Swiss National Bank's Trades and Holdings in Q4 2025

Breaking down the stocks Swiss National Bank bought, sold, and held in Q4 2025, including their holdings at the end of the quarter. All data sourced from Swiss National Bank's 13F filed on February 12, 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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Q4 '25 13F filed with SEC

Holdings in Q4 2025

Current Investment Strategy

The Swiss National Bank continued its passive, index-replicating approach to managing over $170 billion in U.S. equity holdings as part of its foreign currency reserves in Q4 2025, trimming mega-cap tech positions in Nvidia, Apple, and Microsoft by approximately 5–7% while maintaining broad diversification across more than 2,300 names spanning industrials, IT services, and housing-related mid-caps such as TopBuild, EPAM Systems, and Taylor Morrison. The central bank opened new positions in Barrick Mining, Rocket Companies, and Nebius while exiting Kellanova, Mr. Cooper, and Interpublic, reflecting routine portfolio rebalancing tied to index reconstitution rather than any directional macro bet — consistent with the SNB's mandate to invest reserves passively without exercising corporate influence.

New Investments

Barrick Mining B

Swiss National Bank bought $197M of Barrick Mining in Q4 2025. Barrick Mining delivered exceptional Q4 2025 results with $2.41 billion in net earnings ($1.43 per share) and $1.62 billion in free cash flow, representing 88% and 9% sequential growth respectively, driven by strong gold prices and operational momentum at Nevada Gold Mines. Full-year 2025 net earnings surged 140% to $4.99 billion with attributable EBITDA up 57% to $8.157 billion, though the stock declined 8.14% post-announcement as investors focused on lower 2026 production guidance and higher cost forecasts rather than record financial performance. Despite strong cash generation and a record $2.39 billion shareholder return program, near-term headwinds including 17% year-over-year gold production decline and 10% increase in all-in sustaining costs have created a valuation disconnect between operational strength and market sentiment.

• Q4 net earnings per share increased 88% sequentially to $1.43, with adjusted EPS up 79% driven by 45% revenue growth to $6.00 billion.
• Free cash flow surged 194% year-over-year to $3.87 billion in 2025, enabling record $2.39 billion shareholder returns including $1.5 billion in share buybacks.
• Gold production declined 17% to 3.26 million ounces in 2025 while all-in sustaining costs increased 10% to $1,637 per ounce, pressuring 2026 guidance despite strong pricing leverage.

Amrize AMRZ

Swiss National Bank bought $73.77M of Amrize in Q4 2025. Amrize reported a modest miss in Q3 2025 with EPS of $0.98 versus expected $1.02, following a more significant miss in Q2 2025, though the company's 8.1% annual earnings growth continues to outpace its Basic Materials industry peers which experienced -5.3% growth in recent periods. Net profit margins expanded to 10% from 9.5% year-over-year with high-quality earnings, and recent strategic initiatives including the acquisition of PB Materials and production capacity expansion at the flagship cement plant signal management's commitment to growth. With a P/E ratio of 31.73 and analyst consensus rating of "Moderate Buy" with an average 1-year price target of $60.75, the equity is trading near current valuations at $58.39, supported by 15 analyst coverage with mixed sentiment.

• EPS improved sequentially from Q2 2025 at $0.78 to Q3 2025 at $0.98, though both quarters missed analyst estimates by 32.17% and 3.92% respectively.
• Annual earnings growth of 8.1% significantly outpaces Basic Materials industry average of -5.3%, with net profit margins expanding to 10% from 9.5% year-over-year.
• Brokerages rate stock "Moderate Buy" with 15 analysts (7 buy, 7 hold, 1 strong buy) and average 1-year price target of $60.75, representing 4% upside from current trading levels.

Rocket Companies RKT

Swiss National Bank bought $48.7M of Rocket Companies in Q4 2025. Rocket Companies demonstrated strong operational momentum in Q3 2025, with adjusted revenue of $1.783 billion exceeding guidance and adjusted EBITDA margins expanding significantly to 20% from 13% sequentially, driven by robust rate lock and closed loan volume growth of 26% and 11% respectively. The company is positioned for substantial earnings growth, with FY 2025 consensus EPS of $0.07 expected to surge to $0.72 in FY 2026, while a pre-announcement of record Q4 results triggered an 8% stock rally despite broader housing market headwinds including the slowest existing home sales year since 1995. Q4 2025 guidance of $2.1-2.3 billion in adjusted revenue reflects confidence in sustained performance, though the company faces macro challenges with mortgage rates at 6.3% and existing home sales declining, requiring AI-driven platform efficiency gains to maintain competitive advantages over the sector.

