Swiss National Bank's Trades and Holdings in Q2 2026

Breaking down the stocks Swiss National Bank bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Swiss National Bank's 13F filed on August 11, 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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Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

The Swiss National Bank continued its passive, index-tracking approach to U.S. equities in the second quarter of 2026, maintaining broadly diversified exposure across sectors without seeking controlling stakes, as reflected in a top-10 roster spanning healthcare (Revvity), consumer internet (Match Group), industrials (Pool, Gentex, Belden), fintech (ACI Worldwide), and regional banking (First Bancorp Corporation, Cathay General Bancorp). Notably, the central bank added exposure to aerospace and technology names such as Space Exploration Techn Corp, Honeywell Aerospace Inc, and Flex, while exiting positions in Coterra Energy, DuPont, and Flextronics Intl Ltd, and rotating in and out of real estate and infrastructure plays like Public Storage and Ferrovial within the same quarter—moves consistent with routine benchmark rebalancing rather than active stock-picking conviction.

New Investments

Space Exploration Techn Corp

Swiss National Bank bought $253.18M of Space Exploration Techn Corp in Q2 2026. Over the last two quarters, Space Exploration Technologies Corp has shifted from deep losses toward a more balanced growth profile, with Q2 2026 revenue climbing to $7.8B (up 92% year-over-year and roughly 67% sequentially versus Q1) and net loss narrowing to $541M from about $4.28B in the prior quarter. The shares remain in a drawdown relative to broad equity benchmarks, with year-to-date return of -27.82% versus the S&P 500 at +12.83%, but have rebounded sharply in the current quarter with a one-week gain of about 21% and still trade roughly a mid‑teens percentage below their mid‑June IPO levels. Current-quarter performance is being driven by rapid scaling of Starlink and new AI compute/cloud businesses—connectivity revenue up 66% year-over-year, AI solutions revenue up roughly 7x, and adjusted EBITDA up 191% to $3.5B—while heavy R&D and capex, including the announced $16.8B Terafab AI chip complex with Tesla, are suppressing near-term earnings but should materially expand long-term capacity and value.

• Q2 2026 revenue $7.81B, up 92% year-over-year and about 67% sequentially versus Q1 2026..
• Latest quarterly net loss improved to $541M from about $4.28B in Q1 2026 and $1.01B a year ago, with adjusted EBITDA rising to $3.54B (up 191% year-over-year)..
• Stock performance remains volatile: year-to-date return -27.82% vs S&P 500 at +12.83%, up about 21.14% over the last week yet still roughly 17% below its mid-June IPO price..

Honeywell Aerospace Inc

Swiss National Bank bought $198.2M of Honeywell Aerospace Inc in Q2 2026. This new position comes as the company posts Q2 2026 revenue of $4.52 billion (up 5% year over year) with backlog rising to $18.2 billion, but profitability and guidance have disappointed, driving a double‑digit share‑price decline and making the stock screen less favorably than many aerospace peers on near‑term growth and margin trends. Over the last two quarters, sales growth has been steady but supply‑chain constraints and inventory obsolescence charges have compressed margins, with adjusted EPS in Q2 dropping to roughly $1.8 (down about 30%+ year over year) and full‑year organic growth guidance cut to 4–5% from 7–9%. Despite these near‑term execution issues, the combination of high‑visibility backlog, trailing twelve‑month order growth of 8%, and potential easing of supply bottlenecks offers upside if management can shift mix back toward higher‑margin aftermarket and deliver on revised 2026 targets.

• Q2 2026 net sales of $4.52 billion, up from $4.29 billion a year earlier, representing 5% year‑over‑year growth..
• Q2 2026 adjusted EPS of roughly $1.8, down about 32% from the prior‑year level of approximately $2.75, and full‑year 2026 organic sales growth guidance reduced to 4–5% from 7–9%..
• Backlog increased to $18.2 billion, up 9% year over year, with trailing twelve‑month orders up 8% and a book‑to‑bill ratio of 1.1x..

Flex

Swiss National Bank bought $168.06M of Flex in Q2 2026. Over the last 12 months, Flex has delivered strong fundamental acceleration, with revenue up 16.9% and 21% year over year in the last two reported quarters and consistent EPS beats, while its shares have risen roughly 140%, dramatically outperforming the S&P 500’s ~20% gain. In the most recent quarter (Q1 FY2027), revenue increased about 21% YoY to roughly $7.9 billion and adjusted EPS rose about 39% to a record $1.00, driven by ~35% growth in Cloud & Power Infrastructure from AI data-center demand, and management raised full-year sales guidance to $33.7–$35.2 billion. While the stock has pulled back modestly over the last quarter after a strong run, Flex’s high trailing twelve-month return on equity of about 23%, expanding earnings base, and AI-related growth and guidance upgrades suggest the company is still gaining operational momentum relative to electronics manufacturing peers.

