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 |
First Solar
FSLR
|
+$24M |
| 2 |
Ovintiv
OVV
|
+$22M |
| 3 |
Hubbell
HUBB
|
+$21.8M |
| 4 |
U-Haul Holding Co Series N
UHAL.B
|
+$20.7M |
| 5 |
Lamb Weston
LW
|
+$20.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$690M |
| 2 |
Microsoft
MSFT
|
+$479M |
| 3 |
Amazon
AMZN
|
+$239M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$182M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$161M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.31% |
| 2 | Healthcare | 16.63% |
| 3 | Consumer Discretionary | 10.98% |
| 4 | Industrials | 9.76% |
| 5 | Consumer Staples | 7.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Public Storage
PSA
$60.7B
| $180M | 0.13% |
642,100
-42,588
| -6% | -$12.4M |
|
152
Johnson Controls International
JCI
$93.7B
| $179M | 0.13% |
2,799,481
-215,327
| -7% | -$13.2M |
|
153
Cadence Design Systems
CDNS
$90.2B
| $179M | 0.13% |
1,113,100
-81,855
| -7% | -$13.1M |
|
154
Aflac
AFL
$60.7B
| $176M | 0.13% |
2,439,900
-212,562
| -8% | -$14.2M |
|
155
Motorola Solutions
MSI
$77.3B
| $175M | 0.13% |
678,243
-46,669
| -6% | -$11.7M |
|
156
Exelon
EXC
$46.2B
| $174M | 0.13% |
4,030,855
-216,993
| -5% | -$8.57M |
|
157
FedEx
FDX
$76.3B
| $174M | 0.12% |
1,003,500
-63,465
| -6% | -$10.5M |
|
158
Shopify
SHOP
$196B
| $174M | 0.12% |
5,003,000
-133,110
| -3% | -$4.55M |
|
159
Corteva
CTVA
$50.9B
| $172M | 0.12% |
2,920,583
-215,356
| -7% | -$13.6M |
|
160
TC Energy
TRP
$66.3B
| $170M | 0.12% |
4,267,101
-144,722
| -3% | -$6.28M |
|
161
Palo Alto Networks
PANW
$313B
| $170M | 0.12% |
2,429,600
-161,116
| -6% | -$12.9M |
|
162
NXP Semiconductors
NXPI
$59.6B
| $169M | 0.12% |
1,067,229
-69,999
| -6% | -$11.1M |
|
163
Fidelity National Information Services
FIS
$22.1B
| $168M | 0.12% |
2,471,046
-175,823
| -7% | -$12.5M |
|
164
Cintas
CTAS
$82.1B
| $167M | 0.12% |
1,480,800
-115,460
| -7% | -$12.5M |
|
165
Marriott International
MAR
$91.1B
| $167M | 0.12% |
1,121,238
-84,409
| -7% | -$13M |
|
166
Nutrien
NTR
$32.1B
| $166M | 0.12% |
2,272,536
-207,216
| -8% | -$16.4M |
|
167
Ross Stores
ROST
$80.8B
| $165M | 0.12% |
1,422,200
-100,573
| -7% | -$10.3M |
|
168
Autodesk
ADSK
$53.1B
| $165M | 0.12% |
883,100
-59,594
| -6% | -$12M |
|
169
Biogen
BIIB
$30.1B
| $163M | 0.12% |
589,800
-44,972
| -7% | -$12.7M |
|
170
Monster Beverage
MNST
$89.2B
| $163M | 0.12% |
6,420,800
-465,444
| -7% | -$11.3M |
|
171
Williams Companies
WMB
$88.4B
| $163M | 0.12% |
4,952,400
-325,997
| -6% | -$10.6M |
|
172
Arthur J. Gallagher & Co
AJG
$65B
| $161M | 0.12% |
854,900
-55,405
| -6% | -$10.4M |
|
|
HES
173
DELISTED
Hess
HES
| $161M | 0.12% |
1,132,000
-82,006
| -7% | -$11.3M |
|
174
Realty Income
O
$58.6B
| $159M | 0.11% |
2,510,013
-97,109
| -4% | -$6.03M |
|
175
Trane Technologies
TT
$106B
| $158M | 0.11% |
941,803
-71,531
| -7% | -$11.8M |
|
Similar funds
Swiss National Bank's Q4 2022 Portfolio in Review
As of Q4 2022, Swiss National Bank held 2,795 positions worth $139B, down 0.37% from $140B the previous quarter. Its ten largest holdings account for 23% of the portfolio.
Swiss National Bank withdrew a net $9.35B in Q4 2022, closing 116 positions and reducing 810 holdings. Its most notable exit was Twitter, Inc., an estimated $123M position sold in full.
By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 26% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Swiss National Bank opened a new position in U-Haul Holding Co Series N worth $19.6M.
- Swiss National Bank's largest Q4 2022 buy was U-Haul Holding Co Series N: 356,731 shares worth $19.6M.
- Swiss National Bank added most to First Solar in Q4 2022, an estimated $24M increase.
- Swiss National Bank's biggest Q4 2022 reduction was Apple, cutting an estimated $690M.
- Swiss National Bank fully exited Twitter, Inc. in Q4 2022, selling an estimated $123M.
- Swiss National Bank's ten largest holdings make up 23% of its $139B portfolio in Q4 2022.
- Swiss National Bank opened 81 new positions and closed 116 in Q4 2022.
- Swiss National Bank's portfolio value fell 0.37% quarter-over-quarter to $139B.
Based on Swiss National Bank's 13F filing for Q4 2022, filed 8 Feb 2023.