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 | |
|---|---|---|---|---|---|---|
1776
Janus International
JBI
$686M
| $1.97M | ﹤0.01% |
273,300
-11,700
| -4% | -$92.9K |
|
1777
United States Lime & Minerals
USLM
$3.37B
| $1.96M | ﹤0.01% |
22,200
-300
| -1% | -$31.2K |
|
1778
National Vision
EYE
$1.51B
| $1.95M | ﹤0.01% |
152,600
-1,400
| -0.9% | -$16.5K |
|
|
FBMS
1779
DELISTED
The First Bancshares, Inc.
FBMS
| $1.94M | ﹤0.01% |
57,430
-1,000
| -2% | -$35.7K |
|
1780
Melco Resorts & Entertainment
MLCO
$2.14B
| $1.94M | ﹤0.01% |
368,147
-68,300
| -16% | -$385K |
|
1781
AMERISAFE
AMSF
$504M
| $1.94M | ﹤0.01% |
36,900
-500
| -1% | -$25.4K |
|
1782
Vital Farms
VITL
$498M
| $1.94M | ﹤0.01% |
63,600
+4,300
| +7% | +$155K |
|
1783
OceanFirst Financial
OCFC
$1.88B
| $1.93M | ﹤0.01% |
113,333
-1,300
| -1% | -$23.1K |
|
1784
Blue Bird Corp
BLBD
$2.05B
| $1.92M | ﹤0.01% |
59,400
-800
| -1% | -$29.3K |
|
1785
Expro Ltd
XPRO
$2.1B
| $1.92M | ﹤0.01% |
193,400
-3,000
| -2% | -$37K |
|
1786
FuboTV Inc
FUBO
$296M
| $1.92M | ﹤0.01% |
54,758
+775
| +1% | +$33.7K |
|
1787
Arlo Technologies
ARLO
$1.54B
| $1.92M | ﹤0.01% |
194,400
-2,200
| -1% | -$25.1K |
|
1788
Innodata
INOD
$2.03B
| $1.92M | ﹤0.01% |
+53,400
| New | +$2.35M |
|
1789
Utz Brands
UTZ
$1.25B
| $1.91M | ﹤0.01% |
136,000
-2,000
| -1% | -$27.5K |
|
|
CWEN.A
1790
DELISTED
Clearway Energy Class A
CWEN.A
| $1.91M | ﹤0.01% |
67,050
-1,100
| -2% | -$28.2K |
|
|
BRKL
1791
DELISTED
Brookline Bancorp
BRKL
| $1.9M | ﹤0.01% |
174,700
| – | – |
|
|
AAT
1792
American Assets Trust
AAT
$1.41B
| $1.9M | ﹤0.01% |
94,400
-1,300
| -1% | -$29.3K |
|
|
HUT
1793
Hut 8
HUT
$10.2B
| $1.9M | ﹤0.01% |
163,440
+2,200
| +1% | +$40.6K |
|
|
MRC
1794
DELISTED
MRC Global
MRC
| $1.9M | ﹤0.01% |
165,249
-2,400
| -1% | -$31K |
|
1795
Aurinia Pharmaceuticals
AUPH
$2.02B
| $1.9M | ﹤0.01% |
235,800
-3,200
| -1% | -$25.9K |
|
1796
Winnebago Industries
WGO
$921M
| $1.9M | ﹤0.01% |
55,000
-1,900
| -3% | -$80.6K |
|
1797
Kaiser Aluminum
KALU
$2.99B
| $1.89M | ﹤0.01% |
31,200
-400
| -1% | -$28K |
|
1798
Centrus Energy
LEU
$3.83B
| $1.89M | ﹤0.01% |
30,400
+2,800
| +10% | +$236K |
|
|
SII
1799
Sprott
SII
$3.03B
| $1.89M | ﹤0.01% |
42,175
-300
| -0.7% | -$12.9K |
|
1800
Perella Weinberg Partners
PWP
$1.33B
| $1.89M | ﹤0.01% |
102,600
+2,600
| +3% | +$59K |
|
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.