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 |
Match Group
MTCH
|
+$77.8M |
| 2 |
Zoom
ZM
|
+$65.3M |
| 3 |
Vertex Pharmaceuticals
VRTX
|
+$56.4M |
| 4 |
Peloton Interactive
PTON
|
+$56.1M |
| 5 |
Regeneron Pharmaceuticals
REGN
|
+$54.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$189M |
| 2 |
Microsoft
MSFT
|
+$112M |
| 3 |
PPLI
People Inc
PPLI
|
+$80.9M |
| 4 |
Amazon
AMZN
|
+$73.5M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$54.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.26% |
| 2 | Healthcare | 14.68% |
| 3 | Consumer Discretionary | 13.69% |
| 4 | Communication Services | 10.37% |
| 5 | Industrials | 8.25% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Apple
AAPL
$4.51T
| $7.84B | 6.13% |
67,699,096
-1,733,300
| -2% | -$189M |
|
|
2
Microsoft
MSFT
$3.69T
| $5.95B | 4.66% |
28,306,017
-534,700
| -2% | -$112M |
|
|
3
Amazon
AMZN
$2.99T
| $5.2B | 4.06% |
33,005,020
-466,000
| -1% | -$73.5M |
|
4
Meta Platforms (Facebook)
META
$1.5T
| $2.45B | 1.92% |
9,359,642
-154,800
| -2% | -$39.9M |
|
|
5
Alphabet (Google) Class C
GOOG
$4.61T
| $1.73B | 1.35% |
23,553,920
-718,000
| -3% | -$54.8M |
|
|
6
Alphabet (Google) Class A
GOOGL
$4.64T
| $1.71B | 1.34% |
23,360,440
-360,000
| -2% | -$27.4M |
|
7
Johnson & Johnson
JNJ
$612B
| $1.66B | 1.3% |
11,139,766
-165,100
| -1% | -$24.4M |
|
8
Procter & Gamble
PG
$344B
| $1.48B | 1.16% |
10,627,548
-130,200
| -1% | -$17.3M |
|
9
Visa
V
$690B
| $1.45B | 1.14% |
7,268,294
-180,200
| -2% | -$36M |
|
10
Alibaba
BABA
$309B
| $1.41B | 1.1% |
4,790,594
-9,500
| -0.2% | -$2.5M |
|
11
NVIDIA
NVDA
$5.16T
| $1.3B | 1.01% |
95,753,200
-1,068,000
| -1% | -$12.4M |
|
12
Tesla
TSLA
$1.3T
| $1.24B | 0.97% |
8,663,595
-86,700
| -1% | -$10.2M |
|
13
Mastercard
MA
$500B
| $1.23B | 0.96% |
3,634,252
-60,300
| -2% | -$19.6M |
|
14
Home Depot
HD
$349B
| $1.2B | 0.94% |
4,332,164
-127,600
| -3% | -$34.6M |
|
15
UnitedHealth
UNH
$372B
| $1.19B | 0.93% |
3,830,638
-60,000
| -2% | -$18.4M |
|
16
Verizon
VZ
$195B
| $1.12B | 0.88% |
18,828,451
+69,000
| +0.4% | +$4.01M |
|
17
Adobe
ADBE
$102B
| $1B | 0.79% |
2,047,739
+72,400
| +4% | +$33.7M |
|
18
PepsiCo
PEP
$190B
| $890M | 0.7% |
6,420,079
-94,600
| -1% | -$12.9M |
|
19
Salesforce
CRM
$156B
| $880M | 0.69% |
3,500,942
+168,300
| +5% | +$36.8M |
|
20
Merck
MRK
$318B
| $876M | 0.69% |
11,070,398
-215,679
| -2% | -$16.9M |
|
21
Walt Disney
DIS
$170B
| $872M | 0.68% |
7,030,771
-109,600
| -2% | -$13.7M |
|
22
Walmart Inc
WMT
$885B
| $870M | 0.68% |
18,656,274
-285,600
| -2% | -$12.7M |
|
23
Coca-Cola
KO
$372B
| $862M | 0.67% |
17,460,644
-628,700
| -3% | -$30.2M |
|
24
Netflix
NFLX
$306B
| $856M | 0.67% |
17,119,230
-235,000
| -1% | -$11.7M |
|
25
PayPal
PYPL
$49.7B
| $855M | 0.67% |
4,341,865
-65,100
| -1% | -$12.3M |
|
Similar funds
Swiss National Bank's Q3 2020 Portfolio in Review
As of Q3 2020, Swiss National Bank held 2,445 positions worth $128B, up 8.1% from $118B the previous quarter. Its ten largest holdings account for 24% of the portfolio.
Trading was light in Q3 2020: portfolio turnover was 0.9%. Swiss National Bank opened 7 new positions and exited 15, leaving the 2,445-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 26% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Swiss National Bank's largest Q3 2020 buy was Peloton Interactive: 762,000 shares worth $75.6M.
- Swiss National Bank added most to Match Group in Q3 2020, an estimated $77.8M increase.
- Swiss National Bank's biggest Q3 2020 reduction was Apple, cutting an estimated $189M.
- Swiss National Bank fully exited Caesars Entertainment Corporation in Q3 2020, selling an estimated $14.8M.
- Swiss National Bank's ten largest holdings make up 24% of its $128B portfolio in Q3 2020.
- Swiss National Bank opened 7 new positions and closed 15 in Q3 2020.
- Swiss National Bank's portfolio value rose 8.1% quarter-over-quarter to $128B.
Based on Swiss National Bank's 13F filing for Q3 2020, filed 9 Nov 2020.