• Adjusted EBITDA margins expanded 700 basis points sequentially to 20% in Q3 2025.
• Net rate lock volume grew 26% quarter-over-quarter and 20% year-over-year to $36 billion.
• FY 2026 EPS consensus expected to grow 928.6% to $0.72 from FY 2025's $0.07.

Nebius YNDX

Swiss National Bank bought $48.47M of Nebius in Q4 2025. Nebius delivered $227.7M in Q4 2025 revenue, missing analyst estimates by approximately 8%, though this reflects deployment timing rather than demand weakness given the company's 547% year-over-year growth and core AI business expansion of 802% YoY. The company demonstrated significant operational improvement with EBIT margins expanding to 24% in Q4 versus 19% in Q3, while ARR exceeded guidance with approximately $1.6B in deferred revenue on the balance sheet, signaling strong forward visibility from major contracts. Infrastructure deployment remains the primary focus with $2.1B in Q4 capex and management maintaining ambitious 2026 capacity targets of 800MW-1GW connected power, supported by substantial prepayments from Microsoft and Meta contracts.

• Core AI revenue grew 802% year-over-year to $214M, representing 94% of total Q4 revenue and demonstrating dominant exposure to high-demand AI infrastructure.
• EBIT margins expanded 500 basis points quarter-over-quarter to 24%, showing improving operational leverage as the company scales infrastructure deployments.
• Deferred revenue of $1.6B provides strong forward revenue visibility; ARR outperformance indicates December revenue likely exceeded $100M, validating management's disciplined deployment strategy.

Qnity Electronics Q

Swiss National Bank bought $46.83M of Qnity Electronics in Q4 2025. Qnity Electronics has demonstrated strong momentum since its November 2025 spin-off from DuPont, with 3Q 2025 net sales of $1.3B up 11% year-over-year driven by AI-driven demand and advanced semiconductor packaging. The company's stock has surged 21.5% over the past month following its S&P 500 inclusion and the Board's approval of a quarterly dividend, while analysts project significant recovery in 2026 with earnings expected to rebound. With 2025 full-year net sales guidance of ~$4.7B and Adjusted Pro Forma Operating EBITDA of ~$1.4B (30% margin), the company is well-positioned as a pure-play semiconductor materials and solutions provider benefiting from advanced computing and AI infrastructure build-out.

• 3Q 2025 net sales increased 11% year-over-year to $1.3B with Pro Forma Adjusted Operating EBITDA margin of approximately 29%.
• Stock rallied 21.5% over the past month, significantly outpacing the S&P 500's 1.9% gain; analysts project 18.1% EPS growth to ~$3 in FY2026.
• Analyst consensus of "Moderate Buy" with mean price target of $105.57 implying 13.4% upside potential; six of eight analysts rate the stock "Strong Buy.".

CoreWeave CRWV

Swiss National Bank bought $33.76M of CoreWeave in Q4 2025. CoreWeave delivered 78.2% revenue growth in 2025, significantly outpacing the IT industry's 22.43% average, though the company remains unprofitable with a -19.15% net margin. Q3 2025 earnings exceeded analyst expectations, with quarterly revenue reaching $4.3 billion and losses narrowing to $825 million from $1.1 billion in Q2, demonstrating improved operational leverage as the company scales. The company maintains a fortress balance sheet with a $55.6 billion revenue backlog as of September 30, 2025, and analyst consensus projects $12 billion in revenue for 2026, supporting the thesis that profitability will emerge at scale.

• Revenue growth of 78.2% annually versus IT industry average of 22.43%, driven by unprecedented demand for AI infrastructure..
• Q3 2025 net loss improved 34% sequentially to $825 million from $1.1 billion in Q2, indicating path to profitability as revenue scales..
• Revenue backlog of $55.6 billion as of September 30, 2025, representing over 12x quarterly revenue run-rate and providing multi-year revenue visibility..

