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 |
Synopsys
SNPS
|
+$37.5M |
| 2 |
SoFi Technologies
SOFI
|
+$28.4M |
| 3 |
Rocket Lab Corp
RKLB
|
+$22.8M |
| 4 |
Affirm
AFRM
|
+$22.2M |
| 5 |
Tapestry
TPR
|
+$21.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$615M |
| 2 |
Apple
AAPL
|
+$547M |
| 3 |
Microsoft
MSFT
|
+$522M |
| 4 |
Amazon
AMZN
|
+$310M |
| 5 |
Meta Platforms (Facebook)
META
|
+$277M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 36.17% |
| 2 | Consumer Discretionary | 11.83% |
| 3 | Communication Services | 10.74% |
| 4 | Healthcare | 9.6% |
| 5 | Industrials | 9.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1026
JFrog
FROG
$10.7B
| $8.94M | 0.01% |
188,800
+2,800
| +2% | +$127K |
|
1027
Macerich
MAC
$7.02B
| $8.92M | 0.01% |
490,015
+8,500
| +2% | +$147K |
|
1028
Arcosa
ACA
$7.13B
| $8.86M | 0.01% |
94,600
+1,400
| +2% | +$130K |
|
1029
Asbury Automotive
ABG
$3.75B
| $8.85M | 0.01% |
36,200
+500
| +1% | +$122K |
|
1030
Option Care Health
OPCH
$3.61B
| $8.81M | 0.01% |
317,500
+3,600
| +1% | +$104K |
|
|
SPR
1031
DELISTED
Spirit AeroSystems
SPR
| $8.78M | 0.01% |
227,500
+3,500
| +2% | +$140K |
|
1032
Axos Financial
AX
$5.74B
| $8.77M | 0.01% |
103,600
| – | – |
|
1033
Q2 Holdings
QTWO
$3.93B
| $8.74M | 0.01% |
120,700
+4,700
| +4% | +$386K |
|
1034
Southwest Gas
SWX
$6.7B
| $8.73M | 0.01% |
111,500
+1,700
| +2% | +$132K |
|
|
CCC
1035
CCC Intelligent Solutions
CCC
$4.02B
| $8.73M | 0.01% |
958,400
+14,200
| +2% | +$137K |
|
1036
Sensata Technologies
ST
$6.66B
| $8.66M | 0.01% |
283,600
-2,200
| -0.8% | -$69.5K |
|
1037
Black Hills Corp
BKH
$5.64B
| $8.66M | 0.01% |
140,579
+2,900
| +2% | +$171K |
|
1038
Cavco Industries
CVCO
$4.61B
| $8.65M | 0.01% |
14,900
+400
| +3% | +$196K |
|
1039
StoneX
SNEX
$8.13B
| $8.62M | 0.01% |
192,094
+6,075
| +3% | +$258K |
|
1040
Dolby
DLB
$5.74B
| $8.61M | 0.01% |
119,000
+2,000
| +2% | +$147K |
|
1041
Sabra Healthcare REIT
SBRA
$5.22B
| $8.6M | 0.01% |
461,341
+6,800
| +1% | +$127K |
|
1042
Parsons
PSN
$5.07B
| $8.59M | 0.01% |
103,600
+11,800
| +13% | +$913K |
|
1043
UL Solutions
ULS
$15.5B
| $8.57M | 0.01% |
120,900
+2,400
| +2% | +$164K |
|
1044
Archrock
AROC
$5.93B
| $8.57M | 0.01% |
325,600
+7,000
| +2% | +$169K |
|
1045
EPR Properties
EPR
$4.76B
| $8.56M | 0.01% |
147,488
+2,200
| +2% | +$124K |
|
1046
Avnet
AVT
$7.96B
| $8.5M | ﹤0.01% |
162,600
-2,600
| -2% | -$140K |
|
1047
PTC Therapeutics
PTCT
$6.05B
| $8.49M | ﹤0.01% |
138,265
+2,700
| +2% | +$141K |
|
1048
Celanese
CE
$4.82B
| $8.48M | ﹤0.01% |
201,418
-1,300
| -0.6% | -$64.7K |
|
1049
Whirlpool
WHR
$2.84B
| $8.47M | ﹤0.01% |
107,800
+2,000
| +2% | +$184K |
|
1050
EnerSys
ENS
$7.19B
| $8.45M | ﹤0.01% |
74,800
-500
| -0.7% | -$49.2K |
|
Similar funds
Swiss National Bank's Q3 2025 Portfolio in Review
As of Q3 2025, Swiss National Bank held 2,371 positions worth $172B, up 3.2% from $167B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Swiss National Bank withdrew a net $7.69B in Q3 2025, closing 56 positions and reducing 729 holdings. Its most notable exit was Hess, an estimated $123M position sold in full.
By sector, the portfolio is most concentrated in Technology at 36% of assets, up from 35% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Swiss National Bank opened a new position in Paramount Skydance Corp worth $11.7M.
- Swiss National Bank's largest Q3 2025 buy was Paramount Skydance Corp: 619,202 shares worth $11.7M.
- Swiss National Bank added most to Synopsys in Q3 2025, an estimated $37.5M increase.
- Swiss National Bank's biggest Q3 2025 reduction was NVIDIA, cutting an estimated $615M.
- Swiss National Bank fully exited Hess in Q3 2025, selling an estimated $123M.
- Swiss National Bank's ten largest holdings make up 36% of its $172B portfolio in Q3 2025.
- Swiss National Bank opened 39 new positions and closed 56 in Q3 2025.
- Swiss National Bank's portfolio value rose 3.2% quarter-over-quarter to $172B.
Based on Swiss National Bank's 13F filing for Q3 2025, filed 13 Nov 2025.