Swiss National Bank's Trades and Holdings in Q2 2025

Breaking down the stocks Swiss National Bank bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Swiss National Bank's 13F filed on August 12, 2025.

Who is 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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Q2 '25 13F filed with SEC

Portfolio Changes in Q2 2025

New positions

The Swiss National Bank initiated 20 new positions during Q2 2025, with the largest being Emera (EMA.TO) at $41.3M, Astera Labs (ALAB) at $22.4M, and SEI Investments (SEIC) at $18.3M. Other notable new holdings include Ralliant (RAL) at $16.6M, Franklin Resources (BEN) at $13.2M, and AI company Tempus AI (TEM) at $9.2M.

Bought

The central bank significantly increased its holdings in several major technology positions, adding 4.8M shares to Nvidia (NVDA), 3.1M shares to Apple (AAPL), 2.2M shares to Amazon (AMZN), 1.5M shares to Microsoft (MSFT), and 1.2M shares to Alphabet (GOOGL). The bank also made substantial additions to Amcor (AMCR) with 2.8M additional shares and O'Reilly Automotive (ORLY) with 2.4M shares.

Sold

Swiss National Bank completely liquidated 10 positions, with the largest exit being Discover (DFS) worth $121M, followed by KE Holdings (BEKE) at $31.8M and Intra-Cellular Therapies (ITCI) at $24.4M. Other complete exits included US Steel (X), Berry Global (BERY), Beacon Roofing (BECN), and Southwest Airlines (LUV). The bank also reduced its Viatris (VTRS) position by 1.1M shares.

New Investments in Q2 2025

Emera EMA.TO

Swiss National Bank bought $41.29M of Emera in Q2 2025. Emera delivered exceptional Q2 2025 performance with adjusted net income of $236 million ($0.79 per share), representing a 49% increase in adjusted EPS compared to Q2 2024. The company is experiencing its fourth consecutive quarter of meaningful earnings increases, primarily driven by strong performance in its Florida operations and favorable weather conditions. Management maintains confidence in 7-8% rate base growth expectations supported by essential infrastructure investments focused on reliability and storm hardening.

• Adjusted EPS increased 49% year-over-year to $0.79 in Q2 2025.
• Adjusted net income rose to $236 million in Q2 2025 from $151 million in Q2 2024.
• Rate base growth targeted at 7-8% annually through strategic infrastructure investments.

Astera Labs ALAB

Swiss National Bank bought $22.41M of Astera Labs in Q2 2025. Astera Labs delivered exceptional Q2 2025 results with record revenue of $191.9 million, representing explosive 150% year-over-year growth and 20% sequential growth, significantly outpacing analyst estimates by 11.3%. The company's AI infrastructure connectivity solutions are experiencing unprecedented demand, driving non-GAAP operating margins to 39.2%, up 550 basis points quarter-over-quarter, while maintaining a strong balance sheet with $1.07 billion in cash. The stock has responded favorably with a nearly 30% surge post-earnings, reflecting investor confidence in the company's strategic positioning within the rapidly expanding AI infrastructure market, bolstered by partnerships with NVIDIA and growing institutional ownership.

• Revenue exploded 150% year-over-year to $191.9 million in Q2 2025, beating estimates by 11.3%.
• Non-GAAP EPS of $0.44 significantly exceeded analyst expectations of $0.32.
• Operating margin expanded 550 basis points quarter-over-quarter to 39.2% with strong operational leverage.

SEI Investments SEIC

Swiss National Bank bought $18.34M of SEI Investments in Q2 2025. The investment appears well-timed as SEI Investments delivered exceptional Q2 2025 results with 70% EPS growth and 8% revenue growth year-over-year, demonstrating strong operational execution across core wealth management businesses. While Q2 EPS of $1.78 benefited from a $94.4 million gain on the sale of its Family Office Services business, underlying fundamentals remain robust with operating margins expanding to 27% and the company generating $700 million in shareholder returns. SEI's strategic acquisition of 57.5% of Stratos Wealth positions the company to capture greater market share in the growing independent advisor space, with management highlighting continued investments in technology and infrastructure to support long-term growth.

