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 |
Linde
LIN
|
+$303M |
| 2 |
General Dynamics
GD
|
+$147M |
| 3 |
Cigna
CI
|
+$95.5M |
| 4 |
CVS Health
CVS
|
+$85.5M |
| 5 |
Marathon Petroleum
MPC
|
+$52.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$234M |
| 2 |
Northrop Grumman
NOC
|
+$218M |
| 3 |
ESRX
Express Scripts Holding Company
ESRX
|
+$170M |
| 4 |
PX
Praxair Inc
PX
|
+$168M |
| 5 |
COL
Rockwell Collins
COL
|
+$116M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 18.9% |
| 2 | Healthcare | 16.26% |
| 3 | Consumer Discretionary | 11.53% |
| 4 | Communication Services | 10.15% |
| 5 | Industrials | 9.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
901
Integra LifeSciences
IART
$1.33B
| $5.77M | 0.01% |
127,994
-2,300
| -2% | -$126K |
|
|
TRQ
902
DELISTED
Turquoise Hill Resources Ltd
TRQ
| $5.76M | 0.01% |
349,310
-2,860
| -0.8% | -$51.5K |
|
903
American Eagle Outfitters
AEO
$2.73B
| $5.76M | 0.01% |
297,900
+5,000
| +2% | +$104K |
|
|
HZNP
904
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $5.76M | 0.01% |
294,656
+6,800
| +2% | +$133K |
|
905
Nu Skin
NUS
$244M
| $5.72M | 0.01% |
93,300
+1,100
| +1% | +$74.2K |
|
906
Telephone and Data Systems
TDS
$3.85B
| $5.72M | 0.01% |
175,800
+4,800
| +3% | +$159K |
|
|
X
907
DELISTED
US Steel
X
| $5.72M | 0.01% |
313,400
+5,800
| +2% | +$145K |
|
|
WMGI
908
DELISTED
Wright Medical Group Inc
WMGI
| $5.71M | 0.01% |
209,894
+6,500
| +3% | +$180K |
|
909
United Bankshares
UBSI
$6.65B
| $5.71M | 0.01% |
183,582
+800
| +0.4% | +$27K |
|
|
ESL
910
DELISTED
Esterline Technologies
ESL
| $5.71M | 0.01% |
47,000
| – | – |
|
911
RBC Bearings
RBC
$17.6B
| $5.7M | 0.01% |
43,490
+1,200
| +3% | +$175K |
|
912
ACI Worldwide
ACIW
$5.25B
| $5.7M | 0.01% |
206,000
| – | – |
|
913
Globus Medical
GMED
$11.3B
| $5.69M | 0.01% |
131,500
+3,700
| +3% | +$185K |
|
914
FirstCash
FCFS
$9.15B
| $5.67M | 0.01% |
78,412
-2,600
| -3% | -$207K |
|
|
LOXO
915
DELISTED
Loxo Oncology, Inc
LOXO
| $5.66M | 0.01% |
40,400
+1,300
| +3% | +$197K |
|
916
FNB Corp
FNB
$6.84B
| $5.64M | 0.01% |
573,415
+10,700
| +2% | +$124K |
|
917
National Health Investors
NHI
$3.49B
| $5.64M | 0.01% |
74,620
+1,600
| +2% | +$121K |
|
|
TWO
918
Two Harbors Investment
TWO
$1.26B
| $5.63M | 0.01% |
109,663
+2,325
| +2% | +$132K |
|
919
Louisiana-Pacific
LPX
$5.17B
| $5.6M | 0.01% |
252,200
| – | – |
|
920
Darling Ingredients
DAR
$9.98B
| $5.6M | 0.01% |
291,200
+4,500
| +2% | +$91.2K |
|
|
AMED
921
DELISTED
Amedisys
AMED
| $5.6M | 0.01% |
47,800
-2,400
| -5% | -$283K |
|
|
SRCL
922
DELISTED
Stericycle Inc
SRCL
| $5.57M | 0.01% |
151,900
-121,300
| -44% | -$5.69M |
|
923
Bankunited
BKU
$3.39B
| $5.57M | 0.01% |
186,100
| – | – |
|
|
TCF
924
DELISTED
TCF Financial Corporation
TCF
| $5.53M | 0.01% |
283,900
| – | – |
|
925
First Financial Bankshares
FFIN
$5.01B
| $5.52M | 0.01% |
191,400
+1,200
| +0.6% | +$36.1K |
|
Similar funds
Swiss National Bank's Q4 2018 Portfolio in Review
As of Q4 2018, Swiss National Bank held 2,591 positions worth $78B, down 13% from $89.8B the previous quarter. Its ten largest holdings account for 18% of the portfolio.
Swiss National Bank's Q4 2018 filing shows 87 new, 1,610 increased, 323 reduced and 55 closed positions. Its largest new stake was Linde: 1,915,836 shares worth $299M. The largest sale was Aetna Inc, an estimated $234M.
By sector, the portfolio is most concentrated in Technology at 19% of assets, down from 20% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q4 2018 buy was Linde: 1,915,836 shares worth $299M.
- Swiss National Bank added most to Cigna in Q4 2018, an estimated $95.5M increase.
- Swiss National Bank's biggest Q4 2018 reduction was Dell, cutting an estimated $52.3M.
- Swiss National Bank fully exited Aetna Inc in Q4 2018, selling an estimated $234M.
- Swiss National Bank's ten largest holdings make up 18% of its $78B portfolio in Q4 2018.
- Swiss National Bank opened 87 new positions and closed 55 in Q4 2018.
- Swiss National Bank's portfolio value fell 13% quarter-over-quarter to $78B.
Based on Swiss National Bank's 13F filing for Q4 2018, filed 13 Feb 2019.