Swiss National Bank
Long book
$173.79B
Q1 2026
Positions
2301
Top-10 weight
34%
concentration
Last quarter
+14.7%
SPY +14.8%
Turnover
5%
of book per quarter
Strategy in plain words
auto-generated from filingsSwiss National Bank is an index provider — its holdings mirror index composition mechanically, running a $173.79B US long book across 2301 positions.
The portfolio is moderately concentrated (top 10 ≈ 34% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, AMAZON.COM INC, ALPHABET INC-CL A.
Over the last 9 quarters its long book ran on average 0.1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.7%
Q2 2024
+6.0%
Q3 2024
+2.0%
Q4 2024
-4.6%
Q1 2025
+11.0%
Q2 2025
+8.3%
Q3 2025
+2.3%
Q4 2025
-3.7%
Q1 2026
+14.7%
Sector allocation
Technology 41%
Industrials 12%
Consumer discretionary 10%
Healthcare 9%
Financials 6%
Services media 5%
Utilities 4%
Energy 4%
Long book by quarter
What does Swiss National own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 71.3M | $12.44B | 7.2% | +7.1% |
| AAPL APPLE INC | Technology | 43.1M | $10.95B | 6.3% | +6.1% |
| MSFT MICROSOFT CORP | Technology | 20.7M | $7.67B | 4.4% | +7.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 28.2M | $5.88B | 3.4% | +7.4% |
| GOOGL ALPHABET INC-CL A | Technology | 17.1M | $4.91B | 2.8% | +7.1% |
| GOOG ALPHABET INC-CL C | Technology | 14.3M | $4.10B | 2.4% | +6.6% |
| AVGO BROADCOM INC | Technology | 13.2M | $4.09B | 2.4% | +7.5% |
| META META PLATFORMS INC-CLASS A | Technology | 6.4M | $3.66B | 2.1% | +7.5% |
| TSLA TESLA INC | Industrials | 8.3M | $3.08B | 1.8% | +7.1% |
| LLY ELI LILLY & CO | Healthcare | 2.4M | $2.17B | 1.2% | +7.0% |
| XOM EXXON MOBIL CORP | Energy | 12.4M | $2.10B | 1.2% | +5.9% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 4.0M | $1.93B | 1.1% | +6.9% |
| JNJ JOHNSON & JOHNSON | Healthcare | 7.1M | $1.73B | 1.0% | +7.1% |
| WMT WALMART INC | Consumer discretionary | 12.9M | $1.60B | 0.9% | +7.1% |
| V VISA INC-CLASS A SHARES | Services media | 4.9M | $1.50B | 0.9% | +6.3% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 1.3M | $1.30B | 0.7% | +7.3% |
| MA MASTERCARD INC - A | Services media | 2.5M | $1.24B | 0.7% | +6.4% |
| AZN ASTRAZENECA PLC | Healthcare | 6.2M | $1.20B | 0.7% | New |
| NFLX NETFLIX INC | Services media | 12.4M | $1.20B | 0.7% | +6.8% |
| ABBV ABBVIE INC | Healthcare | 5.2M | $1.13B | 0.6% | +7.1% |
| MU MICRON TECHNOLOGY INC | Technology | 3.3M | $1.12B | 0.6% | +7.4% |
| PG PROCTER & GAMBLE CO/THE | Other | 6.9M | $990.5M | 0.6% | +6.9% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 6.7M | $980.7M | 0.6% | +7.5% |
| CAT CATERPILLAR INC | Industrials | 1.4M | $973.0M | 0.6% | +7.0% |
| AMD ADVANCED MICRO DEVICES | Technology | 4.8M | $972.0M | 0.6% | +7.4% |
| HD HOME DEPOT INC | Consumer discretionary | 2.9M | $960.9M | 0.6% | +7.1% |
| KO COCA-COLA CO/THE | Consumer staples | 12.0M | $912.1M | 0.5% | +7.0% |
| CSCO CISCO SYSTEMS INC | Technology | 11.6M | $899.7M | 0.5% | +7.0% |
| GE GENERAL ELECTRIC | Industrials | 3.1M | $878.4M | 0.5% | +6.5% |
| MRK MERCK & CO. INC. | Healthcare | 7.3M | $876.2M | 0.5% | +6.4% |
| AMAT APPLIED MATERIALS INC | Technology | 2.3M | $795.4M | 0.5% | +6.6% |
| LRCX LAM RESEARCH CORP | Industrials | 3.7M | $787.6M | 0.5% | +6.7% |
| RTX RTX CORP | Industrials | 3.9M | $759.0M | 0.4% | +7.3% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 4.6M | $755.3M | 0.4% | +7.1% |
| ORCL ORACLE CORP | Technology | 5.1M | $744.3M | 0.4% | +7.9% |
| UNH UNITEDHEALTH GROUP INC | Financials | 2.7M | $719.3M | 0.4% | +7.1% |
| GEV GE VERNOVA INC | Industrials | 796.2K | $695.0M | 0.4% | +6.7% |
| LIN LINDE PLC | Materials | 1.4M | $679.4M | 0.4% | +6.6% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 2.7M | $664.9M | 0.4% | +7.5% |
| MCD MCDONALD'S CORP | Consumer discretionary | 2.1M | $649.5M | 0.4% | +6.9% |
| PEP PEPSICO INC | Consumer staples | 4.0M | $623.1M | 0.4% | +7.1% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 12.4M | $621.2M | 0.4% | +7.1% |
| T AT&T INC | Communications | 20.8M | $603.2M | 0.3% | +6.2% |
| INTC INTEL CORP | Technology | 13.3M | $585.3M | 0.3% | +7.1% |
| KLAC KLA CORP | Other | 385.6K | $567.8M | 0.3% | +6.6% |
| NEE NEXTERA ENERGY INC | Utilities | 6.0M | $561.3M | 0.3% | +7.1% |
| AMGN AMGEN INC | Healthcare | 1.6M | $556.0M | 0.3% | +7.1% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 1.1M | $542.0M | 0.3% | +6.6% |
| ABT ABBOTT LABORATORIES | Healthcare | 5.1M | $523.9M | 0.3% | +7.0% |
| TJX TJX COMPANIES INC | Consumer discretionary | 3.3M | $520.4M | 0.3% | +6.9% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 7, 2026 | 2301 | $173.79B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 2311 | $168.01B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 2315 | $172.35B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 2332 | $166.94B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 2397 | $141.58B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 2440 | $150.33B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 7, 2024 | 2465 | $153.96B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 8, 2024 | 2458 | $145.54B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 2505 | $142.69B | canonical | SEC ↗ |
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