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 |
Broadcom
AVGO
|
+$57.1M |
| 2 |
Veralto
VLTO
|
+$54.6M |
| 3 |
Newmont
NEM
|
+$40.4M |
| 4 |
Vertiv
VRT
|
+$17.2M |
| 5 |
Webster Financial
WBS
|
+$14.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$314M |
| 2 |
ATVI
Activision Blizzard
ATVI
|
+$237M |
| 3 |
Microsoft
MSFT
|
+$231M |
| 4 |
VMW
VMware, Inc
VMW
|
+$130M |
| 5 |
NVIDIA
NVDA
|
+$102M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.88% |
| 2 | Healthcare | 12.91% |
| 3 | Consumer Discretionary | 12.16% |
| 4 | Industrials | 9.38% |
| 5 | Communication Services | 8.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
2076
Clean Energy Fuels
CLNE
$384M
| $1.35M | ﹤0.01% |
351,558
-40,500
| -10% | -$148K |
|
2077
Douglas Dynamics
PLOW
$981M
| $1.34M | ﹤0.01% |
45,300
-5,300
| -10% | -$152K |
|
|
DX
2078
Dynex Capital
DX
$3.22B
| $1.34M | ﹤0.01% |
106,833
-12,100
| -10% | -$138K |
|
2079
Revolve Group
RVLV
$1.69B
| $1.34M | ﹤0.01% |
80,600
-8,200
| -9% | -$121K |
|
2080
Triple Flag Precious Metals
TFPM
$6.64B
| $1.33M | ﹤0.01% |
99,865
-9,600
| -9% | -$126K |
|
2081
Heartland Express
HTLD
$950M
| $1.33M | ﹤0.01% |
93,400
-10,700
| -10% | -$146K |
|
2082
Perimeter Solutions
PRM
$5.66B
| $1.33M | ﹤0.01% |
289,300
-38,600
| -12% | -$148K |
|
2083
Travere Therapeutics
TVTX
$5.86B
| $1.33M | ﹤0.01% |
147,600
| – | – |
|
|
CHCT
2084
Community Healthcare Trust
CHCT
$430M
| $1.33M | ﹤0.01% |
49,800
-5,200
| -9% | -$143K |
|
2085
Century Aluminum
CENX
$4.77B
| $1.33M | ﹤0.01% |
109,250
-11,300
| -9% | -$88.7K |
|
|
LAC
2086
Lithium Americas
LAC
$1.18B
| $1.32M | ﹤0.01% |
+206,100
| New | +$1.53M |
|
2087
Community Trust Bancorp
CTBI
$1.42B
| $1.32M | ﹤0.01% |
30,190
-3,100
| -9% | -$122K |
|
2088
ImmunityBio
IBRX
$8.2B
| $1.32M | ﹤0.01% |
263,100
-21,500
| -8% | -$67.5K |
|
|
ZEUS
2089
DELISTED
Olympic Steel
ZEUS
| $1.32M | ﹤0.01% |
19,800
-2,000
| -9% | -$110K |
|
|
KE
2090
Kimball Electronics
KE
$606M
| $1.32M | ﹤0.01% |
49,000
-4,900
| -9% | -$126K |
|
2091
Select Water Solutions
WTTR
$2.73B
| $1.32M | ﹤0.01% |
173,800
-11,900
| -6% | -$88.5K |
|
2092
Thryv Holdings
THRY
$92M
| $1.32M | ﹤0.01% |
64,800
-8,000
| -11% | -$150K |
|
|
LPRO
2093
DELISTED
Open Lending Corp
LPRO
| $1.32M | ﹤0.01% |
154,650
-17,800
| -10% | -$120K |
|
2094
QuinStreet
QNST
$1.19B
| $1.31M | ﹤0.01% |
102,400
-10,600
| -9% | -$119K |
|
|
ETWO
2095
DELISTED
E2open Parent Holdings
ETWO
| $1.31M | ﹤0.01% |
298,800
-101,200
| -25% | -$359K |
|
2096
HealthStream
HSTM
$829M
| $1.31M | ﹤0.01% |
48,400
-5,100
| -10% | -$127K |
|
2097
Artivion
AORT
$1.4B
| $1.3M | ﹤0.01% |
72,800
-7,300
| -9% | -$114K |
|
|
LAR
2098
Lithium Argentina AG
LAR
$1.12B
| $1.3M | ﹤0.01% |
+206,100
| New | +$1.24M |
|
2099
Forestar Group
FOR
$1.49B
| $1.3M | ﹤0.01% |
39,317
-4,600
| -10% | -$133K |
|
|
OPTU
2100
Optimum Communications Inc
OPTU
$227M
| $1.3M | ﹤0.01% |
399,700
-73,600
| -16% | -$193K |
|
Similar funds
Swiss National Bank's Q4 2023 Portfolio in Review
As of Q4 2023, Swiss National Bank held 2,646 positions worth $136B, up 6.9% from $127B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Swiss National Bank withdrew a net $4.96B in Q4 2023, closing 112 positions and reducing 2,341 holdings. Its most notable exit was Activision Blizzard, an estimated $237M position sold in full.
By sector, the portfolio is most concentrated in Technology at 31% 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 Veralto worth $60.2M.
- Swiss National Bank's largest Q4 2023 buy was Veralto: 731,669 shares worth $60.2M.
- Swiss National Bank added most to Broadcom in Q4 2023, an estimated $57.1M increase.
- Swiss National Bank's biggest Q4 2023 reduction was Apple, cutting an estimated $314M.
- Swiss National Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $237M.
- Swiss National Bank's ten largest holdings make up 28% of its $136B portfolio in Q4 2023.
- Swiss National Bank opened 38 new positions and closed 112 in Q4 2023.
- Swiss National Bank's portfolio value rose 6.9% quarter-over-quarter to $136B.
Based on Swiss National Bank's 13F filing for Q4 2023, filed 6 Feb 2024.