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 |
Spotify
SPOT
|
+$181M |
| 2 |
Boeing
BA
|
+$50.7M |
| 3 |
Carvana
CVNA
|
+$25.6M |
| 4 |
ConocoPhillips
COP
|
+$24.1M |
| 5 |
EXE
Expand Energy Corp
EXE
|
+$18.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$513M |
| 2 |
Microsoft
MSFT
|
+$430M |
| 3 |
Amazon
AMZN
|
+$228M |
| 4 |
Meta Platforms (Facebook)
META
|
+$194M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$155M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.87% |
| 2 | Consumer Discretionary | 12.65% |
| 3 | Healthcare | 10.7% |
| 4 | Communication Services | 9.69% |
| 5 | Industrials | 8.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Trane Technologies
TT
$106B
| $235M | 0.16% |
637,503
-34,600
| -5% | -$13.7M |
|
102
Duke Energy
DUK
$96.1B
| $235M | 0.16% |
2,181,441
-109,200
| -5% | -$12.4M |
|
103
PayPal
PYPL
$50.5B
| $234M | 0.16% |
2,743,700
-206,000
| -7% | -$17.3M |
|
104
Chipotle Mexican Grill
CMG
$40.5B
| $233M | 0.16% |
3,868,700
-207,700
| -5% | -$12.5M |
|
105
Cadence Design Systems
CDNS
$90.2B
| $232M | 0.15% |
773,600
-34,100
| -4% | -$9.91M |
|
106
Parker-Hannifin
PH
$134B
| $231M | 0.15% |
363,500
-18,000
| -5% | -$11.9M |
|
107
Sherwin-Williams
SHW
$88.5B
| $230M | 0.15% |
677,000
-37,900
| -5% | -$14.1M |
|
108
Waste Management
WM
$90.7B
| $229M | 0.15% |
1,133,700
-56,800
| -5% | -$12.2M |
|
109
Mondelez International
MDLZ
$78.9B
| $225M | 0.15% |
3,773,624
-207,800
| -5% | -$13.7M |
|
110
CrowdStrike
CRWD
$226B
| $225M | 0.15% |
2,629,600
-111,600
| -4% | -$9.28M |
|
111
Welltower
WELL
$163B
| $220M | 0.15% |
1,747,200
-27,500
| -2% | -$3.61M |
|
112
Mercado Libre
MELI
$98.4B
| $219M | 0.15% |
128,900
-6,500
| -5% | -$12.7M |
|
113
Regeneron Pharmaceuticals
REGN
$82.1B
| $218M | 0.15% |
306,300
-15,300
| -5% | -$12.8M |
|
114
Cigna
CI
$72.3B
| $218M | 0.15% |
789,701
-53,400
| -6% | -$17M |
|
115
Motorola Solutions
MSI
$77.3B
| $218M | 0.14% |
471,343
-23,700
| -5% | -$11.2M |
|
116
Illinois Tool Works
ITW
$83.5B
| $213M | 0.14% |
838,800
-46,900
| -5% | -$12.4M |
|
117
Synopsys
SNPS
$78.7B
| $211M | 0.14% |
434,000
-20,800
| -5% | -$10.9M |
|
118
McKesson
MCK
$105B
| $209M | 0.14% |
366,350
-18,700
| -5% | -$10.5M |
|
119
Zoetis
ZTS
$31.1B
| $209M | 0.14% |
1,279,932
-74,400
| -5% | -$13.3M |
|
120
TransDigm Group
TDG
$68.7B
| $201M | 0.13% |
158,500
-7,600
| -5% | -$10M |
|
121
Emerson Electric
EMR
$91.7B
| $200M | 0.13% |
1,617,800
-80,300
| -5% | -$9.74M |
|
122
3M
MMM
$94.4B
| $200M | 0.13% |
1,551,939
-87,400
| -5% | -$11.5M |
|
123
Arthur J. Gallagher & Co
AJG
$65B
| $200M | 0.13% |
705,100
+56,600
| +9% | +$16.5M |
|
124
Colgate-Palmolive
CL
$73.6B
| $199M | 0.13% |
2,192,800
-121,600
| -5% | -$11.6M |
|
125
Aon
AON
$75.6B
| $198M | 0.13% |
552,300
-28,600
| -5% | -$10.5M |
|
Similar funds
Swiss National Bank's Q4 2024 Portfolio in Review
As of Q4 2024, Swiss National Bank held 2,505 positions worth $150B, down 2.4% from $154B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Swiss National Bank withdrew a net $6.32B in Q4 2024, closing 65 positions and reducing 893 holdings. Its most notable exit was Marathon Oil Corporation, an estimated $44.6M position sold in full.
By sector, the portfolio is most concentrated in Technology at 34% of assets, up from 33% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Swiss National Bank opened a new position in Spotify worth $189M.
- Swiss National Bank's largest Q4 2024 buy was Spotify: 422,900 shares worth $189M.
- Swiss National Bank added most to Boeing in Q4 2024, an estimated $50.7M increase.
- Swiss National Bank's biggest Q4 2024 reduction was NVIDIA, cutting an estimated $513M.
- Swiss National Bank fully exited Marathon Oil Corporation in Q4 2024, selling an estimated $44.6M.
- Swiss National Bank's ten largest holdings make up 34% of its $150B portfolio in Q4 2024.
- Swiss National Bank opened 40 new positions and closed 65 in Q4 2024.
- Swiss National Bank's portfolio value fell 2.4% quarter-over-quarter to $150B.
Based on Swiss National Bank's 13F filing for Q4 2024, filed 10 Feb 2025.