Swiss National Bank's Trades and Holdings in Q3 2025

Breaking down the stocks Swiss National Bank bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Swiss National Bank's 13F filed on November 13, 2025.

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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Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

The Swiss National Bank maintained its passive, index-replication approach to equity investing in Q3 2025, with portfolio adjustments reflecting corporate action mandates rather than active stock selection as the central bank exited merger targets including Hess, Ansys, and Juniper Networks following their respective acquisitions by Chevron, Synopsys, and HPE while mechanically adding new positions such as Paramount Skydance as companies completed transformative deals. The central bank's continued focus on broad market exposure through rules-based strategies underscores its longstanding mandate to manage foreign currency reserves without taking concentrated positions, maintaining holdings across small and mid-cap names like Sanmina, Boyd Gaming, and Axos Financial as part of its diversified $150+ billion equity portfolio.

New Investments

Paramount Skydance PSKY

Swiss National Bank bought $11.72M of Paramount Skydance in Q3 2025. Paramount Skydance reported Q3 2025 results that missed revenue estimates but triggered a sharp rally following management's announcement of a $3 billion merger cost-savings target and $1.5 billion streaming investment commitment. The company posted a loss of $272 million (ttm) with -0.37 EPS, continuing post-merger profitability challenges despite aggressive workforce reductions of approximately 2,200 employees including severance costs of $185 million. However, the stock faces headwinds as 11 analysts maintain a consensus 'Sell' rating with a $13.91 price target, implying -10.66% downside from current trading levels.

• Net income (ttm) declined to -$272 million while revenue contracted 1.48% to $28.73 billion from prior year.
• Forward P/E of 19.04x prices in significant margin recovery expectations despite current EPS of -0.37 and negative free cash flow trajectory.
• Stock surged 5%+ on Q3 announcement despite missing revenue targets, reflecting investor optimism toward $3 billion cost-savings realization rather than operational improvements.

Galaxy Digital GLXY

Swiss National Bank bought $11.12M of Galaxy Digital in Q3 2025. Galaxy Digital delivered exceptional Q3 2025 results with net income of $505M, representing a dramatic 1,546% year-over-year turnaround from a $33.3M loss in Q3 2024. The company's digital assets segment drove record performance with $250M adjusted EBITDA (1,817% increase Q/Q) and $318M adjusted gross profit (345% increase Q/Q), fueled by record trading volumes and the execution of a $9B notional bitcoin sale. Strategic initiatives including the new GalaxyOne financial technology platform and $460M equity investment for Helios data center campus expansion position the company for sustained growth amid strong digital asset market momentum.

• Net income surged 1,546% year-over-year to $505M with adjusted EBITDA of $629M, representing 198% sequential growth from Q2 2025.
• Digital Assets segment delivered record $250M adjusted EBITDA with 140% growth in digital asset trading volumes and 1,817% Q/Q improvement.
• Global Markets achieved record $295M adjusted gross profit with $4.5B in digital asset treasury mandates and $9B in total assets under management.

Lineage Cell Therapeutics LINE

Swiss National Bank bought $5.14M of Lineage Cell Therapeutics in Q3 2025. Lineage Cell Therapeutics delivered mixed Q3 2025 results with revenue of $3.7 million beating analyst consensus but declining slightly from $3.8 million in Q3 2024, while the $29.8 million net loss was substantially worse than expected primarily due to a non-cash $26.6 million warrant liability remeasurement rather than operational underperformance. The company's operating loss of only $3.79 million reflects controlled spending on R&D and G&A, while year-to-date revenue of $7.95 million improved versus $6.63 million in the prior year period, demonstrating underlying operational gains. With $40.5 million in cash and marketable securities expected to fund operations through Q2 2027, the company maintains financial flexibility to advance its allogeneic cell therapy pipeline through collaborations with Roche and Genentech.

• Q3 2025 revenue of $3.7 million beat analyst estimates of $2.3-2.6 million but represents a 2.6% decline from $3.8 million in Q3 2024.
• Non-cash warrant liability remeasurement of $26.6 million drove EPS to -$0.13, missing consensus of -$0.03, though core operating loss was only $3.79 million.
• Year-to-date 2025 revenue growth of 19.8% to $7.95 million versus $6.63 million in 2024, supported by increased collaboration revenues and expected milestone payments.

