Swiss National Bank

A market-cap-weighted reserve. The top holdings mirror the US index almost exactly: NVIDIA (7.16%), Apple (6.30%), Microsoft (4.41%), Amazon (3.38%) and Alphabet (5.18% combined). This is reserve diversification expressed through broad equity ownership, not stock selection — the SNB holds the market because it holds dollars.

Broad accumulation. With no position reductions, the quarter was about adding. New stakes in AstraZeneca ($1.2B), RTX ($759M), Verizon ($621M), Intel ($585M) and KLA Corp ($568M) extend the book's breadth into telecom, defense and semiconductor equipment. Increases in Exxon Mobil (+$694M) and Johnson & Johnson (+$363M) lean defensive.