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 |
Microsoft
MSFT
|
+$633M |
| 2 |
Apple
AAPL
|
+$618M |
| 3 |
NVIDIA
NVDA
|
+$603M |
| 4 |
Amazon
AMZN
|
+$440M |
| 5 |
Meta Platforms (Facebook)
META
|
+$298M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DFS
Discover Financial Services
DFS
|
+$121M |
| 2 |
KE Holdings
BEKE
|
+$31.8M |
| 3 |
ITCI
Intra-Cellular Therapies Inc.
ITCI
|
+$24.4M |
| 4 |
X
US Steel
X
|
+$18.4M |
| 5 |
T-Mobile US
TMUS
|
+$16M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 34.94% |
| 2 | Consumer Discretionary | 11.79% |
| 3 | Communication Services | 10.31% |
| 4 | Healthcare | 9.96% |
| 5 | Industrials | 9.24% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Adobe
ADBE
$105B
| $499M | 0.3% |
1,290,200
+62,500
| +5% | +$24.1M |
|
52
Boston Scientific
BSX
$74.2B
| $481M | 0.29% |
4,477,200
+320,400
| +8% | +$32.4M |
|
53
Boeing
BA
$184B
| $477M | 0.29% |
2,277,700
+167,500
| +8% | +$31.6M |
|
54
Progressive
PGR
$123B
| $474M | 0.28% |
1,774,600
+122,400
| +7% | +$33.6M |
|
55
Thermo Fisher Scientific
TMO
$224B
| $463M | 0.28% |
1,142,700
+64,000
| +6% | +$26.8M |
|
56
Honeywell
HON
$72.9B
| $457M | 0.27% |
2,083,698
+137,824
| +7% | +$27.9M |
|
57
Amgen
AMGN
$224B
| $454M | 0.27% |
1,627,533
+111,500
| +7% | +$31.6M |
|
58
Applied Materials
AMAT
$417B
| $450M | 0.27% |
2,459,400
+164,500
| +7% | +$26.1M |
|
59
GE Vernova
GEV
$269B
| $438M | 0.26% |
827,465
+50,100
| +6% | +$20.9M |
|
60
NextEra Energy
NEE
$179B
| $433M | 0.26% |
6,231,500
+431,400
| +7% | +$30M |
|
61
Shopify
SHOP
$196B
| $425M | 0.25% |
3,700,900
+249,200
| +7% | +$24.9M |
|
62
Eaton
ETN
$178B
| $423M | 0.25% |
1,185,900
+71,300
| +6% | +$22M |
|
63
Gilead Sciences
GILD
$168B
| $418M | 0.25% |
3,773,700
+258,700
| +7% | +$27.5M |
|
64
TJX Companies
TJX
$172B
| $418M | 0.25% |
3,381,700
+211,100
| +7% | +$26.8M |
|
65
Union Pacific
UNP
$174B
| $417M | 0.25% |
1,814,300
+104,400
| +6% | +$23.2M |
|
66
Micron Technology
MU
$981B
| $417M | 0.25% |
3,383,100
+240,600
| +8% | +$22.5M |
|
67
Pfizer
PFE
$152B
| $416M | 0.25% |
17,168,012
+1,185,000
| +7% | +$27.6M |
|
68
Capital One
COF
$134B
| $412M | 0.25% |
1,935,516
+860,416
| +80% | +$161M |
|
69
Stryker
SYK
$134B
| $411M | 0.25% |
1,039,900
+72,300
| +7% | +$27M |
|
70
Palo Alto Networks
PANW
$313B
| $410M | 0.25% |
2,004,200
+153,500
| +8% | +$28.5M |
|
71
Comcast
CMCSA
$91.1B
| $407M | 0.24% |
11,417,100
+651,500
| +6% | +$22.5M |
|
72
Deere & Co
DE
$167B
| $397M | 0.24% |
780,600
+51,000
| +7% | +$25M |
|
73
Danaher
DHR
$146B
| $385M | 0.23% |
1,949,208
+115,900
| +6% | +$22.5M |
|
74
CrowdStrike
CRWD
$226B
| $382M | 0.23% |
3,001,200
+222,800
| +8% | +$24.2M |
|
75
Automatic Data Processing
ADP
$108B
| $380M | 0.23% |
1,231,600
+82,500
| +7% | +$25.3M |
|
Similar funds
Swiss National Bank's Q2 2025 Portfolio in Review
As of Q2 2025, Swiss National Bank held 2,424 positions worth $167B, up 18% from $142B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Swiss National Bank deployed $9.47B of net new capital in Q2 2025, opening 27 new positions and adding to 871 existing holdings. Its largest new stake was Emera Inc: 904,800 shares worth $41.3M.
By sector, the portfolio is most concentrated in Technology at 35% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Communication Services.
On the sell side, the largest reduction was T-Mobile US, an estimated $16M trimmed.
- Swiss National Bank's largest Q2 2025 buy was Emera Inc: 904,800 shares worth $41.3M.
- Swiss National Bank added most to Microsoft in Q2 2025, an estimated $633M increase.
- Swiss National Bank's biggest Q2 2025 reduction was T-Mobile US, cutting an estimated $16M.
- Swiss National Bank fully exited Discover Financial Services in Q2 2025, selling an estimated $121M.
- Swiss National Bank's ten largest holdings make up 34% of its $167B portfolio in Q2 2025.
- Swiss National Bank opened 27 new positions and closed 92 in Q2 2025.
- Swiss National Bank's portfolio value rose 18% quarter-over-quarter to $167B.
Based on Swiss National Bank's 13F filing for Q2 2025, filed 12 Aug 2025.