• Q2 2025 EPS of $1.78 increased 70% year-over-year, beating estimates by 50.85%.
• Six-month 2025 net income grew 40% to $378.6 million with operating margin expanding to 28%.
• Return on equity reached 27% reflecting disciplined capital allocation and operational efficiency improvements.

Ralliant RAL

Swiss National Bank bought $16.65M of Ralliant in Q2 2025. Ralliant demonstrated sequential improvement in Q2 2025 with revenue growing 4% quarter-over-quarter to $503 million, though still declining 6% year-over-year as the company navigates its recent spin-off from Fortive completed on June 28, 2025. The company's net income dropped 26.5% to $47.6 million with margins under pressure from spin-related dis-synergies, prompting management to launch a cost savings program targeting $9-11 million in annualized savings. Management's capital allocation strategy includes authorizing up to $200 million in share repurchases and establishing a quarterly dividend of $0.05 per share, signaling confidence in the business despite near-term headwinds.

• Revenue grew 4% sequentially in Q2 2025 to $503 million but declined 6% year-over-year.
• Net income dropped 26.5% to $47.6 million with adjusted EPS of $0.67.
• Q3 2025 revenue guidance projects growth to $513-527 million, representing potential sequential improvement of 2-5%.

Franklin Resources BEN

Swiss National Bank bought $13.17M of Franklin Resources in Q2 2025. Franklin Resources has experienced declining performance over the past two quarters, with net income falling from $163.6 million in Q1 2025 to $151.4 million in Q2 2025, while operating income dropped significantly from $219.0 million to $145.6 million. The investment management firm has underperformed the broader market substantially, with shares declining 29.4% over the past year compared to the S&P 500's 5.5% gain. Despite managing over $1.6 trillion in assets under management, the company faces headwinds with analysts projecting full-year 2025 EPS of $2.01, representing a 15.9% decline from fiscal 2024.

• Adjusted operating income decreased 8.6% quarter-over-quarter to $377.2 million in Q2 2025.
• Adjusted diluted EPS fell from $0.59 in Q1 2025 to $0.47 in Q2 2025, missing prior year's $0.56.
• Stock underperformed the Financial Select Sector SPDR Fund by 44.8 percentage points, declining 29.4% vs the fund's 15.4% gain.

Tempus AI TEM

Swiss National Bank bought $9.18M of Tempus AI in Q2 2025. Tempus AI demonstrated exceptional momentum in Q2 2025, delivering 89.6% year-over-year revenue growth to $314.6 million and significantly beating analyst estimates. The company's strong operational performance led management to raise full-year 2025 revenue guidance to $1.26 billion while projecting positive adjusted EBITDA for the first time. The stock has responded positively to these results, surging over 9% following the Q2 earnings announcement and continuing to trend upward with recent gains of 5.26%.

• Revenue surged 89.6% year-over-year in Q2 2025 to $314.6 million, exceeding analyst estimates by $16.8 million.
• Non-GAAP EPS loss narrowed to ($0.22) in Q2 2025, beating expectations of ($0.23) and showing significant operating leverage.
• Stock jumped over 9% after Q2 earnings release and has maintained upward momentum with 5.26% gains as of August 14, 2025.

WNS WNS

Swiss National Bank bought $5.03M of WNS in Q2 2025. WNS has demonstrated mixed performance over the last two quarters, with revenue growing sequentially from $336.30M in Q4 2025 to $339.90M in Q1 2026, representing solid top-line momentum. However, earnings per share declined significantly from $1.45 to $1.02 quarter-over-quarter, indicating margin pressure despite revenue growth. The company has consistently beaten consensus earnings estimates, including a $0.05 beat in the most recent quarter, suggesting management is effectively managing expectations while navigating operational challenges.

• Revenue increased 1.1% sequentially from Q4 2025 to Q1 2026, reaching $339.90M.
• EPS declined 29.7% quarter-over-quarter from $1.45 to $1.02, indicating margin compression.
• Consistently outperformed consensus estimates, beating EPS expectations by $0.05 in Q1 2026 and $0.04 in Q4 2025.

