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 |
SPCX
SpaceX
SPCX
|
+$252M |
| 2 |
HONA
Honeywell Aerospace
HONA
|
+$198M |
| 3 |
Devon Energy
DVN
|
+$62.3M |
| 4 |
FDXF
FedEx Freight
FDXF
|
+$51M |
| 5 |
MDLN
Medline Inc
MDLN
|
+$41.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$1.28B |
| 2 |
Apple
AAPL
|
+$494M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$445M |
| 4 |
Microsoft
MSFT
|
+$334M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$237M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 38.05% |
| 2 | Healthcare | 10.29% |
| 3 | Industrials | 10.24% |
| 4 | Consumer Discretionary | 10.19% |
| 5 | Communication Services | 9.86% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Equinix
EQIX
$103B
| $290M | 0.15% |
278,123
-10,040
| -3% | -$10.7M |
|
102
Newmont
NEM
$137B
| $284M | 0.15% |
3,045,905
-156,700
| -5% | -$17.1M |
|
103
Medtronic
MDT
$119B
| $283M | 0.15% |
3,621,066
-141,300
| -4% | -$11.4M |
|
104
Cummins
CMI
$75.1B
| $278M | 0.15% |
389,718
-15,360
| -4% | -$10.1M |
|
105
Duke Energy
DUK
$94.7B
| $278M | 0.15% |
2,194,741
-87,600
| -4% | -$11.1M |
|
106
Fortinet
FTNT
$115B
| $273M | 0.14% |
1,773,900
-81,200
| -4% | -$9.38M |
|
107
Canadian Natural Resources
CNQ
$105B
| $266M | 0.14% |
6,741,862
-270,000
| -4% | -$12.3M |
|
108
McKesson
MCK
$107B
| $261M | 0.14% |
345,450
-16,800
| -5% | -$13.3M |
|
109
Williams Companies
WMB
$90.6B
| $256M | 0.13% |
3,449,000
-135,000
| -4% | -$9.93M |
|
110
Agnico Eagle Mines
AEM
$105B
| $255M | 0.13% |
1,644,238
-45,720
| -3% | -$8.47M |
|
111
Automatic Data Processing
ADP
$113B
| $254M | 0.13% |
1,135,720
-51,200
| -4% | -$10.9M |
|
112
Waste Management
WM
$88.6B
| $253M | 0.13% |
1,136,500
-45,800
| -4% | -$10.2M |
|
|
SPCX
113
SpaceX
SPCX
$1.97T
| $253M | 0.13% |
+1,481,800
| New | +$252M |
|
114
Johnson Controls International
JCI
$86.2B
| $252M | 0.13% |
1,726,481
-69,800
| -4% | -$9.86M |
|
115
CSX Corp
CSX
$90.8B
| $249M | 0.13% |
5,246,000
-218,900
| -4% | -$9.88M |
|
116
Canadian Pacific Kansas City
CP
$80.3B
| $249M | 0.13% |
2,883,893
-136,300
| -5% | -$11.7M |
|
117
Comcast
CMCSA
$94.6B
| $248M | 0.13% |
10,120,900
-545,300
| -5% | -$14.1M |
|
118
3M
MMM
$86.8B
| $241M | 0.13% |
1,485,539
-73,500
| -5% | -$11.1M |
|
119
Elevance Health
ELV
$90B
| $240M | 0.13% |
619,580
-32,640
| -5% | -$12.1M |
|
120
Spotify
SPOT
$115B
| $238M | 0.12% |
519,200
-54,080
| -9% | -$25.8M |
|
121
Snowflake
SNOW
$124B
| $236M | 0.12% |
926,300
-18,300
| -2% | -$3.37M |
|
122
T-Mobile US
TMUS
$202B
| $235M | 0.12% |
1,398,502
-78,700
| -5% | -$14.9M |
|
123
Adobe
ADBE
$114B
| $234M | 0.12% |
1,140,020
-88,480
| -7% | -$21M |
|
124
Bloom Energy
BE
$69.4B
| $230M | 0.12% |
761,400
+102,000
| +15% | +$26.1M |
|
125
General Dynamics
GD
$99B
| $230M | 0.12% |
649,306
-24,520
| -4% | -$8.4M |
|
Similar funds
Swiss National Bank's Q2 2026 Portfolio in Review
As of Q2 2026, Swiss National Bank held 2,362 positions worth $191B, up 10% from $174B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Swiss National Bank withdrew a net $8.24B in Q2 2026, closing 61 positions and reducing 1,172 holdings. Its most notable exit was Coterra Energy, an estimated $78.5M position sold in full.
By sector, the portfolio is most concentrated in Technology at 38% of assets, up from 34% a quarter earlier, followed by Healthcare and Industrials.
Against the trend, Swiss National Bank opened a new position in SpaceX worth $253M.
- Swiss National Bank's largest Q2 2026 buy was SpaceX: 1,481,800 shares worth $253M.
- Swiss National Bank added most to Devon Energy in Q2 2026, an estimated $62.3M increase.
- Swiss National Bank's biggest Q2 2026 reduction was NVIDIA, cutting an estimated $1.28B.
- Swiss National Bank fully exited Coterra Energy in Q2 2026, selling an estimated $78.5M.
- Swiss National Bank's ten largest holdings make up 34% of its $191B portfolio in Q2 2026.
- Swiss National Bank opened 61 new positions and closed 61 in Q2 2026.
- Swiss National Bank's portfolio value rose 10% quarter-over-quarter to $191B.
Based on Swiss National Bank's 13F filing for Q2 2026, filed 11 Aug 2026.