SN
Swiss National Bank — 13F Portfolio Changes & Top Buys (Q2 2026)
Swiss National BankCIK: 0001582202
Diversified strategyLong-term holder
Total reported value
$191.4B
Reporting period: 2026-06-30 · Number of holdings: 2301
Swiss National Bank disclosed 2301 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $191.4B and a quarterly turnover rate of 19.2%.
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Personality snowflake
- Concentration
- 6.59
- Portfolio Stability
- 19.21
- Momentum
- 46.68
- Sector conviction
- 60.62
- Diversification
- 100
- Sizing Uniformity
- 39.25
Swiss National Bank's disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 61 equally-sized positions, well below its 2301 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 6.08), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MU
-3.7% $2.6B
Add AMD
-3.8% $1.7B
Add INTC
-6.6% $1.1B
Trim MSFT
-4.0% -$248.7M
Add AMAT
-3.8% $823.0M
Trim XOM
-5.3% -$497.0M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
The filing shows Swiss National Bank actively trimmed share counts across a tight cluster of U.S. semiconductor names — Micron, AMD, Intel, Applied Materials, Lam Research — alongside reductions in Apple, Alphabet, and Broadcom. Yet with the sole exception of Apple (essentially flat at ~6.3%), every one of these positions rose in portfolio weight, indicating price appreciation outran the selling. With 2,301 holdings, an HHI of 0.0165, and a turnover ratio near 19%, the book reads as a low-turnover, index-proximate portfolio taking profits into strength rather than making a directional repositioning.
Macro & Fundamentals
The trim cluster maps onto the semiconductor-led technology strength embedded in the weight data itself, and appears consistent with systematic harvesting of gains in what has been a crowded trade, while preserving broad beta exposure. This is an inference from limited holdings data alone — the filing does not establish motive, and the near-zero momentum tilt (-0.003 pts) suggests no deliberate style bet in either direction.
Blind Spots / Risks
The structural vulnerability is sector concentration masquerading as diversification: nearly 40% of the portfolio sits in Information Technology even though name-level dispersion is extreme. Compounding this, the filing omits percentage share-count changes, so the split between price-driven weight drift and residual active sizing cannot be verified — meaning realized losses in a positioning squeeze or sector drawdown would be set by market prices rather than the bank's own discipline, and its position-sizing score of 39.25 offers little reassurance.
Compiled by AI directly from this institution's public Form 13F data on SEC EDGAR; reflects historical positioning only and carries no investment recommendation. Source filing linked below. View the original 2026-06-30 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 2301 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.81% | -0.35% | -8.70% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 6.26% | -0.04% | -4.00% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.88% | -0.53% | -3.98% | |
| 4 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.40% | +0.02% | -3.32% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.07% | +0.24% | -3.86% | |
| 6 | AVGO | Broadcom Inc | Stock-Tech | 2.50% | +0.15% | -4.03% | |
| 7 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.41% | +0.05% | -8.71% | |
| 8 | MU | Micron Technology Inc | Stock-Tech | 1.92% | +1.28% | -3.70% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.82% | -0.28% | -3.11% | |
| 10 | TSLA | Tesla Inc | Stock-Consumer Disc | 1.74% | -0.03% | -4.32% | |