FactSet FDS

Swiss National Bank bought $21.62M of FactSet in Q4 2025. FactSet delivered solid Q4 fiscal 2025 results with revenue of $607.6 million, beating analyst estimates by 1.3% and growing 6.9% year-over-year, though adjusted earnings growth of 8.3% reflects a deceleration from the company's historical 9.3% five-year CAGR. The company demonstrated margin expansion on a GAAP basis (GAAP operating margin increased to 29.7% from 22.7% prior year) but experienced adjusted margin compression to 33.8% from 35.8%, driven by higher technology investments and employee compensation costs. Q1 fiscal 2026 momentum has remained consistent with $608 million in revenue and 6.9% year-over-year growth, supported by strength in institutional buy-side and wealth management client segments, though the company's recent two-year annualized growth rate of 5.5% suggests moderating expansion.

• Adjusted EPS grew 8.3% to $4.05 in Q4 with strong GAAP EPS growth of 73.7% to $4.03, driven by revenue expansion and a business divestiture gain..
• Free cash flow surged 29.8% in Q4 to $178.1 million, while full-year fiscal 2025 free cash flow reached $617.5 million, demonstrating strong cash generation despite margin pressures..
• Annual Subscription Value increased 5.7% year-over-year to $2,370.9 million (organic), supported by a business model boasting 95%+ customer retention rates and 45+ years of consecutive revenue growth..

Magnum Ice Cream MICC

Swiss National Bank bought $21.43M of Magnum Ice Cream in Q4 2025. The Magnum Ice Cream Company delivered 4.2% organic sales growth in FY 2025 with gains across all regions, though momentum slowed significantly in Q4 with organic sales growth declining by less than 1%, signaling sector-wide headwinds. Profitability metrics deteriorated substantially as Adjusted EBITDA margin compressed 100 basis points to 15.9% and operating profit fell 21.5% to EUR 599 million, with the company absorbing 380 basis points of commodity inflation driven primarily by cocoa and elevated separation costs from the Unilever demerger. Despite near-term margin pressures, the company demonstrated operational resilience with EUR 180 million in productivity savings during 2025 and maintained brand momentum, guiding to 3-5% organic sales growth for 2026 as commodity headwinds are expected to moderate.

• FY 2025 organic sales growth of 4.2% exceeded market expectations, though Q4 growth fell below 1%, indicating sequential deceleration driven by U.S. food stamp disruptions and Brazil seasonality.
• Adjusted EBITDA margin declined 100 basis points to 15.9%, with 50 basis points attributed to forex translation and 50 basis points to Transitional Service Agreement costs with Unilever.
• Free cash flow collapsed 95% to EUR 38 million from EUR 803 million, primarily due to EUR 564 million in separation-related costs, though underlying comparable free cash flow of EUR 602 million remained stable.

Solstice Advanced Materials SOLS

Swiss National Bank bought $15.39M of Solstice Advanced Materials in Q4 2025. Solstice Advanced Materials delivered 8% revenue growth in Q4 2025 to $987 million, driven by strong performance in Nuclear (Alternative Energy Services) and Electronic Materials, but faced significant margin compression as Adjusted EBITDA declined 20% to $189 million due to anticipated transitory costs and plant downtime. Full-year 2025 net sales reached $3.9 billion with 3% growth, though Adjusted EBITDA decreased 4% to $957 million amid the ongoing transition to low global warming potential refrigerants, reflecting near-term operational headwinds that management expects to resolve. The recently spun-off company's stock surged 13.38% following results as investors focused on the Nuclear segment's 39% growth, Electronic Materials' 19% expansion, and optimistic 2026 guidance of $3.9-$4.1 billion in revenue with EBITDA expected to recover to $975-$1,025 million.

• Q4 2025 organic net sales growth of 6% with 8% total revenue increase to $987M, though Adjusted EBITDA margin contracted 662 basis points to 19.1%.
• Nuclear segment surged 39% and Refrigerants grew 20% in Q4, while full-year ROIC remained strong at approximately 19%.
• Company maintains conservative 1.5x net leverage with $1.5 billion in total liquidity, positioning it well for 2026 despite acknowledged ~$30 million revenue headwinds from spin-off transition costs.

