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 | |
|---|---|---|---|---|---|---|
|
PPTA
2151
Perpetua Resources
PPTA
$3.1B
| $945K | ﹤0.01% |
+88,400
| New | +$949K |
|
2152
Excelerate Energy
EE
$1.12B
| $944K | ﹤0.01% |
32,900
-1,600
| -5% | -$47.9K |
|
2153
Daktronics
DAKT
$988M
| $943K | ﹤0.01% |
77,400
-4,000
| -5% | -$60.4K |
|
2154
Columbus McKinnon
CMCO
$550M
| $941K | ﹤0.01% |
55,611
-1,000
| -2% | -$26K |
|
|
ALX
2155
Alexander's
ALX
$1.4B
| $941K | ﹤0.01% |
4,500
| – | – |
|
|
DCH
2156
Dauch Corp
DCH
$1.6B
| $939K | ﹤0.01% |
230,700
| – | – |
|
2157
Weave Communications
WEAV
$426M
| $938K | ﹤0.01% |
84,600
+14,000
| +20% | +$201K |
|
|
BFS
2158
Saul Centers
BFS
$865M
| $937K | ﹤0.01% |
25,983
| – | – |
|
2159
Hertz
HTZ
$838M
| $936K | ﹤0.01% |
237,600
-5,500
| -2% | -$22.1K |
|
2160
Mission Produce
AVO
$1.15B
| $936K | ﹤0.01% |
89,300
+5,500
| +7% | +$64.1K |
|
|
ODP
2161
DELISTED
ODP
ODP
| $933K | ﹤0.01% |
65,089
-900
| -1% | -$17.3K |
|
2162
Grindr
GRND
$2.74B
| $929K | ﹤0.01% |
51,900
| – | – |
|
2163
Invesco Mortgage Capital
IVR
$805M
| $929K | ﹤0.01% |
117,701
+9,900
| +9% | +$83.5K |
|
2164
Wabash National
WNC
$509M
| $928K | ﹤0.01% |
84,000
-2,600
| -3% | -$34.9K |
|
|
NPKI
2165
NPK International
NPKI
$1.18B
| $927K | ﹤0.01% |
159,500
| – | – |
|
2166
Varex Imaging
VREX
$780M
| $924K | ﹤0.01% |
79,640
| – | – |
|
|
ENFN
2167
DELISTED
Enfusion, Inc.
ENFN
| $921K | ﹤0.01% |
82,600
+1,800
| +2% | +$19.9K |
|
2168
Taboola.com
TBLA
$1.06B
| $921K | ﹤0.01% |
312,100
| – | – |
|
2169
Tootsie Roll Industries
TR
$3.02B
| $919K | ﹤0.01% |
30,075
| – | – |
|
2170
RPC Inc
RES
$1.39B
| $916K | ﹤0.01% |
166,500
-3,000
| -2% | -$17.9K |
|
|
RPC
2171
Ridgepost Capital
RPC
$988M
| $914K | ﹤0.01% |
77,800
-1,800
| -2% | -$22.9K |
|
|
GOLD
2172
Gold.com Inc
GOLD
$1.27B
| $913K | ﹤0.01% |
36,000
| – | – |
|
2173
Columbia Financial
CLBK
$1.22B
| $913K | ﹤0.01% |
60,888
-1,400
| -2% | -$21.7K |
|
2174
Heartland Express
HTLD
$979M
| $912K | ﹤0.01% |
98,900
-9,200
| -9% | -$97.4K |
|
|
CTLP
2175
DELISTED
Cantaloupe
CTLP
| $902K | ﹤0.01% |
114,600
| – | – |
|
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.