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 |
AstraZeneca
AZN
|
+$1.19B |
| 2 |
NVIDIA
NVDA
|
+$867M |
| 3 |
Apple
AAPL
|
+$642M |
| 4 |
Microsoft
MSFT
|
+$574M |
| 5 |
Amazon
AMZN
|
+$426M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CYBR
CyberArk
CYBR
|
+$64.5M |
| 2 |
EXAS
Exact Sciences
EXAS
|
+$37.9M |
| 3 |
CMA
Comerica
CMA
|
+$21.9M |
| 4 |
Pinduoduo
PDD
|
+$18.9M |
| 5 |
FYBR
Frontier Communications
FYBR
|
+$18.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.51% |
| 2 | Healthcare | 10.85% |
| 3 | Consumer Discretionary | 10.77% |
| 4 | Communication Services | 10.52% |
| 5 | Industrials | 9.93% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
USAS
1776
Americas Gold and Silver
USAS
$1.34B
| $2.31M | ﹤0.01% |
443,600
+10,800
| +2% | +$78.9K |
|
1777
TriMas Corp
TRS
$1.43B
| $2.31M | ﹤0.01% |
64,200
| – | – |
|
|
DEC
1778
Diversified Energy Company
DEC
$914M
| $2.3M | ﹤0.01% |
131,891
+19,941
| +18% | +$281K |
|
1779
Tronox
TROX
$995M
| $2.3M | ﹤0.01% |
235,300
+5,900
| +3% | +$40.9K |
|
|
UMH
1780
UMH Properties
UMH
$1.32B
| $2.3M | ﹤0.01% |
159,200
| – | – |
|
1781
NovoCure
NVCR
$2.04B
| $2.28M | ﹤0.01% |
209,500
| – | – |
|
|
GLDD
1782
DELISTED
Great Lakes Dredge & Dock
GLDD
| $2.28M | ﹤0.01% |
134,200
| – | – |
|
|
USAR
1783
USA Rare Earth Inc
USAR
$3.46B
| $2.28M | ﹤0.01% |
150,500
+60,700
| +68% | +$1.18M |
|
|
VZLA
1784
Vizsla Silver
VZLA
$1.16B
| $2.27M | ﹤0.01% |
686,300
| – | – |
|
1785
TriNet
TNET
$2.84B
| $2.27M | ﹤0.01% |
62,300
| – | – |
|
1786
Tennant Co
TNC
$1.5B
| $2.26M | ﹤0.01% |
34,000
-600
| -2% | -$43.6K |
|
1787
Alkami Technology
ALKT
$1.8B
| $2.25M | ﹤0.01% |
143,800
| – | – |
|
1788
US Physical Therapy
USPH
$1.14B
| $2.25M | ﹤0.01% |
30,000
| – | – |
|
1789
GigaCloud Technology
GCT
$1.35B
| $2.25M | ﹤0.01% |
49,500
| – | – |
|
1790
PROG Holdings
PRG
$1.75B
| $2.24M | ﹤0.01% |
78,200
| – | – |
|
1791
Willdan Group
WLDN
$1.1B
| $2.24M | ﹤0.01% |
29,200
+300
| +1% | +$31.7K |
|
1792
AdaptHealth
AHCO
$1.46B
| $2.22M | ﹤0.01% |
186,700
| – | – |
|
1793
Wendy's
WEN
$1.33B
| $2.22M | ﹤0.01% |
319,400
| – | – |
|
1794
Phibro Animal Health
PAHC
$1.38B
| $2.22M | ﹤0.01% |
40,100
| – | – |
|
|
KEEL
1795
Keel Infrastructure Corp
KEEL
$2.57B
| $2.22M | ﹤0.01% |
1,131,300
+98,500
| +10% | +$231K |
|
1796
Novavax
NVAX
$1.23B
| $2.21M | ﹤0.01% |
272,100
| – | – |
|
|
DHC
1797
Diversified Healthcare Trust
DHC
$2.26B
| $2.21M | ﹤0.01% |
333,206
| – | – |
|
|
LADR
1798
Ladder Capital
LADR
$1.25B
| $2.21M | ﹤0.01% |
226,207
| – | – |
|
1799
QuidelOrtho
QDEL
$1.09B
| $2.2M | ﹤0.01% |
133,940
| – | – |
|
1800
Lightspeed Commerce
LSPD
$1.3B
| $2.2M | ﹤0.01% |
246,200
| – | – |
|
Similar funds
Swiss National Bank's Q1 2026 Portfolio in Review
As of Q1 2026, Swiss National Bank held 2,355 positions worth $174B, up 3.4% from $168B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Swiss National Bank deployed $13.1B of net new capital in Q1 2026, opening 44 new positions and adding to 1,113 existing holdings. Its largest new stake was AstraZeneca: 6,174,666 shares worth $1.2B.
By sector, the portfolio is most concentrated in Technology at 34% of assets, down from 36% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was Pinduoduo, an estimated $18.9M trimmed.
- Swiss National Bank's largest Q1 2026 buy was AstraZeneca: 6,174,666 shares worth $1.2B.
- Swiss National Bank added most to NVIDIA in Q1 2026, an estimated $867M increase.
- Swiss National Bank's biggest Q1 2026 reduction was Pinduoduo, cutting an estimated $18.9M.
- Swiss National Bank fully exited CyberArk in Q1 2026, selling an estimated $64.5M.
- Swiss National Bank's ten largest holdings make up 34% of its $174B portfolio in Q1 2026.
- Swiss National Bank opened 44 new positions and closed 54 in Q1 2026.
- Swiss National Bank's portfolio value rose 3.4% quarter-over-quarter to $174B.
Based on Swiss National Bank's 13F filing for Q1 2026, filed 7 May 2026.