Vizsla Silver VZLA

Swiss National Bank bought $2.74M of Vizsla Silver in Q3 2025. Vizsla Silver has demonstrated strong performance over the past 12 months, with stock appreciation of approximately 290% driven by advancement of its high-grade Panuco silver-gold project in Mexico. Most notably, the company released an exceptional feasibility study on November 4, 2025, demonstrating sector-leading economics with an after-tax NPV of $1,802M and 111% IRR, catalyzing a 72% stock surge to $6.56 by November 13. While still unprofitable as a pre-revenue development company with -$10.18M net income (ttm), the company has secured $100M+ in equity capital and a $220M project finance facility to fund development toward H2 2027 production.

• Stock surged 72% from November 4-13, 2025 following feasibility study release showing 111% after-tax IRR and 7-month payback on Panuco project.
• Market cap increased to $1.55B, up 290% over 52 weeks, though net income remains negative at -$10.18M (ttm).
• Secured $220M senior secured project finance facility from Macquarie with Q1 2026 closing, fully funding development through H2 2027 first production target.

nLight LASR

Swiss National Bank bought $2.7M of nLight in Q3 2025. nLight demonstrated strong momentum in Q3 2025, delivering 18.9% YoY revenue growth to $66.74M while swinging to profitability with $0.08 adjusted EPS, primarily driven by a 50% surge in aerospace and defense revenue. Gross margins expanded meaningfully to 31.1% (up 8.7 percentage points YoY), reflecting improved operational leverage, and Q4 2025 guidance of $75M significantly exceeded analyst expectations by 23%. The company also secured a strategic $50M laser sensing contract, with the stock appreciating approximately 15% following the earnings release.

• Q3 revenue beat expectations by 5.4% at $66.74M with EPS improving 16 cents YoY.
• Aerospace and defense segment reached record quarterly revenue with 50% YoY growth.
• Q4 revenue guidance of $75M represents 22.8% upside versus analyst expectations.

Ouster OUST

Swiss National Bank bought $2.68M of Ouster in Q3 2025. Ouster posted strong 41% year-over-year revenue growth in Q3 2025 to $39.53 million, demonstrating accelerating momentum in its LIDAR and AI infrastructure business, though the company remains unprofitable with an EPS of -$0.37. Despite sequential EPS improvement from -$0.38 in Q2 2025 and gross margins of 42% that exceeded guidance, the stock declined 18.9% following the earnings report due to persistent profitability concerns and margin pressure risks. The expansion of the BlueCity traffic management solution and positioning in intelligent transportation systems represent near-term revenue catalysts, but the company must continue demonstrating it can convert rapid LIDAR adoption into sustainable profitability.

• Revenue growth accelerated to 41% year-over-year in Q3 2025, marking the highest growth rate in recent quarters and reaching the midpoint of the 30-50% long-term guidance target.
• EPS improved sequentially from -$0.38 in Q2 2025 to -$0.37 in Q3 2025, while gross margins of 42% beat the company's 35-40% target.
• Stock declined 18.9% despite revenue acceleration due to EPS miss of -$0.37 versus consensus estimate of -$0.28, reflecting investor concerns over path to profitability.

Willdan Group WLDN

Swiss National Bank bought $2.58M of Willdan Group in Q3 2025. Willdan demonstrated a significant turnaround in Q3 2025, posting a 55.13% EPS beat to analyst expectations with adjusted diluted earnings of $1.21 per share, marking a substantial improvement after a string of misses in prior quarters. Strong organic net revenue growth of 20%, paired with 86.8% net income expansion year-over-year, reflects improved operational execution driven by recent acquisitions like APG and secular tailwinds from data center buildout and electrification trends. The company's raised full-year guidance and 9-11% stock surge signal investor confidence in sustained momentum through year-end.

• Adjusted diluted EPS surged 65.8% year-over-year to $1.21, crushing analyst expectations by 55.13%.
• Net income grew 86.8% to $13.7M in Q3 2025, with year-to-date net income up 127.4%.
• Contract revenue grew 15.0% to $182.0M, driven by 20% organic net revenue growth.

Penguin Solutions PENG

Swiss National Bank bought $2.54M of Penguin Solutions in Q3 2025. The company delivered strong Q3 2025 results with $0.47 EPS, meaningfully beating consensus estimates of $0.30 by 57% and maintaining robust momentum from Q2's $0.52 EPS performance. Revenue of $324.25 million grew 7.9% year-over-year though slightly missed consensus, with accelerating growth in the Integrated Memory segment and broadening enterprise AI adoption serving as key drivers. The stock has substantially outperformed the broader market, gaining 9.1% year-to-date versus the S&P 500's 5.9%, supported by analyst consensus of Strong Buy and an average price target of $27.50 implying 27.73% upside.

