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 |
Visa
V
|
+$53.6M |
| 2 |
Strategy Inc
MSTR
|
+$39M |
| 3 |
International Paper
IP
|
+$25.9M |
| 4 |
DoorDash
DASH
|
+$22.6M |
| 5 |
United Airlines
UAL
|
+$21.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Chevron
CVX
|
+$712M |
| 2 |
Apple
AAPL
|
+$125M |
| 3 |
Interactive Brokers
IBKR
|
+$38.1M |
| 4 |
NVIDIA
NVDA
|
+$28.5M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$27.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.44% |
| 2 | Healthcare | 11.83% |
| 3 | Consumer Discretionary | 11.73% |
| 4 | Communication Services | 9.55% |
| 5 | Industrials | 9.1% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Caterpillar
CAT
$388B
| $449M | 0.32% |
1,361,600
-8,200
| -0.6% | -$2.92M |
|
52
Booking.com
BKNG
$160B
| $430M | 0.3% |
2,334,600
-35,000
| -1% | -$6.69M |
|
53
American Express
AXP
$230B
| $428M | 0.3% |
1,589,379
-17,200
| -1% | -$5.08M |
|
54
Boston Scientific
BSX
$74.2B
| $419M | 0.3% |
4,156,800
-3,400
| -0.1% | -$342K |
|
55
NextEra Energy
NEE
$179B
| $411M | 0.29% |
5,800,100
-6,200
| -0.1% | -$438K |
|
56
Pfizer
PFE
$152B
| $405M | 0.29% |
15,983,012
-25,300
| -0.2% | -$662K |
|
57
Union Pacific
UNP
$174B
| $404M | 0.29% |
1,709,900
-11,100
| -0.6% | -$2.67M |
|
58
Comcast
CMCSA
$91B
| $397M | 0.28% |
10,765,600
-147,400
| -1% | -$5.32M |
|
59
Gilead Sciences
GILD
$168B
| $394M | 0.28% |
3,515,000
-2,000
| -0.1% | -$206K |
|
60
T-Mobile US
TMUS
$192B
| $393M | 0.28% |
1,472,902
-10,300
| -0.7% | -$2.54M |
|
61
Uber
UBER
$160B
| $389M | 0.28% |
5,345,000
+3,400
| +0.1% | +$245K |
|
62
Honeywell
HON
$72.9B
| $388M | 0.27% |
1,945,874
-1,379
| -0.1% | -$279K |
|
63
TJX Companies
TJX
$172B
| $386M | 0.27% |
3,170,600
-15,600
| -0.5% | -$1.89M |
|
64
ConocoPhillips
COP
$151B
| $383M | 0.27% |
3,648,370
-35,000
| -1% | -$3.49M |
|
65
Danaher
DHR
$146B
| $376M | 0.27% |
1,833,308
-2,900
| -0.2% | -$633K |
|
66
Lowe's Companies
LOW
$124B
| $371M | 0.26% |
1,592,500
-10,100
| -0.6% | -$2.49M |
|
67
Stryker
SYK
$134B
| $360M | 0.25% |
967,600
-1,200
| -0.1% | -$457K |
|
68
Boeing
BA
$184B
| $360M | 0.25% |
2,110,200
+51,700
| +3% | +$8.95M |
|
|
FISV
69
Fiserv Inc
FISV
$28B
| $354M | 0.25% |
1,604,586
-21,800
| -1% | -$4.77M |
|
70
Vertex Pharmaceuticals
VRTX
$134B
| $352M | 0.25% |
726,200
-3,000
| -0.4% | -$1.4M |
|
71
Automatic Data Processing
ADP
$108B
| $351M | 0.25% |
1,149,100
-3,000
| -0.3% | -$905K |
|
72
Bristol-Myers Squibb
BMY
$130B
| $349M | 0.25% |
5,720,500
-6,900
| -0.1% | -$402K |
|
73
Deere & Co
DE
$167B
| $342M | 0.24% |
729,600
-4,600
| -0.6% | -$2.15M |
|
|
MRSH
74
Marsh
MRSH
$91.3B
| $338M | 0.24% |
1,385,100
-4,200
| -0.3% | -$953K |
|
75
Applied Materials
AMAT
$417B
| $333M | 0.24% |
2,294,900
-34,000
| -1% | -$5.72M |
|
Similar funds
Swiss National Bank's Q1 2025 Portfolio in Review
As of Q1 2025, Swiss National Bank held 2,478 positions worth $142B, down 5.8% from $150B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q1 2025: portfolio turnover was 4.8%. Swiss National Bank opened 38 new positions and exited 81, leaving the 2,478-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 34% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q1 2025 buy was United Airlines: 231,900 shares worth $16M.
- Swiss National Bank added most to Visa in Q1 2025, an estimated $53.6M increase.
- Swiss National Bank's biggest Q1 2025 reduction was Apple, cutting an estimated $125M.
- Swiss National Bank fully exited Chevron in Q1 2025, selling an estimated $712M.
- Swiss National Bank's ten largest holdings make up 31% of its $142B portfolio in Q1 2025.
- Swiss National Bank opened 38 new positions and closed 81 in Q1 2025.
- Swiss National Bank's portfolio value fell 5.8% quarter-over-quarter to $142B.
Based on Swiss National Bank's 13F filing for Q1 2025, filed 12 May 2025.