Boyd Group BGSI

Swiss National Bank bought $8.54M of Boyd Group in Q4 2025. Boyd Group delivered a significant operational turnaround in Q3 2025, swinging from negative same-store sales of -2.1% in Q2 to positive growth of +2.4%, driven by normalizing industry conditions including moderating insurance premium increases and recovering used vehicle prices. Adjusted EBITDA margin expanded 40 basis points sequentially from 12.0% in Q2 to 12.4% in Q3, reflecting the company's continued operational discipline and margin expansion efforts through internalization of scanning and calibration services. The pending acquisition of Joe Hudson's Collision Centers, expected to close in Q4 2025, positions the company for sustained growth with $35-45 million in projected synergies, while positive sales momentum continued into early Q4 with October same-store sales outperforming the prior quarter.

• Same-store sales recovered sharply to +2.4% in Q3 2025 compared to -2.1% decline in Q2, marking return to growth trajectory.
• Adjusted EBITDA margin improved 40 basis points sequentially to 12.4% and 170 basis points year-over-year from 10.7% in Q3 2024.
• Repairable claims volume declined 3-5% in Q3 2025, but improving fundamentals support company's expectation for normalized industry conditions moving forward.

StoneCo STNE

Swiss National Bank bought $7.21M of StoneCo in Q4 2025. StoneCo has demonstrated consistent earnings performance over the last two reported quarters, with Q3 2025 EPS of $0.47 exceeding analyst expectations by 9.3% and Q2 2025 EPS of $0.41 beating estimates by 14.2%, reflecting strong operational execution. The company faces near-term uncertainty due to a management transition with CEO succession effective March 2026, which triggered a -6.88% stock reaction when announced on January 7, 2026, though the market recovered with a +7.81% gain when Q4 and fiscal 2025 results were formally scheduled for March 2, 2026. Forward guidance shows substantial YoY growth expectations for Q4 2025, with analysts projecting EPS to grow 124.26% and revenue to increase 4.07%, suggesting the company is positioned for accelerating profitability despite leadership transition headwinds.

• Consecutive quarterly EPS beats: Q3 2025 delivered $0.47 vs. $0.43 estimate (+9.3%), Q2 2025 posted $0.41 vs. $0.36 estimate (+14.2%).
• YoY EPS growth of 30.6% in Q3 2025 ($0.47 vs. $0.36 in Q3 2024) demonstrates accelerating profitability.
• Q4 2025 EPS projected at $0.48 with estimated 124.26% YoY growth, signaling substantial profitability improvement.

Ondas ONDS

Swiss National Bank bought $6.72M of Ondas in Q4 2025. Ondas demonstrated exceptional momentum in the last two quarters, with Q4 2025 revenue guidance of $27-29 million substantially exceeding its prior target by 51%, driving full-year 2025 revenue to $47.6-49.6 million and representing approximately 576% year-over-year growth. The company raised its 2026 revenue guidance to $170-180 million (a 25% increase from previous targets), bolstered by a strong backlog that grew 180% to $65.3 million and supported by a major $959.2 million capital raise completed in late 2025. Strategic initiatives including the November 2025 acquisition of Sentry CS Ltd, rebranding to Ondas Inc., and execution of the Core Plus growth plan have positioned the company for profitability at the product level by Q3 2026, with pro-forma cash exceeding $1.5 billion.

• Full-year 2025 revenue reached $47.6-49.6 million, up approximately 576% year-over-year, with Q3 2025 EPS of -$0.03 beating analyst expectations by 25%.
• 2026 revenue guidance raised to $170-180 million, representing 250-260% growth over 2025, with backlog exceeding $65 million and expected gross margins of approximately 50%.
• Capital position strengthened with $1.5 billion in pro-forma cash following a strategic $959.2 million equity raise and path to EBITDA profitability at product company level by Q3 2026.

Westlake WLK

Swiss National Bank bought $5.61M of Westlake in Q4 2025. Westlake has reported consecutive quarterly losses throughout 2025, with Q3 showing an EPS of -$0.29 versus an estimated $0.21, marking the third consecutive earnings miss driven by margin pressure, oversupply in key markets, and weak industrial demand. The company faces significant headwinds as it pursues cost reductions and asset rationalization, including plant closures in its chemicals and building products segments, while analyst sentiment has turned cautious with Mizuho's recent downgrade to Neutral amidst questions about whether these efforts will translate to a sustainable recovery. With Q4 2025 earnings scheduled for release on February 24, 2026, the market will assess whether ongoing restructuring efforts are stabilizing operations, as the company's recent performance trajectory suggests deterioration rather than stabilization across multiple quarters.

