The Swiss National Bank (SNB) has put its cards on the table and revealed its investments in US stocks in the latest 13F filing.
With assets under management of around $172.35 billion, the Swiss National Bank (SNB) is required to disclose its US stock holdings on a quarterly basis. The following overview shows the ten largest US positions in the central bank’s portfolio in the third quarter of 2025, sorted by their share of total assets.
What is striking is that the SNB made numerous sales in the last quarter – yet the composition of the top 10 remained largely stable.
The cut-off date for the information is September 30, 2025.
Editorial team finanzen.net
11th place: The ranking
With approximately $172.35 billion in assets under management, the Swiss National Bank (SNB) is required to disclose its U.S. equity investments quarterly. The following overview shows the ten largest US positions in the Swiss central bank’s portfolio in the third quarter of 2025, ordered by their percentage share of total assets. The disclosure deadline is September 30, 2025.
Source: sec.gov, Image: Swiss National Bank
10th place: Berkshire Hathaway
The SNB’s 10 largest stock investments were also initiated in the third quarter by investor legend Warren Buffett’s conglomerate: Berkshire Hathaway. During the reporting period, the Swiss central bank sold 149,400 of the company’s B shares. The remaining 3,906,505 securities had a value of $1.96 billion as of the reporting date, making up 1.14 percent of the entire portfolio.
Source: sec.gov, Image: Jonathan Weiss / Shutterstock.com
9th place: Alphabet C
Google parent Alphabet was also able to defend ninth place despite sales. In the third quarter, the SNB sold 813,700 securities and thus still held 14,162,400 C shares in the group. With a value of 3.45 billion US dollars, it is enough for a portfolio share of 2 percent.
Source: sec.gov, Image: Fenixx666 / Shutterstock.com
8th place: Tesla
Tesla was also able to maintain its placement – even though the SNB also put the red pencil here and sold 406,900 shares. The remaining 8,356,175 shares were worth $3.72 billion on September 30 and represented 2.16 percent of the entire portfolio.
Source: sec.gov, Image: Ken Wolter / Shutterstock.com
7th place: Alphabet A
The A shares of the Google Group Alphabet are also still among the top 10 SNB holdings. After the Swiss central bank sold 880,500 shares in the last quarter of the year, 16,776,600 shares remained in the portfolio. With a value of 4.08 billion US dollars and a portfolio share of 2.37 percent, the investment can defend seventh place.
Source: sec.gov, Image: Naypong / Shutterstock.com
6th place: Broadcom
The Broadcom stake also went neither up nor down. After the SNB divested itself of 641,400 shares in the third quarter, the remaining 12,880,230 securities had a value of $4.3 billion as of the reporting date. With a portfolio share of 2.47 percent, the investment remains in 6th place.
Source: sec.gov, Image: Ken Wolter / Shutterstock.com
5th place: Meta Platforms
Meta Platforms can also maintain its position in the ranking. Here the SNB sold a total of 372,000 papers. This means that the portfolio still contains 6,258,600 shares of the social media group, which were worth 4.6 billion US dollars as of the reporting date (2.67 percent of the portfolio share).
Source: sec.gov, Image: mundissima / Shutterstock.com
4th place: Amazon
Amazon was also able to defend its position in fourth place. And here too there was strong sales in the last quarter. The SNB sold an impressive 1,369,700 shares in Q3. The remaining 27,542,600 shares made up 3.51 percent of the entire portfolio with a total value of $6.05 billion.
Source: sec.gov, Image: Ken Wolter / Shutterstock.com
3rd place: Microsoft
Microsoft fell one place in the quarter under review. In total, the SNB sold 1,024,200 shares of the tech giant. With 20,353,870 papers remaining, the holding was worth 10.54 billion US dollars and a portfolio share of 6.12 percent as of the reporting date.
Source: sec.gov, Image: Volodymyr Kyrylyuk / Shutterstock.com
2nd place: Apple
Meanwhile, Apple, the iGroup, was aiming to move up one place. But here too, the SNB disposed of 2,419,300 papers. What remained, however, were 43,054,168 shares worth $10.96 billion, which accounted for 6.36 percent of the entire portfolio.
Source: sec.gov, Image: r.classen / Shutterstock.com
1st place: NVIDIA
NVIDIA remains undisputed in first place. And this despite the fact that the SNB also sold a large amount of shares here in the reporting period. A total of 3,525,700 papers were separated here. There were still 70,335,700 shares left worth $13.12 billion. With a portfolio share of 7.61 percent, the AI specialist remains at the top of the SNB portfolio.
Source: sec.gov, Image: Below the Sky / Shutterstock.com
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