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 | |
|---|---|---|---|---|---|---|
1801
Select Water Solutions
WTTR
$2.63B
| $1.89M | ﹤0.01% |
179,700
-2,200
| -1% | -$26.7K |
|
1802
National Beverage
FIZZ
$2.93B
| $1.89M | ﹤0.01% |
45,400
-600
| -1% | -$24.7K |
|
1803
Fox Factory Holding Corp
FOXF
$886M
| $1.89M | ﹤0.01% |
80,800
-1,200
| -1% | -$32.1K |
|
|
EFXT
1804
Enerflex
EFXT
$2.62B
| $1.87M | ﹤0.01% |
241,800
-3,700
| -2% | -$32.7K |
|
|
UCTT
1805
Ultra Clean Holdings
UCTT
$4.21B
| $1.87M | ﹤0.01% |
87,300
-1,300
| -1% | -$41.5K |
|
1806
Live Oak Bancshares
LOB
$2.01B
| $1.87M | ﹤0.01% |
70,100
-700
| -1% | -$23.3K |
|
1807
Collegium Pharmaceutical
COLL
$913M
| $1.87M | ﹤0.01% |
62,500
-800
| -1% | -$24.4K |
|
1808
TORM
TRMD
$3.01B
| $1.86M | ﹤0.01% |
113,760
| – | – |
|
1809
Bank First Corp
BFC
$1.76B
| $1.86M | ﹤0.01% |
18,417
-300
| -2% | -$30.4K |
|
|
KW
1810
DELISTED
Kennedy-Wilson Holdings
KW
| $1.85M | ﹤0.01% |
212,968
-1,900
| -0.9% | -$17.3K |
|
1811
QuinStreet
QNST
$1.19B
| $1.85M | ﹤0.01% |
103,600
-1,300
| -1% | -$27.3K |
|
|
ARR
1812
Armour Residential REIT
ARR
$2.37B
| $1.85M | ﹤0.01% |
108,063
+12,800
| +13% | +$239K |
|
1813
Delek US
DK
$4.18B
| $1.85M | ﹤0.01% |
122,491
-4,400
| -3% | -$76.2K |
|
1814
Winmark
WINA
$1.26B
| $1.84M | ﹤0.01% |
5,800
-100
| -2% | -$35.6K |
|
1815
Applied Digital
APLD
$8.81B
| $1.84M | ﹤0.01% |
327,400
-11,400
| -3% | -$89.5K |
|
1816
AdaptHealth
AHCO
$760M
| $1.84M | ﹤0.01% |
169,400
-2,500
| -1% | -$25.2K |
|
1817
Syndax Pharmaceuticals
SNDX
$1.7B
| $1.84M | ﹤0.01% |
149,400
| – | – |
|
1818
Viasat
VSAT
$11.4B
| $1.83M | ﹤0.01% |
175,924
| – | – |
|
1819
Evolent Health
EVH
$527M
| $1.83M | ﹤0.01% |
192,900
| – | – |
|
|
THR
1820
DELISTED
Thermon Group Holdings
THR
| $1.82M | ﹤0.01% |
65,300
-1,100
| -2% | -$31.8K |
|
1821
Edgewise Therapeutics
EWTX
$4.69B
| $1.82M | ﹤0.01% |
82,600
+9,000
| +12% | +$236K |
|
|
SWI
1822
DELISTED
SolarWinds Corporation Common Stock
SWI
| $1.82M | ﹤0.01% |
98,550
| – | – |
|
1823
AMN Healthcare
AMN
$1.34B
| $1.81M | ﹤0.01% |
74,200
| – | – |
|
1824
SolarEdge
SEDG
$1.98B
| $1.81M | ﹤0.01% |
112,100
| – | – |
|
1825
Indivior Pharmaceuticals
INDV
$4.51B
| $1.81M | ﹤0.01% |
193,173
-23,622
| -11% | -$248K |
|
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.