Swiss National Bank's Trades and Holdings in Q4 2024

We break down the stocks Swiss National Bank bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from Swiss National Bank's 13F filed on February 10, 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.

Snb.ch
Wikipedia on SNB
Read SNB's annual reports

Portfolio Changes in Q4 2024

New positions

Swiss National Bank initiated 20 new positions during Q4 2024, with Spotify (SPOT) being the largest at $189.2 million, followed by Genpact (G) at $14.3 million and Talen Energy (TLN) at $14.1 million. Other notable new holdings include QXO (QXO), Astera Labs (ALAB), and South Bow (SOBO).

Bought

The central bank significantly increased its position in Tractor Supply (TSCO) by adding 1.2 million shares, and substantially boosted its stake in Palo Alto Networks (PANW) by 878,400 shares. Entergy (ETR) also saw a notable increase of 574,300 shares during the quarter.

Sold

Swiss National Bank completely liquidated 20 positions, with Marathon Oil (MRO) being the largest exit at $44.6 million, followed by Catalent (CTLT) at $32.5 million. The bank also trimmed several major technology holdings, reducing Nvidia (NVDA) by 3.7 million shares, Amazon (AMZN) by 1.1 million shares, and Microsoft (MSFT) by over 1 million shares, while also cutting positions in AT&T (T) and Alphabet (GOOGL).

New Investments in Q4 2024

Spotify SPOT

Swiss National Bank bought $189.2M of Spotify in Q4 2024. Spotify demonstrated robust growth in Q1 2025, with 10% YoY monthly active user growth to 678 million and 12% YoY premium subscriber growth to 268 million, exceeding guidance by 3 million subscribers. Revenue grew 15% YoY to €4.19 billion, though operating profit of €509 million fell short of expectations. Strong ad-supported revenue growth (8% YoY) and record free cash flow generation (€534 million in Q1) underscore improving monetization and financial health.

• Premium subscribers grew 12% YoY to 268 million, outperforming guidance by 3 million.
• Q1 revenue reached €4.19 billion (+15% YoY), driven by 16% growth in subscription revenue.
• Free cash flow hit €534 million in Q1, with trailing-twelve-month generation at €2.6 billion.

Genpact G

Swiss National Bank bought $14.3M of Genpact in Q4 2024. Genpact reported strong Q1 2025 results with 7.4% YoY revenue growth to $1.215 billion, driven by its Data-Tech-AI segment which grew 11.1%. Despite beating earnings estimates with 16% adjusted EPS growth, shares fell 10.19% due to downward revisions in full-year guidance. The company maintains strategic focus on AI-driven transformation but faces market skepticism about near-term growth prospects.

• Data-Tech-AI revenue reached $582 million (+11.7% constant currency), representing 48% of total revenue.
• Adjusted diluted EPS grew 16% YoY to $0.84, surpassing analyst estimates by 23.5%.
• Shares plummeted 10.19% post-earnings despite strong results, reflecting concerns about revised full-year growth targets.

Talen Energy TLN

Swiss National Bank bought $14.14M of Talen Energy in Q4 2024. Talen Energy (TLN) faced significant challenges in Q1 2025 with a $135 million net loss and 15% quarterly decline in stockholders’ equity, despite achieving 33% growth in energy-related revenues. The company’s operating income flipped to a $106 million loss due to $241 million unrealized derivatives losses, overshadowing core operational improvements. Management has reaffirmed but narrowed its full-year 2025 guidance, suggesting cautious optimism about stabilizing performance.

• Energy and ancillary revenues surged 33% quarter-over-quarter to $582M in Q1 2025.
• Basic EPS swung from $1.96 profit in Q4 2024 to $2.94 loss in Q1 2025.
• Cash reserves declined 10% to $295M while stockholders’ equity fell 15% to $1.18B quarter-over-quarter.

QXO QXO

Swiss National Bank bought $10.88M of QXO in Q4 2024. QXO reported a Q1 2025 loss of $0.03 per share, beating estimates by 40%, while revenue of $13.5 million surpassed expectations by 12.6%. The company faces headwinds with a 6.4% YoY revenue decline and negative adjusted EBITDA of $8.9 million due to integration costs from its transformative $11 billion Beacon acquisition, which aims to establish dominance in the $800 billion building products market. Despite strategic positioning, shares have fallen 16.1% year-to-date, significantly underperforming the S&P 500.

• Q1 EPS surprise of 40% follows a 60% positive surprise in Q4 2024.
• Revenue beat estimates by 12.6% despite 6.4% YoY decline in total sales.
• Stock performance lags market with 16.1% decline YTD vs S&P 500's 4.3% drop.

