Breaking down the stocks Swiss National Bank bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Swiss National Bank's 13F filed on May 07, 2026.
Who is the Swiss National Bank?
The Swiss National Bank (SNB) is Switzerland's central bank, established in 1907, which uniquely maintains substantial equity holdings as part of its foreign currency reserves management and monetary policy operations. Unlike most central banks, the SNB actively invests in global equity markets, with a portfolio exceeding $150 billion in value. The bank's investment strategy focuses on broad market exposure while avoiding controlling positions in any single company, balancing risk management with the need to maintain substantial foreign currency reserves.
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Q1 '26 13F filed with SEC
Holdings in Q1 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| NVDA | Nvidia | 22.8% | Added (+7%) | $12437.3B |
| AAPL | Apple | 20.0% | Added (+6%) | $10947.22B |
| MSFT | Microsoft | 14.0% | Added (+7%) | $7670.55B |
| AMZN | Amazon | 10.8% | Added (+7%) | $5880.71B |
| GOOGL | Alphabet | 9.0% | Added (+7%) | $4911.47B |
| GOOG | Alphabet | 7.5% | Added (+7%) | $4096.76B |
| AVGO | Broadcom | 7.5% | Added (+8%) | $4091.35B |
| WMT | Walmart | 2.9% | Added (+7%) | $1598.84B |
| AZN | AstraZeneca | 2.2% | NEW | $1202.71B |
| VZ | Verizon | 1.1% | Added (+7%) | $621.18B |
| T | AT&T | 1.1% | Added (+6%) | $603.16B |
| INTC | Intel | 1.1% | Added (+7%) | $585.31B |
| CRM | Salesforce | 0.0% | Exited | $-691.12B |
| AXP | American Express | 0.0% | Exited | $-564.37B |
| DIS | Disney | 0.0% | Exited | $-560.54B |
| ISRG | Intuitive Surgical | 0.0% | Exited | $-556.39B |
| SHOP | Shopify | 0.0% | Exited | $-522.62B |
| INTU | Intuit | 0.0% | Exited | $-506.09B |
| QCOM | Qualcomm | 0.0% | Exited | $-503.11B |
| BKNG | Booking Holdings | 0.0% | Exited | $-475.63M |
| BA | Boeing | 0.0% | Exited | $-463.57M |
| ACN | Accenture | 0.0% | Exited | $-455.9M |
| APH | Amphenol | 0.0% | Exited | $-452.14M |
| UBER | Uber | 0.0% | Exited | $-443.6M |
| NOW | ServiceNow | 0.0% | Exited | $-436.58M |
Current Investment Strategy
The Swiss National Bank, deploying its roughly $168 billion U.S. equity portfolio as an extension of its foreign currency reserves mandate, maintained a passively managed, index-replicating approach in Q1 2026, with mega-cap technology names—Nvidia, Apple, Microsoft, Amazon, and Alphabet—anchoring more than a quarter of its disclosed holdings. The central bank used the quarter to shed more idiosyncratic positions, exiting Salesforce, American Express, Disney, Intuitive Surgical, and Shopify, while initiating a stake in AstraZeneca, signaling a modest tilt toward defensive, large-cap healthcare as part of its broader mandate to preserve capital and diversify across sectors without taking controlling positions in any single company.
New Investments
AstraZeneca AZN
Swiss National Bank bought $1202.71B of AstraZeneca in Q1 2026. AstraZeneca delivered strong performance through early 2026, with shares trading at 14,678.00 GBp in late March and reflecting a 38.76% gain over the past 12 months. However, Q2 2026 has brought notable headwinds, with the stock declining to 13,532.00 GBp by early May, marking its lowest level since February and representing an approximate 7.8% pullback from March highs. The recent correction appears to reflect profit-taking from elevated valuations rather than fundamental deterioration, as the company's earnings trajectory remains positive with EPS improving from 1.184 GBp to 1.216 GBp between Q2 and Q3 2025.
- Up 38.76% over the past 12 months with a 52-week trading range of 9,651.0 to 15,730.0 GBp.
- Q2 2026 weakness of approximately 7.8% from March highs despite continued operational momentum.
- EPS growth from 1.184 GBp in Q2 2025 to 1.216 GBp in Q3 2025 supports the long-term investment thesis.
Added, Trimmed, and Exited
Added
Swiss National Bank added to all 11 of its modified positions in Q1 2026, increasing exposure across its largest holdings: Nvidia (NVDA) (+4.7M shares), Apple (AAPL) (+2.5M shares), Amazon (AMZN) (+1.9M shares), Microsoft (MSFT) (+1.4M shares), AT&T (T) (+1.2M shares), Alphabet (GOOGL) (+1.1M shares), Broadcom (AVGO) (+925K shares), Alphabet (GOOG) (+890K shares), Intel (INTC) (+879K shares), Walmart (WMT) (+848K shares), and Verizon (VZ) (+820K shares).
What it means: The broad-based additions across mega-cap tech and defensive names suggest Swiss National Bank used Q1 2026 to deepen concentration in its highest-conviction, most liquid positions rather than pursue diversification. The notable additions to Nvidia (NVDA) and Broadcom (AVGO) point to continued confidence in the AI infrastructure buildout, while simultaneous increases in defensive telecoms like AT&T (T) and Verizon (VZ) indicate a deliberate effort to balance growth exposure with yield-bearing, lower-volatility assets — a pattern consistent with a central bank managing a large foreign currency reserve portfolio.
Trimmed
Swiss National Bank did not trim any existing positions during Q1 2026.
Exited
Swiss National Bank fully liquidated 13 positions in Q1 2026: Salesforce (CRM), American Express (AXP), Disney (DIS), Intuitive Surgical (ISRG), Shopify (SHOP), Intuit (INTU), Qualcomm (QCOM), Booking Holdings (BKNG), Boeing (BA), Accenture (ACN), Amphenol (APH), Uber (UBER), and ServiceNow (NOW).
What it means: The scale and breadth of these exits — spanning fintech, enterprise software, semiconductors, travel, industrials, and consumer discretionary — reads less like a thematic view on any single sector and more like a deliberate portfolio simplification. By shedding 13 positions simultaneously while adding to its core holdings, Swiss National Bank appears to be consolidating toward a smaller number of ultra-large, highly liquid names. This makes operational sense for a central bank whose mandate prioritizes reserve manageability and systemic liquidity over alpha generation. The exits of high-multiple growth names like Shopify (SHOP), ServiceNow (NOW), and Intuit (INTU) may also reflect valuation discipline heading into a period of heightened macro uncertainty.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
