXPE
$38.2B
| $63M | 0.04% |
373,391
+26,900
| +8% | +$4.36M |
|
375
Waters Corp
WAT
$40.7B
| $62.9M | 0.04% |
180,100
+12,600
| +8% | +$4.33M |
|
Similar funds
Swiss National Bank's Q2 2025 Portfolio in Review
As of Q2 2025, Swiss National Bank held 2,424 positions worth $167B, up 18% from $142B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Swiss National Bank deployed $9.47B of net new capital in Q2 2025, opening 27 new positions and adding to 871 existing holdings. Its largest new stake was Emera Inc: 904,800 shares worth $41.3M.
By sector, the portfolio is most concentrated in Technology at 35% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Communication Services.
On the sell side, the largest reduction was T-Mobile US, an estimated $16M trimmed.
- Swiss National Bank's largest Q2 2025 buy was Emera Inc: 904,800 shares worth $41.3M.
- Swiss National Bank added most to Microsoft in Q2 2025, an estimated $633M increase.
- Swiss National Bank's biggest Q2 2025 reduction was T-Mobile US, cutting an estimated $16M.
- Swiss National Bank fully exited Discover Financial Services in Q2 2025, selling an estimated $121M.
- Swiss National Bank's ten largest holdings make up 34% of its $167B portfolio in Q2 2025.
- Swiss National Bank opened 27 new positions and closed 92 in Q2 2025.
- Swiss National Bank's portfolio value rose 18% quarter-over-quarter to $167B.
Based on Swiss National Bank's 13F filing for Q2 2025, filed 12 Aug 2025.