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 | |
|---|---|---|---|---|---|---|
|
GDEN
2126
DELISTED
Golden Entertainment
GDEN
| $1.01M | ﹤0.01% |
38,400
-600
| -2% | -$18.5K |
|
2127
Replimune Group
REPL
$1.42B
| $1.01M | ﹤0.01% |
103,700
| – | – |
|
2128
Daily Journal
DJCO
$828M
| $1.01M | ﹤0.01% |
2,542
| – | – |
|
2129
Great Southern Bancorp
GSBC
$888M
| $1.01M | ﹤0.01% |
18,200
| – | – |
|
2130
Capital City Bank Group
CCBG
$898M
| $1M | ﹤0.01% |
27,900
-500
| -2% | -$18.1K |
|
2131
Standard Motor Products
SMP
$870M
| $997K | ﹤0.01% |
40,000
-500
| -1% | -$14.7K |
|
|
FPI
2132
Farmland Partners
FPI
$425M
| $996K | ﹤0.01% |
89,300
| – | – |
|
2133
Algoma Steel
ASTL
$471M
| $994K | ﹤0.01% |
183,107
-2,100
| -1% | -$15.8K |
|
2134
JELD-WEN Holding
JELD
$170M
| $993K | ﹤0.01% |
166,300
| – | – |
|
2135
Jack in the Box
JACK
$358M
| $992K | ﹤0.01% |
36,500
-1,100
| -3% | -$40.5K |
|
2136
Insteel Industries
IIIN
$634M
| $992K | ﹤0.01% |
37,700
-600
| -2% | -$16.7K |
|
2137
Thryv Holdings
THRY
$96.9M
| $991K | ﹤0.01% |
77,400
+9,600
| +14% | +$159K |
|
2138
Accel Entertainment
ACEL
$1.01B
| $990K | ﹤0.01% |
99,800
+1,700
| +2% | +$18.5K |
|
2139
Metallus
MTUS
$892M
| $990K | ﹤0.01% |
74,100
-3,700
| -5% | -$53.8K |
|
|
CHCT
2140
Community Healthcare Trust
CHCT
$433M
| $990K | ﹤0.01% |
54,500
| – | – |
|
2141
Enviri
NVRI
$564M
| $981K | ﹤0.01% |
147,500
-9,700
| -6% | -$76.2K |
|
2142
York Water
YORW
$536M
| $978K | ﹤0.01% |
28,200
| – | – |
|
2143
National Presto Industries
NPK
$987M
| $967K | ﹤0.01% |
11,000
+500
| +5% | +$47.6K |
|
|
FNA
2144
DELISTED
Paragon 28, Inc.
FNA
| $965K | ﹤0.01% |
73,900
| – | – |
|
2145
Southern Missouri Bancorp
SMBC
$850M
| $965K | ﹤0.01% |
18,553
-400
| -2% | -$22.6K |
|
2146
Arbutus Biopharma
ABUS
$906M
| $964K | ﹤0.01% |
276,300
| – | – |
|
2147
Farmers National Banc Corp
FMNB
$970M
| $964K | ﹤0.01% |
73,887
| – | – |
|
2148
Zymeworks
ZYME
$1.83B
| $954K | ﹤0.01% |
80,100
-10,100
| -11% | -$138K |
|
2149
ARS Pharmaceuticals
SPRY
$606M
| $952K | ﹤0.01% |
75,700
| – | – |
|
2150
Miller Industries
MLR
$640M
| $949K | ﹤0.01% |
22,400
| – | – |
|
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.