• Q1 FY2027 revenue up 21% year over year to roughly $7.9 billion, with adjusted EPS up about 39% to $1.00 and a 9.89% earnings surprise versus the $0.91 consensus..
• Previous quarter revenue grew 16.9% YoY to about $7.48 billion, with non-GAAP EPS of $0.93 beating estimates by roughly 6%..
• Shares are up about 106% year-to-date and roughly 140% over the last 12 months versus ~20% for the S&P 500, though down around 13% over the past three months..

Public Storage

Swiss National Bank bought $141.84M of Public Storage in Q2 2026. This incremental position comes as shares have trended higher, up 9.3% over the last three months, 14.18% over the last year, and 26.7% year-to-date despite occasional underperformance versus competitors, highlighting resilient fundamentals relative to broader REIT peers. Across the last two quarters, the company moved from a stronger Q1 2026 (core FFO per share of $4.22, a 2.18% beat and 2.4% year-over-year growth) to a more mixed current Q2 2026 (FFO per share of $4.17, a 2.34% miss and modest revenue shortfall), as higher financing and G&A costs weighed on earnings even while cash flows remained robust. Recent Q2 2026 operating data and strategic updates—including improving same-store trends (revenue down only 0.6–0.7%, occupancy at 92.5%, move-in rents up 1.6% year over year and 4% in June), strong non-same-store growth of 25.6%/21.5% in revenue/NOI, and reaffirmed 2026 core FFO guidance of $16.75–$17.05 following the PS4.0/National Storage Affiliates integration—suggest the business is stabilizing in the current quarter and could support further value appreciation as cost pressures normalize.

• Q1 2026 FFO per share was $4.22 versus an estimate of $4.13, a positive surprise of 2.18% and core FFO growth of 2.4% year over year..
• Q2 2026 FFO per share was $4.17, missing the $4.27 consensus by 2.34%, while GAAP EPS of $2.55 beat estimates by $0.02 and revenue of $1.01B fell short of the $1.23B forecast..
• Q2 2026 same-store metrics showed revenue down about 0.6–0.7%, NOI down about 2.0–2.2%, occupancy at 92.5%, move-in rents up 1.6% year over year (including 4% growth in June), and non-same-store revenue/NOI up 25.6%/21.5%..

Ferrovial Nv

Swiss National Bank bought $110.07M of Ferrovial Nv in Q2 2026. Following a strong first quarter—Q1 2026 revenue rose 10.2% like‑for‑like to €2,098 million and adjusted EBITDA increased 15%—the company delivered another robust print in the current quarter, with Q2 revenue around €2,603 million and continued double‑digit like‑for‑like growth, signaling that operating momentum is clearly improving versus last year. Despite EPS of about €0.12 in Q1 and roughly $0.21 in Q2 both undershooting consensus, H1 adjusted EBITDA has climbed to €746 million (up 21.6% like‑for‑like), cash and cash equivalents are near $9 billion, and the share price has moved modestly higher, leaving the stock on a normalized multiple of about 47x P/E that reflects investors’ willingness to pay a premium for its infrastructure growth profile. Recent catalysts that could further support value include the April 2026 re‑domiciliation to the Netherlands, a record construction order book of roughly €18 billion plus €2.6 billion in pre‑awarded contracts, and double‑digit EBITDA growth at key highway assets such as 407 ETR and the Dallas‑Fort Worth managed lanes, offset only partially by softer traffic at a handful of concessions.

• Q1 2026 revenue was €2,098 million, up 10.2% like‑for‑like year over year and ahead of consensus estimates of around €2.06 billion..
• For H1 2026, revenue reached €4,701 million (up 11.3% like‑for‑like) and adjusted EBITDA reached €746 million (up 21.6% like‑for‑like). .
• Since the Q2 2026 earnings release, shares have gained about 2.1%, and the stock currently trades on a normalized P/E of 47.06x..

DuPont

Swiss National Bank bought $52.27M of DuPont in Q2 2026. This purchase increases our exposure to a materials and specialty chemicals leader that is showing clear earnings momentum, as the current quarter delivered 4% organic sales growth, net sales of $1.82 billion, operating EBITDA margin expansion of 80 bps to 24.6%, and adjusted EPS up 21% year-over-year to $1.88, all above guidance and consensus. Taken together with the prior quarter, where net sales grew about 4% to around $1.7 billion, organic sales rose 2%, and adjusted EPS reached $0.55 with a double-digit surprise versus forecasts, the last two quarters confirm that the company is gaining rather than declining, driven by pricing, productivity, and disciplined cost control. Major portfolio actions (including the Electronics division spin-off into Qnity and the aramids sale), sustained margin improvement from full-year 2025 into 2026, strong free cash flow conversion of about 127% this quarter, and raised full-year profit guidance despite some water-segment headwinds are key catalysts that we expect to support further value creation from this position.