Astera Labs ALAB

Swiss National Bank bought $10.2M of Astera Labs in Q4 2024. Astera Labs reported robust Q1 2025 results with revenue of $159.4 million, up 144% YoY and 13% sequentially, driven by AI infrastructure demand and its PCIe 6.0 connectivity portfolio launch. The company achieved a non-GAAP EPS of $0.33, beating estimates by 17.86%, while guiding Q2 revenue to $170-$175 million (6.7-10% sequential growth). Despite a 3.32% post-earnings dip, shares have surged 53% in the past month on optimism for its AI-focused semiconductor solutions.

• Q1 revenue surpassed estimates by 3.98% with 76.4% gross margins.
• Year-to-date stock performance reflects 87% gains through May 2025, outperforming Nasdaq's 18% rise.
• Analysts project 44.3% annual revenue growth through 2028, targeting $231.8M earnings.

South Bow SOBO

Swiss National Bank bought $9.67M of South Bow in Q4 2024. South Bow reported $498 million in Q1 2025 revenue and $88 million net income ($0.42/share), though normalized EBITDA declined 8% sequentially to $266 million due to lower uncommitted capacity demand and an oil release incident. The company maintained its full-year $1.01 billion EBITDA guidance with 90% secured through committed contracts, demonstrating operational resilience. Recent completion of the Blackrod Connection Project pipeline scope and a $0.50/share dividend declaration signal strategic execution and shareholder value focus.

• Q1 normalized EBITDA of $266 million marks 8% decline from Q4 2024 but aligns with annual guidance.
• Declared $0.50/share quarterly dividend (July 2025 payable), supporting 4.2% annualized yield at current prices.
• Maintained 2025 EBITDA guidance at $1.01 billion (±1%) with 90% cash flow visibility through committed contracts.

Primo Brands PRMB

Swiss National Bank bought $9.51M of Primo Brands in Q4 2024. Primo Brands (PRMB) reported strong Q1 2025 results, with earnings surpassing estimates by 20.83% ($0.29 vs. $0.24 expected) and revenue reaching $1.61 billion driven by merger synergies with BlueTriton Brands. The company demonstrated operational resilience, achieving 3% comparable net sales growth and a $186.4 million net income recovery from Q4 2024’s loss. Strategic integration efforts and category leadership in hydration solutions position PRMB for sustained growth despite near-term execution risks.

• EPS grew 52.6% YoY ($0.29 vs. $0.19 in Q1 2024).
• Revenue surged 256% YoY ($1.61B vs. $452M) due to merger-driven scale.
• Stock outperformed S&P 500 by 11.1% YTD (+6.8% vs. -4.3%).

Everus Construction ECG

Swiss National Bank bought $6.27M of Everus Construction in Q4 2024. Everus Construction reported strong Q1 2025 results with 32.1% revenue growth to $826.6M and 30.1% net income growth to $36.7M, driven by data center projects and utility infrastructure investments. The company maintains its full-year guidance of $3.0B-$3.1B revenue amid a record $3.1B backlog (up 40.5% YoY), though operating cash flow declined to $7.1M from $21.8M. Its electrical/mechanical segment grew 47% while gross margins compressed slightly to 11.2% due to project mix changes.

• Q1 revenue surged 32.1% YoY to $826.6M with EPS up 30.9% to $0.72.
• Backlog reached $3.1B (up 40.5% YoY), including 10% sequential growth from Q4 2024.
• EBITDA grew 31.8% to $61.8M despite negative free cash flow of -$8.1M.

Life360 LIF

Swiss National Bank bought $5.72M of Life360 in Q4 2024. Life360 (LIF) demonstrated robust growth in Q1 2025, with total revenue rising 32% YoY to $103.6M and record net additions to Paying Circles (+137k). The company achieved profitability with net income of $4.4M and 142.86% YoY EPS growth, while maintaining a premium valuation at 488.68 P/E ratio. Despite analyst price targets suggesting caution (-14.34% downside), strong user growth (83.7M MAUs, +26% YoY) and operational efficiency ($15.9M Adjusted EBITDA) position it as a leader in family safety tech.

• EPS surged 142.86% YoY to $0.06 in Q1 2025.
• Paying Circles grew 43% YoY to 2.4M with record Q1 net adds (+137k).
• Cash position strengthened to $170.4M (+$9.9M QoQ) despite R&D investments.