• EPS declined to -$0.29 in Q3 2025, representing the third consecutive quarterly loss, versus earnings of $0.06 in Q4 2024.
• Missed analyst expectations by 238% in Q3 2025 and approximately 250% in Q2 2025, signaling persistent operational challenges beyond one-time factors.
• Analyst expectations for Q4 2025 revenue estimated at $2.61 billion, with the upcoming earnings call on February 24, 2026 expected to clarify the effectiveness of cost reduction and asset rationalization initiatives.

ServiceTitan TTAN

Swiss National Bank bought $5.05M of ServiceTitan in Q4 2025. ServiceTitan demonstrated resilient operational performance in Q3 2025, achieving $249.2M in revenue (+25% YoY) and generating positive non-GAAP operating income of $21.5M with an 8.6% operating margin, marking meaningful progress toward profitability despite ongoing GAAP losses. The company significantly beat earnings expectations in both Q4 2025 and Q1 2026, posting EPS of +$0.03 (vs. consensus -$0.02) and +$0.12 respectively, signaling improved operational efficiency and cost management as core trades continue performing well. However, the stock has substantially underperformed, declining 38.2% over the past year versus a 14% gain in the broader market, despite analyst consensus maintaining a Buy rating with 24.44% upside potential to a $135.19 price target.

• Q3 revenue of $249.2M (+25% YoY) with gross transaction volume of $21.7B (+22% YoY) and net dollar retention exceeding 110%.
• Non-GAAP operating margin improved to 8.6% in Q3 with $21.5M in non-GAAP operating income, representing strong operational leverage from core residential trades and strategic investments in roofing and commercial segments.
• Stock down 38.2% over 12 months despite forward FY2026 guidance of $951-953M revenue (+~23%) and non-GAAP operating income guidance of $83-84M for the full year.

Sunoco SUNC

Swiss National Bank bought $4.01M of Sunoco in Q4 2025. SunocoCorp LLC has demonstrated resilience and growth trajectory over the past 12 months, driven by the transformative Parkland acquisition expected to close in late October 2025 and consistent quarterly distribution increases of 1.25%, positioning the company for material accretion and synergy capture. The company trades at an attractive valuation with a forward P/E of 10.02, well below peer averages, while maintaining a strong 6.4%+ dividend yield supported by disciplined capital allocation and eight consecutive years of distributable cash flow per unit growth. Recent quarter results reflect solid operational performance with net income of $86 million in Q2 2025 and Adjusted EBITDA of $464 million, while analyst consensus remains bullish with price targets around $64.50-$65.60, suggesting meaningful upside potential.

• Forward P/E ratio of 10.02 trades at approximately 50% discount to broader energy infrastructure peers, indicating substantial valuation upside.
• Dividend yield of 6.4% supported by targeted annual distribution growth of at least 5%, with recent quarterly increase of 1.25% to $0.9317 per unit.
• Parkland acquisition projected to deliver $250+ million in run-rate synergies by year three and 10%+ accretion to DCF per unit, with expected returns to ~4x leverage target within first year.

Fortrea Holdings FTRE

Swiss National Bank bought $3.09M of Fortrea Holdings in Q4 2025. Fortrea reported a challenging Q3 2025 with earnings per share of $0.12, missing analyst consensus of $0.16 by 25%, representing a notable decline from the prior quarter's strong $0.19 beat. The company faces operational headwinds reflected in a trailing -98.13% return on equity, though the stock has recovered to trade above its 200-day moving average of $9.34 at $16.73, and recent analyst price target increases to $12.07 suggest cautious optimism. Strategic positioning efforts including partnerships with SCTbio and investor outreach across healthcare conferences, combined with 66.30% annualized EPS growth, indicate management is executing on turnaround initiatives ahead of Q4 2025 earnings scheduled for February 26, 2026.

