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 |
L3Harris
LHX
|
+$154M |
| 2 |
GE HealthCare
GEHC
|
+$103M |
| 3 |
Atlassian
TEAM
|
+$94.5M |
| 4 |
AXON
Axon Enterprise
AXON
|
+$21M |
| 5 |
Reliance Steel & Aluminium
RS
|
+$20.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$322M |
| 2 |
Microsoft
MSFT
|
+$176M |
| 3 |
GE Aerospace
GE
|
+$115M |
| 4 |
Amazon
AMZN
|
+$79.9M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$77.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.64% |
| 2 | Healthcare | 14.81% |
| 3 | Consumer Discretionary | 11.76% |
| 4 | Industrials | 9.45% |
| 5 | Communication Services | 8.2% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Arthur J. Gallagher & Co
AJG
$65B
| $160M | 0.11% |
836,800
-18,100
| -2% | -$3.43M |
|
177
Travelers Companies
TRV
$78.3B
| $159M | 0.11% |
930,100
-34,400
| -4% | -$6.26M |
|
178
Biogen
BIIB
$30.1B
| $159M | 0.11% |
571,500
-18,300
| -3% | -$5.06M |
|
179
TC Energy
TRP
$66.3B
| $158M | 0.11% |
4,064,401
-202,700
| -5% | -$8.25M |
|
180
Realty Income
O
$58.6B
| $158M | 0.11% |
2,488,913
-21,100
| -0.8% | -$1.37M |
|
181
Nucor
NUE
$61.9B
| $157M | 0.11% |
1,018,100
-45,800
| -4% | -$7.29M |
|
182
Sysco
SYY
$40.3B
| $155M | 0.11% |
2,011,100
-45,900
| -2% | -$3.52M |
|
183
Charter Communications
CHTR
$18.8B
| $155M | 0.11% |
432,416
-24,700
| -5% | -$9.23M |
|
184
Newmont
NEM
$124B
| $154M | 0.11% |
3,150,060
-75,600
| -2% | -$3.66M |
|
185
Nutrien
NTR
$32.1B
| $154M | 0.11% |
2,089,236
-183,300
| -8% | -$14.1M |
|
186
MetLife
MET
$61.5B
| $153M | 0.11% |
2,646,700
-108,800
| -4% | -$7.34M |
|
187
Dow Inc
DOW
$22.6B
| $153M | 0.11% |
2,792,950
-126,000
| -4% | -$7.09M |
|
188
Carrier Global
CARR
$52.4B
| $152M | 0.1% |
3,318,885
-101,600
| -3% | -$4.55M |
|
189
PACCAR
PCAR
$69.8B
| $152M | 0.1% |
2,070,225
-49,650
| -2% | -$3.55M |
|
190
Aflac
AFL
$60.7B
| $151M | 0.1% |
2,344,300
-95,600
| -4% | -$6.54M |
|
191
Hilton Worldwide
HLT
$70.8B
| $151M | 0.1% |
1,073,379
-41,400
| -4% | -$5.83M |
|
192
TransDigm Group
TDG
$68.7B
| $151M | 0.1% |
204,900
-4,700
| -2% | -$3.36M |
|
193
Constellation Brands
STZ
$22.9B
| $149M | 0.1% |
658,800
+11,200
| +2% | +$2.49M |
|
194
American International
AIG
$40.4B
| $148M | 0.1% |
2,948,664
-141,900
| -5% | -$8.29M |
|
195
Hershey
HSY
$36.6B
| $148M | 0.1% |
583,300
-13,600
| -2% | -$3.2M |
|
|
196
L3Harris
LHX
$53.3B
| $148M | 0.1% |
+754,729
| New | +$154M |
|
197
Yum! Brands
YUM
$39.5B
| $148M | 0.1% |
1,118,000
-38,500
| -3% | -$4.95M |
|
198
Paychex
PAYX
$43.1B
| $148M | 0.1% |
1,287,400
-29,100
| -2% | -$3.31M |
|
199
IQVIA
IQV
$40.1B
| $147M | 0.1% |
737,180
-20,900
| -3% | -$4.47M |
|
200
Marvell Technology
MRVL
$191B
| $147M | 0.1% |
3,383,703
-81,500
| -2% | -$3.43M |
|
Similar funds
Swiss National Bank's Q1 2023 Portfolio in Review
As of Q1 2023, Swiss National Bank held 2,715 positions worth $146B, up 4.7% from $139B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Swiss National Bank withdrew a net $4.63B in Q1 2023, closing 72 positions and reducing 2,517 holdings. Its most notable exit was STORE Capital Corporation, an estimated $19.7M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, up from 25% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Swiss National Bank opened a new position in L3Harris worth $148M.
- Swiss National Bank's largest Q1 2023 buy was L3Harris: 754,729 shares worth $148M.
- Swiss National Bank added most to Axon Enterprise in Q1 2023, an estimated $21M increase.
- Swiss National Bank's biggest Q1 2023 reduction was Apple, cutting an estimated $322M.
- Swiss National Bank fully exited STORE Capital Corporation in Q1 2023, selling an estimated $19.7M.
- Swiss National Bank's ten largest holdings make up 26% of its $146B portfolio in Q1 2023.
- Swiss National Bank opened 37 new positions and closed 72 in Q1 2023.
- Swiss National Bank's portfolio value rose 4.7% quarter-over-quarter to $146B.
Based on Swiss National Bank's 13F filing for Q1 2023, filed 10 May 2023.