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 |
Spotify
SPOT
|
+$181M |
| 2 |
Boeing
BA
|
+$50.7M |
| 3 |
Carvana
CVNA
|
+$25.6M |
| 4 |
ConocoPhillips
COP
|
+$24.1M |
| 5 |
EXE
Expand Energy Corp
EXE
|
+$18.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$513M |
| 2 |
Microsoft
MSFT
|
+$430M |
| 3 |
Amazon
AMZN
|
+$228M |
| 4 |
Meta Platforms (Facebook)
META
|
+$194M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$155M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.87% |
| 2 | Consumer Discretionary | 12.65% |
| 3 | Healthcare | 10.7% |
| 4 | Communication Services | 9.69% |
| 5 | Industrials | 8.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
451
Kimco Realty
KIM
$16.4B
| $44.6M | 0.03% |
1,904,433
-91,500
| -5% | -$2.22M |
|
452
Everest Group
EG
$14B
| $44.3M | 0.03% |
122,300
-6,500
| -5% | -$2.43M |
|
453
Expeditors International
EXPD
$24.3B
| $44.2M | 0.03% |
398,600
-20,700
| -5% | -$2.47M |
|
454
Nutanix
NTNX
$18.4B
| $43.5M | 0.03% |
711,500
+230,200
| +48% | +$15M |
|
455
CF Industries
CF
$17.7B
| $43.5M | 0.03% |
509,600
-33,000
| -6% | -$2.86M |
|
456
Alexandria Real Estate Equities
ARE
$8.33B
| $43.4M | 0.03% |
444,700
-21,500
| -5% | -$2.36M |
|
457
Sun Communities
SUI
$14.6B
| $43.3M | 0.03% |
352,160
-17,700
| -5% | -$2.27M |
|
458
Dollar Tree
DLTR
$24.9B
| $43.2M | 0.03% |
576,981
-29,100
| -5% | -$2M |
|
459
Alliant Energy
LNT
$18.2B
| $42.9M | 0.03% |
724,700
-34,400
| -5% | -$2.08M |
|
460
Gen Digital
GEN
$17.7B
| $42.8M | 0.03% |
1,564,975
-107,700
| -6% | -$3.1M |
|
461
Avery Dennison
AVY
$13.6B
| $42.6M | 0.03% |
227,500
-11,600
| -5% | -$2.37M |
|
462
Entegris
ENTG
$25B
| $42.2M | 0.03% |
426,507
-21,000
| -5% | -$2.21M |
|
463
Equitable Holdings
EQH
$14.4B
| $42.2M | 0.03% |
895,200
-70,200
| -7% | -$3.24M |
|
464
United Therapeutics
UTHR
$21.5B
| $42.1M | 0.03% |
119,455
-5,600
| -4% | -$2.06M |
|
465
Baxter International
BAX
$14B
| $42M | 0.03% |
1,441,289
-71,200
| -5% | -$2.4M |
|
466
Viatris
VTRS
$18.4B
| $42M | 0.03% |
3,371,602
-161,300
| -5% | -$1.98M |
|
467
Owens Corning
OC
$12.3B
| $41.8M | 0.03% |
245,700
-11,900
| -5% | -$2.22M |
|
468
Reliance Steel & Aluminium
RS
$21.7B
| $41.8M | 0.03% |
155,400
-14,700
| -9% | -$4.36M |
|
469
Align Technology
ALGN
$12.5B
| $41.8M | 0.03% |
200,500
-11,700
| -6% | -$2.61M |
|
470
Yum China
YUMC
$16.2B
| $41.6M | 0.03% |
864,633
-20,200
| -2% | -$958K |
|
471
F5
FFIV
$23.6B
| $41.4M | 0.03% |
164,600
-9,500
| -5% | -$2.27M |
|
472
Fidelity National Financial
FNF
$13.1B
| $41.2M | 0.03% |
733,900
-36,500
| -5% | -$2.2M |
|
473
Akamai
AKAM
$18B
| $40.9M | 0.03% |
428,000
-24,100
| -5% | -$2.36M |
|
474
Domino's
DPZ
$11.6B
| $40.9M | 0.03% |
97,500
-6,000
| -6% | -$2.62M |
|
475
Textron
TXT
$15.1B
| $40.5M | 0.03% |
529,289
-36,700
| -6% | -$3.07M |
|
Similar funds
Swiss National Bank's Q4 2024 Portfolio in Review
As of Q4 2024, Swiss National Bank held 2,505 positions worth $150B, down 2.4% from $154B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Swiss National Bank withdrew a net $6.32B in Q4 2024, closing 65 positions and reducing 893 holdings. Its most notable exit was Marathon Oil Corporation, an estimated $44.6M position sold in full.
By sector, the portfolio is most concentrated in Technology at 34% of assets, up from 33% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Swiss National Bank opened a new position in Spotify worth $189M.
- Swiss National Bank's largest Q4 2024 buy was Spotify: 422,900 shares worth $189M.
- Swiss National Bank added most to Boeing in Q4 2024, an estimated $50.7M increase.
- Swiss National Bank's biggest Q4 2024 reduction was NVIDIA, cutting an estimated $513M.
- Swiss National Bank fully exited Marathon Oil Corporation in Q4 2024, selling an estimated $44.6M.
- Swiss National Bank's ten largest holdings make up 34% of its $150B portfolio in Q4 2024.
- Swiss National Bank opened 40 new positions and closed 65 in Q4 2024.
- Swiss National Bank's portfolio value fell 2.4% quarter-over-quarter to $150B.
Based on Swiss National Bank's 13F filing for Q4 2024, filed 10 Feb 2025.