Swiss National Bank

New 13F: Q3 2026

Swiss National Bank filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $99.7B in AI and semiconductor stocks; $310.0M bought and $3.0B sold against its previous quarter, at the quarter's prices.

Swiss National Bank declares $98.3B in 201 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 51.3% of its $191.4B 13F portfolio. Largest positions: NVIDIA (0.27% of the company) and Apple (0.28% of the company). It is an index manager: its trades follow fund flows, so they are left out of the quarter's moves on /holders. Over time: $98.3B in 201 of these companies for Q2 2026, against $26.9B in 146 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $182.2M and sold $5.0B of these stocks, at the quarter's prices: a net sale of $4.8B; 2 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio Swiss National Bank declared for Q2 2026 (Form 13F), held unchanged, returned +4.2% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +29.8% (SMH +87.2%). Over three years, quarter after quarter: +154.2% (SMH +325.8%). Over five years, quarter after quarter: +170.5% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

  1. NVIDIA (NVDA): $13.0B, 65.1M shares, 0.27% of the company, 6.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  2. Apple (AAPL): $12.0B, 41.4M shares, 0.28% of the company, 6.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  3. Alphabet (GOOGL): $10.5B, 29.5M shares, 0.24% of the company, 5.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  4. Microsoft (MSFT): $7.4B, 19.9M shares, 0.27% of the company, 3.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  5. Amazon (AMZN): $6.5B, 27.3M shares, 0.25% of the company, 3.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  6. Broadcom (AVGO): $4.8B, 12.7M shares, 0.27% of the company, 2.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  7. Micron (MU): $3.7B, 3.2M shares, 0.28% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  8. Meta Platforms (META): $3.5B, 6.2M shares, 0.24% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  9. AMD (AMD): $2.7B, 4.6M shares, 0.28% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  10. Intel (INTC): $1.7B, 12.4M shares, 0.23% of the company, 0.90% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  11. Applied Materials (AMAT): $1.6B, 2.2M shares, 0.28% of the company, 0.85% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  12. Lam Research (LRCX): $1.5B, 3.5M shares, 0.28% of the company, 0.80% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  13. Caterpillar (CAT): $1.4B, 1.3M shares, 0.29% of the company, 0.73% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  14. Cisco (CSCO): $1.3B, 11.1M shares, 0.28% of the company, 0.68% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  15. KLA (KLAC): $1.1B, 3.7M shares, 0.28% of the company, 0.58% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

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