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 |
Williams Companies
WMB
|
+$32.7M |
| 2 |
COL
Rockwell Collins
COL
|
+$23.5M |
| 3 |
CXO
CONCHO RESOURCES INC.
CXO
|
+$20.7M |
| 4 |
Prologis
PLD
|
+$16.2M |
| 5 |
BPYU
Brookfield Property REIT Inc. Class A Common Stock
BPYU
|
+$15.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$225M |
| 2 |
Keurig Dr Pepper
KDP
|
+$148M |
| 3 |
Microsoft
MSFT
|
+$96.8M |
| 4 |
Amazon
AMZN
|
+$82.8M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$53.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 20.08% |
| 2 | Healthcare | 15.47% |
| 3 | Consumer Discretionary | 11.72% |
| 4 | Industrials | 10.08% |
| 5 | Communication Services | 9.94% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
FISV
101
Fiserv Inc
FISV
$27.8B
| $185M | 0.21% |
2,240,144
-88,300
| -4% | -$6.93M |
|
102
Simon Property Group
SPG
$71.5B
| $184M | 0.2% |
1,040,298
-45,400
| -4% | -$8.03M |
|
103
Humana
HUM
$46.3B
| $179M | 0.2% |
529,026
-18,200
| -3% | -$5.91M |
|
104
Cigna
CI
$73.6B
| $178M | 0.2% |
854,574
-29,600
| -3% | -$5.49M |
|
105
Illumina
ILMN
$29B
| $172M | 0.19% |
482,384
-17,270
| -3% | -$5.53M |
|
106
Progressive
PGR
$124B
| $171M | 0.19% |
2,406,434
-81,800
| -3% | -$5.26M |
|
|
ESRX
107
DELISTED
Express Scripts Holding Company
ESRX
| $170M | 0.19% |
1,793,198
-72,600
| -4% | -$6.19M |
|
108
Consolidated Edison
ED
$39.3B
| $168M | 0.19% |
2,207,371
-72,000
| -3% | -$5.67M |
|
|
PX
109
DELISTED
Praxair Inc
PX
| $168M | 0.19% |
1,045,567
-35,400
| -3% | -$5.69M |
|
110
Micron Technology
MU
$972B
| $167M | 0.19% |
3,702,403
-120,500
| -3% | -$6.08M |
|
111
Kimberly-Clark
KMB
$35.9B
| $163M | 0.18% |
1,433,528
-54,100
| -4% | -$6.07M |
|
112
Norfolk Southern
NSC
$75B
| $163M | 0.18% |
901,847
-37,400
| -4% | -$6.39M |
|
113
Baxter International
BAX
$14.4B
| $162M | 0.18% |
2,105,139
-86,300
| -4% | -$6.4M |
|
114
Fidelity National Information Services
FIS
$21.9B
| $161M | 0.18% |
1,474,013
-51,600
| -3% | -$5.56M |
|
115
Phillips 66
PSX
$86B
| $159M | 0.18% |
1,414,114
-50,400
| -3% | -$5.83M |
|
116
Vertex Pharmaceuticals
VRTX
$133B
| $157M | 0.17% |
813,509
-25,300
| -3% | -$4.51M |
|
117
Valero Energy
VLO
$90.7B
| $156M | 0.17% |
1,375,648
-57,400
| -4% | -$6.52M |
|
|
TFCFA
118
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $156M | 0.17% |
3,364,599
-122,500
| -4% | -$5.61M |
|
119
Emerson Electric
EMR
$88.5B
| $154M | 0.17% |
2,011,373
-89,000
| -4% | -$6.57M |
|
120
AvalonBay Communities
AVB
$26.3B
| $153M | 0.17% |
845,880
-28,000
| -3% | -$5M |
|
121
American International
AIG
$40.7B
| $153M | 0.17% |
2,865,556
-118,000
| -4% | -$6.33M |
|
122
Public Storage
PSA
$60.8B
| $152M | 0.17% |
756,235
-15,500
| -2% | -$3.35M |
|
123
Allstate
ALL
$68.2B
| $152M | 0.17% |
1,536,973
-63,500
| -4% | -$6.19M |
|
124
Constellation Brands
STZ
$22.8B
| $149M | 0.17% |
690,216
-35,000
| -5% | -$7.44M |
|
125
Cognizant
CTSH
$26.3B
| $149M | 0.17% |
1,927,730
-16,300
| -0.8% | -$1.28M |
|
Similar funds
Swiss National Bank's Q3 2018 Portfolio in Review
As of Q3 2018, Swiss National Bank held 2,533 positions worth $89.8B, up 2.6% from $87.5B the previous quarter. Its ten largest holdings account for 19% of the portfolio.
Swiss National Bank withdrew a net $3.31B in Q3 2018, closing 29 positions and reducing 606 holdings. Its most notable exit was Keurig Dr Pepper, an estimated $148M position sold in full.
By sector, the portfolio is most concentrated in Technology at 20% of assets, up from 19% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Swiss National Bank opened a new position in Brookfield Property REIT Inc. Class A Common Stock worth $15.9M.
- Swiss National Bank's largest Q3 2018 buy was Brookfield Property REIT Inc. Class A Common Stock: 760,360 shares worth $15.9M.
- Swiss National Bank added most to Williams Companies in Q3 2018, an estimated $32.7M increase.
- Swiss National Bank's biggest Q3 2018 reduction was Apple, cutting an estimated $225M.
- Swiss National Bank fully exited Keurig Dr Pepper in Q3 2018, selling an estimated $148M.
- Swiss National Bank's ten largest holdings make up 19% of its $89.8B portfolio in Q3 2018.
- Swiss National Bank opened 7 new positions and closed 29 in Q3 2018.
- Swiss National Bank's portfolio value rose 2.6% quarter-over-quarter to $89.8B.
Based on Swiss National Bank's 13F filing for Q3 2018, filed 8 Nov 2018.