• Q3 EPS surged 96% year-over-year to $0.47 versus $0.24 in the prior year quarter, with three out of the last four quarters beating consensus estimates.
• Revenue growth accelerating at 7.9% YoY with strong Integrated Memory segment performance driving results; net sales reached $1.37 billion in fiscal 2025.
• Stock outperforming market with 9.1% YTD gain; eight analysts rate the stock Strong Buy with forward P/E of 10.37 suggesting substantial earnings growth expectations.

Xeris Biopharma XERS

Swiss National Bank bought $2.53M of Xeris Biopharma in Q3 2025. Xeris Biopharma delivered record Q3 2025 revenue of $74.4 million, representing 37% year-over-year growth driven by exceptional performance across its three commercial products, particularly Recorlev which doubled to $37.0 million. The company achieved its first quarter of operating profitability with operating income of $6.7 million and net income of $621 thousand, a dramatic turnaround from the $15.7 million net loss in Q3 2024, reflecting significant improvements in operational efficiency with cost of goods sold declining to 14.8% of revenue from 25.7% year-ago. Management raised full-year 2025 guidance to $285-$290 million (representing 42% growth at midpoint), signaling strong momentum despite a minor EPS miss that triggered a temporary 10.9% pre-market decline.

• Revenue increased 37% year-over-year to $74.4 million in Q3 2025, with Recorlev doubling to $37.0 million.
• Stock rallied 191.2% year-to-date versus S&P 500's 15.6% gain, though shares declined 10.9% immediately following the earnings announcement.
• Gross margin expanded significantly with COGS falling to 14.8% of revenue from 25.7% a year ago, enabling first quarter of operating profitability.

Euronav EURN

Swiss National Bank bought $2.35M of Euronav in Q3 2025. Euronav has demonstrated robust financial performance with strong profitability metrics in recent quarters, maintaining industry-leading margins despite market cyclicality. In Q3 2024, the company exceeded earnings expectations by 22.09%, with trailing twelve-month revenue reaching $1.03 billion as of November 2025. The company maintains exceptional financial metrics with a 40.39% net income margin and 58.95% EBITDA margin, supported by a solid capital structure with 0.75 debt-to-equity ratio.

• Q3 2024 EPS beat analyst expectations by 22.09%, significantly outperforming the $0.86 estimate.
• TTM revenue of $1.03 billion USD as of November 2025, supported by 43-vessel fleet operating in favorable tanker market conditions.
• EBITDA margin of 58.95% and operating margin of 40.59% demonstrate substantial operational leverage in the shipping segment.

SmartStop SMA

Swiss National Bank bought $2.27M of SmartStop in Q3 2025. SmartStop demonstrated strong operational improvement in Q3 2025 with sector-leading same-store revenue growth of 2.5% and an average occupancy rate of 92.6%, while Q3 net income surged to $5.2 million, up approximately $11.4 million year-over-year despite ongoing market headwinds. However, the company continues to face profitability challenges on a trailing-twelve-month basis with net income of -$27.19 million, though year-to-date results show meaningful improvement in net losses and expanding FFO metrics. Recent strategic moves including a CAD $200 million Maple Bond offering, ~$90 million in on-balance sheet acquisitions, and the transformative Argus Professional Storage Management acquisition signal management's confidence in navigating sector stabilization, though investor sentiment remains cautious with recent stock price weakness.

• Q3 2025 EPS of $0.09 increased approximately $0.35 versus Q3 2024, with adjusted FFO per share growing to $0.47, up $0.05 year-over-year.
• Same-store revenue growth of 2.5% achieved sector-leading performance; however, same-store operating expenses rose 4.5%, outpacing revenue growth.
• Analysts maintain Strong Buy rating with $39.86 price target representing 5.26% upside potential, despite 75.56 forward P/E ratio indicating elevated valuation expectations.

Porch Group PRCH

Swiss National Bank bought $2.18M of Porch Group in Q3 2025. Porch Group delivered strong third quarter 2025 results with gross profit surging 53% year-over-year to $86.9 million and the company achieving a profitable operating margin with $16.3 million in operating income versus a loss in the prior year period. The insurance operations (Reciprocal Exchange) have emerged as a significant growth engine, with surplus and non-admitted assets reaching $412.0 million, up $341.5 million year-over-year and providing capacity to scale operations in 2026. The company generated $28.8 million in cash flow from operations during the quarter, demonstrating strong underlying cash generation capabilities despite consolidated net loss reporting.

