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 |
Apple
AAPL
|
+$1.38B |
| 2 |
Microsoft
MSFT
|
+$1.13B |
| 3 |
Amazon
AMZN
|
+$756M |
| 4 |
Tesla
TSLA
|
+$466M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$431M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
XLNX
Xilinx Inc
XLNX
|
+$199M |
| 2 |
INFO
IHS Markit Ltd. Common Shares
INFO
|
+$191M |
| 3 |
NUAN
Nuance Communications, Inc.
NUAN
|
+$62.8M |
| 4 |
KL
Kirkland Lake Gold Ltd Ordinary
KL
|
+$43.9M |
| 5 |
ATH
Athene Holding Ltd. Class A Common Shares
ATH
|
+$42.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.22% |
| 2 | Healthcare | 14.23% |
| 3 | Consumer Discretionary | 13.07% |
| 4 | Communication Services | 9.53% |
| 5 | Industrials | 8.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Philip Morris
PM
$289B
| $633M | 0.36% |
6,743,022
+819,100
| +14% | +$81.9M |
|
52
Lowe's Companies
LOW
$123B
| $590M | 0.33% |
2,918,239
+286,400
| +11% | +$65.9M |
|
53
Amgen
AMGN
$222B
| $590M | 0.33% |
2,439,626
+281,200
| +13% | +$64.6M |
|
54
Oracle
ORCL
$439B
| $588M | 0.33% |
7,104,188
+736,800
| +12% | +$59.7M |
|
55
Honeywell
HON
$72.8B
| $580M | 0.33% |
3,163,642
+379,307
| +14% | +$70.2M |
|
56
CVS Health
CVS
$120B
| $579M | 0.33% |
5,717,610
+701,900
| +14% | +$73.7M |
|
57
ConocoPhillips
COP
$150B
| $571M | 0.32% |
5,712,729
+622,900
| +12% | +$57.3M |
|
58
Intuit
INTU
$91.9B
| $560M | 0.32% |
1,165,139
+126,500
| +12% | +$64.8M |
|
59
PayPal
PYPL
$50.2B
| $559M | 0.32% |
4,834,520
+591,600
| +14% | +$78.7M |
|
60
Deere & Co
DE
$168B
| $530M | 0.3% |
1,275,791
+156,300
| +14% | +$59.9M |
|
61
Caterpillar
CAT
$398B
| $522M | 0.29% |
2,342,941
+262,000
| +13% | +$54.9M |
|
62
Prologis
PLD
$133B
| $517M | 0.29% |
3,202,195
+392,300
| +14% | +$59.9M |
|
63
Elevance Health
ELV
$84.7B
| $516M | 0.29% |
1,051,232
+124,600
| +13% | +$57M |
|
64
Applied Materials
AMAT
$436B
| $515M | 0.29% |
3,910,870
+478,800
| +14% | +$65.9M |
|
65
IBM
IBM
$223B
| $505M | 0.28% |
3,884,240
+477,300
| +14% | +$62.2M |
|
66
American Tower
AMT
$78.9B
| $496M | 0.28% |
1,972,559
+242,600
| +14% | +$59.2M |
|
67
ServiceNow
NOW
$130B
| $480M | 0.27% |
4,309,815
+545,000
| +14% | +$61.1M |
|
68
Intuitive Surgical
ISRG
$141B
| $466M | 0.26% |
1,546,085
+189,200
| +14% | +$55.3M |
|
69
Boeing
BA
$183B
| $463M | 0.26% |
2,418,222
+301,700
| +14% | +$60.6M |
|
70
Starbucks
SBUX
$121B
| $462M | 0.26% |
5,081,477
+599,800
| +13% | +$56.6M |
|
71
Target
TGT
$69B
| $440M | 0.25% |
2,075,262
+220,200
| +12% | +$47.6M |
|
72
GE Aerospace
GE
$382B
| $435M | 0.25% |
7,634,344
+937,695
| +14% | +$55.9M |
|
73
Canadian National Railway
CNI
$76.3B
| $421M | 0.24% |
3,141,958
+356,500
| +13% | +$44.6M |
|
74
Booking.com
BKNG
$159B
| $418M | 0.24% |
4,445,900
+545,000
| +14% | +$50.9M |
|
75
Altria Group
MO
$108B
| $416M | 0.23% |
7,956,532
+947,300
| +14% | +$48.3M |
|
Similar funds
Swiss National Bank's Q1 2022 Portfolio in Review
As of Q1 2022, Swiss National Bank held 2,722 positions worth $177B, up 6.8% from $166B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Swiss National Bank deployed $20.2B of net new capital in Q1 2022, opening 3 new positions and adding to 2,642 existing holdings. Its largest new stake was Constellation Energy: 1,411,783 shares worth $79.4M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 29% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was Exelon, an estimated $41.2M trimmed.
- Swiss National Bank's largest Q1 2022 buy was Constellation Energy: 1,411,783 shares worth $79.4M.
- Swiss National Bank added most to Apple in Q1 2022, an estimated $1.38B increase.
- Swiss National Bank's biggest Q1 2022 reduction was Exelon, cutting an estimated $41.2M.
- Swiss National Bank fully exited Xilinx Inc in Q1 2022, selling an estimated $199M.
- Swiss National Bank's ten largest holdings make up 28% of its $177B portfolio in Q1 2022.
- Swiss National Bank opened 3 new positions and closed 31 in Q1 2022.
- Swiss National Bank's portfolio value rose 6.8% quarter-over-quarter to $177B.
Based on Swiss National Bank's 13F filing for Q1 2022, filed 9 May 2022.