Mobileye Global MBLY

Swiss National Bank bought $3.44M of Mobileye Global in Q2 2025. The company demonstrated strong momentum in Q2 2025, delivering 13 cents in adjusted EPS that beat estimates by 2 cents while revenue of $506M exceeded expectations and grew 15.26% year-over-year. Operating leverage improved significantly with adjusted operating margin expanding to 21% from 18% in the prior year, driven by strong EyeQ chip volumes and growing demand for the SuperVision ADAS system. Management's confidence is evident in their raised 2025 revenue guidance to $1,765-$1,885M from the previous $1,690-$1,810M range, reflecting accelerating adoption of their autonomous driving technology platform.

• Q2 2025 revenue grew 15.26% year-over-year to $506M, beating consensus estimates.
• Adjusted operating margin expanded 300 basis points to 21% compared to 18% in Q2 2024.
• Gross margin improved 220 basis points year-over-year to 50% in Q2 2025.

Constellium CSTM

Swiss National Bank bought $3.27M of Constellium in Q2 2025. Constellium delivered mixed Q2 2025 results with 9% revenue growth to $2.1 billion offset by a 53% decline in net income to $36 million, reflecting continued weakness in automotive and aerospace end markets despite strength in packaging. Management raised full-year 2025 adjusted EBITDA guidance to $620-650 million, demonstrating confidence in their aggressive cost reduction initiatives and tariff mitigation strategies. The company maintains strong capital discipline with $41 million in quarterly free cash flow and $35 million in share repurchases, while leverage peaked at 3.6x and is expected to decline through year-end.

• Revenue increased 9% year-over-year in Q2 2025 to $2.1 billion driven by higher aluminum prices and modest volume growth.
• Net income declined 53% to $36 million in Q2 2025 compared to $77 million in Q2 2024 due to end market weakness.
• Adjusted EBITDA guidance raised to $620-650 million for full-year 2025, up from previous guidance, excluding metal price lag impacts.

Seadrill SDRL

Swiss National Bank bought $2.96M of Seadrill in Q2 2025. Seadrill demonstrated mixed Q2 2025 performance with strong operational improvements including 45% sequential growth in Adjusted EBITDA to $106 million and a robust 93.4% utilization rate, though the company posted a $42 million net loss primarily due to a $51 million legal charge. The offshore drilling company secured significant new contracts including $300 million in Gulf of Mexico work and maintains a strong $2.5 billion order backlog, positioning it well for the anticipated market recovery in late 2026. Despite operational resilience, persistent cash flow challenges with negative $12 million free cash flow and $206 million net debt highlight ongoing financial pressures in the cyclical offshore drilling sector.

• Adjusted EBITDA surged 45% sequentially to $106 million in Q2 2025 with 29.4% margin.
• Total operating revenues increased $42 million to $377 million compared to prior quarter.
• Net loss of $42 million represents 116.6% decline from $253 million profit in Q2 2024.

TMC Metals TMC

Swiss National Bank bought $2.94M of TMC Metals in Q2 2025. The Metals Company significantly missed Q2 2025 earnings expectations with a loss of $0.20 per share versus estimates of $0.05, representing a substantial deterioration from the $0.06 per share loss in Q2 2024. Despite the widening losses driven primarily by non-cash warrant charges, the company strengthened its financial position by raising over $120 million in new capital during the quarter, boosting cash reserves to $115.8 million from just $3.5 million at year-end 2024. The company made notable regulatory progress with U.S. authorities and received full compliance notice from NOAA for exploration applications, advancing toward its target of first production from the NORI-D deep-sea mining project in Q4 2027.

• Net loss per share increased 233% year-over-year from $0.06 to $0.20 in Q2 2025.
• Cash position improved dramatically by over 3,200% from $3.5 million to $115.8 million since December 2024.
• Missed EPS estimates by 300% with actual loss of $0.20 versus consensus estimate of $0.05.