• Gross profit increased 53% year-over-year in Q3 2025, with Porch Shareholder Interest gross profit reaching $94.2 million.
• Reciprocal surplus and non-admitted assets grew 341% year-over-year to $412.0 million, up $112.8 million sequentially from Q2 2025.
• Adjusted EBITDA expanded 21.9% year-over-year to $20.6 million, with operating income turning positive at $16.3 million versus a loss in Q3 2024.

Cidara CDTX

Swiss National Bank bought $2.17M of Cidara in Q3 2025. Cidara is gaining momentum in its clinical pipeline with CD388 achieving FDA Breakthrough Therapy designation and advancing into Phase 3 trials after positive Phase 2b results in June 2025, supported by strategic validation including a $45 million Janssen milestone payment triggered by Phase 3 initiation and BARDA funding for manufacturing expansion. Financial performance shows typical early-stage biotech losses of $83.2 million in Q3 2025 with worsening loss per share of -$3.10 versus -$2.38 in Q3 2024, but the company maintains a strong cash position of $476.5 million and has attracted seven analyst buy ratings with an average price target of $160.71 reflecting 50% upside potential. The stock's 46% surge in after-hours trading following Q3 earnings demonstrates substantial market enthusiasm for the company's expanded Phase 3 manufacturing capabilities and accelerated development plan.

• Net loss per share deteriorated 30% to -$3.10 in Q3 2025 from -$2.38 in Q3 2024.
• Cash position of $476.5 million is sufficient to fully fund Phase 3 development program through completion.
• Stock surged approximately 46% in after-hours trading on Q3 earnings with 7 analyst buy ratings and average price target of $160.71, representing 50% upside.

Red Cat RCAT

Swiss National Bank bought $2.09M of Red Cat in Q3 2025. Red Cat demonstrated exceptional top-line momentum in Q3 2025 with 646% year-over-year revenue growth and 200% sequential growth to $9.6M, driven primarily by expansion of its $35M U.S. Army SRR Tranche 2 LRIP contract and strong defense sector demand. However, the company faces profitability headwinds, with Q3 EPS losses of 16 cents—nearly double the 9-cent consensus expectation—indicating operational costs are scaling faster than revenue. The guidance raise to $34.5-37.5M for full-year 2025 reflects strong underlying demand, though Q4 guidance of $20-23M trailed the $26.4M consensus, signaling potential execution challenges.

• Q3 revenue surged 646% year-over-year and 200% sequentially to $9.6M, beating analyst expectations.
• U.S. Army SRR Tranche 2 LRIP contract expanded to ~$35M, with full-year 2025 revenue guidance raised to $34.5-37.5M (124% Y/Y growth).
• Q3 per-share loss of 16 cents almost doubled the 9-cent consensus, and Q4 guidance miss of $20-23M versus $26.4M consensus signals margin pressures.

Hudson Pacific Properties HPP

Swiss National Bank bought $2.03M of Hudson Pacific Properties in Q3 2025. Hudson Pacific delivered $186.6 million in third quarter revenue, down 6.9% year-over-year primarily due to asset sales and lower office occupancy, though the company significantly exceeded FFO expectations with a beat of approximately 127%. Despite near-term revenue headwinds, the company executed disciplined cost management with a 30% reduction in general and administrative expenses while substantially strengthening its balance sheet by reducing debt by $620 million and raising $1.0 billion in total liquidity. Strong office leasing momentum exceeding 500,000 square feet—driven primarily by AI and technology companies in the Bay Area—combined with optimistic fourth quarter FFO guidance of $0.01 to $0.05 per share (well above analyst estimates of -$0.14), positions the company to capitalize on West Coast office and studio market recovery.

• FFO per share of $0.04 beat analyst consensus of -$0.15 by 127%, demonstrating underlying operational profitability despite a 6.5% revenue miss.
• Balance sheet improved materially with net debt declining $620 million to $3.56 billion while cash holdings surged 201% to $190.4 million.
• Operating expense discipline delivered a 30% reduction in G&A to $13.7 million compared to the prior year quarter.

