Inside the SNB’s Record $191.4 Billion US Stock Portfolio: Profit, Top Holdings, and an Unconventional Central Bank Strategy

What Drove the US Stock Portfolio to $191.4 Billion?

The SNB’s US equity portfolio grew more than 10% in Q2 2026, reaching $191.4 billion across more than 2,300 US-listed companies . The primary driver was a broad global stock-market rally that lifted the value of its existing holdings . The SNB also actively added to positions: its largest additions included AstraZeneca (+$1.2 billion), Nvidia (+$824 million), Apple (+$626 million), Microsoft (+$508 million), and Amazon (+$403 million) . A weaker Swiss franc further inflated the franc-denominated value of dollar-denominated assets .

H1 2026 Profit: A Nearly CHF 48 Billion Swing

The swing from a CHF 22 billion loss in Q2 2025 to a CHF 25.7 billion profit in Q2 2026 represents a nearly CHF 48 billion reversal, driven mainly by equity market gains . The profit on foreign currency positions alone hit CHF 39.9 billion for the quarter, fueled by dividends, interest income, and capital gains . The SNB warned against drawing conclusions about full-year results or potential dividends based solely on half-year figures .

Top Holdings: Tech-Heavy and Concentrated

As of the Q2 2026 13F filing, the SNB’s top five US stock holdings were :

1. Nvidia (NVDA) — ~$12.4 billion, 7.2% of the portfolio
2. Apple (AAPL) — ~$10.9 billion, 6.3%
3. Alphabet (GOOGL) — ~$9.0 billion, 5.2%
4. Microsoft (MSFT) — ~$7.7 billion, 4.4%
5. Amazon (AMZN) — ~$7.1 billion

The top 10 holdings, heavily concentrated in big tech, make up about 34% of the total US equity portfolio . The SNB initiated 52 new stock positions during the quarter, including a new $198.2 million position in Honeywell International (ticker HONA) .

Does the SNB own SpaceX? No. There is no evidence in the 13F filing data that the SNB holds a position in SpaceX. SpaceX is privately held and would not appear in a standard 13F filing, which only covers publicly traded US equities.

Why Does the SNB Hold Equities? An Unconventional Strategy

Most central banks avoid equities, but the SNB’s approach serves two intertwined purposes :

• Currency management: Switzerland runs persistent current account surpluses, and the Swiss franc is seen as a safe-haven currency. The SNB regularly sells francs and buys foreign currency (especially dollars and euros) to weaken the franc, which otherwise hurts Swiss exporters. The foreign currency it acquires is then invested, with a portion allocated to equities .
• Return enhancement: The SNB explicitly states it invests in shares and corporate bonds "to take advantage of the positive return contribution of these asset classes" and to improve diversification of its foreign currency portfolio . The SNB is a passive investor: it does not select individual stocks but uses rule-based procedures to invest in a broad equity universe .

No other central bank holds as large an equity portfolio relative to its balance sheet . As UBS economist Florian Germanier noted, "The bank has profited from the rise in stock markets... but its results can swing widely because of its large balance sheet" .

How Did Gold Holdings Perform?

Gold was the one major negative for the SNB in H1 2026. The SNB recorded a valuation loss of CHF 6.4 billion on its gold holdings, driven by a plunge in the gold price during the period: the price per kilogram fell from CHF 110,919 to CHF 104,812 . This loss partly offset the CHF 31.7 billion profit from foreign currency positions (equities, bonds, and currency effects) .

The SNB’s gold position remains unchanged in physical terms, but the mark-to-market loss highlights a key risk of its asset mix: while its unconventional equity strategy paid off handsomely in H1 2026, its traditional gold reserves acted as a drag on returns.