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 |
L3Harris
LHX
|
+$154M |
| 2 |
GE HealthCare
GEHC
|
+$103M |
| 3 |
Atlassian
TEAM
|
+$94.5M |
| 4 |
AXON
Axon Enterprise
AXON
|
+$21M |
| 5 |
Reliance Steel & Aluminium
RS
|
+$20.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$322M |
| 2 |
Microsoft
MSFT
|
+$176M |
| 3 |
GE Aerospace
GE
|
+$115M |
| 4 |
Amazon
AMZN
|
+$79.9M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$77.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.64% |
| 2 | Healthcare | 14.81% |
| 3 | Consumer Discretionary | 11.76% |
| 4 | Industrials | 9.45% |
| 5 | Communication Services | 8.2% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
526
Cleveland-Cliffs
CLF
$6.99B
| $37.5M | 0.03% |
2,044,940
-57,600
| -3% | -$1.14M |
|
527
TFI International
TFII
$12B
| $37.5M | 0.03% |
314,500
-21,500
| -6% | -$2.5M |
|
528
Regency Centers
REG
$13.9B
| $37.3M | 0.03% |
609,620
-17,100
| -3% | -$1.08M |
|
529
Vail Resorts
MTN
$5.29B
| $37.3M | 0.03% |
159,500
-4,400
| -3% | -$1.06M |
|
530
Allegion
ALLE
$14.1B
| $37.1M | 0.03% |
347,700
-9,300
| -3% | -$1.04M |
|
531
Darling Ingredients
DAR
$10B
| $37M | 0.03% |
634,400
-17,100
| -3% | -$1.07M |
|
532
AerCap
AER
$23.6B
| $36.5M | 0.03% |
649,900
+99,700
| +18% | +$5.97M |
|
|
MASI
533
DELISTED
Masimo
MASI
| $36.5M | 0.03% |
197,700
-5,100
| -3% | -$860K |
|
534
Jazz Pharmaceuticals
JAZZ
$16.2B
| $36.5M | 0.03% |
249,200
-5,600
| -2% | -$828K |
|
535
Dynatrace
DT
$14.3B
| $36.1M | 0.02% |
854,600
+37,100
| +5% | +$1.5M |
|
536
Pentair
PNR
$10.5B
| $36M | 0.02% |
651,087
-17,200
| -3% | -$914K |
|
537
Fidelity National Financial
FNF
$12.8B
| $35.7M | 0.02% |
1,023,300
-43,600
| -4% | -$1.72M |
|
|
BKI
538
DELISTED
Black Knight, Inc. Common Stock
BKI
| $35.5M | 0.02% |
617,500
-16,700
| -3% | -$999K |
|
539
Ovintiv
OVV
$17.5B
| $35.5M | 0.02% |
982,700
-50,300
| -5% | -$2.22M |
|
540
Owens Corning
OC
$12.3B
| $35.4M | 0.02% |
370,000
-22,000
| -6% | -$2.08M |
|
541
Repligen
RGEN
$9.35B
| $35.2M | 0.02% |
208,900
-5,200
| -2% | -$928K |
|
542
F5
FFIV
$24B
| $34.8M | 0.02% |
239,000
-3,100
| -1% | -$447K |
|
543
American Financial Group
AFG
$12B
| $34.8M | 0.02% |
286,500
-7,700
| -3% | -$1.01M |
|
544
A.O. Smith
AOS
$8.51B
| $34.7M | 0.02% |
502,200
-20,000
| -4% | -$1.3M |
|
545
Robert Half
RHI
$4.25B
| $34.6M | 0.02% |
429,500
-16,900
| -4% | -$1.34M |
|
|
EXE
546
Expand Energy Corp
EXE
$22.3B
| $34.3M | 0.02% |
450,800
+33,500
| +8% | +$2.76M |
|
547
Knight Transportation
KNX
$11.6B
| $34.2M | 0.02% |
604,296
-16,000
| -3% | -$915K |
|
548
KE Holdings
BEKE
$19.2B
| $34.1M | 0.02% |
1,809,283
+2,600
| +0.1% | +$48.1K |
|
549
Vistra
VST
$49.2B
| $34M | 0.02% |
1,417,673
-105,300
| -7% | -$2.44M |
|
550
Cognex
CGNX
$10.2B
| $34M | 0.02% |
686,300
-18,500
| -3% | -$936K |
|
Similar funds
Swiss National Bank's Q1 2023 Portfolio in Review
As of Q1 2023, Swiss National Bank held 2,715 positions worth $146B, up 4.7% from $139B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Swiss National Bank withdrew a net $4.63B in Q1 2023, closing 72 positions and reducing 2,517 holdings. Its most notable exit was STORE Capital Corporation, an estimated $19.7M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, up from 25% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Swiss National Bank opened a new position in L3Harris worth $148M.
- Swiss National Bank's largest Q1 2023 buy was L3Harris: 754,729 shares worth $148M.
- Swiss National Bank added most to Axon Enterprise in Q1 2023, an estimated $21M increase.
- Swiss National Bank's biggest Q1 2023 reduction was Apple, cutting an estimated $322M.
- Swiss National Bank fully exited STORE Capital Corporation in Q1 2023, selling an estimated $19.7M.
- Swiss National Bank's ten largest holdings make up 26% of its $146B portfolio in Q1 2023.
- Swiss National Bank opened 37 new positions and closed 72 in Q1 2023.
- Swiss National Bank's portfolio value rose 4.7% quarter-over-quarter to $146B.
Based on Swiss National Bank's 13F filing for Q1 2023, filed 10 May 2023.