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 | |
|---|---|---|---|---|---|---|
|
HES
201
DELISTED
Hess
HES
| $125M | 0.09% |
864,200
-24,700
| -3% | -$3.62M |
|
202
L3Harris
LHX
$53.3B
| $125M | 0.09% |
591,429
-17,500
| -3% | -$3.28M |
|
203
Occidental Petroleum
OXY
$59B
| $124M | 0.09% |
2,074,814
-76,300
| -4% | -$4.66M |
|
204
Ferguson
FERG
$48.8B
| $123M | 0.09% |
637,847
-20,000
| -3% | -$3.37M |
|
205
Dominion Energy
D
$59.9B
| $123M | 0.09% |
2,616,620
-72,200
| -3% | -$3.22M |
|
206
Johnson Controls International
JCI
$93.7B
| $123M | 0.09% |
2,127,381
-79,400
| -4% | -$4.17M |
|
207
United Rentals
URI
$71.2B
| $122M | 0.09% |
213,500
-7,600
| -3% | -$3.58M |
|
208
Fortinet
FTNT
$119B
| $122M | 0.09% |
2,087,400
-59,300
| -3% | -$3.28M |
|
209
Paychex
PAYX
$43.1B
| $121M | 0.09% |
1,016,600
-27,100
| -3% | -$3.21M |
|
210
Archer Daniels Midland
ADM
$38.8B
| $121M | 0.09% |
1,676,400
-75,100
| -4% | -$5.5M |
|
211
Dow Inc
DOW
$22.6B
| $121M | 0.09% |
2,198,550
-76,500
| -3% | -$3.91M |
|
|
WCN
212
Waste Connections
WCN
$42B
| $120M | 0.09% |
805,545
-22,900
| -3% | -$3.15M |
|
213
Cognizant
CTSH
$26.4B
| $119M | 0.09% |
1,579,300
-53,100
| -3% | -$3.67M |
|
214
Ametek
AME
$58.8B
| $119M | 0.09% |
721,425
-19,900
| -3% | -$3.03M |
|
215
General Mills
GIS
$20.2B
| $118M | 0.09% |
1,817,700
-65,000
| -3% | -$4.2M |
|
216
Charter Communications
CHTR
$18.8B
| $118M | 0.09% |
304,216
-10,700
| -3% | -$4.36M |
|
217
Prudential Financial
PRU
$42.2B
| $118M | 0.09% |
1,135,100
-39,000
| -3% | -$3.74M |
|
218
Constellation Energy
CEG
$98.6B
| $118M | 0.09% |
1,005,651
-37,900
| -4% | -$4.42M |
|
219
Biogen
BIIB
$30.1B
| $117M | 0.09% |
452,900
-12,700
| -3% | -$3.12M |
|
220
W.W. Grainger
GWW
$61.3B
| $117M | 0.09% |
140,700
-4,600
| -3% | -$3.54M |
|
221
Lennar Class A
LEN
$21.1B
| $117M | 0.09% |
807,984
-31,196
| -4% | -$3.76M |
|
222
Kenvue
KVUE
$36.6B
| $116M | 0.09% |
5,389,046
+461,600
| +9% | +$9.24M |
|
223
Fastenal
FAST
$60.1B
| $116M | 0.08% |
3,573,200
-101,800
| -3% | -$3.07M |
|
224
Apollo Global Management
APO
$80.8B
| $116M | 0.08% |
1,240,914
-36,700
| -3% | -$3.24M |
|
225
Atlassian
TEAM
$39.1B
| $115M | 0.08% |
485,167
-3,400
| -0.7% | -$668K |
|
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.