| 11 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.42% | +0.17% | -3.95% | |
| 12 | AMD | Advanced Micro Devices | Stock-Tech | 1.40% | +0.84% | -3.76% | |
| 13 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.03% | -0.08% | -2.83% | |
| 14 | INTC | Intel CORP | Stock-Tech | 0.90% | +0.56% | -6.57% | |
| 15 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.90% | -0.09% | -3.92% | |
| 16 | V | Visa Inc-class A Shares | Stock-Financials | 0.85% | -0.01% | -4.16% | |
| 17 | AMAT | Applied Materials Inc | Stock-Tech | 0.85% | +0.39% | -3.81% | |
| 18 | XOM | Exxon Mobil CORP | Stock-Energy | 0.84% | -0.37% | -5.28% | |
| 19 | LRCX | Lam Research CORP | Stock-Tech | 0.80% | +0.35% | -4.45% | |
| 20 | WMT | Walmart Inc | Stock-Consumer Staples | 0.73% | -0.19% | -3.87% | |
| 21 | CAT | Caterpillar Inc | Stock-Industrials | 0.73% | +0.17% | -4.44% | |
| 22 | CSCO | Cisco Systems Inc | Stock-Tech | 0.68% | +0.16% | -3.92% | |
| 23 | ABBV | Abbvie Inc | Stock-Healthcare | 0.66% | +0.01% | -3.82% | |
| 24 | MA | Mastercard Inc - A | Stock-Financials | 0.62% | -0.09% | -7.06% | |
| 25 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.61% | -0.14% | -3.94% | |
| 26 | KLAC | Kla CORP | Stock-Tech | 0.58% | +0.25% | +858.74% | |
| 27 | AZN | AstraZeneca PLC | Stock-Healthcare | 0.58% | -0.11% | -3.89% | |
| 28 | GE | General Electric | Stock-Industrials | 0.58% | +0.07% | -4.80% | |
| 29 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.56% | +0.15% | -3.70% | |
| 30 | HD | Home Depot Inc | Stock-Consumer Disc | 0.52% | -0.03% | -3.85% | |
| 31 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.50% | -0.07% | -4.42% | |
| 32 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.47% | -0.03% | -4.27% | |
| 33 | GEV | GE Vernova Inc | Stock-Industrials | 0.47% | +0.07% | -4.52% | |
| 34 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.46% | -0.06% | -8.90% | |
| 35 | NFLX | Netflix Inc | Stock-Comm Services | 0.44% | -0.25% | -4.50% | |
| 36 | PM | Philip Morris International | Stock-Consumer Staples | 0.42% | -0.01% | -3.78% | |
| 37 | PANW | Palo Alto Networks Inc | Stock-Tech | 0.41% | +0.19% | -3.55% | |
| 38 | TXN | Texas Instruments Inc | Stock-Tech | 0.40% | +0.10% | -3.70% | |
| 39 | IBM | Intl Business Machines CORP | Stock-Tech | 0.39% | +0.01% | -3.55% | |
| 40 | RTX | Rtx CORP | Stock-Industrials | 0.38% | -0.06% | -3.52% | |
| 41 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.37% | -0.19% | -8.38% | |
| 42 | MRVL | Marvell Technology Inc | Stock-Tech | 0.37% | +0.23% | -3.39% | |
| 43 | ORCL | Oracle CORP | Stock-Tech | 0.37% | -0.06% | -3.80% | |
| 44 | LIN | Linde plc | Stock-Materials | 0.35% | -0.04% | -4.63% | |
| 45 | SNDK | Sandisk CORP | Stock-Tech | 0.35% | +0.25% | +5.07% | |
| 46 | WDC | Western Digital CORP | Stock-Tech | 0.33% | +0.17% | -2.72% | |
| 47 | APH | Amphenol Corp-cl A | Stock-Tech | 0.32% | +0.06% | -3.47% | |
| 48 | STX | Seagate Technology Holdings plc | Stock-Tech | 0.31% | +0.17% | -3.65% | |
| 49 | GLW | Corning Inc | Stock-Tech | 0.30% | +0.11% | -6.25% | |
| 50 | QCOM | Qualcomm Inc | Stock-Tech | 0.29% | +0.06% | -3.54% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+1.5%
Performance Last 4 Quarters
+21.3%
- Stdev
- +13.1%
- Beta
- +1
- Alpha
- -1.8%
- Max Drawdown
- -8.3%
- Annualized Perf
- +18.9%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +2.87
- Stutzer
- +0.41
- Treynor
- +0.18
- Sterling
- +1.18
- Calmar
- +2.28
- Information Ratio
- -1.04
- Tracking Error
- +1.6%
- Stdev Down
- +6.4%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +32.5%
- Worst 12 Months
- +5%
- Efficiency Ratio
- +0.58
- Sharpe
- +1.4
- Stdev Sectors
- +10.1%
- Skewness
- +0.1
- Kurtosis
- -0.12