• Q2 2026 net sales $1.82 billion (up 4% year-over-year) on 4% organic sales growth, with operating EBITDA of $448 million and margin of 24.6% (+80 bps YoY)..
• Q2 2026 adjusted EPS of $1.88 increased 21% year-over-year and beat the $1.76 consensus by $0.12, following Q1 2026 adjusted EPS of $0.55 versus a $0.49 forecast (+12% surprise)..
• Transaction-adjusted free cash flow conversion was about 127% in Q2 2026, after Q1 2026 transaction-adjusted free cash flow of $147 million and operating cash flow of $232 million from continuing operations..

Fedex Fght Hldg Co Inc

Swiss National Bank bought $47.03M of Fedex Fght Hldg Co Inc in Q2 2026. Over the past 12 months, the share price is up 8.69% versus the S&P 500’s 20.44%, reflecting investor caution as revenue and earnings have declined and margins compressed. In FY2026, revenue declined 1.1% to $8.8B, operating income fell 58.6% to $616M, and adjusted operating margin dropped from 16.7% to 12.6%, underscoring a significant squeeze in profitability despite relatively stable top-line performance. In the most recent quarter, revenue rebounded to $2.4B (up 4.8% year-over-year and roughly 20% sequentially from about $1.99B) with an adjusted operating margin of about 15%, suggesting volumes and pricing are improving even as reported operating income remains sharply lower year-over-year, and FedEx’s broader cost-savings and yield-improvement initiatives provide a potential catalyst for margin recovery and value creation.

• FY2026 revenue $8.8B, down 1.1% year-over-year; net income $655M, down 51.3% year-over-year..
• Q4 FY2026 revenue $2.4B, up 4.8% year-over-year and roughly 20% sequentially from about $1.99B in the prior quarter; adjusted operating margin about 15%..
• Current valuation: trailing P/E ratio about 20.7x, price-to-sales 2.65x, and 1-year total return 8.69% versus S&P 500’s 20.44%..

Medline Inc

Swiss National Bank bought $40.67M of Medline Inc in Q2 2026. In the current quarter, Medline reported Q2 2026 net sales of $7.7 billion, up 11.6% year over year with organic sales growth of 11.5%, while net income declined 58.3% to $139 million as higher tariffs, operating expenses to support growth, and a $336 million loss from the Tracy distribution center fire compressed margins. Despite these headwinds, Q2 adjusted EBITDA increased 13.4% to $1.06 billion (including a net $243 million tariff refund benefit) and adjusted diluted EPS of $0.50 beat the $0.32 consensus by roughly 56%, a notable improvement from Q1 2026 when net sales grew 10.7% but adjusted EBITDA fell 10.6% to $776 million and adjusted EPS was $0.33. Over the last twelve months, Medline has sustained low‑double‑digit top‑line momentum (first‑half 2026 sales up 11.1% to $15.0 billion and >$650 million of new customer signings, including 16% growth in Supply Chain Solutions), which indicates share gains versus slower‑growing peers, based on typical mid‑single‑digit industry growth rates rather than specific cited data, while management has raised full‑year organic sales guidance to 9–10% but cut adjusted EBITDA guidance to $3.3–$3.4 billion (from $3.5–$3.6 billion), prompting a roughly 14.8% stock pullback even as strong free cash flow of $920 million and leverage reduced to 2.9x support the longer‑term value case.

• Q2 2026 net sales $7.7 billion, up 11.6% year over year; first‑half 2026 sales $15.0 billion, up 11.1% year over year..
• Q2 2026 adjusted EBITDA $1.06 billion (+13.4% YoY) including $243 million in tariff refunds; reported net income down 58.3% YoY to $139 million and underlying EBITDA about $817 million..
• Full‑year 2026 guidance: organic sales growth raised to 9–10%, adjusted EBITDA lowered to $3.3–$3.4 billion (from $3.5–$3.6 billion); Q2 adjusted EPS $0.50 vs $0.32 consensus (+56.25% surprise), first‑half free cash flow $920 million, net leverage 2.9x..

