Swiss National Bank’s US stock portfolio hits record $191.4B

The Swiss National Bank's US equity holdings reached a record $191.4 billion as of June 30, 2026, according to its quarterly 13F filing with the Securities and Exchange Commission published Tuesday. The portfolio grew more than 10% during the second quarter, driven by a broad rally in global equities.

A Dramatic Profit Reversal

The record portfolio value helped propel the SNB to a first-half profit of CHF 25.2 billion, according to the central bank's own interim results. The turnaround is stark: a year earlier, the same quarter produced a CHF 22 billion loss. Profit on foreign currency positions alone reached CHF 39.9 billion for the quarter, fueled by dividends, interest income, and capital gains as the MSCI World Index gained 13% during the April-through-June period.cryptobriefing+1

The central bank's stakes span more than 2,300 US-listed companies, Bloomberg reported, with top holdings concentrated in Apple ↘ 0.53%, Nvidia ↗ 0.75%, Microsoft ↘ 0.97%, and Amazon Amazon.com, Inc. ↘ 1.92%. Equities make up 28% of the SNB's total foreign exchange reserves, a figure that has held steady in recent quarters.gurufocus+2

New Positions Draw Attention

The filing disclosed several new positions, including a 1.5 million Class A share stake in SpaceX, the privately held rocket company that now trades under the ticker SPCX, and a $200.7 million position in Honeywell ↗ 0.07%. Newsquawk noted that the SpaceX holding is likely a passive index-style position, consistent with the SNB's long-standing practice of replicating broad market benchmarks rather than making concentrated bets.quiverquant+1

SNB Chairman Martin Schlegel has said the bank weights companies "according to their market weight or market capitalization, in order to cover the market as broadly as possible and also to diversify risks".reuters

Why the SNB Holds Stocks

Unlike most central banks, which confine reserves largely to government bonds, the SNB built its equity portfolio as a byproduct of years of foreign exchange intervention aimed at preventing excessive Swiss franc appreciation. Switzerland's persistent current account surpluses generate enormous reserves that require diversification beyond fixed income.cryptobriefing

Not everything cooperated during the quarter. Gold holdings suffered a valuation loss of CHF 14.1 billion on the bank's 1,040-tonne stash, though the SNB maintained its position rather than rotating out.cryptobriefing