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 |
Visa
V
|
+$53.6M |
| 2 |
Strategy Inc
MSTR
|
+$39M |
| 3 |
International Paper
IP
|
+$25.9M |
| 4 |
DoorDash
DASH
|
+$22.6M |
| 5 |
United Airlines
UAL
|
+$21.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Chevron
CVX
|
+$712M |
| 2 |
Apple
AAPL
|
+$125M |
| 3 |
Interactive Brokers
IBKR
|
+$38.1M |
| 4 |
NVIDIA
NVDA
|
+$28.5M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$27.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.44% |
| 2 | Healthcare | 11.83% |
| 3 | Consumer Discretionary | 11.73% |
| 4 | Communication Services | 9.55% |
| 5 | Industrials | 9.1% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
2076
Orrstown Financial Services
ORRF
$855M
| $1.13M | ﹤0.01% |
37,600
-500
| -1% | -$16.7K |
|
2077
Diebold Nixdorf
DBD
$2.45B
| $1.13M | ﹤0.01% |
25,800
| – | – |
|
2078
Caleres
CAL
$461M
| $1.12M | ﹤0.01% |
65,200
-3,400
| -5% | -$61.1K |
|
|
TRST
2079
Trustco Bank Corp NY
TRST
$971M
| $1.12M | ﹤0.01% |
36,820
-700
| -2% | -$22.3K |
|
2080
i3 Verticals
IIIV
$325M
| $1.12M | ﹤0.01% |
45,400
-1,300
| -3% | -$32.9K |
|
|
MAGN
2081
Magnera Corp
MAGN
$433M
| $1.12M | ﹤0.01% |
61,631
-8,100
| -12% | -$157K |
|
2082
Genco Shipping & Trading
GNK
$1.13B
| $1.12M | ﹤0.01% |
83,500
| – | – |
|
2083
Dave & Buster's
PLAY
$370M
| $1.12M | ﹤0.01% |
63,473
-2,200
| -3% | -$52.1K |
|
2084
Xerox
XRX
$412M
| $1.11M | ﹤0.01% |
230,400
| – | – |
|
2085
Spyre Therapeutics
SYRE
$8.98B
| $1.11M | ﹤0.01% |
68,600
| – | – |
|
2086
LendingTree
TREE
$461M
| $1.11M | ﹤0.01% |
22,000
| – | – |
|
2087
Evolus
EOLS
$530M
| $1.1M | ﹤0.01% |
91,700
| – | – |
|
2088
Koppers
KOP
$874M
| $1.1M | ﹤0.01% |
39,300
-1,100
| -3% | -$33.1K |
|
2089
Opko Health
OPK
$1.04B
| $1.1M | ﹤0.01% |
661,155
-24,300
| -4% | -$40K |
|
|
MLNK
2090
DELISTED
MeridianLink
MLNK
| $1.1M | ﹤0.01% |
59,100
| – | – |
|
2091
Castle Biosciences
CSTL
$933M
| $1.09M | ﹤0.01% |
54,300
+3,000
| +6% | +$74.3K |
|
|
TRTX
2092
TPG RE Finance Trust
TRTX
$616M
| $1.09M | ﹤0.01% |
133,300
+21,900
| +20% | +$185K |
|
2093
Cipher Digital
CIFR
$6.9B
| $1.08M | ﹤0.01% |
471,700
+18,900
| +4% | +$86K |
|
|
OPTU
2094
Optimum Communications Inc
OPTU
$228M
| $1.08M | ﹤0.01% |
407,700
| – | – |
|
|
HTBK
2095
DELISTED
Heritage Commerce
HTBK
| $1.08M | ﹤0.01% |
113,700
| – | – |
|
2096
Cass Information Systems
CASS
$750M
| $1.08M | ﹤0.01% |
24,952
-700
| -3% | -$29.7K |
|
2097
OneSpan
OSPN
$624M
| $1.08M | ﹤0.01% |
70,700
| – | – |
|
2098
Stagwell
STGW
$2.28B
| $1.08M | ﹤0.01% |
178,100
+2,600
| +1% | +$16.4K |
|
|
XRN
2099
Chiron Real Estate Inc
XRN
$484M
| $1.07M | ﹤0.01% |
24,540
| – | – |
|
2100
Shoals Technologies Group
SHLS
$1.37B
| $1.07M | ﹤0.01% |
323,000
-4,800
| -1% | -$20K |
|
Similar funds
Swiss National Bank's Q1 2025 Portfolio in Review
As of Q1 2025, Swiss National Bank held 2,478 positions worth $142B, down 5.8% from $150B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Trading was light in Q1 2025: portfolio turnover was 4.8%. Swiss National Bank opened 38 new positions and exited 81, leaving the 2,478-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 34% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q1 2025 buy was United Airlines: 231,900 shares worth $16M.
- Swiss National Bank added most to Visa in Q1 2025, an estimated $53.6M increase.
- Swiss National Bank's biggest Q1 2025 reduction was Apple, cutting an estimated $125M.
- Swiss National Bank fully exited Chevron in Q1 2025, selling an estimated $712M.
- Swiss National Bank's ten largest holdings make up 31% of its $142B portfolio in Q1 2025.
- Swiss National Bank opened 38 new positions and closed 81 in Q1 2025.
- Swiss National Bank's portfolio value fell 5.8% quarter-over-quarter to $142B.
Based on Swiss National Bank's 13F filing for Q1 2025, filed 12 May 2025.