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 |
Snowflake
SNOW
|
+$187M |
| 2 |
Amazon
AMZN
|
+$170M |
| 3 |
Analog Devices
ADI
|
+$104M |
| 4 |
Palantir
PLTR
|
+$95.7M |
| 5 |
Tesla
TSLA
|
+$75.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$364M |
| 2 |
Microsoft
MSFT
|
+$269M |
| 3 |
L3Harris
LHX
|
+$185M |
| 4 |
ALXN
Alexion Pharmaceuticals
ALXN
|
+$166M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$140M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 27.73% |
| 2 | Healthcare | 14.18% |
| 3 | Consumer Discretionary | 13.57% |
| 4 | Communication Services | 11.56% |
| 5 | Industrials | 8.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Qualcomm
QCOM
$171B
| $575M | 0.37% |
4,460,222
-172,100
| -4% | -$24.4M |
|
52
Lowe's Companies
LOW
$124B
| $567M | 0.36% |
2,795,139
-185,600
| -6% | -$37M |
|
53
Bristol-Myers Squibb
BMY
$130B
| $523M | 0.33% |
8,833,157
-302,600
| -3% | -$19.9M |
|
54
United Parcel Service
UPS
$88.6B
| $521M | 0.33% |
2,860,018
-73,800
| -3% | -$14.6M |
|
55
Moderna
MRNA
$23.8B
| $519M | 0.33% |
1,349,500
+58,600
| +5% | +$21.6M |
|
56
RTX Corp
RTX
$302B
| $515M | 0.33% |
5,990,714
-205,100
| -3% | -$17.5M |
|
57
Union Pacific
UNP
$174B
| $515M | 0.33% |
2,626,616
-104,700
| -4% | -$22.6M |
|
58
Starbucks
SBUX
$121B
| $514M | 0.33% |
4,659,177
-142,800
| -3% | -$16.7M |
|
59
Advanced Micro Devices
AMD
$766B
| $494M | 0.31% |
4,804,226
-134,900
| -3% | -$13.8M |
|
60
IBM
IBM
$224B
| $491M | 0.31% |
3,695,560
-115,792
| -3% | -$15.5M |
|
61
ServiceNow
NOW
$131B
| $486M | 0.31% |
3,903,315
-94,500
| -2% | -$11.4M |
|
62
Boeing
BA
$185B
| $483M | 0.31% |
2,196,822
-61,600
| -3% | -$13.7M |
|
63
Amgen
AMGN
$224B
| $483M | 0.31% |
2,271,826
-83,300
| -4% | -$19.2M |
|
64
American Tower
AMT
$79.2B
| $477M | 0.3% |
1,797,859
-14,100
| -0.8% | -$4.02M |
|
65
Applied Materials
AMAT
$416B
| $467M | 0.3% |
3,628,470
-113,300
| -3% | -$15.4M |
|
66
Intuitive Surgical
ISRG
$141B
| $465M | 0.3% |
1,404,285
-35,700
| -2% | -$12M |
|
67
Target
TGT
$68.8B
| $448M | 0.28% |
1,956,162
-85,900
| -4% | -$21.5M |
|
68
GE Aerospace
GE
$382B
| $447M | 0.28% |
6,964,378
-208,843
| -3% | -$13.4M |
|
69
CVS Health
CVS
$120B
| $442M | 0.28% |
5,205,710
-141,500
| -3% | -$11.9M |
|
70
Caterpillar
CAT
$389B
| $416M | 0.26% |
2,166,041
-57,700
| -3% | -$12M |
|
71
3M
MMM
$94.4B
| $402M | 0.26% |
2,741,434
-82,883
| -3% | -$13.4M |
|
72
Deere & Co
DE
$166B
| $395M | 0.25% |
1,177,391
-36,800
| -3% | -$13.3M |
|
73
Booking.com
BKNG
$161B
| $386M | 0.25% |
4,063,400
-112,500
| -3% | -$10.1M |
|
74
Charter Communications
CHTR
$18.7B
| $380M | 0.24% |
522,243
-30,700
| -6% | -$23.3M |
|
|
XYZ
75
Block Inc
XYZ
$47.6B
| $372M | 0.24% |
1,549,956
-39,600
| -2% | -$10.2M |
|
Similar funds
Swiss National Bank's Q3 2021 Portfolio in Review
As of Q3 2021, Swiss National Bank held 2,649 positions worth $157B, down 3% from $162B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Trading was light in Q3 2021: portfolio turnover was 1.3%. Swiss National Bank opened 7 new positions and exited 28, leaving the 2,649-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q3 2021 buy was DoorDash: 291,100 shares worth $60M.
- Swiss National Bank added most to Snowflake in Q3 2021, an estimated $187M increase.
- Swiss National Bank's biggest Q3 2021 reduction was Apple, cutting an estimated $364M.
- Swiss National Bank fully exited L3Harris in Q3 2021, selling an estimated $185M.
- Swiss National Bank's ten largest holdings make up 26% of its $157B portfolio in Q3 2021.
- Swiss National Bank opened 7 new positions and closed 28 in Q3 2021.
- Swiss National Bank's portfolio value fell 3% quarter-over-quarter to $157B.
Based on Swiss National Bank's 13F filing for Q3 2021, filed 8 Nov 2021.