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 |
Spotify
SPOT
|
+$181M |
| 2 |
Boeing
BA
|
+$50.7M |
| 3 |
Carvana
CVNA
|
+$25.6M |
| 4 |
ConocoPhillips
COP
|
+$24.1M |
| 5 |
EXE
Expand Energy Corp
EXE
|
+$18.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$513M |
| 2 |
Microsoft
MSFT
|
+$430M |
| 3 |
Amazon
AMZN
|
+$228M |
| 4 |
Meta Platforms (Facebook)
META
|
+$194M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$155M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.87% |
| 2 | Consumer Discretionary | 12.65% |
| 3 | Healthcare | 10.7% |
| 4 | Communication Services | 9.69% |
| 5 | Industrials | 8.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SAFE
1951
Safehold
SAFE
$1.1B
| $1.68M | ﹤0.01% |
90,914
| – | – |
|
1952
Atlas Energy Solutions
AESI
$1.47B
| $1.68M | ﹤0.01% |
75,700
| – | – |
|
1953
Healthcare Services Group
HCSG
$1.45B
| $1.67M | ﹤0.01% |
143,863
| – | – |
|
1954
TriMas Corp
TRS
$1.39B
| $1.67M | ﹤0.01% |
67,900
-7,800
| -10% | -$204K |
|
1955
Cadre Holdings
CDRE
$1.45B
| $1.67M | ﹤0.01% |
51,600
| – | – |
|
|
CWEN.A
1956
DELISTED
Clearway Energy Class A
CWEN.A
| $1.67M | ﹤0.01% |
68,150
| – | – |
|
1957
Ecovyst
ECVT
$1.1B
| $1.66M | ﹤0.01% |
217,100
| – | – |
|
1958
Heritage Financial
HFWA
$1.23B
| $1.66M | ﹤0.01% |
67,668
| – | – |
|
|
IAS
1959
DELISTED
Integral Ad Science
IAS
| $1.66M | ﹤0.01% |
158,700
+18,100
| +13% | +$199K |
|
1960
Krispy Kreme
DNUT
$569M
| $1.66M | ﹤0.01% |
166,800
+2,100
| +1% | +$22.7K |
|
1961
Blend Labs
BLND
$367M
| $1.65M | ﹤0.01% |
392,500
+13,300
| +4% | +$57.2K |
|
1962
PDF Solutions
PDFS
$2.13B
| $1.65M | ﹤0.01% |
61,000
+1,000
| +2% | +$30.1K |
|
1963
Energy Recovery
ERII
$399M
| $1.65M | ﹤0.01% |
112,300
| – | – |
|
1964
NovaGold Resources
NG
$3.4B
| $1.65M | ﹤0.01% |
493,300
| – | – |
|
1965
Burke & Herbert Financial Services Corp
BHRB
$1.48B
| $1.65M | ﹤0.01% |
26,400
+300
| +1% | +$19.6K |
|
1966
Wolfspeed
WOLF
$1.64B
| $1.65M | ﹤0.01% |
247,100
| – | – |
|
1967
Center Bancorp
CNOB
$1.81B
| $1.64M | ﹤0.01% |
71,800
| – | – |
|
1968
Liberty Latin America Class C
LILAK
$1.65B
| $1.64M | ﹤0.01% |
285,249
| – | – |
|
1969
AdaptHealth
AHCO
$760M
| $1.64M | ﹤0.01% |
171,900
+2,900
| +2% | +$29.4K |
|
1970
Tompkins Financial
TMP
$1.45B
| $1.63M | ﹤0.01% |
24,100
| – | – |
|
1971
BlueLinx
BXC
$705M
| $1.62M | ﹤0.01% |
15,900
-300
| -2% | -$34.4K |
|
1972
Planet Labs
PL
$8.82B
| $1.62M | ﹤0.01% |
401,700
+10,700
| +3% | +$33.2K |
|
|
LB
1973
LandBridge Co
LB
$2.1B
| $1.62M | ﹤0.01% |
+25,100
| New | +$1.51M |
|
1974
National Vision
EYE
$1.51B
| $1.6M | ﹤0.01% |
154,000
| – | – |
|
|
AHRT
1975
AH Realty Trust
AHRT
$506M
| $1.6M | ﹤0.01% |
156,784
+3,300
| +2% | +$35.9K |
|
Similar funds
Swiss National Bank's Q4 2024 Portfolio in Review
As of Q4 2024, Swiss National Bank held 2,505 positions worth $150B, down 2.4% from $154B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Swiss National Bank withdrew a net $6.32B in Q4 2024, closing 65 positions and reducing 893 holdings. Its most notable exit was Marathon Oil Corporation, an estimated $44.6M position sold in full.
By sector, the portfolio is most concentrated in Technology at 34% of assets, up from 33% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Swiss National Bank opened a new position in Spotify worth $189M.
- Swiss National Bank's largest Q4 2024 buy was Spotify: 422,900 shares worth $189M.
- Swiss National Bank added most to Boeing in Q4 2024, an estimated $50.7M increase.
- Swiss National Bank's biggest Q4 2024 reduction was NVIDIA, cutting an estimated $513M.
- Swiss National Bank fully exited Marathon Oil Corporation in Q4 2024, selling an estimated $44.6M.
- Swiss National Bank's ten largest holdings make up 34% of its $150B portfolio in Q4 2024.
- Swiss National Bank opened 40 new positions and closed 65 in Q4 2024.
- Swiss National Bank's portfolio value fell 2.4% quarter-over-quarter to $150B.
Based on Swiss National Bank's 13F filing for Q4 2024, filed 10 Feb 2025.