Karman Holdings KRMN

Swiss National Bank bought $2.54M of Karman Holdings in Q2 2025. Karman Holdings delivered exceptional Q2 2025 results with record quarterly revenue of $115.1 million, representing 35.3% year-over-year growth, driven by strong performance across all three business segments including defense and space operations. The company's operational efficiency improvements led to a 47.8% surge in net income to $6.8 million, while management raised full-year 2025 revenue guidance to $452-458 million following strategic acquisitions and $1.5 billion in new financing. Despite missing consensus EPS by a penny at $0.10 versus $0.11 expected, the company's funded backlog reached an all-time high with 36% year-over-year growth, positioning it well for continued expansion in the defense and space sectors.

• Revenue surged 35.3% year-over-year to $115.1 million in Q2 2025.
• Net income jumped 47.8% to $6.8 million with adjusted EBITDA up 29%.
• Funded backlog grew 36% year-over-year and 24% quarter-over-quarter.

Lionsgate Studios LION

Swiss National Bank bought $2.38M of Lionsgate Studios in Q2 2025. Lionsgate Studios showed mixed performance in Q2 2025, with studio revenue growing 4.3% year-over-year to $824 million, demonstrating solid top-line expansion despite challenging market conditions. However, profitability remains a concern as the studio posted an adjusted OIBDA loss of $6 million, impacted by poor performance from theatrical releases like "Borderlands" and slower-than-expected recovery in the television business post-industry strikes. The company's trailing 12-month library revenue of $892 million grew 2.5%, indicating steady monetization of their content catalog, though management revised down their full-year adjusted OIBDA forecast to $300-320 million reflecting ongoing operational challenges.

• Studio revenue increased 4.3% year-over-year to $824 million in Q2 2025.
• Adjusted OIBDA posted a loss of $6 million compared to prior expectations.
• Trailing 12-month library revenue grew 2.5% to $892 million, showing steady catalog performance.

Allied Gold AAUC

Swiss National Bank bought $1.83M of Allied Gold in Q2 2025. Allied Gold demonstrated strong operational momentum in Q2 2025 with production increasing 8.3% quarter-over-quarter to 91,017 ounces and revenue surging 28.8% year-over-year to $252.0 million. Despite reporting a net loss of $25.4 million, the company maintains a robust financial position with $218.6 million in cash and is well-positioned for accelerating growth in the second half of 2025. The company is implementing significant operational improvements across its African mining operations and expects production to be weighted 55% toward H2 versus 45% in H1, with Q4 production guidance of 118,000-122,000 ounces representing a substantial sequential increase.

• Q2 2025 gold production increased 8.3% quarter-over-quarter to 91,017 ounces.
• Revenue grew 28.8% year-over-year in Q2 2025 to $252.0 million.
• Q4 2025 production guidance of 118,000-122,000 ounces represents approximately 30% sequential growth from Q2 levels.

DeFi Technologies DEFT

Swiss National Bank bought $1.73M of DeFi Technologies in Q2 2025. DeFi Technologies demonstrated exceptional operational turnaround in Q2 2025, reporting US$32.1 million in adjusted revenues representing a 27% year-over-year increase, while achieving a remarkable swing from a US$6.1 million loss in Q2 2024 to US$17.4 million in adjusted net income. The company's financial technology platform bridging traditional capital markets and decentralized finance has shown strong momentum through its Valour subsidiary, which generated US$6.9 million in staking and lending income plus US$2.1 million in management fees during the quarter. However, the stock recently missed EPS consensus expectations by $0.02, reporting $0.05 versus the expected $0.07, though the overall financial performance indicates significant operational improvements.

• Adjusted EBITDA surged from negative US$2.5 million in Q2 2024 to positive US$21.6 million in Q2 2025.
• Revenue grew 27% year-over-year from US$25.3 million to US$32.1 million in Q2 2025.
• EPS of $0.05 missed consensus estimates by $0.02 but represents significant improvement from prior year losses.

Groupon GRPN

Swiss National Bank bought $1.65M of Groupon in Q2 2025. Groupon delivered a strong turnaround in Q2 2025, returning to profitability with $20.34 million in net income compared to a loss in the prior year, while revenue of $125.7 million beat analyst expectations by 3%. The company demonstrated improved operational efficiency with 12% billings growth and $25 million in positive free cash flow, though revenue growth remained modest at 1% year-over-year. Following the earnings announcement, the stock surged 24.45% to $38.50, approaching its 52-week high, reflecting investor confidence in the company's transformation strategy and return to profitability after years of losses.