Sharkninja Inc

Swiss National Bank bought $36.56M of Sharkninja Inc in Q2 2026. Over the last two quarters, net sales have accelerated from $1.41 billion in Q1 2026 (up 15.6% year over year) to roughly $1.77 billion in Q2 (up 22.2% year over year), signaling strengthening demand and leaving the company firmly in a faster‑growth cohort than most consumer appliance peers. In the current quarter, gross margin held near 48.7%, adjusted EBITDA expanded to about $265 million, and international sales grew roughly 36.6% versus domestic at 15.5%, while adjusted EPS around $0.92 missed expectations but still supported a share price move of nearly 4.9% toward its $178 52‑week high as investors focused on growth and guidance. Looking back over the last 12 months, the company has delivered full‑year 2025 net sales of $6.4 billion (about 16% growth), adjusted EBITDA of roughly $1.14 billion and adjusted EPS near $5.28, and is now pairing continued double‑digit revenue growth with a raised 11.5–12.5% sales outlook and a $750 million buyback program, all of which should support further multiple expansion.

• Q1 2026 net sales grew 15.6% year over year to $1.41 billion, with adjusted EBITDA up 17.5% to $235.4 million and adjusted EPS of $1.09 beating the $0.84 consensus..
• Q2 2026 net sales rose 22.2% year over year to roughly $1.77 billion, international sales advanced 36.6% and domestic sales grew 15.5%, while adjusted EBITDA increased about 18.6% to around $265 million..
• For full‑year 2025, net sales reached $6.4 billion (up about 16% year over year), adjusted EBITDA was roughly $1.14 billion with margin near 18%, and adjusted EPS climbed nearly 21% to about $5.28..

TFI International

Swiss National Bank bought $36.21M of TFI International in Q2 2026. This purchase adds exposure to a leading North American trucking and logistics operator that is gaining momentum, with Q2 2026 total revenue up 12%, revenue before fuel surcharge up 6%, and operating income up 29% year over year as improving freight conditions and recent acquisitions drive growth. Adjusting for a freight downturn that weighed on results through 2025, the last two quarters have both delivered positive earnings surprises—Q1 EPS beat consensus by about 13% and Q2 adjusted diluted EPS rose 38% year over year to 1.85, with operating margin expanding from 9.5% to 11.6%, signaling renewed earnings momentum relative to a transport sector still facing freight market uncertainty. Recent catalysts that should support valuation include sharply better Truckload economics (segment operating income up about 50% and operating ratio improved to 86.1% from 93% sequentially), double‑digit revenue growth in truckload and logistics, a 4% dividend increase to $0.47 per share, and Q3 adjusted EPS guidance of 1.70–1.80, all pointing to continued value creation if execution stays on track despite a still-choppy freight backdrop.

• Q2 2026 total revenue increased 12% year over year to $2.29 billion, while revenue before fuel surcharge rose 6% to $1.90 billion..
• Q2 2026 adjusted diluted EPS grew 38% year over year to 1.85, versus analyst expectations around 1.59–1.56, a positive earnings surprise of roughly 16%..
• Truckload segment operating income rose about 50% year over year, with the adjusted operating ratio improving to 86.1% from 93% in Q1 2026, and the quarterly dividend was raised 4% to $0.47 per share..

Wise Group Plc

Swiss National Bank bought $33.68M of Wise Group Plc in Q2 2026. Over the last two quarters, the company has continued to compound at a mid‑20s growth rate, with cross‑border volume rising to $69.3bn in Q1 FY27 (+26% YoY) from £49.4bn in Q4 FY26 (+26% YoY), and active customers increasing to 11.9m (+21% YoY) alongside customer holdings of $41.2bn (+31% YoY). Fundamentals remain robust over the last 12 months, with FY26 net revenue reaching $2.5bn (+19% YoY) and income before tax of $660.4m (a 26% margin), while Q1 FY27 net revenue grew a further 25% YoY to $714m and interest income on customer balances rose 11% QoQ and 15% YoY to $225.4m, even as the cross‑border take rate compressed by 2bps YoY to 0.50% as management proactively invests in lower prices to drive scale. Taken together, the recent Q4 FY26 trading update and Q1 FY27 results highlight a business that is still gaining share and deepening customer engagement—card spend and account usage grew in the high‑30% range in FY26, and management continues to diversify income through the account and card while maintaining strong profitability—which should be supportive for valuation as investors re‑rate structurally profitable, high‑growth cross‑border payment platforms.

• Net revenue up 25% YoY in Q1 FY27 to $714m, after FY26 net revenue of $2.5bn grew 19% YoY..
• Active customers increased 21% YoY to 11.9m in Q1 FY27, versus 11.3m (+22% YoY) in Q4 FY26 and 18.9m (+21% YoY) for FY26 overall..
• Customer holdings rose 31% YoY to $41.2bn in Q1 FY27, following Q4 FY26 growth of 37% YoY to £29.4bn and FY26 customer balances of $39bn (+40% YoY)..

