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 |
Synopsys
SNPS
|
+$37.5M |
| 2 |
SoFi Technologies
SOFI
|
+$28.4M |
| 3 |
Rocket Lab Corp
RKLB
|
+$22.8M |
| 4 |
Affirm
AFRM
|
+$22.2M |
| 5 |
Tapestry
TPR
|
+$21.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$615M |
| 2 |
Apple
AAPL
|
+$547M |
| 3 |
Microsoft
MSFT
|
+$522M |
| 4 |
Amazon
AMZN
|
+$310M |
| 5 |
Meta Platforms (Facebook)
META
|
+$277M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 36.17% |
| 2 | Consumer Discretionary | 11.83% |
| 3 | Communication Services | 10.74% |
| 4 | Healthcare | 9.6% |
| 5 | Industrials | 9.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
NUTX
2251
Nutex Health
NUTX
$1.17B
| $723K | ﹤0.01% |
7,000
+700
| +11% | +$68.6K |
|
|
MAGN
2252
Magnera Corp
MAGN
$448M
| $722K | ﹤0.01% |
61,631
| – | – |
|
2253
Petco
WOOF
$780M
| $720K | ﹤0.01% |
186,100
| – | – |
|
|
SHOE
2254
Shoe Station Group
SHOE
$418M
| $715K | ﹤0.01% |
34,400
-1,900
| -5% | -$41.1K |
|
|
ACH
2255
Accendra Health
ACH
$94.6M
| $713K | ﹤0.01% |
148,500
+6,500
| +5% | +$41.4K |
|
2256
Vitamin Cottage Natural Grocers
NGVC
$625M
| $712K | ﹤0.01% |
17,800
| – | – |
|
2257
GoodRx Holdings
GDRX
$1.24B
| $711K | ﹤0.01% |
168,000
-3,700
| -2% | -$16.3K |
|
2258
Ribbon Communications
RBBN
$368M
| $705K | ﹤0.01% |
185,474
| – | – |
|
2259
Krispy Kreme
DNUT
$567M
| $705K | ﹤0.01% |
182,100
+15,300
| +9% | +$52.7K |
|
2260
Marcus Corp
MCS
$901M
| $700K | ﹤0.01% |
45,100
| – | – |
|
2261
Pulse Biosciences
PLSE
$3.05B
| $692K | ﹤0.01% |
39,100
+7,000
| +22% | +$111K |
|
2262
MGP Ingredients
MGPI
$385M
| $687K | ﹤0.01% |
28,400
| – | – |
|
2263
Latham Group
SWIM
$905M
| $686K | ﹤0.01% |
90,200
+10,700
| +13% | +$78.8K |
|
2264
Atlanticus Holdings
ATLC
$1.46B
| $685K | ﹤0.01% |
11,700
+1,600
| +16% | +$96.6K |
|
2265
Clear Channel Outdoor Holdings
CCO
$1.23B
| $685K | ﹤0.01% |
433,400
-40,400
| -9% | -$50.4K |
|
2266
Covenant Logistics
CVLG
$868M
| $680K | ﹤0.01% |
31,400
| – | – |
|
2267
MediaAlpha
MAX
$782M
| $668K | ﹤0.01% |
58,700
| – | – |
|
2268
ArriVent BioPharma
AVBP
$1.46B
| $655K | ﹤0.01% |
35,500
+9,100
| +34% | +$179K |
|
|
USAR
2269
USA Rare Earth Inc
USAR
$4.56B
| $641K | ﹤0.01% |
+37,300
| New | +$533K |
|
2270
Legacy Housing
LEGH
$685M
| $634K | ﹤0.01% |
23,044
| – | – |
|
|
TIXT
2271
DELISTED
TELUS International
TIXT
| $629K | ﹤0.01% |
141,000
| – | – |
|
2272
HBT Financial
HBT
$1.33B
| $615K | ﹤0.01% |
24,400
-3,100
| -11% | -$79.5K |
|
2273
Donegal Group Class A
DGICA
$696M
| $613K | ﹤0.01% |
31,600
| – | – |
|
2274
Hyster-Yale Materials Handling
HY
$621M
| $612K | ﹤0.01% |
16,600
| – | – |
|
2275
Standard BioTools
LAB
$308M
| $612K | ﹤0.01% |
470,660
| – | – |
|
Similar funds
Swiss National Bank's Q3 2025 Portfolio in Review
As of Q3 2025, Swiss National Bank held 2,371 positions worth $172B, up 3.2% from $167B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Swiss National Bank withdrew a net $7.69B in Q3 2025, closing 56 positions and reducing 729 holdings. Its most notable exit was Hess, an estimated $123M position sold in full.
By sector, the portfolio is most concentrated in Technology at 36% of assets, up from 35% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Swiss National Bank opened a new position in Paramount Skydance Corp worth $11.7M.
- Swiss National Bank's largest Q3 2025 buy was Paramount Skydance Corp: 619,202 shares worth $11.7M.
- Swiss National Bank added most to Synopsys in Q3 2025, an estimated $37.5M increase.
- Swiss National Bank's biggest Q3 2025 reduction was NVIDIA, cutting an estimated $615M.
- Swiss National Bank fully exited Hess in Q3 2025, selling an estimated $123M.
- Swiss National Bank's ten largest holdings make up 36% of its $172B portfolio in Q3 2025.
- Swiss National Bank opened 39 new positions and closed 56 in Q3 2025.
- Swiss National Bank's portfolio value rose 3.2% quarter-over-quarter to $172B.
Based on Swiss National Bank's 13F filing for Q3 2025, filed 13 Nov 2025.