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 | |
|---|---|---|---|---|---|---|
526
Southwest Airlines
LUV
$22.3B
| $21.5M | 0.03% |
462,712
| – | – |
|
527
Alnylam Pharmaceuticals
ALNY
$29.6B
| $21.5M | 0.03% |
294,300
+5,400
| +2% | +$415K |
|
|
CDK
528
DELISTED
CDK Global, Inc.
CDK
| $21.4M | 0.03% |
446,000
-1,000
| -0.2% | -$52.8K |
|
|
HDS
529
DELISTED
HD Supply Holdings, Inc.
HDS
| $21.1M | 0.03% |
562,700
| – | – |
|
530
Ingredion
INGR
$6.6B
| $21.1M | 0.03% |
230,800
| – | – |
|
|
SCG
531
DELISTED
Scana
SCG
| $21M | 0.03% |
440,146
+7,600
| +2% | +$326K |
|
|
JWN
532
DELISTED
Nordstrom
JWN
| $21M | 0.03% |
451,125
+76,200
| +20% | +$4.3M |
|
533
BCE
BCE
$21.8B
| $20.9M | 0.03% |
529,954
-4,400
| -0.8% | -$180K |
|
|
LSXMK
534
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $20.9M | 0.03% |
742,214
| – | – |
|
535
Unum
UNM
$14.2B
| $20.7M | 0.03% |
706,067
| – | – |
|
|
SGEN
536
DELISTED
Seagen Inc. Common Stock
SGEN
| $20.5M | 0.03% |
361,000
+7,400
| +2% | +$464K |
|
537
Pentair
PNR
$10.7B
| $20.4M | 0.03% |
540,957
| – | – |
|
538
Liberty Media Series C
FWONK
$25.7B
| $20.2M | 0.03% |
681,390
+11,791
| +2% | +$367K |
|
539
Bausch Health
BHC
$2.33B
| $20.2M | 0.03% |
1,090,360
-9,900
| -0.9% | -$235K |
|
|
LPT
540
DELISTED
Liberty Property Trust
LPT
| $20.1M | 0.03% |
480,148
+8,400
| +2% | +$363K |
|
541
Kimco Realty
KIM
$16.1B
| $20.1M | 0.03% |
1,370,021
+13,800
| +1% | +$217K |
|
542
A.O. Smith
AOS
$8.65B
| $20.1M | 0.03% |
469,700
+6,600
| +1% | +$304K |
|
543
Autoliv
ALV
$8.96B
| $19.9M | 0.03% |
282,961
+5,000
| +2% | +$406K |
|
544
Wabtec
WAB
$50.3B
| $19.8M | 0.03% |
281,800
+5,100
| +2% | +$445K |
|
545
Bath & Body Works
BBWI
$3.81B
| $19.7M | 0.03% |
947,528
+11,504
| +1% | +$290K |
|
546
Arrow Electronics
ARW
$10.5B
| $19.6M | 0.03% |
283,848
+4,200
| +2% | +$299K |
|
|
FLIR
547
DELISTED
FLIR Systems, Inc. (DE) Common Stock
FLIR
| $19.5M | 0.03% |
448,929
+10,900
| +2% | +$536K |
|
|
GAP
548
The Gap Inc
GAP
$7.55B
| $19.5M | 0.03% |
755,631
+9,800
| +1% | +$262K |
|
549
Sabre
SABR
$803M
| $19.4M | 0.02% |
895,000
+61,700
| +7% | +$1.49M |
|
550
Ovintiv
OVV
$17.6B
| $19.1M | 0.02% |
661,920
-12,300
| -2% | -$530K |
|
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.