Circle

Swiss National Bank bought $26.24M of Circle in Q2 2026. Over the last twelve months, Circle has transitioned from a high-growth, loss-making stablecoin platform to a consistently profitable issuer, with Q2 2026 net income of $48 million versus a $482 million net loss in Q2 2025, while total revenue and reserve income grew 7% year-over-year to $701 million as top-line momentum moderated. Quarter-on-quarter, performance is more subdued: Q2 2026 revenue of $701 million is only about 1% above Q1’s $694 million, adjusted EBITDA slipped from $151 million to $143 million, and diluted EPS declined from $0.21 to $0.18, as lower reserve yields and a weak crypto market weighed on growth even though the stock has recovered to roughly $75 after initial post-earnings volatility. Operationally the company is gaining scale but ceding some share: USDC circulation ended Q2 at $73.3 billion (up 19% YoY) with average circulation of $76.5 billion (up 25%), onchain transaction volume surged 151% YoY to $14.8 trillion, meaningful wallets grew 24%, and stablecoin market share slipped 66 bps to 27%; near-term value catalysts include OCC and New York trust approvals and the planned September 16 Arc network mainnet launch with major financial institutions as validators.

• Q2 2026 total revenue and reserve income of $701 million, up 7% year-over-year and about 1% sequentially versus Q1’s $694 million..
• Q2 2026 diluted EPS of $0.18, down from $0.21 in Q1 but a sharp improvement from a $482 million net loss in Q2 2025; adjusted EBITDA up 8% YoY to $143 million but down from Q1’s $151 million..
• USDC circulation at quarter-end of $73.3 billion (up 19% YoY, average circulation $76.5 billion up 25%), onchain transaction volume of $14.8 trillion (up 151% YoY), and stablecoin market share at 27% (down 66 bps in Q2)..

Forgent Power Solutions Inc

Swiss National Bank bought $15.9M of Forgent Power Solutions Inc in Q2 2026. Over the last two quarters, the company has moved from FQ2 2026 revenue of $296.4 million (up 69% year-over-year) and adjusted EBITDA of about $60 million with a 20.4% margin to FQ3 2026 revenue of roughly $379 million (up 103% year-over-year) and adjusted EBITDA near $84.7 million with a 22.4% margin, underscoring accelerating top-line growth and improving profitability. Current-quarter momentum is being driven by surging demand for custom products and powertrain solutions for data center, grid, and industrial customers, reflected in FQ3 bookings of about $867 million, backlog rising from $1.5 billion to around $1.98 billion, adjusted net income increasing to roughly $55 million (up 132% year-over-year), and management reiterating FY 2026 guidance of $1.275–1.325 billion in revenue and $300–310 million in adjusted EBITDA alongside a $205 million capacity expansion program. Over the last 12 months, the company has generated about $1.0 billion of revenue and $212 million of adjusted EBITDA with backlog now near $2.0 billion, earnings have grown at roughly 88% annually versus about 17% for the electrical industry, and the stock has risen around 44% versus roughly 14% for the S&P 500 while setting new 52-week highs following the latest earnings beats, highlighting clear outperformance versus peers.

• Revenue grew from $296.4 million in FQ2 2026 to about $378.7–379 million in FQ3 2026, with year-over-year growth accelerating from 69% to 103%..
• Adjusted EBITDA increased from about $60 million in FQ2 2026 (margin 20.4%) to about $84.7 million in FQ3 2026 (margin 22.4%), while adjusted net income grew to roughly $55 million (up 132% year-over-year)..
• Total backlog has expanded from $1.5 billion at the end of FQ2 2026 to about $1.98 billion after FQ3 2026, and the stock is up roughly 44% over the past 12 months versus about 14% for the S&P 500..

Oceanagold Corp

Swiss National Bank bought $11.35M of Oceanagold Corp in Q2 2026. Over the last 12 months, the company has delivered rapidly improving fundamentals, with earnings growing at an average annual rate of 63.7% and revenue at 22.5%, significantly outperforming a Metals & Mining industry where earnings are falling 8.4% per year. In the most recent two quarters, Q1 2026 saw record revenue of about $715 million and net profit above $235 million, while Q2 2026 maintained strong momentum with revenue of $647–647.3 million, net profit of $222.2 million, EPS of $0.99, gold production up 7% quarter‑over‑quarter to roughly 138,800–139,000 ounces, and a record adjusted EBITDA margin of 61% driving $130 million in free cash flow. Despite this operational strength and a trailing‑twelve‑month ROE of about 36.4% and net margin near 35.1%, the stock has pulled back roughly 28% over the last three months even after rising more than 120–126% over the past year, so the combination of expected higher production and lower costs in the second half of 2026, ongoing growth projects, and continued buybacks and dividends totaling $78 million in Q2 represent near‑term catalysts for value appreciation.

