Thoughts about this ?
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Isn’t it mostly market cap weighted (minus excluding financials)?
It’s been a while that the SNB has a small equity exposure (besides gold and sovereign bonds).
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It’s literally like taking QQQ’s top 4 holdings
Or just market cap weighted US stock market.
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It’s more like this: “$167 billion (CHF132 billion), spread across more than 2,300 positions”
Rationale: “…the franc’s strength poses a persistent challenge…which the SNB would have to react to.”
Should we be thankful that SNB has been weakening the strong Swiss Franc for the past decade?
Also it’s a pretty conservative portfolio (just 25% on equity)
And with roughly as much eur and usd reserves.
And:
Equities are managed on a purely passive basis, whereby broad market indices of advanced and emerging economies are replicated.
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From the article
Though passive in philosophy, however, it is not a static holder. IMD data from SEC filings show that in 2023, the bank held no Berkshire Hathaway stock. By 2025, it had built a position worth more than $2 billion.
It also significantly increased its exposure to Nvidia, multiplying its shareholding more than sixfold over the same period. The value of its stake rose by more than 175%, reflecting both buying and a surge in the chipmaker’s stock price.
It has reduced its positions in Meta and Netflix over the past two years – although those smaller holdings have gained sharply in value. Similarly, even though it now holds fewer shares in Palantir Technologies, the data analytics company’s surging price boosted the value of its stake eightfold.
Interesting that in theory, it should be passive but in practice less so.
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I’d be interested in seeing a deep dive on that, they’re very clear they don’t do stock picking or sector weighting (beyond bank/financial).
My uneducated guess is that it looks overweight because they optimize their holdings with derivative (they are allowed by the policy). Afaik derivative won’t show up on SEC filings.
(I can’t really reconcile otherwise with what would be a blatant violation of the policies)
Edit: iirc holding of synthetic ETFs looked similarly overweight
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They trade the US stock market nicely I would say.