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 |
Nu Holdings
NU
|
+$90.5M |
| 2 |
SW
Smurfit Westrock
SW
|
+$70M |
| 3 |
Pinduoduo
PDD
|
+$28.2M |
| 4 |
Microsoft
MSFT
|
+$24.7M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$21.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$118M |
| 2 |
Apple
AAPL
|
+$43.5M |
| 3 |
WRK
WestRock Company
WRK
|
+$38.2M |
| 4 |
Danaher
DHR
|
+$27.6M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$18M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.62% |
| 2 | Healthcare | 12.18% |
| 3 | Consumer Discretionary | 11.62% |
| 4 | Industrials | 9.21% |
| 5 | Communication Services | 9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
401
Warner Bros
WBD
$69.3B
| $57M | 0.04% |
6,909,427
+47,300
| +0.7% | +$370K |
|
402
Zebra Technologies
ZBRA
$17.9B
| $56.5M | 0.04% |
152,600
+400
| +0.3% | +$134K |
|
|
HOLX
403
DELISTED
Hologic
HOLX
| $56.4M | 0.04% |
692,740
-2,200
| -0.3% | -$176K |
|
404
NRG Energy
NRG
$25.4B
| $56.4M | 0.04% |
618,800
-17,000
| -3% | -$1.35M |
|
405
Essex Property Trust
ESS
$18.1B
| $56.3M | 0.04% |
190,552
+400
| +0.2% | +$116K |
|
406
Labcorp
LH
$26.2B
| $55.9M | 0.04% |
250,220
+1,200
| +0.5% | +$264K |
|
407
Steel Dynamics
STLD
$37.7B
| $55.9M | 0.04% |
443,100
-1,700
| -0.4% | -$207K |
|
408
CenterPoint Energy
CNP
$26.7B
| $55.9M | 0.04% |
1,898,800
+24,400
| +1% | +$683K |
|
409
Expedia Group
EXPE
$39.1B
| $55.8M | 0.04% |
376,791
-10,400
| -3% | -$1.38M |
|
410
Las Vegas Sands
LVS
$29.6B
| $55.5M | 0.04% |
1,102,900
| – | – |
|
411
Carnival Corporation Ltd
CCL
$37.9B
| $55.4M | 0.04% |
2,998,100
+7,500
| +0.3% | +$127K |
|
412
Alexandria Real Estate Equities
ARE
$8.27B
| $55.4M | 0.04% |
466,200
| – | – |
|
413
Dollar General
DG
$26.4B
| $55.2M | 0.04% |
652,600
+2,100
| +0.3% | +$230K |
|
414
Ulta Beauty
ULTA
$22.9B
| $55.1M | 0.04% |
141,600
-1,300
| -0.9% | -$488K |
|
415
Expeditors International
EXPD
$24B
| $55.1M | 0.04% |
419,300
-6,800
| -2% | -$833K |
|
416
Mid-America Apartment Communities
MAA
$15.4B
| $55.1M | 0.04% |
346,676
+1,100
| +0.3% | +$168K |
|
417
AerCap
AER
$23.6B
| $55.1M | 0.04% |
581,500
-29,200
| -5% | -$2.74M |
|
418
Masco
MAS
$14.7B
| $54.9M | 0.04% |
653,500
+2,800
| +0.4% | +$212K |
|
419
Align Technology
ALGN
$12.4B
| $54M | 0.04% |
212,200
+500
| +0.2% | +$118K |
|
|
CTRA
420
DELISTED
Coterra Energy
CTRA
| $52.9M | 0.03% |
2,209,020
-15,400
| -0.7% | -$380K |
|
421
Avery Dennison
AVY
$13.7B
| $52.8M | 0.03% |
239,100
+700
| +0.3% | +$151K |
|
422
Live Nation Entertainment
LYV
$43.2B
| $52.3M | 0.03% |
477,300
+1,700
| +0.4% | +$164K |
|
423
Avantor
AVTR
$9.42B
| $52.2M | 0.03% |
2,016,100
+5,200
| +0.3% | +$128K |
|
424
Zoom
ZM
$30.8B
| $51.8M | 0.03% |
743,300
+9,400
| +1% | +$588K |
|
425
W.R. Berkley
WRB
$25.9B
| $51.7M | 0.03% |
911,062
-601
| -0.1% | -$33.7K |
|
Similar funds
Swiss National Bank's Q3 2024 Portfolio in Review
As of Q3 2024, Swiss National Bank held 2,510 positions worth $154B, up 5.8% from $146B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2024: portfolio turnover was 3.9%. Swiss National Bank opened 52 new positions and exited 45, leaving the 2,510-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 33% of assets, down from 34% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q3 2024 buy was Nu Holdings: 6,729,657 shares worth $91.9M.
- Swiss National Bank added most to Pinduoduo in Q3 2024, an estimated $28.2M increase.
- Swiss National Bank's biggest Q3 2024 reduction was NVIDIA, cutting an estimated $118M.
- Swiss National Bank fully exited WestRock Company in Q3 2024, selling an estimated $38.2M.
- Swiss National Bank's ten largest holdings make up 32% of its $154B portfolio in Q3 2024.
- Swiss National Bank opened 52 new positions and closed 45 in Q3 2024.
- Swiss National Bank's portfolio value rose 5.8% quarter-over-quarter to $154B.
Based on Swiss National Bank's 13F filing for Q3 2024, filed 7 Nov 2024.