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 | |
|---|---|---|---|---|---|---|
|
ATH
426
DELISTED
Athene Holding Ltd. Class A Common Shares
ATH
| $32.9M | 0.04% |
825,500
+2,100
| +0.3% | +$94.6K |
|
427
Marvell Technology
MRVL
$191B
| $32.7M | 0.04% |
2,020,306
+54,400
| +3% | +$902K |
|
|
DRE
428
DELISTED
Duke Realty Corp.
DRE
| $32.7M | 0.04% |
1,262,489
+21,300
| +2% | +$591K |
|
429
APA Corp
APA
$14.2B
| $32.7M | 0.04% |
1,244,232
+24,300
| +2% | +$896K |
|
430
Copart
CPRT
$27.2B
| $32.5M | 0.04% |
2,716,800
+47,200
| +2% | +$583K |
|
431
FMC
FMC
$1.3B
| $32.4M | 0.04% |
505,056
+9,801
| +2% | +$687K |
|
|
CTRA
432
DELISTED
Coterra Energy
CTRA
| $32.2M | 0.04% |
1,438,716
-2,500
| -0.2% | -$60.4K |
|
433
NiSource
NI
$20.1B
| $32.1M | 0.04% |
1,267,200
+23,000
| +2% | +$593K |
|
434
Domino's
DPZ
$11.8B
| $32.1M | 0.04% |
129,400
+1,100
| +0.9% | +$290K |
|
435
NOV
NOV
$7.49B
| $32M | 0.04% |
1,244,747
+25,100
| +2% | +$868K |
|
|
KSU
436
DELISTED
Kansas City Southern
KSU
| $31.7M | 0.04% |
331,951
+4,500
| +1% | +$457K |
|
437
SS&C Technologies
SSNC
$18.7B
| $31.6M | 0.04% |
701,600
+17,600
| +3% | +$854K |
|
438
IDEX
IEX
$17.5B
| $31.5M | 0.04% |
249,200
+4,200
| +2% | +$562K |
|
439
Wynn Resorts
WYNN
$10.8B
| $31.4M | 0.04% |
317,662
+5,600
| +2% | +$604K |
|
|
WRK
440
DELISTED
WestRock Company
WRK
| $31.3M | 0.04% |
829,204
+10,400
| +1% | +$459K |
|
441
AES
AES
$10.5B
| $31.1M | 0.04% |
2,149,308
+38,000
| +2% | +$571K |
|
442
Kinross Gold
KGC
$32.3B
| $30.9M | 0.04% |
9,572,635
-98,100
| -1% | -$275K |
|
443
JD.com
JD
$43.1B
| $30.7M | 0.04% |
1,465,082
| – | – |
|
|
Y
444
DELISTED
Alleghany Corp
Y
| $30.4M | 0.04% |
48,800
-100
| -0.2% | -$61.6K |
|
445
Open Text
OTEX
$5.81B
| $30.3M | 0.04% |
928,200
-7,900
| -0.8% | -$267K |
|
446
UGI
UGI
$7.54B
| $30.2M | 0.04% |
565,600
+12,900
| +2% | +$717K |
|
447
Norwegian Cruise Line
NCLH
$8.59B
| $30.2M | 0.04% |
711,800
+30,300
| +4% | +$1.47M |
|
448
PTC
PTC
$16.3B
| $30.2M | 0.04% |
363,800
+160,700
| +79% | +$14.1M |
|
|
JNPR
449
DELISTED
Juniper Networks
JNPR
| $30M | 0.04% |
1,114,567
| – | – |
|
450
Bunge Global
BG
$21.4B
| $29.8M | 0.04% |
558,535
+6,400
| +1% | +$395K |
|
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.