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 | |
|---|---|---|---|---|---|---|
|
TIXT
2376
DELISTED
TELUS International
TIXT
| $378K | ﹤0.01% |
141,000
| – | – |
|
2377
Crawford & Co Class A
CRD.A
$635M
| $364K | ﹤0.01% |
31,874
+5,000
| +19% | +$58.3K |
|
2378
Greene County Bancorp
GCBC
$593M
| $361K | ﹤0.01% |
14,979
| – | – |
|
2379
Liberty Latin America Class A
LILA
$1.69B
| $350K | ﹤0.01% |
81,356
+11,629
| +17% | +$53.1K |
|
2380
Ginkgo Bioworks
DNA
$499M
| $350K | ﹤0.01% |
61,363
+6,500
| +12% | +$66.2K |
|
|
TRML
2381
DELISTED
Tourmaline Bio
TRML
| $341K | ﹤0.01% |
22,400
+2,300
| +11% | +$36.9K |
|
2382
KRONOS Worldwide
KRO
$918M
| $340K | ﹤0.01% |
45,400
| – | – |
|
2383
Vivid Seats
SEAT
$84.5M
| $340K | ﹤0.01% |
5,735
-685
| -11% | -$55.1K |
|
|
OLPX
2384
DELISTED
Olaplex Holdings
OLPX
| $328K | ﹤0.01% |
258,100
| – | – |
|
|
RAPP
2385
Rapport Therapeutics
RAPP
$2.29B
| $320K | ﹤0.01% |
31,900
+13,900
| +77% | +$180K |
|
|
SERV
2386
Serve Robotics
SERV
$433M
| $305K | ﹤0.01% |
+53,000
| New | +$695K |
|
2387
Entrada Therapeutics
TRDA
$280M
| $297K | ﹤0.01% |
32,800
| – | – |
|
2388
Advantage Solutions
ADV
$393M
| $281K | ﹤0.01% |
7,455
-1,376
| -16% | -$80.2K |
|
2389
Tyra Biosciences
TYRA
$1.51B
| $273K | ﹤0.01% |
29,400
+8,700
| +42% | +$113K |
|
2390
1-800-Flowers.com
FLWS
$256M
| $263K | ﹤0.01% |
44,600
-9,800
| -18% | -$72.1K |
|
|
ATXS
2391
DELISTED
Astria Therapeutics
ATXS
| $263K | ﹤0.01% |
49,200
-17,400
| -26% | -$122K |
|
2392
Annexon
ANNX
$875M
| $261K | ﹤0.01% |
135,000
| – | – |
|
2393
Definitive Healthcare
DH
$70.3M
| $259K | ﹤0.01% |
89,600
-13,700
| -13% | -$55.6K |
|
2394
Montauk Renewables
MNTK
$256M
| $201K | ﹤0.01% |
96,361
+11,384
| +13% | +$41.6K |
|
|
SEPN
2395
Septerna Inc
SEPN
$2.27B
| $174K | ﹤0.01% |
+30,100
| New | +$344K |
|
|
CRGX
2396
DELISTED
CARGO Therapeutics
CRGX
| $147K | ﹤0.01% |
36,100
| – | – |
|
2397
Pliant Therapeutics
PLRX
$65M
| $129K | ﹤0.01% |
95,700
| – | – |
|
2398
Alector
ALEC
$233M
| – | – |
-131,900
| Closed | -$249K |
|
2399
Allogene Therapeutics
ALLO
$721M
| – | – |
-287,900
| Closed | -$613K |
|
2400
Angi Inc
ANGI
$176M
| – | – |
-6,910
| Closed | -$115K |
|
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.