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 |
Synopsys
SNPS
|
+$37.5M |
| 2 |
SoFi Technologies
SOFI
|
+$28.4M |
| 3 |
Rocket Lab Corp
RKLB
|
+$22.8M |
| 4 |
Affirm
AFRM
|
+$22.2M |
| 5 |
Tapestry
TPR
|
+$21.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$615M |
| 2 |
Apple
AAPL
|
+$547M |
| 3 |
Microsoft
MSFT
|
+$522M |
| 4 |
Amazon
AMZN
|
+$310M |
| 5 |
Meta Platforms (Facebook)
META
|
+$277M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 36.17% |
| 2 | Consumer Discretionary | 11.83% |
| 3 | Communication Services | 10.74% |
| 4 | Healthcare | 9.6% |
| 5 | Industrials | 9.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
2026
Universal Insurance Holdings
UVE
$1.18B
| $1.36M | ﹤0.01% |
51,900
+900
| +2% | +$22.2K |
|
|
INVX
2027
Innovex International
INVX
$2.13B
| $1.36M | ﹤0.01% |
73,600
+6,600
| +10% | +$110K |
|
|
BRSP
2028
BrightSpire Capital
BRSP
$628M
| $1.36M | ﹤0.01% |
251,200
| – | – |
|
2029
Global Industrial
GIC
$1.49B
| $1.36M | ﹤0.01% |
37,100
+500
| +1% | +$16.8K |
|
2030
Business First Bancshares
BFST
$1.05B
| $1.36M | ﹤0.01% |
57,608
+4,000
| +7% | +$99K |
|
2031
Xencor
XNCR
$1.72B
| $1.35M | ﹤0.01% |
115,300
| – | – |
|
|
NYAX
2032
Nayax
NYAX
$1.86B
| $1.35M | ﹤0.01% |
28,152
| – | – |
|
2033
Mercantile Bank Corp
MBWM
$1.06B
| $1.35M | ﹤0.01% |
29,900
| – | – |
|
|
MLNK
2034
DELISTED
MeridianLink
MLNK
| $1.34M | ﹤0.01% |
67,400
+8,300
| +14% | +$153K |
|
|
NXRT
2035
NexPoint Residential Trust
NXRT
$631M
| $1.34M | ﹤0.01% |
41,609
-2,700
| -6% | -$88.9K |
|
2036
Nuvation Bio
NUVB
$2.25B
| $1.34M | ﹤0.01% |
361,800
-64,900
| -15% | -$177K |
|
|
TRST
2037
Trustco Bank Corp NY
TRST
$963M
| $1.34M | ﹤0.01% |
36,820
| – | – |
|
2038
HealthStream
HSTM
$829M
| $1.33M | ﹤0.01% |
47,200
| – | – |
|
2039
Liquidity Services
LQDT
$1.35B
| $1.33M | ﹤0.01% |
48,500
+1,100
| +2% | +$28.3K |
|
2040
SunCoke Energy
SXC
$801M
| $1.33M | ﹤0.01% |
162,950
| – | – |
|
2041
Compass Minerals
CMP
$1.12B
| $1.32M | ﹤0.01% |
68,550
+1,200
| +2% | +$23.8K |
|
|
PSIX
2042
Power Solutions International
PSIX
$981M
| $1.32M | ﹤0.01% |
+13,400
| New | +$1.19M |
|
2043
Transcat
TRNS
$915M
| $1.31M | ﹤0.01% |
17,915
| – | – |
|
2044
Amerant Bancorp
AMTB
$1.15B
| $1.31M | ﹤0.01% |
68,037
+4,800
| +8% | +$96.8K |
|
2045
Opko Health
OPK
$1.04B
| $1.31M | ﹤0.01% |
845,755
+268,400
| +46% | +$369K |
|
2046
Adtran
ADTN
$665M
| $1.31M | ﹤0.01% |
139,700
+2,300
| +2% | +$21.4K |
|
2047
Metropolitan Bank Holding Corp
MCB
$1.17B
| $1.31M | ﹤0.01% |
17,500
-700
| -4% | -$52.6K |
|
2048
Sabre
SABR
$831M
| $1.31M | ﹤0.01% |
714,300
+13,600
| +2% | +$32.1K |
|
|
CNL
2049
Collective Mining Ltd. Common Shares
CNL
$1.32B
| $1.3M | ﹤0.01% |
89,800
| – | – |
|
2050
Vitesse Energy
VTS
$685M
| $1.3M | ﹤0.01% |
56,144
+900
| +2% | +$22.1K |
|
Similar funds
Swiss National Bank's Q3 2025 Portfolio in Review
As of Q3 2025, Swiss National Bank held 2,371 positions worth $172B, up 3.2% from $167B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Swiss National Bank withdrew a net $7.69B in Q3 2025, closing 56 positions and reducing 729 holdings. Its most notable exit was Hess, an estimated $123M position sold in full.
By sector, the portfolio is most concentrated in Technology at 36% of assets, up from 35% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Swiss National Bank opened a new position in Paramount Skydance Corp worth $11.7M.
- Swiss National Bank's largest Q3 2025 buy was Paramount Skydance Corp: 619,202 shares worth $11.7M.
- Swiss National Bank added most to Synopsys in Q3 2025, an estimated $37.5M increase.
- Swiss National Bank's biggest Q3 2025 reduction was NVIDIA, cutting an estimated $615M.
- Swiss National Bank fully exited Hess in Q3 2025, selling an estimated $123M.
- Swiss National Bank's ten largest holdings make up 36% of its $172B portfolio in Q3 2025.
- Swiss National Bank opened 39 new positions and closed 56 in Q3 2025.
- Swiss National Bank's portfolio value rose 3.2% quarter-over-quarter to $172B.
Based on Swiss National Bank's 13F filing for Q3 2025, filed 13 Nov 2025.