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 | |
|---|---|---|---|---|---|---|
|
BCPC
926
Balchem Corp
BCPC
$5.65B
| $9.89M | 0.01% |
62,100
-900
| -1% | -$146K |
|
927
SPS Commerce
SPSC
$2.86B
| $9.88M | 0.01% |
72,600
-300
| -0.4% | -$41.6K |
|
|
CWAN
928
DELISTED
Clearwater Analytics
CWAN
| $9.82M | 0.01% |
447,996
+33,896
| +8% | +$780K |
|
929
Revolution Medicines
RVMD
$43.3B
| $9.8M | 0.01% |
266,431
-10,100
| -4% | -$388K |
|
930
Moog Inc Class A
MOG.A
$13.5B
| $9.79M | 0.01% |
54,100
-2,500
| -4% | -$438K |
|
931
AppFolio
APPF
$7.22B
| $9.79M | 0.01% |
42,500
| – | – |
|
932
Aaon
AAON
$7.23B
| $9.74M | 0.01% |
132,025
-1,900
| -1% | -$167K |
|
933
Pegasystems
PEGA
$5.51B
| $9.73M | 0.01% |
179,800
-3,000
| -2% | -$136K |
|
934
Radian Group
RDN
$4.92B
| $9.72M | 0.01% |
269,950
-18,600
| -6% | -$622K |
|
935
Lear
LEA
$8.16B
| $9.72M | 0.01% |
102,300
-3,000
| -3% | -$264K |
|
936
Bank OZK
OZK
$5.7B
| $9.66M | 0.01% |
205,233
-3,000
| -1% | -$131K |
|
937
Cousins Properties
CUZ
$4.93B
| $9.63M | 0.01% |
320,833
-4,000
| -1% | -$113K |
|
938
WillScot Mobile Mini Holdings
WSC
$4.17B
| $9.61M | 0.01% |
350,793
-7,200
| -2% | -$192K |
|
939
Advanced Energy
AEIS
$13.2B
| $9.59M | 0.01% |
72,400
-600
| -0.8% | -$66.1K |
|
940
Construction Partners
ROAD
$6.73B
| $9.58M | 0.01% |
90,100
-900
| -1% | -$84.1K |
|
941
Nexstar Media Group
NXST
$5.81B
| $9.57M | 0.01% |
55,360
-1,800
| -3% | -$295K |
|
942
Viper Energy
VNOM
$14.8B
| $9.57M | 0.01% |
250,877
+3,700
| +1% | +$150K |
|
943
TAL Education Group
TAL
$6.43B
| $9.56M | 0.01% |
935,619
| – | – |
|
944
Kite Realty
KRG
$5.31B
| $9.51M | 0.01% |
419,997
-5,600
| -1% | -$123K |
|
945
Gentex
GNTX
$4.99B
| $9.51M | 0.01% |
432,300
-8,400
| -2% | -$184K |
|
946
Wayfair
W
$13.9B
| $9.49M | 0.01% |
185,600
+2,300
| +1% | +$85.9K |
|
947
Bloom Energy
BE
$69.6B
| $9.48M | 0.01% |
396,400
-2,200
| -0.6% | -$42.6K |
|
948
CNX Resources
CNX
$5.23B
| $9.48M | 0.01% |
281,358
-7,800
| -3% | -$246K |
|
949
ESCO Technologies
ESE
$7.79B
| $9.46M | 0.01% |
49,300
-700
| -1% | -$120K |
|
950
Hancock Whitney
HWC
$6.37B
| $9.44M | 0.01% |
164,500
-2,200
| -1% | -$117K |
|
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.