Navitas Semiconductor NVTS

Swiss National Bank bought $2.01M of Navitas Semiconductor in Q3 2025. Navitas Semiconductor experienced a severe contraction in Q3 2025 as part of its strategic pivot away from legacy power delivery markets toward AI data centers and industrial applications under its "Navitas 2.0" initiative. Revenue plummeted 53.4% year-over-year to $10.1 million, resulting in a net loss of $119.2 million, though management demonstrated disciplined cost management with operating expenses down $14.3 million that improved operating loss by $9.6 million. The company's Q4 2025 guidance of $7.0 million in expected revenue signals continued deterioration, raising questions about the timing and magnitude of the rebound from its new market initiatives despite maintaining a strong cash buffer.

• Q3 2025 revenue declined 53.4% year-over-year to $10.1 million, with Q4 guidance forecasting further sequential decline to $7.0 million.
• Diluted loss per share improved to -$0.09 in Q3 2025 from -$0.10 year-over-year, despite massive revenue contraction.
• Operating expenses reduced 38.3% year-over-year to $23.2 million, generating $9.6 million of operational loss improvement despite revenue collapse.

Bit Digital BTBT

Swiss National Bank bought $1.86M of Bit Digital in Q3 2025. Bit Digital is undergoing a significant strategic transformation away from Bitcoin mining toward a pure-play Ethereum treasury and staking company, with Q3 2025 results (releasing today) expected to reflect this transition. Q2 2025 demonstrated the company's pivot with a sharp decline in Bitcoin mining revenue offset by accelerating Cloud Services revenue growth, though the stock has recently underperformed due to broader Ethereum price weakness. The company maintains a strong, debt-free balance sheet and has successfully monetized its AI infrastructure legacy through the WhiteFiber IPO while retaining a 74.3% strategic stake, positioning it for potential upside if its diversification strategy executes and the crypto market stabilizes.

• Q3 2025 revenue consensus estimate of $30.3 million with EPS near break-even at -$0.004, representing a year-over-year improvement.
• Cloud Services emerged as the largest and fastest-growing revenue segment in Q2 2025, validating the company's diversification away from pure mining operations.
• Stock currently trading below the 200-day moving average due to ETH price pullback, creating potential value opportunity if strategic pivot gains traction.

Amprius Technologies AMPX

Swiss National Bank bought $1.84M of Amprius Technologies in Q3 2025. In Q3 2025, Amprius delivered strong financial results with $21.43 million in revenue (beating estimates by 27.48%) and narrowed net losses to $3.89 million, both materially improved from the prior year. Key catalysts include a new strategic partnership with ESAero for advanced UAV batteries and a newly appointed CFO, signaling strengthened management and expanded market opportunities. Despite these operational gains, the stock declined 8.4% post-earnings due to concentration risks in the aviation and drone sectors, though the company projects reaching $306.6 million in revenue by 2028.

• Revenue of $21.43 million beat forecasts by 27.48%, with earnings per share at -$0.03 outperforming the -$0.05 estimate by 50%.
• Net losses improved to $3.89 million from materially higher levels year-over-year, demonstrating significant operational progress.
• Projected 89.8% annual growth rate through 2028 targeting $306.6 million in revenue, supported by 1.8 GWh of secured contract manufacturing capacity.

GCI Liberty GLBKV

Swiss National Bank bought $1.69M of GCI Liberty in Q3 2025. GCI Liberty faced significant headwinds in Q3 2025 with revenue declining 2% to $257 million and a $488 million operating loss, primarily driven by a $525 million non-cash impairment charge on intangible assets and goodwill. Adjusted OIBDA contracted 8% to $92 million with margin compression of 240 basis points to 35.8%, though operational efficiency gains partially offset the decline. The company is strategically pivoting away from declining video services toward high-margin broadband and wireless expansion, supported by over $140 million in broadband grants and generating solid operating cash flow of $357 million on a trailing twelve-month basis.

• Total revenue declined 2% YoY to $257 million, with consumer segment down 4% driven by video exit, partially offset by 11% wireless revenue growth.
• Adjusted OIBDA fell 8% to $92 million with 240 basis point margin compression, though consumer gross margin improved 390 basis points to 72.2%.
• Trailing twelve-month operating cash flow reached $357 million with $155 million in free cash flow, supported by capital expenditures net of grant proceeds.