• Q3 2025 EPS declined 25% versus estimate to $0.12, down from Q2 beat of $0.19, signaling execution challenges.
• TTM EPS growth of 66.30% contrasts sharply with negative ROE of -98.13%, reflecting earnings volatility and profitability concerns.
• Stock down 10.39% from $18.67 52-week high but trading above 200-day MA of $9.34 with analyst price targets raised 7.7% to $12.07.

Almonty ALM

Swiss National Bank bought $2.76M of Almonty in Q4 2025. Almonty delivered a dramatic turnaround in Q4 2025, reporting a positive $0.09334 EPS versus expectations of negative -$0.004881682, representing a 2,012% positive surprise after posting -$0.02 EPS in Q3 2025. The quarter benefited from recent strategic positioning including the appointment of retired U.S. Army Brigadier General Steven L. Allen as Chief Operating Officer and a binding offtake agreement for tungsten oxide supplies to U.S. defense applications, supporting analyst consensus of Buy ratings with $11.50 price targets. While the company remains operationally challenged with trailing twelve-month net losses of -$75.93M, the Q4 earnings inflection and defense sector tailwinds signal a potential turnaround trajectory, though revenue execution remains a concern given Q3's $8.70M versus $16.19M estimate miss.

• Q4 2025 EPS beat by 2,012% to $0.09334 versus consensus, marking a reversal from Q3's -$0.02 EPS.
• Analyst price target of $11.50 implies 61.29% upside from recent trading levels.
• TTM net income of -$75.93M reflects persistent operational losses despite Q4 profitability inflection.

Anywhere Real Estate HOUS

Swiss National Bank bought $2.66M of Anywhere Real Estate in Q4 2025. Anywhere Real Estate reported sharply declining profitability in Q3 2025 despite nascent operational momentum, posting a net loss of $13 million and an EPS of -$0.12 versus the prior quarter's $0.32 positive earnings. The company's announcement of a definitive merger with Compass (expected to close in the second half of 2026) and forward guidance suspension have created significant uncertainty, though underlying transaction volume growth of 7% in Q3—the first unit growth since Q4 2024—and October closed volume up 9% suggest stabilization in the core business. Cost discipline efforts yielded $28 million in savings during Q3, contributing to $67 million year-to-date progress toward the $100 million 2025 target, though Q3 revenue of $1.6 billion (up 6% year-over-year) fell short of consensus expectations, and the stock has surged 237.75% year-to-date primarily on merger-related optimism rather than fundamental improvement.

• EPS declined 137.5% from $0.32 in Q2 2025 to -$0.12 in Q3 2025, missing analyst consensus estimates by $0.30.
• Q3 transaction volume increased 7% year-over-year with October closed volume up 9%, marking the first unit growth in five quarters.
• Stock has gained 237.75% year-to-date and 192.54% over six months, driven primarily by the September Compass merger announcement rather than operational metrics.

Celcuity CELC

Swiss National Bank bought $2.5M of Celcuity in Q4 2025. Celcuity demonstrated substantial operational improvement in Q3 2025, with earnings per share of -$0.92 beating consensus estimates of -$1.05 by $0.13, marking a significant recovery from Q2 2025's miss of -$1.04 versus the -$0.90 estimate. The company's exceptional 750%+ stock appreciation in 2025 reflects market enthusiasm surrounding best-in-class Phase 3 clinical data for its lead candidate gedatolisib, which demonstrated a hazard ratio of 0.24 for the triplet regimen (median progression-free survival of 9.3 versus 2.0 months) in HR+/HER2- advanced breast cancer. With an NDA submission on track for Q4 2025 under FDA Real-Time Oncology Review, a robust cash position of $455.0M funding operations through 2027, and topline data from the PIK3CA mutant cohort expected in late Q1 2026–Q2 2026, the company has positioned itself as a potential market disruptor in the breast cancer treatment landscape.

• Stock surged 750%+ in 2025 on Phase 3 gedatolisib efficacy data with HR 0.24 demonstrating +7.3 months median PFS improvement.
• Q3 2025 EPS of -$0.92 beat consensus estimate of -$1.05, reversing Q2's miss, while net loss totaled $43.8M.
• Cash and equivalents of $455.0M with runway through 2027 supporting NDA submission on track for Q4 2025.

