Swiss National Bank's $168.01B Q4 Book Stays Anchored to U.S. Mega-Cap Tech

Swiss National Bank reported $168.01B in canonical 13F AUM for Q4 2025, and the top of the book remains unmistakably U.S. mega-cap led. NVDA, AAPL, and MSFT alone account for more than one-fifth of the disclosed portfolio, signaling sustained concentration in global tech leadership names.

TL;DR

• Canonical AUM: $168.01B in 2025Q4.
• Holdings output: 500 positions in current generated set.
• Top holding: NVDA at $12.42B and 8.05% weight.
• Top trio: NVDA, AAPL, MSFT with combined dominant footprint.
• Concentration: Top-5 at 28.4%, top-10 at 40.3%.
• AUM pattern: Strong rise into Q3 2025, then a mild Q4 pullback from $172.35B to $168.01B.
• Takeaway: Strategic U.S. mega-cap bias remains intact despite quarter-end moderation.

Filing Snapshot

The generated brief shows canonical AUM of $168.01B, holdings value sum of $154.30B, and WhaleScore of 70.50. In positioning terms, SNB continues to run a high-quality large-cap core with technology and platform businesses at the center.

Top Holdings: Concentrated Leadership Exposure

SNB’s top disclosed lines are led by NVDA ($12.42B), AAPL ($11.06B), and MSFT ($9.36B), followed by AMZN and GOOGL. This isn’t a broad equal-weight expression — it’s a concentrated preference for the most liquid global growth franchises.

Further down the top list, AVGO, GOOG, and META add depth to the same thematic cluster. The structure suggests conviction in AI infrastructure, digital platforms, and large-cap earnings durability rather than a defensive re-risking posture.

AUM Trend: Upshift in 2025, Slight Q4 Cooldown

The history sequence moved from $141.58B in 2025Q1 to $166.94B in Q2 (+17.9%), then to $172.35B in Q3 before settling at $168.01B in Q4 (-2.5%). That pattern points to a strong year-level upshift with normal late-quarter consolidation.

Interpretation for Smart-Money Followers

SNB’s filing remains one of the cleaner readouts for institutional preference in globally scalable tech leaders. The portfolio is not ultra-concentrated in one name, but it is clearly concentration-aware in a narrow cohort of mega-cap winners.

API Label Caveat

As with other very large filers, the raw dataset can display many holdings as “NEW position.” This analysis does not treat that label as literal first-time ownership without additional corroboration.

Q&A

What did Swiss National Bank report in Q4 2025?

SNB reported canonical 13F AUM of $168.01B in 2025Q4, with holdings value sum of $154.30B in the generated brief.

Which stocks are SNB’s largest disclosed positions?

NVDA, AAPL, and MSFT are the top three, followed by AMZN and GOOGL in the Q4 2025 top-holdings output.

Did SNB reduce AUM in Q4 2025?

Yes, slightly. AUM moved from $172.35B in 2025Q3 to $168.01B in 2025Q4, a -2.5% QoQ change in the history series.

Is SNB highly concentrated in one stock?

The top position is 8.05%, so concentration is meaningful but not single-name extreme. Top-10 concentration is 40.3%.

Where can I track this positioning on 13F Insight?

Use the filer page and top-name trackers: Swiss National Bank, NVDA, AAPL, MSFT, and AMZN.