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 |
Broadcom
AVGO
|
+$57.1M |
| 2 |
Veralto
VLTO
|
+$54.6M |
| 3 |
Newmont
NEM
|
+$40.4M |
| 4 |
Vertiv
VRT
|
+$17.2M |
| 5 |
Webster Financial
WBS
|
+$14.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$314M |
| 2 |
ATVI
Activision Blizzard
ATVI
|
+$237M |
| 3 |
Microsoft
MSFT
|
+$231M |
| 4 |
VMW
VMware, Inc
VMW
|
+$130M |
| 5 |
NVIDIA
NVDA
|
+$102M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.88% |
| 2 | Healthcare | 12.91% |
| 3 | Consumer Discretionary | 12.16% |
| 4 | Industrials | 9.38% |
| 5 | Communication Services | 8.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SWN
751
DELISTED
Southwestern Energy Company
SWN
| $13.5M | 0.01% |
2,062,200
-358,400
| -15% | -$2.39M |
|
752
Western Alliance Bancorporation
WAL
$9.01B
| $13.5M | 0.01% |
205,000
-23,700
| -10% | -$1.2M |
|
753
Duolingo
DUOL
$6.3B
| $13.5M | 0.01% |
59,300
-5,600
| -9% | -$1.09M |
|
754
Algonquin Power & Utilities
AQN
$4.44B
| $13.4M | 0.01% |
2,127,700
-63,900
| -3% | -$373K |
|
755
Arrow Electronics
ARW
$10.7B
| $13.4M | 0.01% |
109,800
-74,900
| -41% | -$8.94M |
|
756
Vipshop
VIPS
$6.94B
| $13.4M | 0.01% |
755,374
-17,800
| -2% | -$278K |
|
757
Jefferies Financial Group
JEF
$12.6B
| $13.4M | 0.01% |
331,800
-32,400
| -9% | -$1.15M |
|
758
Southwest Airlines
LUV
$22B
| $13.4M | 0.01% |
463,500
-13,400
| -3% | -$349K |
|
759
FTI Consulting
FCN
$4.22B
| $13.4M | 0.01% |
67,100
-7,600
| -10% | -$1.57M |
|
760
Wyndham Hotels & Resorts
WH
$5.49B
| $13.3M | 0.01% |
166,000
-22,800
| -12% | -$1.72M |
|
761
Brunswick
BC
$5.21B
| $13.3M | 0.01% |
137,600
-17,800
| -11% | -$1.41M |
|
762
Liberty Global Class C
LBTYK
$3.46B
| $13.3M | 0.01% |
712,970
-79,300
| -10% | -$1.37M |
|
|
CFLT
763
DELISTED
Confluent
CFLT
| $13.3M | 0.01% |
566,318
+39,800
| +8% | +$962K |
|
764
Weatherford International
WFRD
$6.65B
| $13.2M | 0.01% |
134,900
-15,600
| -10% | -$1.45M |
|
765
Applied Industrial Technologies
AIT
$13B
| $13.2M | 0.01% |
76,400
-8,600
| -10% | -$1.39M |
|
766
Pinnacle Financial Partners Inc
PNFP
$16.1B
| $13.2M | 0.01% |
151,261
-17,400
| -10% | -$1.26M |
|
767
SiriusXM
SIRI
$9.59B
| $13.2M | 0.01% |
241,000
-8,860
| -4% | -$426K |
|
768
Encompass Health
EHC
$12.3B
| $13.2M | 0.01% |
197,500
-22,900
| -10% | -$1.48M |
|
769
Mattel
MAT
$4.19B
| $13.2M | 0.01% |
697,900
-80,100
| -10% | -$1.56M |
|
770
Whirlpool
WHR
$2.79B
| $13.2M | 0.01% |
108,200
-68,000
| -39% | -$7.92M |
|
771
Littelfuse
LFUS
$11.7B
| $13.1M | 0.01% |
49,048
-5,600
| -10% | -$1.34M |
|
772
Ciena
CIEN
$61.2B
| $13.1M | 0.01% |
291,300
-37,300
| -11% | -$1.64M |
|
773
Commerce Bancshares
CBSH
$8.56B
| $13.1M | 0.01% |
270,358
-31,257
| -10% | -$1.35M |
|
774
First American
FAF
$7.38B
| $13.1M | 0.01% |
203,200
-23,700
| -10% | -$1.35M |
|
775
Cullen/Frost Bankers
CFR
$10.4B
| $13M | 0.01% |
120,000
-14,500
| -11% | -$1.41M |
|
Similar funds
Swiss National Bank's Q4 2023 Portfolio in Review
As of Q4 2023, Swiss National Bank held 2,646 positions worth $136B, up 6.9% from $127B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Swiss National Bank withdrew a net $4.96B in Q4 2023, closing 112 positions and reducing 2,341 holdings. Its most notable exit was Activision Blizzard, an estimated $237M position sold in full.
By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 29% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Swiss National Bank opened a new position in Veralto worth $60.2M.
- Swiss National Bank's largest Q4 2023 buy was Veralto: 731,669 shares worth $60.2M.
- Swiss National Bank added most to Broadcom in Q4 2023, an estimated $57.1M increase.
- Swiss National Bank's biggest Q4 2023 reduction was Apple, cutting an estimated $314M.
- Swiss National Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $237M.
- Swiss National Bank's ten largest holdings make up 28% of its $136B portfolio in Q4 2023.
- Swiss National Bank opened 38 new positions and closed 112 in Q4 2023.
- Swiss National Bank's portfolio value rose 6.9% quarter-over-quarter to $136B.
Based on Swiss National Bank's 13F filing for Q4 2023, filed 6 Feb 2024.