• Q2 2026 gold production rose 7% quarter‑over‑quarter to about 138,800 ounces, with AISC around $2,151 per ounce and copper output of 2,700 tonnes.
• Q2 2026 financials: revenue $647–647.3 million, net profit $222.2 million, EPS $0.99, operating cash flow $314 million, and free cash flow $130 million.
• Share price is down about 28.3% over the last three months but up roughly 126.6% over the past 12 months, with trailing‑twelve‑month ROE around 36.4% and net margin near 35.1%.

Full Truck Alliance Co Ltd

Swiss National Bank bought $10.95M of Full Truck Alliance Co Ltd in Q2 2026. Over the last twelve months, the asset-light digital freight marketplace has delivered solid top-line and earnings growth, with full-year 2025 net revenue up 11.1% to RMB12.49 billion and net income up 42.8% to RMB4.46 billion, supported by a 19.8% increase in fulfilled orders to 236 million. Momentum continued into Q4 2025 and Q1 2026, as Q4 fulfilled orders grew 12.3% YoY to 36.9 million and Q1 2026 net revenues rose 5.5% YoY to RMB2,848.4 million with transaction service revenue up over 33%, while fulfilled orders climbed 14.3% YoY to 55.0 million and shipper MAUs increased 12.7% YoY to 3.11 million, allowing the company to beat Street revenue and EPS expectations even as net income eased to RMB994.1 million from RMB1,278.9 million a year earlier. Looking ahead, management is guiding Q2 2026 net revenues of RMB3.07–3.17 billion, with the midpoint above prior Street consensus and implying 7.1–11.7% growth excluding freight brokerage, and Q1 operating cash flow of RMB1,562.0 million, free cash flow of RMB1,493.8 million, and cash and investment balances of RMB32.3 billion provide ample capacity for further investment, with the shares up 3.3% on the Q1 print highlighting investors’ positive reaction to the current-quarter trajectory and outlook.

• Q1 2026 net revenues were RMB2,848.4 million, up 5.5% year over year, while net income declined to RMB994.1 million from RMB1,278.9 million..
• Q1 2026 fulfilled orders reached 55.0 million (+14.3% YoY), and average shipper monthly active users rose 12.7% YoY to 3.11 million..
• Full-year 2025 net revenue was RMB12.49 billion (+11.1% YoY) and net income RMB4.46 billion (+42.8% YoY), with full-year fulfilled orders up 19.8% to 236 million..

Albertsons Companies Inc

Swiss National Bank bought $8.02M of Albertsons Companies Inc in Q2 2026. Over the last 12 months, the company has delivered steady, low-single-digit growth, with net sales up roughly 2–3% year-over-year in both Q4 FY24 and the current Q2 FY25, driven by identical sales increases of 2.3% and 2.2% respectively and supported by expanding digital and pharmacy businesses. In the current quarter, net sales reached $18.9 billion (up 2.0% y/y), adjusted EPS was $0.44 versus a $0.40 consensus, and digital sales grew 23%, indicating the company is modestly gaining ground through omnichannel and loyalty-driven engagement even as the gross margin rate compressed from 27.6% to 27.0%. The latest earnings beat prompted a share-price move of roughly 5–12% on the day of the release, but with the stock still down around 33% year-to-date, investors are treating the story as a value and cash-flow play rather than a growth outlier among U.S. grocers.

• Q2 FY25 net sales grew 2.0% year-over-year to $18.9 billion, with adjusted identical sales up 2.2% and digital sales up 23%..
• Q2 FY25 adjusted EPS of $0.44 beat the $0.40 consensus by $0.04 (about 10% surprise), driving a pre-market share price increase of approximately 12% and an intraday gain of over 5%..
• Q4 FY24 net sales rose to $18.8 billion (≈2.7% y/y), with identical sales up 2.3%, digital sales up 24%, and adjusted EPS of $0.46 on adjusted net income of $270 million..

Keel Infrastructure Corp

Swiss National Bank bought $6.59M of Keel Infrastructure Corp in Q2 2026. This purchase comes as Keel Infrastructure moves through an earnings trough, with Q2 2026 revenue falling to $30.4M (about a 50% year-over-year decline) and quarterly net loss widening to roughly $65M as it exits Bitcoin mining and reallocates capital to AI and high‑performance computing data centers. Despite these weak recent results, the equity remains a strong 12‑month outperformer—up roughly 160–195% and about 35–45% year to date—significantly ahead of broad equity indices, while still characterized by negative EPS and a high‑risk, turnaround‑style fundamental profile. Over the last quarter the share price has corrected roughly 15–28% from its early‑summer highs as investors digest the much larger losses and revenue reset, but near‑term volatility is balanced by potential upside if the U.S. redomiciling and planned 2027 AI/HPC data‑center build‑out translate into visible growth and margin expansion.

