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 |
Berkshire Hathaway Class B
BRK.B
|
+$1.53B |
| 2 |
American Express
AXP
|
+$368M |
| 3 |
Capital One
COF
|
+$138M |
| 4 |
DFS
Discover Financial Services
DFS
|
+$98.1M |
| 5 |
Apollo Global Management
APO
|
+$96.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$1.04B |
| 2 |
Microsoft
MSFT
|
+$804M |
| 3 |
Amazon
AMZN
|
+$353M |
| 4 |
NVIDIA
NVDA
|
+$280M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$271M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.2% |
| 2 | Healthcare | 13.75% |
| 3 | Consumer Discretionary | 12.04% |
| 4 | Industrials | 9.24% |
| 5 | Communication Services | 8.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Ferrari
RACE
$72B
| $152M | 0.1% |
465,401
-28,579
| -6% | -$8.33M |
|
177
IQVIA
IQV
$40B
| $151M | 0.1% |
672,180
-65,000
| -9% | -$13.1M |
|
|
178
Capital One
COF
$135B
| $151M | 0.1% |
+1,381,300
| New | +$138M |
|
179
Idexx Laboratories
IDXX
$46.4B
| $151M | 0.1% |
299,700
-29,000
| -9% | -$13.9M |
|
180
Carrier Global
CARR
$52.2B
| $150M | 0.1% |
3,015,585
-303,300
| -9% | -$13.3M |
|
181
Nucor
NUE
$62.1B
| $149M | 0.1% |
909,900
-108,200
| -11% | -$15.8M |
|
182
Archer Daniels Midland
ADM
$38.4B
| $149M | 0.1% |
1,973,600
-206,500
| -9% | -$15.6M |
|
183
Biogen
BIIB
$30.4B
| $149M | 0.1% |
521,900
-49,600
| -9% | -$14.8M |
|
184
Constellation Brands
STZ
$22.5B
| $148M | 0.1% |
599,600
-59,200
| -9% | -$13.9M |
|
185
Corteva
CTVA
$50.9B
| $147M | 0.1% |
2,573,683
-261,900
| -9% | -$15.3M |
|
186
ON Semiconductor
ON
$31.7B
| $147M | 0.1% |
1,558,700
-157,300
| -9% | -$13M |
|
187
Suncor Energy
SU
$74.5B
| $147M | 0.1% |
5,010,292
-427,700
| -8% | -$12.8M |
|
188
Aflac
AFL
$61B
| $146M | 0.1% |
2,098,800
-245,500
| -10% | -$16.4M |
|
189
Exelon
EXC
$46.2B
| $146M | 0.1% |
3,591,055
-352,800
| -9% | -$14.6M |
|
190
Stellantis
STLA
$20.7B
| $146M | 0.1% |
8,305,273
-509,755
| -6% | -$8.55M |
|
191
Welltower
WELL
$165B
| $145M | 0.1% |
1,792,500
-82,700
| -4% | -$6.37M |
|
192
Travelers Companies
TRV
$78.6B
| $145M | 0.1% |
834,200
-95,900
| -10% | -$16.9M |
|
193
Moderna
MRNA
$23.7B
| $144M | 0.1% |
1,184,000
-112,000
| -9% | -$14.9M |
|
194
Williams Companies
WMB
$88.5B
| $144M | 0.1% |
4,401,000
-434,000
| -9% | -$13M |
|
195
Realty Income
O
$58.6B
| $143M | 0.1% |
2,385,713
-103,200
| -4% | -$6.3M |
|
196
Copart
CPRT
$27.3B
| $141M | 0.1% |
3,098,200
-304,200
| -9% | -$12.6M |
|
197
Yum! Brands
YUM
$39.4B
| $140M | 0.1% |
1,011,600
-106,400
| -10% | -$14.4M |
|
198
Hilton Worldwide
HLT
$70.4B
| $140M | 0.09% |
959,979
-113,400
| -11% | -$16.1M |
|
199
Ross Stores
ROST
$80.8B
| $139M | 0.09% |
1,235,500
-141,800
| -10% | -$14.9M |
|
200
Rockwell Automation
ROK
$49.3B
| $137M | 0.09% |
414,600
-41,200
| -9% | -$11.9M |
|
Similar funds
Swiss National Bank's Q2 2023 Portfolio in Review
As of Q2 2023, Swiss National Bank held 2,706 positions worth $147B, up 0.92% from $146B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Swiss National Bank withdrew a net $9.97B in Q2 2023, closing 106 positions and reducing 972 holdings. Its most notable exit was Shaw Communications Inc., an estimated $57.3M position sold in full.
By sector, the portfolio is most concentrated in Technology at 30% of assets, up from 29% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Swiss National Bank opened a new position in Berkshire Hathaway Class B worth $1.6B.
- Swiss National Bank's largest Q2 2023 buy was Berkshire Hathaway Class B: 4,684,505 shares worth $1.6B.
- Swiss National Bank added most to Uber in Q2 2023, an estimated $22.7M increase.
- Swiss National Bank's biggest Q2 2023 reduction was Apple, cutting an estimated $1.04B.
- Swiss National Bank fully exited Shaw Communications Inc. in Q2 2023, selling an estimated $57.3M.
- Swiss National Bank's ten largest holdings make up 28% of its $147B portfolio in Q2 2023.
- Swiss National Bank opened 63 new positions and closed 106 in Q2 2023.
- Swiss National Bank's portfolio value rose 0.92% quarter-over-quarter to $147B.
Based on Swiss National Bank's 13F filing for Q2 2023, filed 9 Aug 2023.