• EPS improved dramatically from -$0.25 loss per share in Q2 2024 to $0.46 profit per share in Q2 2025.
• Global billings grew 12% year-over-year to $416.7 million, with North America local billings up 20%.
• Stock price surged 24.45% post-earnings to $38.50, near its 52-week high of $43.05.

Radius Recycling SCHN

Swiss National Bank bought $1.43M of Radius Recycling in Q2 2025. Radius Recycling demonstrated mixed performance over the last two quarters, with Q3 2025 showing sequential improvements in ferrous, nonferrous, and finished steel sales volumes following a challenging Q2 2025 where the company posted a $33 million net loss despite 3% revenue growth to $642.5 million. The company has been pressured by lower global steel prices due to elevated Chinese exports, though operational improvements and higher sales volumes have provided some offset. The pending merger agreement with Toyota Tsusho America, Inc. represents a significant catalyst that could unlock substantial value for shareholders.

• Net loss improved to $33 million in Q2 2025 from $34 million in the prior year quarter.
• Revenue increased 3% year-over-year to $642.5 million in Q2 2025.
• Operating cash flow turned positive with $18 million generated in the first six months versus a $56 million cash outflow in the prior year period.

Orchid Island Capital ORC

Swiss National Bank bought $1.42M of Orchid Island Capital in Q2 2025. The investment reflects confidence in Orchid Island Capital's potential recovery despite challenging market conditions that led to a significant $33.6 million net loss in Q2 2025. The company reported a loss of $0.29 per common share during the quarter, attributed to turbulent financial markets impacting the mortgage REIT sector. While current performance shows losses, the timing of this institutional purchase suggests expectations for improved conditions in the mortgage-backed securities market that could benefit Orchid Island Capital's business model.

• Reported net loss of $33.6 million or $0.29 per share in Q2 2025.
• Q2 2025 losses attributed to turbulent financial market conditions affecting mortgage REITs.
• Current quarter performance shows 100% negative earnings compared to typical mortgage REIT profitability expectations.

Angi ANGI

Swiss National Bank bought $1.23M of Angi in Q2 2025. Angi demonstrated a strategic pivot toward profitability in Q2 2025, delivering a remarkable 228.6% increase in earnings per share to $0.23 and 166.6% growth in net income to $10.90 million, despite an 11.7% revenue decline to $278.22 million. The company achieved its first increase in proprietary service requests and leads since Q1 2021, with 7% growth in service requests and 16% increase in leads year-over-year, signaling operational momentum after years of contraction. Management's focus on shedding low-quality revenue and unprofitable expenses while improving customer satisfaction has positioned the company for a projected return to growth in 2026.

• EPS surged 228.6% to $0.23 in Q2 2025, demonstrating significant profitability improvement.
• Revenue beat analyst estimates by 6.3% at $278.2 million versus consensus of $261.6 million.
• Net Promoter Score improved by 30 points and Pro retention grew 20% over two years, indicating operational strength.

Acuren TIC

Swiss National Bank bought $1.15M of Acuren in Q2 2025. Acuren delivered mixed Q2 2025 results with revenue growing 1.5% year-over-year to $313.9 million, but profitability came under pressure as Adjusted EBITDA margins compressed from 19.1% to 17.4% due to higher costs and normalized business mix. The company completed a transformational $1.7 billion acquisition of NV5 post-quarter, significantly expanding its scale and capabilities in the testing, inspection, and certification space while taking on substantial additional debt financing. While revenue growth remains steady driven by new customer wins and strong callout volumes, investors are watching for improved margin performance and successful integration of the major acquisition.

• Revenue increased 1.5% year-over-year to $313.9 million in Q2 2025 with 2.0% organic growth.
• Adjusted EBITDA margin compressed 170 basis points from 19.1% to 17.4% year-over-year.
• Completed $1.7 billion NV5 acquisition with $875 million in additional term loan financing post-quarter.

Holdings at the end of Q2 2025

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.