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 | |
|---|---|---|---|---|---|---|
476
Yum China
YUMC
$16.3B
| $26.8M | 0.03% |
798,239
| – | – |
|
477
Trimble
TRMB
$13.5B
| $26.8M | 0.03% |
813,200
+17,600
| +2% | +$648K |
|
478
Snap-on
SNA
$21.3B
| $26.6M | 0.03% |
183,300
+2,600
| +1% | +$411K |
|
479
JB Hunt Transport Services
JBHT
$24.9B
| $26.4M | 0.03% |
284,258
+4,100
| +1% | +$435K |
|
480
Targa Resources
TRGP
$56.9B
| $26.4M | 0.03% |
733,300
+32,600
| +5% | +$1.58M |
|
481
Lear
LEA
$8.12B
| $26M | 0.03% |
211,700
| – | – |
|
482
Globe Life
GL
$14.1B
| $25.9M | 0.03% |
348,028
+3,700
| +1% | +$308K |
|
483
Lennox International
LII
$14.9B
| $25.9M | 0.03% |
118,500
| – | – |
|
|
IPG
484
DELISTED
Interpublic Group of Companies
IPG
| $25.7M | 0.03% |
1,247,390
+16,700
| +1% | +$381K |
|
485
Packaging Corp of America
PKG
$22.9B
| $25.6M | 0.03% |
306,900
+5,700
| +2% | +$530K |
|
486
Avery Dennison
AVY
$13.6B
| $25.5M | 0.03% |
284,156
+3,200
| +1% | +$301K |
|
487
Cenovus Energy
CVE
$55B
| $25.5M | 0.03% |
3,619,400
-36,400
| -1% | -$300K |
|
488
OGE Energy
OGE
$9.57B
| $25.4M | 0.03% |
648,800
+11,200
| +2% | +$430K |
|
489
Vistra
VST
$48.6B
| $25.1M | 0.03% |
1,096,073
+12,800
| +1% | +$302K |
|
490
Liberty Broadband Class C
LBRDK
$5.32B
| $25M | 0.03% |
346,900
+6,000
| +2% | +$481K |
|
|
SPR
491
DELISTED
Spirit AeroSystems
SPR
| $25M | 0.03% |
346,200
-17,100
| -5% | -$1.39M |
|
492
Dell
DELL
$285B
| $24.9M | 0.03% |
1,006,822
-1,908,830
| -65% | -$52.3M |
|
493
Qorvo
QRVO
$8.53B
| $24.8M | 0.03% |
408,445
+4,600
| +1% | +$309K |
|
494
Western Union
WU
$2.2B
| $24.8M | 0.03% |
1,453,924
-16,800
| -1% | -$305K |
|
495
Old Dominion Freight Line
ODFL
$43.4B
| $24.7M | 0.03% |
599,700
+9,000
| +2% | +$399K |
|
496
Imperial Oil
IMO
$62.7B
| $24.7M | 0.03% |
973,600
-35,900
| -4% | -$1.09M |
|
497
Allegion
ALLE
$14.3B
| $24.6M | 0.03% |
308,600
+5,500
| +2% | +$475K |
|
498
Sensata Technologies
ST
$6.73B
| $24.6M | 0.03% |
547,750
| – | – |
|
499
LKQ Corp
LKQ
$6.25B
| $24.5M | 0.03% |
1,034,000
+45,400
| +5% | +$1.23M |
|
500
Leidos
LDOS
$17.7B
| $24.5M | 0.03% |
464,800
+4,500
| +1% | +$280K |
|
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.