- Upside Potential
- +4.5
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 2301 | $191.4B | 19 | ||
| 2026 Q1 | 2301 | $173.8B | 14 | ||
| 2025 Q4 | 2311 | $168.0B | 11 | ||
| 2025 Q3 | 2315 | $172.4B | 24 | ||
| 2025 Q2 | 2332 | $166.9B | 0 | ||
| 2025 Q1 | 2397 | $141.6B | 100 | ||
| 2024 Q4 | 2440 | $150.3B | 0 | ||
| 2024 Q3 | 2465 | $154.0B | 0 | ||
| 2024 Q2 | 2458 | $145.5B | 0 | ||
| 2024 Q1 | 2505 | $142.7B | 0 | ||
| 2023 Q4 | 2534 | $136.3B | 0 | ||
| 2023 Q3 | 2608 | $127.5B | 0 | ||
| 2023 Q2 | 2600 | $147.2B | 0 | ||
| 2023 Q1 | 2643 | $145.9B | 0 | ||
| 2022 Q4 | 2678 | $139.3B | 0 | ||
| 2022 Q3 | 2714 | $139.8B | 0 | ||
| 2022 Q2 | 2740 | $147.8B | 0 | ||
| 2022 Q1 | 2691 | $177.3B | 0 | ||
| 2021 Q4 | 2719 | $166.1B | 0 | ||
| 2021 Q3 | 2621 | $157.3B | 0 | ||
| 2021 Q2 | 2642 | $162.1B | 100 | ||
| 2021 Q1 | 2482 | $150.0B | 11 | ||
| 2020 Q4 | 2490 | $140.7B | 13 | ||
| 2020 Q3 | 2430 | $127.9B | 13 | ||
| 2020 Q2 | 2438 | $118.3B | 25 | ||
| 2020 Q1 | 2480 | $94.2B | 17 | ||
| 2019 Q4 | 2506 | $97.5B | 10 | ||
| 2019 Q3 | 2520 | $94.1B | 10 | ||
| 2019 Q2 | 2554 | $92.7B | 10 | ||
| 2019 Q1 | 2507 | $91.2B | 18 | ||
| 2018 Q4 | 2536 | $78.0B | 19 | ||
| 2018 Q3 | 2504 | $89.8B | 9 | ||
| 2018 Q2 | 2526 | $87.5B | 12 | ||
| 2018 Q1 | 2484 | $82.0B | 16 | ||
| 2017 Q4 | 2514 | $92.6B | 11 | ||
| 2017 Q3 | 2528 | $87.8B | 10 | ||
| 2017 Q2 | 2558 | $84.3B | 11 | ||
| 2017 Q1 | 2534 | $80.4B | 28 | ||
| 2016 Q4 | 2564 | $63.4B | 11 | ||
| 2016 Q3 | 2536 | $62.4B | 11 | ||
| 2016 Q2 | 2581 | $61.8B | 18 | ||
| 2016 Q1 | 2611 | $54.5B | 31 | ||
| 2015 Q4 | 2643 | $41.3B | 17 | ||
| 2015 Q3 | 2569 | $39.0B | 13 | ||
| 2015 Q2 | 2581 | $38.6B | 12 | ||
| 2015 Q1 | 2548 | $37.5B | 37 | ||
| 2014 Q4 | 2570 | $26.7B | 14 | ||
| 2014 Q3 | 2530 | $26.1B | 9 | ||
| 2014 Q2 | 2533 | $27.0B | 12 | ||
| 2014 Q1 | 2494 | $25.5B | 12 | ||
| 2013 Q4 | 2507 | $25.6B | 13 | ||
| 2013 Q3 | 2482 | $24.0B | 11 | ||
| 2013 Q2 | 2500 | $22.8B | — |
Holding changes this quarter
Swiss National Bank's most significant position changes for 2026-06-30: Sold out: Honeywell International Inc (HON); New buy: ; New buy: ; New buy: ; New buy: Carnival CORP LTD F.
Showing top 200 changes by size (of 2369 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | +1.3% | -3.70% | Trim |
| 2 | AMD | Advanced Micro Devices | +0.8% | -3.76% | Trim |
| 3 | INTC | Intel CORP | +0.6% | -6.57% | Trim |
| 4 | AMAT | Applied Materials Inc | +0.4% | -3.81% | Trim |
| 5 | LRCX | Lam Research CORP | +0.4% | -4.45% | Trim |
| 6 | KLAC | Kla CORP | +0.3% | +858.74% | Add |
| 7 | SNDK | Sandisk CORP | +0.3% | +5.07% | Add |
| 8 | GOOGL | Alphabet Inc-cl A | +0.2% | -3.86% | Trim |
| 9 | MRVL | Marvell Technology Inc | +0.2% | -3.39% | Trim |
| 10 | PANW | Palo Alto Networks Inc | +0.2% | -3.55% | Trim |
| 11 | LLY | Eli Lilly & Co | +0.2% | -3.95% | Trim |
| 12 | CAT | Caterpillar Inc | +0.2% | -4.44% | Trim |
| 13 | WDC | Western Digital CORP | +0.2% | -2.72% | Trim |
| 14 | STX | Seagate Technology Holdings plc | +0.2% | -3.65% | Trim |
| 15 | CSCO | Cisco Systems Inc | +0.2% | -3.92% | Trim |
| 16 | AVGO | Broadcom Inc | +0.2% | -4.03% | Trim |
| 17 | UNH | Unitedhealth Group Inc | +0.2% | -3.70% | Trim |
| 18 | ✓ | +0.1% | NEW | New buy | |
| 19 | GLW | Corning Inc | +0.1% | -6.25% | Trim |
| 20 | CRWD | Crowdstrike Holdings Inc - A | +0.1% | -5.89% | Trim |
| 21 | TXN | Texas Instruments Inc | +0.1% | -3.70% | Trim |
| 22 | DELL | Dell Technologies -c | +0.1% | -8.73% | Trim |
| 23 | ✓ | +0.1% | NEW | New buy | |
| 24 | ✓ | +0.1% | NEW | New buy | |
| 25 | ALAB | Astera Labs Inc | +0.1% | -1.59% | Trim |
| 26 | GE | General Electric | +0.1% | -4.80% | Trim |
