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 | |
|---|---|---|---|---|---|---|
|
ATVI
101
DELISTED
Activision Blizzard
ATVI
| $252M | 0.18% |
3,388,445
+8,600
| +0.3% | +$673K |
|
102
CSX Corp
CSX
$92.5B
| $251M | 0.18% |
9,422,857
-91,800
| -1% | -$2.85M |
|
103
Occidental Petroleum
OXY
$59B
| $250M | 0.18% |
4,061,441
+9,600
| +0.2% | +$614K |
|
|
FISV
104
Fiserv Inc
FISV
$28B
| $249M | 0.18% |
2,661,235
-26,500
| -1% | -$2.7M |
|
105
Aon
AON
$75.6B
| $247M | 0.18% |
920,374
-7,600
| -0.8% | -$2.15M |
|
106
Illinois Tool Works
ITW
$83.5B
| $244M | 0.17% |
1,349,552
-7,900
| -0.6% | -$1.56M |
|
107
Canadian Natural Resources
CNQ
$98.1B
| $244M | 0.17% |
10,384,574
-371,634
| -3% | -$9.62M |
|
108
Dominion Energy
D
$59.9B
| $243M | 0.17% |
3,514,636
-1,100
| -0% | -$88.8K |
|
109
Micron Technology
MU
$981B
| $242M | 0.17% |
4,839,364
-18,100
| -0.4% | -$1.05M |
|
110
Colgate-Palmolive
CL
$73.6B
| $242M | 0.17% |
3,449,873
-14,000
| -0.4% | -$1.1M |
|
111
Boston Scientific
BSX
$74.2B
| $240M | 0.17% |
6,195,380
+6,500
| +0.1% | +$261K |
|
112
Dollar General
DG
$26.5B
| $236M | 0.17% |
983,647
-21,400
| -2% | -$5.28M |
|
113
Marathon Petroleum
MPC
$94.5B
| $233M | 0.17% |
2,344,536
-107,300
| -4% | -$10M |
|
114
Eaton
ETN
$178B
| $231M | 0.17% |
1,729,087
-900
| -0.1% | -$126K |
|
115
Equinix
EQIX
$102B
| $224M | 0.16% |
394,459
+900
| +0.2% | +$588K |
|
116
Air Products & Chemicals
APD
$68.9B
| $224M | 0.16% |
961,048
-700
| -0.1% | -$173K |
|
117
Edwards Lifesciences
EW
$54B
| $223M | 0.16% |
2,694,425
-9,800
| -0.4% | -$943K |
|
118
Lam Research
LRCX
$390B
| $220M | 0.16% |
6,011,320
-39,000
| -0.6% | -$1.74M |
|
119
SLB Ltd
SLB
$79.7B
| $220M | 0.16% |
6,125,569
-4,400
| -0.1% | -$160K |
|
120
Sherwin-Williams
SHW
$88.5B
| $219M | 0.16% |
1,071,342
-1,600
| -0.1% | -$379K |
|
121
General Dynamics
GD
$106B
| $217M | 0.16% |
1,022,454
-1,400
| -0.1% | -$316K |
|
122
Estee Lauder
EL
$31.8B
| $217M | 0.16% |
1,004,625
-3,600
| -0.4% | -$919K |
|
123
Norfolk Southern
NSC
$75.2B
| $217M | 0.15% |
1,032,762
-7,300
| -0.7% | -$1.76M |
|
|
PXD
124
DELISTED
Pioneer Natural Resource Co.
PXD
| $216M | 0.15% |
996,158
-4,800
| -0.5% | -$1.1M |
|
125
McKesson
MCK
$105B
| $214M | 0.15% |
629,965
-19,800
| -3% | -$6.87M |
|
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.