Switzerland's conservative Central Bank has become one of the biggest whales in US tech stocks

The Swiss National Bank, which adheres to conservative capital management methods, has gradually turned into one of the world's largest investors in the technology sector. The Swiss Central Bank has become a prominent player in Silicon Valley, and the value of its equity portfolio is close to 20% of the country's annual GDP.

The portfolio of U.S. stocks of the Swiss National Bank as of June 2025 was estimated at $167 billion and included more than 2,300 positions, writes the Financial Times with reference to the materials of the U.S. Securities and Exchange Commission (SEC). More than $42 billion invested in just five companies - technology giants Amazon, Apple, Meta, Microsoft and Nvidia. The National Bank's share in Apple is estimated at almost $10 billion, and in Nvidia - more than $11 billion.

The Swiss National Bank is a conservative institution, but its working methods are very unconventional. No other central bank holds such large positions in equities, the article says. According to the Swiss Central Bank's own data, about 87% of its balance sheet today is in foreign currency assets: about two-thirds are government bonds, 10% are corporate bonds and 25% are equities.

Unlike most central banks, the Swiss National Bank is not owned by the Swiss government. About half of its shares are owned by the Swiss cantons and cantonal banks, and the rest by individuals. It is also listed on the Swiss Stock Exchange.

The Swiss Central Bank does not participate as a matter of principle in shareholder votes in the United States and does not try to influence the management of companies whose shares it owns. However, passivity does not mean static, emphasizes the FT: in 2023, the bank had no Berkshire Hathaway shares, and by 2025, he collected a position of more than $2 billion. The value of its stake in Nvidia for the same period almost tripled not only due to the growth of quotations, but also through the purchase of shares: the bank increased its stake in Nvidia more than six times.

Over the past two years, the Swiss National Bank has reduced its stakes in Meta and Netflix, but even the remaining positions have dramatically increased in value. Similarly, although the bank has sold some of the shares it owned in Palantir Technologies, the rapid rise in their price has increased the value of its stake eightfold, the FT notes.

The Swiss National Bank avoids some sectors completely. In particular, it does not invest in systemically important banks, so as not to create a conflict of interest, explained to the publication the co-chairman of the investment firm Vontobel Kristel Rendu de Lint. In addition, the bank does not invest in shares of companies linked to the production of internationally condemned weapons.

This article was AI-translated and verified by a human editor