ThredUp TDUP

Swiss National Bank bought $1.68M of ThredUp in Q3 2025. ThredUp delivered exceptional Q3 2025 results with 33.6% year-over-year revenue growth to $82.2 million, beating consensus expectations by 6.3%, while demonstrating significant operational leverage as losses narrowed by 59%. The company achieved 79.4% gross margins while scaling order volume 37.2% and active buyers 25.6% year-over-year, signaling strong demand momentum. Year-to-date performance reflects sustained momentum with 54.2% improvement in operating losses and 187.2% EBITDA growth compared to the prior nine-month period.

• Non-GAAP Adjusted EBITDA surged 1101.3% year-over-year to $3.8 million with a 4.6% margin, up from 0.5% in Q3 2024.
• Q3 revenue beat forecast by 6.3% ($82.2M actual vs $77.34M estimate) with orders growing 37.2% to 1.608 million.
• Operating leverage evident as loss from continuing operations improved 59% while maintaining flat 79.4% gross margins.

Added, Trimmed, and Exited

Added

Swiss National Bank increased only one existing position in Q3 2025: SoFi (SOFI), adding 1,196,000 shares to bring total holdings to 3,186,300 shares, representing a 60% increase in position size with a 132.3% return on the quarter.
What it means: The concentrated addition to SoFi amid broader portfolio trimming suggests the SNB views the fintech company's growth trajectory as increasingly compelling, likely driven by improving profitability metrics and market share gains in digital banking. This selective accumulation in a single high-growth position stands in stark contrast to the bank's systematic reduction across most other holdings, indicating a deliberate shift toward higher-conviction opportunities in the digital financial services sector.

Trimmed

Swiss National Bank reduced 19 existing positions during Q3 2025, with the largest share reductions in mega-cap technology holdings: Nvidia (NVDA) (-3.5M shares), Apple (AAPL) (-2.4M shares), Amazon (AMZN) (-1.4M shares), Microsoft (MSFT) (-1.0M shares), AT&T (T) (-987K shares), and both classes of Alphabet (GOOGL/GOOG) (-881K and -814K shares respectively). Additional trims included Pfizer (PFE), Avantor (AVTR), Walmart (WMT), Comcast (CMCSA), ExxonMobil (XOM), Broadcom (AVGO), Intel (INTC), Verizon (VZ), Coca-Cola (KO), Cisco (CSCO), Ford (F), and Conagra Brands (CAG).
What it means: The systematic trimming of mega-cap technology positions—particularly the "Magnificent Seven" stocks that generated strong returns (e.g., Alphabet +29-31%, Apple +17.5%, Nvidia +12.5%)—suggests the SNB is taking profits after significant appreciation and potentially rebalancing to maintain diversification limits as a central bank. The parallel reduction in legacy telecom (AT&T, Verizon, Comcast) and consumer staples (Coca-Cola, Conagra) positions indicates a broader portfolio reallocation away from defensive, dividend-focused holdings. This disciplined selling into strength, combined with the sharp reduction in underperforming positions like Avantor (-40.6% return), reflects prudent risk management rather than a bearish market view, particularly as the bank simultaneously initiated 20 new positions totaling over $80 million.

Exited

Swiss National Bank fully liquidated 20 positions worth approximately $361 million in Q3 2025, with the three largest exits being Hess (HES) ($123.2M), Ansys (ANSS) ($93.2M), and Juniper Networks (JNPR) ($40.3M). Other notable complete exits included Walgreens (WBA) ($16.1M), Skechers (SKX) ($15.8M), Blueprint Medicines (BPMC) ($15.6M), Azek (AZEK) ($14.9M), Paramount Global (PARA) ($14.9M), and 12 additional smaller positions.
What it means: The three mega-exits—Hess, Ansys, and Juniper Networks—were almost certainly driven by pending or completed merger transactions (Hess/Chevron, Ansys/Synopsys speculation, and Juniper/HPE respectively), as central banks typically exit positions ahead of M&A deal closures to avoid conversion complexities and lock in arbitrage spreads. The remaining exits reflect a housecleaning of underperforming or strategically misaligned positions, particularly in struggling retail (Walgreens, Foot Locker) and legacy media (Paramount Global), freeing up capital for the 20 new positions initiated in sectors like digital assets (Galaxy Digital), defense technology (Red Cat), and AI infrastructure (Ouster). This aggressive portfolio turnover—liquidating $361M while deploying $80M+ into new names—suggests the SNB is actively repositioning toward higher-growth, technology-forward opportunities while maintaining overall equity exposure through its existing mega-cap core.

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.