Concentra CON

Swiss National Bank bought $4.46M of Concentra in Q4 2024. Concentra (CON) demonstrated strong performance in Q1 2025 with 7.1% revenue growth to $500.8M and 6.8% Adjusted EBITDA growth to $102.7M, beating earnings estimates by 3.23%. The company raised its full-year guidance following 8.9% per-day revenue growth and a 3.2% increase in daily patient visits to 50,900. This marks sequential improvement from Q4 2024's 6.25% earnings surprise, showing accelerating momentum in core occupational health services.

• Q1 EPS of $0.32 beat estimates by 3.23%, continuing four straight quarters of earnings surprises.
• Stock rose 5.58% premarket following guidance raise, building on 12-month total return of 18.4%.
• 215,000 employer relationships and diversified revenue streams drive 20.5% Adj. EBITDA margins (up 70bps normalized).

Curbline Properties CURB

Swiss National Bank bought $4.31M of Curbline Properties in Q4 2024. Curbline Properties (CURB) demonstrated accelerating growth in Q1 2025 with 29% YoY revenue growth and raised OFFO guidance to $0.99-$1.20/share, driven by strategic acquisitions and strong leasing performance. The company expanded its convenience center portfolio by 11 properties ($124M investment) while maintaining a 96% leased rate and 77% gross margin. With $990M liquidity and 4.62% premarket stock surge, CURB shows momentum in capitalizing on its $1T+ addressable market for affluent suburban retail properties.

• Q1 2025 EPS of $0.10 with 29% YoY revenue growth to $38.44M.
• Sequential NOI growth of 9% and same-property NOI up 2.5%.
• Maintains $990M liquidity including $594M cash, supporting aggressive acquisition strategy.

Waystar Holdings WAY

Swiss National Bank bought $3.01M of Waystar Holdings in Q4 2024. Waystar Holdings WAY delivered robust Q1 2025 results with 14% YoY revenue growth to $256.4M and 42% adjusted EBITDA margins, prompting a full-year guidance raise. The company strengthened its AI-driven healthcare payment leadership through AltitudeAI launches and debt reduction, driving 4.94% after-hours stock gains. With four consecutive quarters of double-digit growth and improving profitability, Waystar demonstrates operational scalability in a competitive RCM market.

• Q1 revenue up 14% YoY ($256.4M) with 18% subscription growth outpacing 11% volume-based gains.
• Raised 2025 guidance by $6M revenue/$7M EBITDA after 42% EBITDA margin performance.
• Stock gained 4.94% post-earnings, trading near 52-week high of $48.11 with 114% net retention rate.

Calumet CLMT

Swiss National Bank bought $2.97M of Calumet in Q4 2024. Calumet reported a significant Q1 2025 net loss of $162 million, with EPS of -$1.87 missing estimates by a wide margin. However, revenue of $993.9 million exceeded expectations by 8.1%, driven by strong performance in Specialty Products and Renewable Fuels. Strategic moves, including a $782 million DOE loan for SAF expansion and $22 million in annual cost reductions, position the company for potential long-term growth despite current challenges.

• Q1 2025 EPS of -$1.87 missed forecasts by 392% (-$0.38 estimated).
• Revenue beat expectations by $74.6 million (8.1% above forecasts).
• Consolidated liquidity improved to $542.7 million with $22 million in annual cost reductions.

CommScope COMM

Swiss National Bank bought $2.21M of CommScope in Q4 2024. CommScope (COMM) reported strong Q1 2025 results with EPS of $0.14 beating forecasts by 75% and revenue holding steady at $1.11 billion. The company’s core adjusted EBITDA surged 159% YoY to $245 million, driven by demand for data center connectivity and AI infrastructure solutions. Shares jumped 25.7% post-announcement as investors reacted to margin expansion and improved operational efficiency.

• Core net sales grew 23% YoY to $1.11 billion in Q1 2025.
• EBITDA margin expanded 1,150 bps to 22% from 10.5% in Q1 2024.
• Stock gained 25.7% in pre-market trading following earnings release.

OneStream OS

Swiss National Bank bought $2.18M of OneStream in Q4 2024. OneStream demonstrated strong growth in Q1 2025 with 24% YoY revenue growth to $136.3M, driven by a 31% surge in subscription revenue. The company achieved breakeven non-GAAP operating margin (0%) versus -4% in Q1 2024, while generating $35.8M in free cash flow. Recent recognition as a 5x BARC Market Leader in financial planning software underscores its competitive position.

• EPS of $0.04 beat estimates by $0.07 (233% surprise) in Q1 2025.
• Subscription revenue now represents 92% of total revenue, up from 89% YoY.
• Free cash flow margin improved to 26% from 19% in prior quarter.