• Q2 2026 revenue was approximately $30.4M, down about 50% year over year (from ~$60.9M) and roughly 17.7% sequentially from the prior quarter..
• Q2 EPS came in at -$0.11 versus a consensus estimate of -$0.07, a roughly -62% negative surprise, and trailing‑12‑month net loss is about $433.8M..
• Over the last 12 months, the stock is up about 170% versus roughly 31% for the S&P/TSX Composite, with year‑to‑date returns around 44% versus 15%, despite a recent 15–21% pullback over the past month..

Versigent Plc

Swiss National Bank bought $5.98M of Versigent Plc in Q2 2026. Versigent has delivered solid acceleration over the last two quarters, with Q1 2026 revenue up 9% year-over-year to $2,212 million and Q2 2026 net sales up 10.8% to $2,444 million, driven by higher volumes in North America and Asia Pacific despite softer global automotive production. In the current quarter the company is clearly gaining momentum: adjusted EBITDA rose 25% year-over-year to $272 million, margin expanded 120 bps to 11.1%, adjusted diluted EPS reached $1.92 (beating consensus by $0.34), and management initiated a $0.13 quarterly dividend, a $250 million share repurchase authorization, and raised 2026 sales guidance to $9.4–$9.6 billion, all signaling confidence in cash generation and future growth. As a newly independent auto-electrical architecture leader following its April 2026 spin-off, Versigent’s shares are up about 50% year-to-date versus roughly 14% for the S&P 500, supported by ~16.8% average annual earnings growth vs 3.8% for the Auto Components industry, strong reported ROE of 371.3%, net margins of 5.7%, and a robust backlog highlighted by over $2.8 billion in recent awards and 39 program launches, positioning the company for continued value creation relative to peers.

• Q2 2026 net sales $2,444 million, up 10.8% year-over-year; adjusted net sales growth approximately 5% excluding FX and commodity impacts..
• Q2 2026 adjusted EBITDA $272 million with margin of 11.1%, up 25% year-over-year and +120 bps of margin expansion..
• Year-to-date total shareholder return 49.95% vs S&P 500 at 13.66%; trailing earnings growth averaging 16.8% annually vs Auto Components industry at 3.8%..

People Inc

Swiss National Bank bought $5.6M of People Inc in Q2 2026. Building on a modest Q1 2026 loss of $0.05 per share that still beat expectations for a $0.34 loss, People Inc has delivered a transformational Q2 2026 with EPS of $6.68 versus consensus of a $0.40 loss and revenue of $436.74 million slightly ahead of forecasts, marking a sharp improvement in earnings trajectory driven by a much stronger digital profit profile. While reported year‑over‑year revenue change for Q2 varies across data providers, company filings indicate only a low‑single‑digit decline from $443.25 million in Q2 2025, and within that mix the core digital publishing business posted its 11th consecutive quarter of growth, with digital revenue up 6%, digital adjusted EBITDA up 18%, and margins expanding to 26% from roughly 23%, underpinning management’s confidence, ongoing cost reductions, and reaffirmed full‑year guidance. Shares are up between roughly 7% and 22% over the last 12 months, depending on the data source, but have been volatile more recently, down 11.1% over the past month and 2.46% over the last three months even after an immediate post‑earnings jump of about 7–9%, leaving the stock trading at a seemingly undemanding 9.2x P/E and potentially well‑positioned for value accretion if execution on digital growth, cost reductions, and planned asset monetization and corporate simplification continues.

• Q2 2026 EPS was $6.68, beating the consensus estimate for a $0.40 loss by $7.08 and swinging from a Q1 loss of $0.05 per share.
• Q2 2026 revenue was $436.74 million, down about 1.5% from $443.25 million a year earlier and modestly above the $433.74 million consensus forecast.
• Q2 2026 digital adjusted EBITDA at People Inc was $74 million, up 18% year over year with margins expanding to 26% from about 23%.

Sellas Life Sciences Group I

Swiss National Bank bought $5.32M of Sellas Life Sciences Group I in Q2 2026. Over the last two quarters, SELLAS Life Sciences has remained pre‑revenue but reduced its per‑share loss to about -0.05 in Q2 2026 versus roughly -0.07 in Q2 2025, while reporting a Q1 2026 net loss of $8.4 million and boosting cash and equivalents to $107.1 million through warrant exercises, which leaves the company financially stronger even as R&D and operating expenses rise. From a market perspective, the stock has rallied roughly 225.46% year‑to‑date and about 691.61% over the last 12 months, far outpacing the S&P 500’s approximately 15.4% one‑year gain, although it has pulled back about 4.43% over the past month following this run. Key recent catalysts supporting this momentum include approximately $51.6 million of cash raised via warrant exercises in and after Q1 2026, a new $150 million at‑the‑market equity program, and bullish institutional and analyst activity such as JPMorgan’s roughly $1.48 million new stake and a price target increase to $35 (over 200% implied upside) tied to upcoming SLS009 data, all of which could drive further value if clinical results are positive.

