Swiss National Bank

The Swiss National Bank’s equity portfolio reflects a large-cap, passive, and globally diversified investment style consistent with reserve asset management, concentrated heavily in U.S. mega-cap technology. The top three holdings—NVIDIA at 7.2%, Apple at 6.3%, and Microsoft at 4.4%—total 17.9% of assets, while the broader Technology sector accounts for 32.6% of the entire portfolio. This extreme concentration in a single sector and a few individual names suggests the manager does not actively seek to mitigate sector risk through intentional underweights, instead allowing market-cap-weighted exposures to drive positioning. With over 2,300 positions and assets fluctuating around $170 billion, the strategy emphasizes broad, passive replication of global equity benchmarks, revealing a conviction in efficient markets rather than active stock selection.