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 |
Linde
LIN
|
+$303M |
| 2 |
General Dynamics
GD
|
+$147M |
| 3 |
Cigna
CI
|
+$95.5M |
| 4 |
CVS Health
CVS
|
+$85.5M |
| 5 |
Marathon Petroleum
MPC
|
+$52.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$234M |
| 2 |
Northrop Grumman
NOC
|
+$218M |
| 3 |
ESRX
Express Scripts Holding Company
ESRX
|
+$170M |
| 4 |
PX
Praxair Inc
PX
|
+$168M |
| 5 |
COL
Rockwell Collins
COL
|
+$116M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 18.9% |
| 2 | Healthcare | 16.26% |
| 3 | Consumer Discretionary | 11.53% |
| 4 | Communication Services | 10.15% |
| 5 | Industrials | 9.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CASA
2201
DELISTED
Casa Systems, Inc. Common Stock
CASA
| $701K | ﹤0.01% |
+53,400
| New | +$766K |
|
2202
Winmark
WINA
$1.33B
| $700K | ﹤0.01% |
4,400
+200
| +5% | +$30.6K |
|
|
UMH
2203
UMH Properties
UMH
$1.38B
| $699K | ﹤0.01% |
59,000
+1,700
| +3% | +$23K |
|
|
ACH
2204
Accendra Health
ACH
$96.9M
| $698K | ﹤0.01% |
110,200
+3,600
| +3% | +$37.4K |
|
2205
W&T Offshore
WTI
$575M
| $698K | ﹤0.01% |
169,500
| – | – |
|
2206
First Financial Corp
THFF
$967M
| $696K | ﹤0.01% |
17,326
-900
| -5% | -$41.4K |
|
2207
Clearwater Paper
CLW
$366M
| $695K | ﹤0.01% |
28,500
| – | – |
|
2208
Ezcorp Inc
EZPW
$1.66B
| $695K | ﹤0.01% |
89,950
| – | – |
|
2209
LeMaitre Vascular
LMAT
$1.89B
| $693K | ﹤0.01% |
29,300
-800
| -3% | -$21.8K |
|
2210
Century Communities
CCS
$2.01B
| $690K | ﹤0.01% |
39,966
+1,500
| +4% | +$31.3K |
|
2211
Financial Institutions
FISI
$821M
| $689K | ﹤0.01% |
26,800
-700
| -3% | -$19.8K |
|
|
FRGI
2212
DELISTED
Fiesta Restaurant Group, Inc.
FRGI
| $689K | ﹤0.01% |
44,400
| – | – |
|
|
ABTX
2213
DELISTED
Allegiance Bancshares
ABTX
| $689K | ﹤0.01% |
21,300
-700
| -3% | -$26.1K |
|
2214
REX American Resources
REX
$1.43B
| $688K | ﹤0.01% |
60,600
+2,400
| +4% | +$28.2K |
|
|
KREF
2215
KKR Real Estate Finance Trust
KREF
$487M
| $687K | ﹤0.01% |
35,900
+3,200
| +10% | +$63K |
|
|
ANH
2216
DELISTED
Anworth Mortgage Asset Corporation
ANH
| $687K | ﹤0.01% |
170,000
| – | – |
|
|
BLDP
2217
Ballard Power Systems
BLDP
$784M
| $686K | ﹤0.01% |
285,500
+15,100
| +6% | +$47.5K |
|
|
VBTX
2218
DELISTED
Veritex Holdings
VBTX
| $686K | ﹤0.01% |
32,100
-1,000
| -3% | -$24.4K |
|
|
BKS
2219
DELISTED
Barnes & Noble
BKS
| $686K | ﹤0.01% |
96,700
| – | – |
|
2220
Tredegar Corp
TG
$275M
| $685K | ﹤0.01% |
43,200
| – | – |
|
|
CONN
2221
DELISTED
Conn's Inc.
CONN
| $685K | ﹤0.01% |
36,300
+1,100
| +3% | +$29.8K |
|
2222
Hawkins
HWKN
$2.71B
| $684K | ﹤0.01% |
33,388
| – | – |
|
|
ATRS
2223
DELISTED
Antares Pharma, Inc.
ATRS
| $681K | ﹤0.01% |
+250,500
| New | +$825K |
|
2224
Camping World
CWH
$655M
| $676K | ﹤0.01% |
58,900
-1,300
| -2% | -$23.1K |
|
|
EXPR
2225
DELISTED
Express, Inc.
EXPR
| $673K | ﹤0.01% |
6,590
-275
| -4% | -$42.5K |
|
Similar funds
Swiss National Bank's Q4 2018 Portfolio in Review
As of Q4 2018, Swiss National Bank held 2,591 positions worth $78B, down 13% from $89.8B the previous quarter. Its ten largest holdings account for 18% of the portfolio.
Swiss National Bank's Q4 2018 filing shows 87 new, 1,610 increased, 323 reduced and 55 closed positions. Its largest new stake was Linde: 1,915,836 shares worth $299M. The largest sale was Aetna Inc, an estimated $234M.
By sector, the portfolio is most concentrated in Technology at 19% of assets, down from 20% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q4 2018 buy was Linde: 1,915,836 shares worth $299M.
- Swiss National Bank added most to Cigna in Q4 2018, an estimated $95.5M increase.
- Swiss National Bank's biggest Q4 2018 reduction was Dell, cutting an estimated $52.3M.
- Swiss National Bank fully exited Aetna Inc in Q4 2018, selling an estimated $234M.
- Swiss National Bank's ten largest holdings make up 18% of its $78B portfolio in Q4 2018.
- Swiss National Bank opened 87 new positions and closed 55 in Q4 2018.
- Swiss National Bank's portfolio value fell 13% quarter-over-quarter to $78B.
Based on Swiss National Bank's 13F filing for Q4 2018, filed 13 Feb 2019.