Tetra TTI

Swiss National Bank bought $2.34M of Tetra in Q4 2025. TETRA Technologies demonstrated solid operational momentum in Q3 2025 with revenue of $153 million (up 8% year-over-year) and adjusted EBITDA of $25.0 million (up 7%), though net income before taxes remained flat at $8.1 million compared to the prior year period. The stock has significantly outperformed its energy services peers, gaining 136.2% over the past 12 months versus the industry average of 33.6%, with investor sentiment improving as shares rallied 16% on recent strategic announcements including the magnesium joint venture term sheet. With Q4 2025 earnings scheduled for February 25, 2026, investors will assess full-year revenue guidance achievement, consolidated EBITDA performance, and progress on the Evergreen Project as key indicators of the company's execution on its low-carbon energy and critical minerals strategy.

• Q3 revenue increased 8% year-over-year to $153 million with adjusted EBITDA up 7% to $25.0 million.
• Stock up 136.2% over 12 months, significantly outperforming the US Energy Services industry at 33.6% and the broad market at 13.2%.
• EPS surged 7,085.4% to $0.92 with market cap expanding 151% to $1.65B.

Added, Trimmed, and Exited

Added

Swiss National Bank made a massive addition to its Netflix (NFLX) position, purchasing over 10.4 million shares to bring its total to 11.6 million shares, and significantly expanded its ServiceNow (NOW) stake by 2.25 million shares. The fund also added 513,400 shares of Opendoor Technologies (OPEN).
What it means: The enormous Netflix build-up—nearly a 10x increase in share count—stands out as the quarter's most aggressive move, suggesting the SNB sees continued strength in the streaming giant despite the position showing a -25.8% return over the period. The substantial ServiceNow add similarly reflects a conviction bet on enterprise software and AI-driven workflow automation, even as that position also declined roughly 20.6% during the quarter. These adds into weakness indicate the SNB is using price dips as accumulation opportunities in secular growth names.

Trimmed

The SNB broadly trimmed its mega-cap technology and blue-chip holdings, reducing positions in Nvidia (NVDA) by 3.75 million shares, Apple (AAPL) by 2.39 million shares, Amazon (AMZN) by 1.24 million shares, Microsoft (MSFT) by 1 million shares, Alphabet (GOOGL/GOOG) by a combined 1.6 million shares, and Tesla (TSLA) by 611,000 shares. Telecom and defensive names were also reduced, including AT&T (T), Verizon (VZ), Comcast (CMCSA), Coca-Cola (KO), and Pfizer (PFE). Additional trims included Broadcom (AVGO), ExxonMobil (XOM), Walmart (WMT), Cisco (CSCO), and Ford (F).
What it means: This broad-based trimming across virtually every mega-cap tech and defensive holding suggests systematic portfolio rebalancing rather than a directional call against any single sector. The SNB likely harvested gains in names like Alphabet (+22% return) and Cisco (+6.3%) while also managing concentration risk in its largest positions like Nvidia and Apple, which together still represent over $23 billion in combined value. The proceeds appear to have funded the large Netflix and ServiceNow builds as well as the 20 new positions initiated during the quarter.

Exited

The SNB fully liquidated 20 positions, led by Kellanova (K) ($76.6M), Mr. Cooper (COOP) ($26.5M), Interpublic (IPG) ($20M), Pinnacle Financial Partners (PNFP) ($14.1M), and Light & Wonder (SGMS) ($13.7M). Smaller exits included Merus (MRUS), Spirit AeroSystems (SPR), Allete (ALE), Sandstorm Gold (SAND), WNS (WNS), Informatica (INFA), Akero Therapeutics (AKRO), Hanesbrands (HBI), Premier (PINC), Acadia Healthcare (ACHC), Veritex (VBTX), AvidXchange (AVDX), 89bio (ETNB), Steelcase (SCS), and Sapiens International (SPNS).
What it means: Several of these exits reflect completed corporate actions—Kellanova was acquired by Mars, Spirit AeroSystems was absorbed by Boeing, and Allete went private—rather than active investment decisions. The remaining liquidations suggest a cleanup of smaller, less liquid positions across diverse sectors including biotech, fintech, and mid-cap financials, consistent with the SNB's strategy of rotating out of acquired or smaller-cap holdings to redeploy capital into higher-conviction opportunities like the new positions in Barrick Mining (B), Nebius (YNDX), and CoreWeave (CRWV).

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.