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 |
Synopsys
SNPS
|
+$37.5M |
| 2 |
SoFi Technologies
SOFI
|
+$28.4M |
| 3 |
Rocket Lab Corp
RKLB
|
+$22.8M |
| 4 |
Affirm
AFRM
|
+$22.2M |
| 5 |
Tapestry
TPR
|
+$21.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$615M |
| 2 |
Apple
AAPL
|
+$547M |
| 3 |
Microsoft
MSFT
|
+$522M |
| 4 |
Amazon
AMZN
|
+$310M |
| 5 |
Meta Platforms (Facebook)
META
|
+$277M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 36.17% |
| 2 | Consumer Discretionary | 11.83% |
| 3 | Communication Services | 10.74% |
| 4 | Healthcare | 9.6% |
| 5 | Industrials | 9.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1551
Progyny
PGNY
$2B
| $3.4M | ﹤0.01% |
157,900
+18,800
| +14% | +$427K |
|
1552
Arlo Technologies
ARLO
$1.53B
| $3.4M | ﹤0.01% |
200,400
+4,800
| +2% | +$81.6K |
|
|
AVDX
1553
DELISTED
AvidXchange
AVDX
| $3.39M | ﹤0.01% |
340,300
+8,200
| +2% | +$81.1K |
|
1554
ManpowerGroup
MAN
$2.66B
| $3.38M | ﹤0.01% |
89,300
| – | – |
|
1555
AtriCure
ATRC
$2.23B
| $3.38M | ﹤0.01% |
96,000
+1,500
| +2% | +$51.7K |
|
1556
Century Communities
CCS
$2.04B
| $3.38M | ﹤0.01% |
53,366
+700
| +1% | +$44.2K |
|
1557
Concentrix
CNXC
$1.48B
| $3.38M | ﹤0.01% |
73,185
| – | – |
|
1558
Comstock Resources
CRK
$4B
| $3.38M | ﹤0.01% |
170,300
+2,500
| +1% | +$46.3K |
|
1559
WisdomTree
WT
$3.4B
| $3.37M | ﹤0.01% |
242,300
+3,500
| +1% | +$46.8K |
|
1560
Helios Technologies
HLIO
$2.67B
| $3.37M | ﹤0.01% |
64,600
+1,000
| +2% | +$46.7K |
|
1561
Madison Square Garden
MSGE
$4.07B
| $3.36M | ﹤0.01% |
74,359
| – | – |
|
|
HAPN
1562
Happen Inc
HAPN
$2.26B
| $3.36M | ﹤0.01% |
221,360
+3,600
| +2% | +$54.6K |
|
1563
Enovis
ENOV
$1.41B
| $3.36M | ﹤0.01% |
110,700
+1,600
| +1% | +$48.5K |
|
1564
Mineralys Therapeutics
MLYS
$2.36B
| $3.36M | ﹤0.01% |
88,500
+26,600
| +43% | +$575K |
|
1565
Skyward Specialty Insurance
SKWD
$2.43B
| $3.35M | ﹤0.01% |
70,500
+1,200
| +2% | +$60K |
|
1566
Enovix
ENVX
$990M
| $3.34M | ﹤0.01% |
335,100
-18,729
| -5% | -$207K |
|
1567
Kohl's
KSS
$2.16B
| $3.34M | ﹤0.01% |
217,100
+4,500
| +2% | +$60K |
|
1568
John Wiley & Sons Class A
WLY
$2.6B
| $3.33M | ﹤0.01% |
82,200
+800
| +1% | +$32.3K |
|
1569
Melco Resorts & Entertainment
MLCO
$2.15B
| $3.32M | ﹤0.01% |
362,447
-5,700
| -2% | -$52.1K |
|
1570
Crescent Energy
CRGY
$3.95B
| $3.31M | ﹤0.01% |
371,167
+5,000
| +1% | +$45.4K |
|
1571
Sonos
SONO
$1.87B
| $3.31M | ﹤0.01% |
209,500
+4,800
| +2% | +$61.6K |
|
|
APLS
1572
DELISTED
Apellis Pharmaceuticals
APLS
| $3.31M | ﹤0.01% |
146,200
+2,400
| +2% | +$56K |
|
1573
Sarepta Therapeutics
SRPT
$1.96B
| $3.3M | ﹤0.01% |
171,483
+5,000
| +3% | +$89.1K |
|
1574
ICF International
ICFI
$1.58B
| $3.3M | ﹤0.01% |
35,600
+400
| +1% | +$37.1K |
|
1575
Hafnia
HAFN
$3.83B
| $3.3M | ﹤0.01% |
546,989
-42,059
| -7% | -$241K |
|
Similar funds
Swiss National Bank's Q3 2025 Portfolio in Review
As of Q3 2025, Swiss National Bank held 2,371 positions worth $172B, up 3.2% from $167B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Swiss National Bank withdrew a net $7.69B in Q3 2025, closing 56 positions and reducing 729 holdings. Its most notable exit was Hess, an estimated $123M position sold in full.
By sector, the portfolio is most concentrated in Technology at 36% of assets, up from 35% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Swiss National Bank opened a new position in Paramount Skydance Corp worth $11.7M.
- Swiss National Bank's largest Q3 2025 buy was Paramount Skydance Corp: 619,202 shares worth $11.7M.
- Swiss National Bank added most to Synopsys in Q3 2025, an estimated $37.5M increase.
- Swiss National Bank's biggest Q3 2025 reduction was NVIDIA, cutting an estimated $615M.
- Swiss National Bank fully exited Hess in Q3 2025, selling an estimated $123M.
- Swiss National Bank's ten largest holdings make up 36% of its $172B portfolio in Q3 2025.
- Swiss National Bank opened 39 new positions and closed 56 in Q3 2025.
- Swiss National Bank's portfolio value rose 3.2% quarter-over-quarter to $172B.
Based on Swiss National Bank's 13F filing for Q3 2025, filed 13 Nov 2025.