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 |
Northrop Grumman
NOC
|
+$305M |
| 2 |
Prologis
PLD
|
+$97.9M |
| 3 |
Carlisle Companies
CSL
|
+$29.2M |
| 4 |
Healthcare Realty
HR
|
+$28.7M |
| 5 |
Gaming and Leisure Properties
GLPI
|
+$27.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$102M |
| 2 |
DRE
Duke Realty Corp.
DRE
|
+$91.2M |
| 3 |
Chevron
CVX
|
+$54.7M |
| 4 |
CTXS
Citrix Systems Inc
CTXS
|
+$52.9M |
| 5 |
Microsoft
MSFT
|
+$27.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.12% |
| 2 | Healthcare | 15.83% |
| 3 | Consumer Discretionary | 12.65% |
| 4 | Industrials | 8.88% |
| 5 | Communication Services | 8.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Regeneron Pharmaceuticals
REGN
$82.1B
| $323M | 0.23% |
468,172
+5,300
| +1% | +$3.34M |
|
77
Vertex Pharmaceuticals
VRTX
$134B
| $321M | 0.23% |
1,108,375
+4,100
| +0.4% | +$1.18M |
|
78
Altria Group
MO
$109B
| $317M | 0.23% |
7,846,532
-36,500
| -0.5% | -$1.59M |
|
79
TJX Companies
TJX
$172B
| $315M | 0.23% |
5,077,459
-97,100
| -2% | -$6.1M |
|
80
Analog Devices
ADI
$188B
| $314M | 0.22% |
2,252,748
-17,300
| -0.8% | -$2.74M |
|
81
Southern Company
SO
$106B
| $313M | 0.22% |
4,604,647
+5,500
| +0.1% | +$417K |
|
82
Duke Energy
DUK
$96.1B
| $310M | 0.22% |
3,336,600
-700
| -0% | -$75.2K |
|
83
Applied Materials
AMAT
$417B
| $309M | 0.22% |
3,770,070
-61,900
| -2% | -$5.97M |
|
84
Zoetis
ZTS
$31.1B
| $302M | 0.22% |
2,039,587
-7,900
| -0.4% | -$1.32M |
|
|
85
Northrop Grumman
NOC
$81.8B
| $301M | 0.22% |
+639,945
| New | +$305M |
|
86
Stryker
SYK
$134B
| $299M | 0.21% |
1,475,056
+1,000
| +0.1% | +$210K |
|
87
Target
TGT
$69.2B
| $298M | 0.21% |
2,009,462
-68,900
| -3% | -$11M |
|
88
GE Aerospace
GE
$382B
| $295M | 0.21% |
7,656,173
+1,926
| +0% | +$84.7K |
|
89
Boeing
BA
$184B
| $295M | 0.21% |
2,435,722
+33,200
| +1% | +$5.09M |
|
90
Progressive
PGR
$123B
| $295M | 0.21% |
2,534,631
+500
| +0% | +$60.2K |
|
91
Intuitive Surgical
ISRG
$142B
| $292M | 0.21% |
1,555,685
+3,800
| +0.2% | +$816K |
|
92
Booking.com
BKNG
$160B
| $289M | 0.21% |
4,400,900
-32,500
| -0.7% | -$2.44M |
|
93
Waste Management
WM
$90.7B
| $288M | 0.21% |
1,799,102
+700
| +0% | +$116K |
|
94
Canadian National Railway
CNI
$76.4B
| $288M | 0.21% |
2,642,658
-19,900
| -0.7% | -$2.37M |
|
95
EOG Resources
EOG
$75.2B
| $284M | 0.2% |
2,538,256
-1,200
| -0% | -$135K |
|
96
Canadian Pacific Kansas City
CP
$80.8B
| $281M | 0.2% |
4,182,648
+21,200
| +0.5% | +$1.6M |
|
97
Becton Dickinson
BDX
$49.4B
| $275M | 0.2% |
1,235,346
+100
| +0% | +$24.9K |
|
98
Crown Castle
CCI
$31.3B
| $271M | 0.19% |
1,876,671
+1,800
| +0.1% | +$308K |
|
99
3M
MMM
$94.4B
| $266M | 0.19% |
2,883,924
-79,009
| -3% | -$8.67M |
|
100
Humana
HUM
$44.8B
| $266M | 0.19% |
548,137
-1,200
| -0.2% | -$584K |
|
Similar funds
Swiss National Bank's Q3 2022 Portfolio in Review
As of Q3 2022, Swiss National Bank held 2,744 positions worth $140B, down 5.4% from $148B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Trading was light in Q3 2022: portfolio turnover was 1.2%. Swiss National Bank opened 4 new positions and exited 30, leaving the 2,744-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 26% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q3 2022 buy was Northrop Grumman: 639,945 shares worth $301M.
- Swiss National Bank added most to Prologis in Q3 2022, an estimated $97.9M increase.
- Swiss National Bank's biggest Q3 2022 reduction was Apple, cutting an estimated $102M.
- Swiss National Bank fully exited Duke Realty Corp. in Q3 2022, selling an estimated $91.2M.
- Swiss National Bank's ten largest holdings make up 26% of its $140B portfolio in Q3 2022.
- Swiss National Bank opened 4 new positions and closed 30 in Q3 2022.
- Swiss National Bank's portfolio value fell 5.4% quarter-over-quarter to $140B.
Based on Swiss National Bank's 13F filing for Q3 2022, filed 9 Nov 2022.