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 |
Walt Disney
DIS
|
+$138M |
| 2 |
Alibaba
BABA
|
+$100M |
| 3 |
Microsoft
MSFT
|
+$72.8M |
| 4 |
Amazon
AMZN
|
+$65.7M |
| 5 |
Fox Class A
FOXA
|
+$46.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$165M |
| 2 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$68.3M |
| 3 |
Oracle
ORCL
|
+$43.1M |
| 4 |
PG&E
PCG
|
+$41.2M |
| 5 |
Qualcomm
QCOM
|
+$28.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 19.64% |
| 2 | Healthcare | 15.18% |
| 3 | Consumer Discretionary | 11.83% |
| 4 | Communication Services | 10.12% |
| 5 | Industrials | 9.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ATH
451
DELISTED
Athene Holding Ltd. Class A Common Shares
ATH
| $34.6M | 0.04% |
848,000
+22,500
| +3% | +$963K |
|
452
FMC
FMC
$1.3B
| $34.5M | 0.04% |
449,436
-55,620
| -11% | -$4.08M |
|
453
NOV
NOV
$7.49B
| $34.1M | 0.04% |
1,279,247
+34,500
| +3% | +$979K |
|
454
Domino's
DPZ
$11.8B
| $34M | 0.04% |
131,900
+2,500
| +2% | +$650K |
|
455
Kinross Gold
KGC
$32.3B
| $33.9M | 0.04% |
9,851,235
+278,600
| +3% | +$929K |
|
456
Trimble
TRMB
$13.5B
| $33.8M | 0.04% |
837,800
+24,600
| +3% | +$934K |
|
457
TechnipFMC
FTI
$29.5B
| $33.8M | 0.04% |
1,929,989
+48,115
| +3% | +$814K |
|
|
SJR
458
DELISTED
Shaw Communications Inc.
SJR
| $33.6M | 0.04% |
1,615,300
+29,100
| +2% | +$590K |
|
459
Fidelity National Financial
FNF
$12.8B
| $33.5M | 0.04% |
953,635
+25,064
| +3% | +$840K |
|
460
The Mosaic Company
MOS
$7.34B
| $33.3M | 0.04% |
1,220,365
+30,800
| +3% | +$939K |
|
|
VIAB
461
DELISTED
Viacom Inc. Class B
VIAB
| $33.1M | 0.04% |
1,179,570
+29,800
| +3% | +$855K |
|
462
Western Union
WU
$2.2B
| $33.1M | 0.04% |
1,790,324
+336,400
| +23% | +$6.05M |
|
463
New Oriental
EDU
$8.84B
| $32.9M | 0.04% |
365,232
+69,791
| +24% | +$5.26M |
|
464
Avery Dennison
AVY
$13.6B
| $32.7M | 0.04% |
289,356
+5,200
| +2% | +$537K |
|
465
Liberty Broadband Class C
LBRDK
$5.32B
| $32.6M | 0.04% |
355,800
+8,900
| +3% | +$757K |
|
|
WRK
466
DELISTED
WestRock Company
WRK
| $32.4M | 0.04% |
846,004
+16,800
| +2% | +$657K |
|
|
SPR
467
DELISTED
Spirit AeroSystems
SPR
| $32.4M | 0.04% |
353,700
+7,500
| +2% | +$662K |
|
468
UGI
UGI
$7.54B
| $32.2M | 0.04% |
580,200
+14,600
| +3% | +$799K |
|
469
Iron Mountain
IRM
$36.4B
| $32.1M | 0.04% |
905,964
+23,000
| +3% | +$812K |
|
470
Jacobs Solutions
J
$17.3B
| $32.1M | 0.04% |
515,678
+14,266
| +3% | +$803K |
|
471
Lennox International
LII
$14.9B
| $32M | 0.04% |
121,100
+2,600
| +2% | +$621K |
|
472
Targa Resources
TRGP
$56.9B
| $31.8M | 0.03% |
765,300
+32,000
| +4% | +$1.34M |
|
473
Cenovus Energy
CVE
$55B
| $31.8M | 0.03% |
3,659,500
+40,100
| +1% | +$333K |
|
474
TAL Education Group
TAL
$6.75B
| $31.8M | 0.03% |
880,359
+166,173
| +23% | +$5.39M |
|
475
NVR
NVR
$17.1B
| $31.7M | 0.03% |
11,450
+260
| +2% | +$684K |
|
Similar funds
Swiss National Bank's Q1 2019 Portfolio in Review
As of Q1 2019, Swiss National Bank held 2,549 positions worth $91.2B, up 17% from $78B the previous quarter. Its ten largest holdings account for 18% of the portfolio.
Trading was light in Q1 2019: portfolio turnover was 2.2%. Swiss National Bank opened 13 new positions and exited 42, leaving the 2,549-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 20% of assets, up from 19% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q1 2019 buy was Fox Class A: 1,197,967 shares worth $44M.
- Swiss National Bank added most to Walt Disney in Q1 2019, an estimated $138M increase.
- Swiss National Bank's biggest Q1 2019 reduction was Oracle, cutting an estimated $43.1M.
- Swiss National Bank fully exited Twenty-First Century Fox, Inc. Class A in Q1 2019, selling an estimated $165M.
- Swiss National Bank's ten largest holdings make up 18% of its $91.2B portfolio in Q1 2019.
- Swiss National Bank opened 13 new positions and closed 42 in Q1 2019.
- Swiss National Bank's portfolio value rose 17% quarter-over-quarter to $91.2B.
Based on Swiss National Bank's 13F filing for Q1 2019, filed 10 May 2019.