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 | |
|---|---|---|---|---|---|---|
1701
Veeco
VECO
$3.28B
| $2.21M | ﹤0.01% |
110,021
-1,000
| -0.9% | -$23.9K |
|
|
RDFN
1702
DELISTED
Redfin
RDFN
| $2.21M | ﹤0.01% |
239,500
| – | – |
|
1703
ANI Pharmaceuticals
ANIP
$1.72B
| $2.2M | ﹤0.01% |
32,800
| – | – |
|
1704
Rogers Corp
ROG
$2.46B
| $2.19M | ﹤0.01% |
32,500
-300
| -0.9% | -$25.8K |
|
1705
Sable Offshore Corp
SOC
$773M
| $2.19M | ﹤0.01% |
86,300
+22,100
| +34% | +$566K |
|
|
NVEE
1706
DELISTED
NV5 Global
NVEE
| $2.19M | ﹤0.01% |
113,500
-1,800
| -2% | -$33K |
|
|
EXK
1707
Endeavour Silver
EXK
$3.05B
| $2.18M | ﹤0.01% |
511,400
+25,500
| +5% | +$102K |
|
1708
Driven Brands
DRVN
$2.12B
| $2.18M | ﹤0.01% |
127,200
-2,200
| -2% | -$36K |
|
1709
Sprout Social
SPT
$604M
| $2.18M | ﹤0.01% |
99,141
| – | – |
|
|
BBT
1710
Beacon Financial Corp
BBT
$2.71B
| $2.17M | ﹤0.01% |
83,300
-1,200
| -1% | -$33.5K |
|
1711
Universal Technical Institute
UTI
$1.42B
| $2.17M | ﹤0.01% |
84,500
| – | – |
|
1712
Harmonic Inc
HLIT
$1.42B
| $2.16M | ﹤0.01% |
225,715
+9,500
| +4% | +$105K |
|
1713
Amphastar Pharmaceuticals
AMPH
$858M
| $2.16M | ﹤0.01% |
74,500
-1,900
| -2% | -$60.7K |
|
1714
Wolverine World Wide
WWW
$1.63B
| $2.16M | ﹤0.01% |
155,200
-1,500
| -1% | -$27.4K |
|
1715
Upbound Group
UPBD
$1.15B
| $2.16M | ﹤0.01% |
90,100
-1,000
| -1% | -$27.5K |
|
1716
NextDecade
NEXT
$1.8B
| $2.16M | ﹤0.01% |
277,300
-3,400
| -1% | -$27.4K |
|
|
VRNT
1717
DELISTED
Verint Systems
VRNT
| $2.15M | ﹤0.01% |
120,700
-1,200
| -1% | -$28.7K |
|
1718
PROG Holdings
PRG
$1.7B
| $2.14M | ﹤0.01% |
80,500
-2,800
| -3% | -$98.9K |
|
1719
BrightSpring Health Services
BTSG
$11.9B
| $2.14M | ﹤0.01% |
118,100
+1,000
| +0.9% | +$19.6K |
|
1720
Janux Therapeutics
JANX
$978M
| $2.14M | ﹤0.01% |
79,100
| – | – |
|
1721
Empire State Realty Trust
ESRT
$836M
| $2.13M | ﹤0.01% |
273,000
-3,700
| -1% | -$33.3K |
|
1722
DXP Enterprises
DXPE
$3B
| $2.13M | ﹤0.01% |
25,900
-600
| -2% | -$55.4K |
|
1723
1st Source
SRCE
$2.13B
| $2.13M | ﹤0.01% |
35,589
-300
| -0.8% | -$18.5K |
|
1724
First Advantage
FA
$3.81B
| $2.13M | ﹤0.01% |
151,044
| – | – |
|
1725
AMC Entertainment Holdings
AMC
$2.35B
| $2.12M | ﹤0.01% |
739,091
+6,600
| +0.9% | +$21.7K |
|
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.