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 |
CRH
CRH
|
+$154M |
| 2 |
Kenvue
KVUE
|
+$114M |
| 3 |
Textron
TXT
|
+$48.3M |
| 4 |
Extra Space Storage
EXR
|
+$25.8M |
| 5 |
AngloGold Ashanti
AU
|
+$20M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$1.2B |
| 2 |
Microsoft
MSFT
|
+$932M |
| 3 |
Amazon
AMZN
|
+$488M |
| 4 |
NVIDIA
NVDA
|
+$437M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$311M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 29.42% |
| 2 | Healthcare | 13.62% |
| 3 | Consumer Discretionary | 11.97% |
| 4 | Industrials | 9.15% |
| 5 | Communication Services | 8.54% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
501
Incyte
INCY
$24.5B
| $35.2M | 0.03% |
610,000
-74,400
| -11% | -$4.69M |
|
502
American Homes 4 Rent
AMH
$12.2B
| $35.2M | 0.03% |
1,045,817
-127,800
| -11% | -$4.59M |
|
503
Liberty Broadband Class C
LBRDK
$5.07B
| $35.1M | 0.03% |
384,868
-47,300
| -11% | -$4.22M |
|
504
GoDaddy
GDDY
$11.6B
| $35.1M | 0.03% |
471,200
-55,400
| -11% | -$4.09M |
|
505
Match Group
MTCH
$8.4B
| $35.1M | 0.03% |
895,371
-113,300
| -11% | -$5.02M |
|
506
Kimco Realty
KIM
$16.2B
| $35.1M | 0.03% |
1,993,866
-244,600
| -11% | -$4.75M |
|
507
Rollins
ROL
$17.6B
| $34.8M | 0.03% |
931,300
+41,600
| +5% | +$1.68M |
|
508
Bio-Techne
TECH
$11.3B
| $34.5M | 0.03% |
506,400
-61,500
| -11% | -$4.86M |
|
509
MGM Resorts International
MGM
$11.1B
| $34.4M | 0.03% |
936,100
-141,100
| -13% | -$6.24M |
|
510
Pentair
PNR
$10.5B
| $34.4M | 0.03% |
530,587
-65,000
| -11% | -$4.38M |
|
511
Fidelity National Financial
FNF
$12.8B
| $34.4M | 0.03% |
831,800
-102,000
| -11% | -$4.08M |
|
512
Crown Holdings
CCK
$13.1B
| $34.2M | 0.03% |
386,300
-47,400
| -11% | -$4.25M |
|
513
Bentley Systems
BSY
$10.8B
| $34.1M | 0.03% |
679,800
-128,900
| -16% | -$6.48M |
|
514
United Therapeutics
UTHR
$21.9B
| $34M | 0.03% |
150,655
-16,500
| -10% | -$3.8M |
|
515
TFI International
TFII
$12B
| $33.5M | 0.03% |
258,600
-35,200
| -12% | -$4.47M |
|
516
BILL Holdings
BILL
$4.85B
| $33.3M | 0.03% |
306,900
-38,600
| -11% | -$4.39M |
|
517
Royalty Pharma
RPRX
$26.4B
| $33.3M | 0.03% |
1,225,500
-134,800
| -10% | -$4M |
|
518
Gen Digital
GEN
$17.1B
| $32.8M | 0.03% |
1,854,875
-222,300
| -11% | -$4.34M |
|
519
NiSource
NI
$20.1B
| $32.8M | 0.03% |
1,328,700
-162,600
| -11% | -$4.39M |
|
520
AES
AES
$10.5B
| $32.7M | 0.03% |
2,152,900
-262,100
| -11% | -$4.99M |
|
521
Equitable Holdings
EQH
$14.1B
| $32.6M | 0.03% |
1,146,700
-149,900
| -12% | -$4.23M |
|
522
Camden Property Trust
CPT
$10.9B
| $32.5M | 0.03% |
343,400
-41,900
| -11% | -$4.46M |
|
523
Twilio
TWLO
$37.9B
| $32.4M | 0.03% |
553,100
-88,500
| -14% | -$5.52M |
|
524
Healthpeak Properties
DOC
$14.2B
| $32.3M | 0.03% |
1,759,400
-215,800
| -11% | -$4.43M |
|
525
Charles River Laboratories
CRL
$13.6B
| $32.3M | 0.03% |
164,700
-20,200
| -11% | -$4.15M |
|
Similar funds
Swiss National Bank's Q3 2023 Portfolio in Review
As of Q3 2023, Swiss National Bank held 2,646 positions worth $127B, down 13% from $147B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Swiss National Bank withdrew a net $15B in Q3 2023, closing 38 positions and reducing 826 holdings. Its most notable exit was Black Knight, Inc. Common Stock, an estimated $36.2M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 30% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Swiss National Bank opened a new position in CRH worth $150M.
- Swiss National Bank's largest Q3 2023 buy was CRH: 2,712,293 shares worth $150M.
- Swiss National Bank added most to Extra Space Storage in Q3 2023, an estimated $25.8M increase.
- Swiss National Bank's biggest Q3 2023 reduction was Apple, cutting an estimated $1.2B.
- Swiss National Bank fully exited Black Knight, Inc. Common Stock in Q3 2023, selling an estimated $36.2M.
- Swiss National Bank's ten largest holdings make up 28% of its $127B portfolio in Q3 2023.
- Swiss National Bank opened 46 new positions and closed 38 in Q3 2023.
- Swiss National Bank's portfolio value fell 13% quarter-over-quarter to $127B.
Based on Swiss National Bank's 13F filing for Q3 2023, filed 8 Nov 2023.