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 |
AstraZeneca
AZN
|
+$1.19B |
| 2 |
NVIDIA
NVDA
|
+$867M |
| 3 |
Apple
AAPL
|
+$642M |
| 4 |
Microsoft
MSFT
|
+$574M |
| 5 |
Amazon
AMZN
|
+$426M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CYBR
CyberArk
CYBR
|
+$64.5M |
| 2 |
EXAS
Exact Sciences
EXAS
|
+$37.9M |
| 3 |
CMA
Comerica
CMA
|
+$21.9M |
| 4 |
Pinduoduo
PDD
|
+$18.9M |
| 5 |
FYBR
Frontier Communications
FYBR
|
+$18.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.51% |
| 2 | Healthcare | 10.85% |
| 3 | Consumer Discretionary | 10.77% |
| 4 | Communication Services | 10.52% |
| 5 | Industrials | 9.93% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Equinix
EQIX
$101B
| $282M | 0.16% |
288,163
+19,960
| +7% | +$17.7M |
|
102
Spotify
SPOT
$98.3B
| $278M | 0.16% |
573,280
+125,240
| +28% | +$62.9M |
|
103
Boston Scientific
BSX
$65.4B
| $273M | 0.16% |
4,350,600
+290,100
| +7% | +$23.2M |
|
104
Waste Management
WM
$96.1B
| $272M | 0.16% |
1,182,300
+78,300
| +7% | +$18M |
|
105
Northrop Grumman
NOC
$74.1B
| $271M | 0.16% |
397,885
+25,240
| +7% | +$17.5M |
|
106
Western Digital
WDC
$164B
| $271M | 0.16% |
1,003,307
+52,500
| +6% | +$13.7M |
|
107
Trane Technologies
TT
$104B
| $271M | 0.16% |
650,783
+41,040
| +7% | +$17.4M |
|
108
Applovin
APP
$143B
| $269M | 0.16% |
677,030
+44,720
| +7% | +$21.6M |
|
109
CVS Health
CVS
$137B
| $268M | 0.15% |
3,725,460
+249,800
| +7% | +$19.2M |
|
110
Vertiv
VRT
$111B
| $267M | 0.15% |
1,065,900
+71,700
| +7% | +$15.9M |
|
111
Suncor Energy
SU
$73.7B
| $267M | 0.15% |
4,043,492
+838,900
| +26% | +$46.4M |
|
112
Williams Companies
WMB
$89.7B
| $261M | 0.15% |
3,584,000
+237,500
| +7% | +$16.4M |
|
113
Howmet Aerospace
HWM
$109B
| $258M | 0.15% |
1,120,884
+71,500
| +7% | +$16.7M |
|
114
Constellation Energy
CEG
$90.1B
| $252M | 0.15% |
903,931
+47,880
| +6% | +$14.6M |
|
115
Seagate
STX
$178B
| $250M | 0.14% |
639,400
+55,900
| +10% | +$21.3M |
|
|
MRSH
116
Marsh
MRSH
$87.8B
| $249M | 0.14% |
1,437,800
+89,500
| +7% | +$16.1M |
|
117
Marvell Technology
MRVL
$169B
| $247M | 0.14% |
2,489,003
+126,600
| +5% | +$10.6M |
|
118
Automatic Data Processing
ADP
$102B
| $241M | 0.14% |
1,186,920
+76,840
| +7% | +$17.6M |
|
119
Quanta Services
PWR
$94.3B
| $240M | 0.14% |
437,595
+29,280
| +7% | +$15.1M |
|
120
Canadian Pacific Kansas City
CP
$83.2B
| $237M | 0.14% |
3,020,193
+616,400
| +26% | +$48.7M |
|
121
American Tower
AMT
$79.2B
| $237M | 0.14% |
1,373,900
+90,800
| +7% | +$16.3M |
|
122
Johnson Controls International
JCI
$85.7B
| $235M | 0.14% |
1,796,281
+2,900
| +0.2% | +$375K |
|
123
Regeneron Pharmaceuticals
REGN
$70.9B
| $234M | 0.13% |
303,140
+17,680
| +6% | +$13.5M |
|
124
FedEx
FDX
$74.7B
| $234M | 0.13% |
655,600
+41,400
| +7% | +$14.4M |
|
|
B
125
Barrick Mining
B
$58.5B
| $232M | 0.13% |
5,680,129
+1,167,000
| +26% | +$53.9M |
|
Similar funds
Swiss National Bank's Q1 2026 Portfolio in Review
As of Q1 2026, Swiss National Bank held 2,355 positions worth $174B, up 3.4% from $168B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Swiss National Bank deployed $13.1B of net new capital in Q1 2026, opening 44 new positions and adding to 1,113 existing holdings. Its largest new stake was AstraZeneca: 6,174,666 shares worth $1.2B.
By sector, the portfolio is most concentrated in Technology at 34% of assets, down from 36% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was Pinduoduo, an estimated $18.9M trimmed.
- Swiss National Bank's largest Q1 2026 buy was AstraZeneca: 6,174,666 shares worth $1.2B.
- Swiss National Bank added most to NVIDIA in Q1 2026, an estimated $867M increase.
- Swiss National Bank's biggest Q1 2026 reduction was Pinduoduo, cutting an estimated $18.9M.
- Swiss National Bank fully exited CyberArk in Q1 2026, selling an estimated $64.5M.
- Swiss National Bank's ten largest holdings make up 34% of its $174B portfolio in Q1 2026.
- Swiss National Bank opened 44 new positions and closed 54 in Q1 2026.
- Swiss National Bank's portfolio value rose 3.4% quarter-over-quarter to $174B.
Based on Swiss National Bank's 13F filing for Q1 2026, filed 7 May 2026.