• Q1 2026 net loss $8.4 million, operating expenses $9.3 million, and cash and equivalents at quarter‑end of $107.1 million after $44.1 million of warrant exercises..
• Stock performance: up 225.46% year‑to‑date and 691.61% over the last 12 months, versus the S&P 500’s roughly 15.4% one‑year gain..
• Earnings metrics: Q2 2026 EPS of -0.05 versus Q2 2025 EPS around -0.07, and trailing twelve‑month EPS of -0.215, indicating still‑negative but narrowing losses..

Added, Trimmed, and Exited

Added

Swiss National Bank added meaningfully to several existing holdings, most notably increasing its stake in KLA nearly tenfold (from 385,600 to 3,696,900 shares), with value up 96.45% to $1.12B, while also adding to Devon Energy (+1.34M shares, value up 45.22%), BCE (+752,400 shares, value up 240.57%), Equinox Gold (+930,100 shares, value up 9.46%), and AMC Entertainment (+779,700 shares, value up 243.34%). Large share increases in Booking Holdings (+2.11M shares) and Carvana (+1.42M shares) were accompanied by roughly flat or slightly lower dollar values, a pattern more consistent with stock splits than fresh conviction buying.
What it means: The genuine additions to KLA, Devon Energy and BCE point to the bank leaning further into semiconductor-equipment, energy and telecom names it already owned, while the split-adjusted jumps in Booking Holdings and Carvana illustrate how a large, broadly diversified index-style portfolio can show dramatic share-count changes that are mechanical rather than active bets.

Trimmed

Swiss National Bank trimmed several mega-cap technology positions even as most kept appreciating, cutting NVIDIA by 6.2M shares (value still up 4.75%), Apple by 1.73M shares (+9.45%), Alphabet by 1.24M shares (+12.44%), Microsoft by 825,160 shares (-3.24%), and Amazon by 937,300 shares (+10.64%), while making sharper reductions in Honeywell (-966,800 shares, -52.34%), AT&T (-1.11M shares, -32.42%), Snap (-926,600 shares, -31.78%), and Pinterest (-827,006 shares, -39.56%). Notably, Intel shares were cut by 871,900 even as its position value surged 195.61% on a sharp stock rally.
What it means: Trimming winners like NVIDIA, Apple, Alphabet and Amazon while their values still rose looks like disciplined rebalancing rather than a bearish call on mega-cap tech, whereas the much steeper cuts to Honeywell, AT&T, Snap and Pinterest suggest genuine de-risking from names facing softer fundamentals or negative price momentum; the Honeywell trim is especially notable given it coincides with a brand-new stake in Honeywell Aerospace Inc, hinting at an intra-family reallocation toward the aerospace segment.

Exited

Swiss National Bank fully liquidated 20 positions, led by Coterra Energy ($78.52M), Hologic ($50.24M), Transforce Inc ($28.6M), Masimo ($16.06M), Air Lease ($13.64M), Clearwater Analytics ($13.49M), Sealed Air ($12.24M), Tri Pointe Homes ($8.0M), Amicus Therapeutic ($7.97M), Arcellx ($6.28M), Apellis Pharmaceuticals ($6.01M), Terns Pharmaceuticals ($5.93M), IAC ($5.39M), Taseko Mines ($4.6M), and CSG Systems ($4.51M). Several other headline "exits"—Public Storage Oper Co, Ferrovial SE, Flextronics Intl Ltd, Dupont De Nemours Inc, and Albertsons Cos Inc—are not true divestitures but reflect corporate renamings, redomiciliations, or share-class conversions, as the bank simultaneously opened new positions in the successor entities Public Storage, Ferrovial Nv, Flex, DuPont, and Albertsons Companies Inc.
What it means: The real exits skew toward smaller biotech and niche healthcare/industrial names (Hologic, Masimo, Amicus Therapeutic, Arcellx, Apellis Pharmaceuticals, Terns Pharmaceuticals), suggesting the bank pared exposure to higher-risk, lower-conviction healthcare bets, while the relabeled positions in Ferrovial Nv, Flex, Public Storage, DuPont and Albertsons Companies Inc show that portfolio continuity was preserved through corporate actions rather than genuine turnover, meaning the headline exit count overstates actual portfolio churn this quarter.

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.