| 27 | GEV | GE Vernova Inc | +0.1% | -4.52% | Trim |
| 28 | BE | Bloom Energy Corp- A | +0.1% | +15.47% | Add |
| 29 | APH | Amphenol Corp-cl A | +0.1% | -3.47% | Trim |
| 30 | QCOM | Qualcomm Inc | +0.1% | -3.54% | Trim |
| 31 | DDOG | Datadog Inc - Class A | +0.1% | -2.88% | Trim |
| 32 | NBIS | Nebius Group N.V. | +0.1% | -7.25% | Trim |
| 33 | GOOG | Alphabet Inc-cl C | +0.1% | -8.71% | Trim |
| 34 | ANET | Arista Networks Inc | +0.1% | -4.10% | Trim |
| 35 | FTNT | Fortinet Inc | +0.1% | -4.38% | Trim |
| 36 | ✓ | Carnival CORP LTD F | +0.1% | NEW | New buy |
| 37 | COHR | Coherent CORP | +0.1% | +14.42% | Add |
| 38 | FLEX | Flex Ltd. | +0.1% | -4.45% | Trim |
| 39 | CVS | Cvs Health CORP | 0% | -3.69% | Trim |
| 40 | SNOW | Snowflake Inc | 0% | -1.94% | Trim |
| 41 | CRDO | Credo Technology Group Holding Ltd | 0% | -1.89% | Trim |
| 42 | HPE | Hewlett Packard Enterprise | 0% | -4.45% | Trim |
| 43 | ADI | Analog Devices Inc | 0% | -4.18% | Trim |
| 44 | TER | Teradyne Inc | 0% | -3.92% | Trim |
| 45 | VRT | Vertiv Holdings Co-a | 0% | -3.82% | Trim |
| 46 | HUM | Humana Inc | 0% | -4.05% | Trim |
| 47 | URI | United Rentals Inc | 0% | -4.84% | Trim |
| 48 | RKLB | Rocket Lab CORP | 0% | +4.00% | Add |
| 49 | ✓ | 0% | NEW | New buy | |
| 50 | AMZN | Amazon.com Inc | 0% | -3.32% | Trim |
1–50 of 200
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Filing History
Related 13F Filing Analysis
- Swiss National Bank2026-Q1
SNB opens new AZN stake worth $1.20B
Aug 1, 2026⏱ 3 minMSFTAZNXOMTSLARead →
FAQ
What is Swiss National Bank and what type of investor is it?
Swiss National Bank is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $191.4B, spread across 2301 disclosed positions.
What are Swiss National Bank's largest equity positions?
Based on the latest 13F filing, Swiss National Bank's top holdings by market value are:
1. Nvidia CORP (NVDA) — $13.0B (6.8%)
2. Apple Inc (AAPL) — $12.0B (6.3%)
3. Microsoft CORP (MSFT) — $7.4B (3.9%)
4. Amazon.com Inc (AMZN) — $6.5B (3.4%)
5. Alphabet Inc-cl A (GOOGL) — $5.9B (3.1%)
What changes did Swiss National Bank make in its most recent portfolio filing?
In the latest reported quarter, Swiss National Bank made 200 notable position adjustments: 11 new positions were initiated, 14 existing holdings were added to, 169 positions were partially reduced, and 6 were completely exited. The largest of these moves: Sold out: Honeywell International Inc (HON); New buy: ; New buy: ; New buy: ; New buy: Carnival CORP LTD F
What sectors does Swiss National Bank focus on?
Swiss National Bank is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 39.1%
• Consumer Discretionary: 10.4%
• Health Care: 10.4%
• Communication Services: 9.9%
• Industrials: 9.9%
• Financials: 5.0%
Investment Profile
Swiss National Bank returned an annualized 18.9% over the trailing 36 months — underperforming the S&P 500 by 1.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.00 (roughly in line with the market) and a 42% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 39.1% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 19 over the past 4 quarters — a shift toward more active trading.
It has added to its MU position over the past two quarters (+$2.8B, now $3.7B), while trimming MSFT over the same stretch (-$1.9B, still holding $7.4B).
Peer Institutions
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NM
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FA
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JC
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Developer Access
Access Swiss National Bank's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/swiss-national-bankCLI
npx alphasmo institutions get swiss-national-bank