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 |
First Solar
FSLR
|
+$24M |
| 2 |
Ovintiv
OVV
|
+$22M |
| 3 |
Hubbell
HUBB
|
+$21.8M |
| 4 |
U-Haul Holding Co Series N
UHAL.B
|
+$20.7M |
| 5 |
Lamb Weston
LW
|
+$20.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$690M |
| 2 |
Microsoft
MSFT
|
+$479M |
| 3 |
Amazon
AMZN
|
+$239M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$182M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$161M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.31% |
| 2 | Healthcare | 16.63% |
| 3 | Consumer Discretionary | 10.98% |
| 4 | Industrials | 9.76% |
| 5 | Consumer Staples | 7.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
501
Fidelity National Financial
FNF
$12.8B
| $40.1M | 0.03% |
1,066,900
-135,564
| -11% | -$5.09M |
|
502
Molson Coors Class B
TAP
$7.75B
| $39.9M | 0.03% |
773,500
-8,173
| -1% | -$419K |
|
503
Entegris
ENTG
$24.6B
| $39.7M | 0.03% |
605,407
-39,300
| -6% | -$2.89M |
|
504
CarMax
KMX
$8.33B
| $39.4M | 0.03% |
647,200
-47,153
| -7% | -$3.03M |
|
|
EXE
505
Expand Energy Corp
EXE
$22.3B
| $39.4M | 0.03% |
417,300
+145,700
| +54% | +$14.4M |
|
506
Regency Centers
REG
$13.9B
| $39.2M | 0.03% |
626,720
-45,509
| -7% | -$2.8M |
|
|
BKI
507
DELISTED
Black Knight, Inc. Common Stock
BKI
| $39.2M | 0.03% |
634,200
-41,671
| -6% | -$2.53M |
|
508
Bath & Body Works
BBWI
$3.65B
| $39.1M | 0.03% |
927,900
-105,700
| -10% | -$3.94M |
|
509
Vail Resorts
MTN
$5.29B
| $39.1M | 0.03% |
163,900
-11,747
| -7% | -$2.76M |
|
510
Aramark
ARMK
$15.9B
| $39M | 0.03% |
1,305,640
-79,654
| -6% | -$2.2M |
|
511
Liberty Broadband Class C
LBRDK
$5.07B
| $38.8M | 0.03% |
509,068
-57,726
| -10% | -$4.69M |
|
512
BorgWarner
BWA
$14B
| $38.7M | 0.03% |
1,093,382
-84,018
| -7% | -$2.86M |
|
513
Zscaler
ZS
$28.7B
| $38.7M | 0.03% |
345,900
-20,975
| -6% | -$2.85M |
|
514
American Homes 4 Rent
AMH
$12.2B
| $38.3M | 0.03% |
1,272,017
-82,900
| -6% | -$2.63M |
|
515
Telus
TU
$15B
| $38.1M | 0.03% |
1,976,365
-110,300
| -5% | -$2.28M |
|
516
Qorvo
QRVO
$8.67B
| $38M | 0.03% |
419,445
-40,044
| -9% | -$3.62M |
|
517
Bio-Rad Laboratories Class A
BIO
$9.68B
| $38M | 0.03% |
90,400
-6,565
| -7% | -$2.65M |
|
518
Fox Class A
FOXA
$26.5B
| $37.8M | 0.03% |
1,245,934
-105,611
| -8% | -$3.22M |
|
519
Universal Health Services
UHS
$10.2B
| $37.6M | 0.03% |
267,100
-23,709
| -8% | -$2.8M |
|
520
Allegion
ALLE
$14.1B
| $37.6M | 0.03% |
357,000
-23,515
| -6% | -$2.45M |
|
521
Huntington Ingalls Industries
HII
$12.9B
| $37.3M | 0.03% |
161,900
-11,278
| -7% | -$2.66M |
|
522
VF Corp
VFC
$5.73B
| $37.1M | 0.03% |
1,342,100
-89,093
| -6% | -$2.62M |
|
|
WRK
523
DELISTED
WestRock Company
WRK
| $36.3M | 0.03% |
1,033,486
-71,054
| -6% | -$2.48M |
|
524
Caesars Entertainment
CZR
$6.04B
| $36.3M | 0.03% |
871,400
-56,200
| -6% | -$2.5M |
|
525
Repligen
RGEN
$9.35B
| $36.2M | 0.03% |
214,100
+89,200
| +71% | +$16.2M |
|
Similar funds
Swiss National Bank's Q4 2022 Portfolio in Review
As of Q4 2022, Swiss National Bank held 2,795 positions worth $139B, down 0.37% from $140B the previous quarter. Its ten largest holdings account for 23% of the portfolio.
Swiss National Bank withdrew a net $9.35B in Q4 2022, closing 116 positions and reducing 810 holdings. Its most notable exit was Twitter, Inc., an estimated $123M position sold in full.
By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 26% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Swiss National Bank opened a new position in U-Haul Holding Co Series N worth $19.6M.
- Swiss National Bank's largest Q4 2022 buy was U-Haul Holding Co Series N: 356,731 shares worth $19.6M.
- Swiss National Bank added most to First Solar in Q4 2022, an estimated $24M increase.
- Swiss National Bank's biggest Q4 2022 reduction was Apple, cutting an estimated $690M.
- Swiss National Bank fully exited Twitter, Inc. in Q4 2022, selling an estimated $123M.
- Swiss National Bank's ten largest holdings make up 23% of its $139B portfolio in Q4 2022.
- Swiss National Bank opened 81 new positions and closed 116 in Q4 2022.
- Swiss National Bank's portfolio value fell 0.37% quarter-over-quarter to $139B.
Based on Swiss National Bank's 13F filing for Q4 2022, filed 8 Feb 2023.