EOS Energy EOSE

Swiss National Bank bought $2.07M of EOS Energy in Q4 2024. EOS Energy Enterprises has demonstrated significant growth in Q1 2025, with revenue increasing 58.4% year-over-year to $10.46 million. The company reported a net income of $15.14 million, marking a 132.4% positive swing from the prior year's loss, driven by robust product demand and operational efficiency. EOS reaffirmed its full-year 2025 revenue guidance of $150-$190 million, reflecting confidence in scaling production and capturing market share in the energy storage sector.

• Q1 2025 revenue surged 58.4% year-over-year to $10.46 million, driven by product sales growth.
• Net income turned positive at $15.14 million, a 132.4% improvement from Q1 2024's loss.
• Shares surged 28% following earnings, buoyed by EPS of $0.42 versus a ($0.23) loss last year.

Revelyst GEAR

Swiss National Bank bought $1.77M of Revelyst in Q4 2024. Revelyst (GEAR) faced declining performance in its most recent quarter, with sales dropping 3.9% to $315 million due to lower Adventure Sports volume and divestitures. Despite challenges, management reaffirmed its FY25 EBITDA doubling target, citing $5M in Q1 cost savings from its Gear Up transformation. The stock was delisted in January 2025 after being acquired, closing at $20.08 with a 52-week range of $18.90–$44.72.

• 13.6% Q1 sales decline in Revelyst’s outdoor segment due to delayed product launches and supply chain issues.
• Cost-saving initiatives achieved $5M in Q1, with annual targets of $25–30M for FY25 and $100M run rate by 2027.
• Gross profit fell 6.9% companywide in Q1, driven by lower volume and inflationary pressures.

Landbridge LB

Swiss National Bank bought $1.62M of Landbridge in Q4 2024. LandBridge (LB) demonstrated strong growth in Q1 2025 with 131% YoY revenue growth to $44 million and 129% YoY adjusted EBITDA growth to $38.8 million, driven by diversification into non-oil & gas royalties (92% of total revenue). Despite a 5.26% stock decline post-earnings, the company maintains 88% EBITDA margins and reaffirmed its full-year outlook. Recent acquisitions like Wolfbone Ranch have expanded water infrastructure capabilities, positioning LB as a low-volatility play in energy-adjacent markets.

• 20% QoQ revenue growth ($44M vs $36M in Q4 2024) with 72% surge in surface royalty volumes.
• 88% EBITDA margin maintained despite $11.1M non-cash share compensation impact.
• Declared $0.10/share dividend (+33% YoY) while stock trades at 237.88% 1-year return despite recent pullback.

Sezzle SEZL

Swiss National Bank bought $1.41M of Sezzle in Q4 2024. Sezzle Inc. (SEZL) demonstrated explosive growth in Q1 2025 with 123% YoY revenue increase to $104.9 million and 286% surge in net income to $36.2 million, driven by increased consumer engagement and improved repayment trends. The company raised its 2025 net income guidance by 50% to $120 million and saw its stock price jump 31.33% post-earnings announcement. These results position Sezzle as a strong performer in the BNPL sector, outperforming peers through 64% GMV growth and 70.4% gross margins.

• Q1 2025 revenue growth of 123% YoY to $104.9 million with 13.0% GMV conversion rate.
• Net income margin expanded to 34.5% (from 18.9% YoY) with 6.1x consumer purchase frequency.
• Stock surged 32% post-earnings as B. Riley raised price target to $101 (60% upside potential).

Orrstown ORRF

Swiss National Bank bought $1.39M of Orrstown in Q4 2024. Orrstown Financial Services ORRF demonstrated strong performance in Q1 2025, with net income rising to $18.1 million (up 32% from Q4 2024) and diluted EPS reaching $0.93, exceeding analyst forecasts. The company improved key metrics including return on assets (1.35% vs 1.00% prior quarter) and return on equity (13.98% vs 11.2% in Q4 2024), driven by operational efficiency and strategic cost management. Recent momentum stems from a 7.21% stock surge post-earnings and sustained dividend reliability with an 11-year payment streak.

• Q1 2025 EPS of $1.00 (adjusted) beat estimates by 6.4%, marking third consecutive quarter of earnings surprises.
• Net interest margin expanded to 4.00%, supporting $60.39M revenue that surpassed expectations by 0.4%.
• Maintained 3.77% dividend yield with recent $0.26/share declaration payable May 2025.

Holdings at the end of Q4 2024

Disclaimer: All posts on Scout 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.