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 | |
|---|---|---|---|---|---|---|
401
Western Digital
WDC
$159B
| $53.1M | 0.04% |
1,341,002
-20,507
| -2% | -$718K |
|
402
Albemarle
ALB
$15.1B
| $53M | 0.04% |
366,906
-10,500
| -3% | -$1.44M |
|
403
CMS Energy
CMS
$21.9B
| $53M | 0.04% |
912,200
-25,900
| -3% | -$1.45M |
|
404
Seagate
STX
$199B
| $52.7M | 0.04% |
617,500
+18,000
| +3% | +$1.34M |
|
405
Booz Allen Hamilton
BAH
$9.41B
| $52.4M | 0.04% |
409,700
-11,600
| -3% | -$1.45M |
|
406
Magna International
MGA
$18.5B
| $52.4M | 0.04% |
884,400
-26,100
| -3% | -$1.41M |
|
407
Teradyne
TER
$63.2B
| $52.3M | 0.04% |
481,600
-17,200
| -3% | -$1.63M |
|
408
Jabil
JBL
$38.7B
| $52.1M | 0.04% |
409,300
-12,100
| -3% | -$1.54M |
|
409
Sun Communities
SUI
$14.4B
| $52M | 0.04% |
389,060
-11,100
| -3% | -$1.34M |
|
410
JB Hunt Transport Services
JBHT
$25.9B
| $51.6M | 0.04% |
258,500
-7,700
| -3% | -$1.43M |
|
|
411
Vertiv
VRT
$113B
| $51.4M | 0.04% |
1,071,100
+403,400
| +60% | +$17.2M |
|
412
IDEX
IEX
$17.8B
| $51.3M | 0.04% |
236,400
-6,700
| -3% | -$1.35M |
|
413
Reliance Steel & Aluminium
RS
$21.7B
| $51.2M | 0.04% |
183,200
-6,000
| -3% | -$1.59M |
|
414
Jacobs Solutions
J
$17B
| $51.1M | 0.04% |
476,092
-17,168
| -3% | -$1.87M |
|
415
Avery Dennison
AVY
$13.7B
| $50.9M | 0.04% |
251,600
-8,300
| -3% | -$1.55M |
|
416
Cincinnati Financial
CINF
$26.5B
| $50.7M | 0.04% |
490,100
-15,600
| -3% | -$1.58M |
|
417
Celanese
CE
$4.78B
| $50.2M | 0.04% |
323,300
-9,100
| -3% | -$1.19M |
|
418
Synchrony
SYF
$25.6B
| $49.9M | 0.04% |
1,307,743
-70,800
| -5% | -$2.24M |
|
419
Textron
TXT
$15.2B
| $49.8M | 0.04% |
619,389
-29,400
| -5% | -$2.28M |
|
420
Essex Property Trust
ESS
$18.1B
| $49.7M | 0.04% |
200,652
-5,900
| -3% | -$1.3M |
|
421
Lamb Weston
LW
$7.29B
| $49.1M | 0.04% |
454,000
-14,700
| -3% | -$1.42M |
|
422
Mid-America Apartment Communities
MAA
$15.4B
| $49.1M | 0.04% |
364,876
-10,400
| -3% | -$1.32M |
|
423
Carlisle Companies
CSL
$15.3B
| $48.8M | 0.04% |
156,100
-7,600
| -5% | -$2.09M |
|
424
Pool Corp
POOL
$7.3B
| $48.7M | 0.04% |
122,183
-3,200
| -3% | -$1.12M |
|
425
Quest Diagnostics
DGX
$26.2B
| $48.4M | 0.04% |
351,000
-9,300
| -3% | -$1.22M |
|
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.