Swiss National Bank

The Swiss National Bank reported $173.8B across 2,301 US equity positions for Q1 2026, up from $168.0B. As a central bank running a passive-style reserve allocation, the SNB added to 42 positions and reduced none — a near-pure accumulation quarter. NVIDIA (7.16%), Apple (6.30%) and Microsoft (4.41%) lead. New stakes include AstraZeneca ($1.2B), RTX ($759M), Verizon ($621M) and Intel ($585M), funded by sells of Salesforce (-$691M) and American Express (-$564M); Microsoft was the lone meaningful position trim.