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 |
Visa
V
|
+$53.6M |
| 2 |
Strategy Inc
MSTR
|
+$39M |
| 3 |
International Paper
IP
|
+$25.9M |
| 4 |
DoorDash
DASH
|
+$22.6M |
| 5 |
United Airlines
UAL
|
+$21.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Chevron
CVX
|
+$712M |
| 2 |
Apple
AAPL
|
+$125M |
| 3 |
Interactive Brokers
IBKR
|
+$38.1M |
| 4 |
NVIDIA
NVDA
|
+$28.5M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$27.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.44% |
| 2 | Healthcare | 11.83% |
| 3 | Consumer Discretionary | 11.73% |
| 4 | Communication Services | 9.55% |
| 5 | Industrials | 9.1% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1301
Howard Hughes
HHH
$3.99B
| $4.68M | ﹤0.01% |
63,200
-1,000
| -2% | -$75.5K |
|
1302
The Bancorp
TBBK
$2.84B
| $4.66M | ﹤0.01% |
88,200
-3,300
| -4% | -$183K |
|
1303
Freedom Holding
FRHC
$9.36B
| $4.65M | ﹤0.01% |
35,200
-700
| -2% | -$97.7K |
|
1304
First Financial Bancorp
FFBC
$3.61B
| $4.62M | ﹤0.01% |
184,943
-2,800
| -1% | -$74.8K |
|
1305
Methanex
MEOH
$4.31B
| $4.61M | ﹤0.01% |
131,400
-1,900
| -1% | -$85.3K |
|
1306
C3.ai
AI
$1.56B
| $4.6M | ﹤0.01% |
218,700
| – | – |
|
1307
AZZ Inc
AZZ
$4.52B
| $4.6M | ﹤0.01% |
55,000
-800
| -1% | -$71.4K |
|
1308
First Merchants
FRME
$2.74B
| $4.6M | ﹤0.01% |
113,662
-1,400
| -1% | -$58.3K |
|
1309
Urban Edge Properties
UE
$2.78B
| $4.6M | ﹤0.01% |
241,909
+3,300
| +1% | +$66K |
|
1310
BancFirst
BANF
$3.89B
| $4.58M | ﹤0.01% |
41,718
-500
| -1% | -$58K |
|
1311
ScottsMiracle-Gro
SMG
$3.56B
| $4.58M | ﹤0.01% |
83,500
-400
| -0.5% | -$25.9K |
|
1312
Innospec
IOSP
$2.31B
| $4.58M | ﹤0.01% |
48,303
-800
| -2% | -$84.6K |
|
1313
Cheesecake Factory
CAKE
$5.53B
| $4.57M | ﹤0.01% |
94,000
-1,100
| -1% | -$56.3K |
|
1314
Transocean
RIG
$6.51B
| $4.57M | ﹤0.01% |
1,442,330
-21,300
| -1% | -$74.7K |
|
1315
PENN Entertainment
PENN
$2.52B
| $4.57M | ﹤0.01% |
280,084
+10,800
| +4% | +$211K |
|
1316
QuidelOrtho
QDEL
$1.01B
| $4.56M | ﹤0.01% |
130,340
-1,900
| -1% | -$77.5K |
|
1317
Cushman & Wakefield Ltd
CWK
$3.35B
| $4.54M | ﹤0.01% |
444,600
-6,300
| -1% | -$76.6K |
|
1318
Advance Auto Parts
AAP
$3.4B
| $4.54M | ﹤0.01% |
115,800
-1,600
| -1% | -$68.6K |
|
1319
Sylvamo
SLVM
$1.53B
| $4.53M | ﹤0.01% |
67,600
-900
| -1% | -$65.6K |
|
1320
Evertec
EVTC
$1.89B
| $4.53M | ﹤0.01% |
123,274
-2,500
| -2% | -$86.4K |
|
1321
BOK Financial
BOKF
$8.89B
| $4.53M | ﹤0.01% |
43,474
-700
| -2% | -$75.2K |
|
1322
Vertex
VERX
$2.09B
| $4.53M | ﹤0.01% |
129,300
+13,600
| +12% | +$621K |
|
1323
Twist Bioscience
TWST
$7.5B
| $4.52M | ﹤0.01% |
115,200
| – | – |
|
1324
VSE Corp
VSEC
$6.63B
| $4.51M | ﹤0.01% |
37,578
+4,900
| +15% | +$525K |
|
1325
WaFd
WAFD
$2.82B
| $4.51M | ﹤0.01% |
157,726
-2,000
| -1% | -$59.3K |
|
Similar funds
Swiss National Bank's Q1 2025 Portfolio in Review
As of Q1 2025, Swiss National Bank held 2,478 positions worth $142B, down 5.8% from $150B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q1 2025: portfolio turnover was 4.8%. Swiss National Bank opened 38 new positions and exited 81, leaving the 2,478-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 34% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q1 2025 buy was United Airlines: 231,900 shares worth $16M.
- Swiss National Bank added most to Visa in Q1 2025, an estimated $53.6M increase.
- Swiss National Bank's biggest Q1 2025 reduction was Apple, cutting an estimated $125M.
- Swiss National Bank fully exited Chevron in Q1 2025, selling an estimated $712M.
- Swiss National Bank's ten largest holdings make up 31% of its $142B portfolio in Q1 2025.
- Swiss National Bank opened 38 new positions and closed 81 in Q1 2025.
- Swiss National Bank's portfolio value fell 5.8% quarter-over-quarter to $142B.
Based on Swiss National Bank's 13F filing for Q1 2025, filed 12 May 2025.