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 | |
|---|---|---|---|---|---|---|
1626
Federal Agricultural Mortgage
AGM
$2.58B
| $3.05M | ﹤0.01% |
18,181
+300
| +2% | +$56.2K |
|
1627
Grocery Outlet
GO
$1.01B
| $3.05M | ﹤0.01% |
190,000
+4,100
| +2% | +$65.5K |
|
1628
Bitdeer Technologies
BTDR
$2.45B
| $3.04M | ﹤0.01% |
178,100
+11,800
| +7% | +$166K |
|
1629
Amneal Pharmaceuticals
AMRX
$6.15B
| $3.04M | ﹤0.01% |
303,700
+4,300
| +1% | +$38.6K |
|
1630
Recursion Pharmaceuticals
RXRX
$1.76B
| $3.03M | ﹤0.01% |
620,600
+54,400
| +10% | +$286K |
|
1631
MannKind Corp
MNKD
$1.24B
| $3.01M | ﹤0.01% |
559,900
+8,400
| +2% | +$36.9K |
|
1632
Celldex Therapeutics
CLDX
$3.52B
| $3M | ﹤0.01% |
115,800
+1,700
| +1% | +$39.4K |
|
1633
Reynolds Consumer Products
REYN
$5.53B
| $2.99M | ﹤0.01% |
122,300
+1,900
| +2% | +$43K |
|
1634
Napco Security Technologies
NSSC
$1.39B
| $2.99M | ﹤0.01% |
69,500
| – | – |
|
1635
Artivion
AORT
$1.4B
| $2.98M | ﹤0.01% |
70,400
+1,100
| +2% | +$41.5K |
|
1636
Central Garden & Pet Co Class A
CENTA
$2.43B
| $2.97M | ﹤0.01% |
100,737
-800
| -0.8% | -$26.6K |
|
1637
Ceco Environmental
CECO
$4.44B
| $2.97M | ﹤0.01% |
58,100
+1,300
| +2% | +$55K |
|
1638
Sylvamo
SLVM
$1.53B
| $2.97M | ﹤0.01% |
67,100
+1,000
| +2% | +$46.3K |
|
1639
Lindsay Corp
LNN
$1.18B
| $2.95M | ﹤0.01% |
21,000
+200
| +1% | +$27.8K |
|
|
PPTA
1640
Perpetua Resources
PPTA
$3.16B
| $2.95M | ﹤0.01% |
145,900
+7,700
| +6% | +$130K |
|
1641
Kennametal
KMT
$2.35B
| $2.94M | ﹤0.01% |
140,400
| – | – |
|
|
SEI
1642
Solaris Energy Infrastructure
SEI
$4.07B
| $2.93M | ﹤0.01% |
73,400
+11,000
| +18% | +$344K |
|
1643
BioCryst Pharmaceuticals
BCRX
$2.71B
| $2.92M | ﹤0.01% |
385,368
+6,100
| +2% | +$50.8K |
|
1644
United States Lime & Minerals
USLM
$3.42B
| $2.92M | ﹤0.01% |
22,200
+300
| +1% | +$34.6K |
|
|
KEEL
1645
Keel Infrastructure Corp
KEEL
$2.19B
| $2.92M | ﹤0.01% |
1,032,800
+202,700
| +24% | +$314K |
|
1646
Alaska Air
ALK
$5.29B
| $2.92M | ﹤0.01% |
58,600
| – | – |
|
1647
Innovative Industrial Properties
IIPR
$1.67B
| $2.9M | ﹤0.01% |
54,100
| – | – |
|
1648
IMAX
IMAX
$2.81B
| $2.9M | ﹤0.01% |
88,500
+2,400
| +3% | +$68K |
|
1649
Wendy's
WEN
$1.65B
| $2.9M | ﹤0.01% |
316,400
-9,300
| -3% | -$95.5K |
|
1650
Harrow
HROW
$1.48B
| $2.9M | ﹤0.01% |
60,100
| – | – |
|
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.