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 | |
|---|---|---|---|---|---|---|
901
Cognex
CGNX
$10.4B
| $9.91M | 0.01% |
332,300
-5,000
| -1% | -$176K |
|
902
Invesco
IVZ
$13.9B
| $9.91M | 0.01% |
653,100
-10,700
| -2% | -$183K |
|
|
AL
903
DELISTED
Air Lease Corp
AL
| $9.9M | 0.01% |
205,000
-3,100
| -1% | -$145K |
|
904
Knife River
KNF
$3.83B
| $9.9M | 0.01% |
109,698
+3,900
| +4% | +$380K |
|
905
Colliers International
CIGI
$5.15B
| $9.89M | 0.01% |
81,700
-800
| -1% | -$105K |
|
906
SentinelOne
S
$8.17B
| $9.87M | 0.01% |
543,100
-1,300
| -0.2% | -$28.2K |
|
907
Group 1 Automotive
GPI
$3.17B
| $9.85M | 0.01% |
25,800
-500
| -2% | -$219K |
|
908
Affiliated Managers Group
AMG
$9.57B
| $9.85M | 0.01% |
58,600
| – | – |
|
909
Alkermes
ALKS
$8.44B
| $9.83M | 0.01% |
297,800
-9,900
| -3% | -$323K |
|
910
Moog Inc Class A
MOG.A
$13.6B
| $9.81M | 0.01% |
56,600
| – | – |
|
|
GAP
911
The Gap Inc
GAP
$7.29B
| $9.79M | 0.01% |
475,000
+30,900
| +7% | +$695K |
|
912
Revolution Medicines
RVMD
$44B
| $9.78M | 0.01% |
276,531
+46,600
| +20% | +$1.89M |
|
913
Grand Canyon Education
LOPE
$3.7B
| $9.78M | 0.01% |
56,500
-1,400
| -2% | -$243K |
|
914
WEX
WEX
$6.48B
| $9.76M | 0.01% |
62,126
-18,600
| -23% | -$3.06M |
|
915
Rubrik
RBRK
$21.6B
| $9.75M | 0.01% |
159,900
+31,500
| +25% | +$2.15M |
|
916
Glacier Bancorp
GBCI
$6.48B
| $9.71M | 0.01% |
219,621
-3,400
| -2% | -$164K |
|
917
SPS Commerce
SPSC
$2.86B
| $9.68M | 0.01% |
72,900
| – | – |
|
918
Shift4
FOUR
$3.47B
| $9.65M | 0.01% |
118,100
+2,700
| +2% | +$278K |
|
919
Whirlpool
WHR
$2.79B
| $9.63M | 0.01% |
106,900
-1,100
| -1% | -$117K |
|
920
Darling Ingredients
DAR
$10B
| $9.63M | 0.01% |
308,100
-4,700
| -2% | -$164K |
|
921
Cousins Properties
CUZ
$4.85B
| $9.58M | 0.01% |
324,833
+25,600
| +9% | +$766K |
|
922
Vontier
VNT
$4.52B
| $9.56M | 0.01% |
291,000
-10,400
| -3% | -$379K |
|
923
Radian Group
RDN
$4.87B
| $9.54M | 0.01% |
288,550
-7,300
| -2% | -$238K |
|
924
White Mountains Insurance
WTM
$5.06B
| $9.53M | 0.01% |
4,946
-100
| -2% | -$188K |
|
925
Kite Realty
KRG
$5.27B
| $9.52M | 0.01% |
425,597
-6,400
| -1% | -$146K |
|
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.