Swiss National Bank

The SNB's Governing Board oversees all investment decisions, supported by a dedicated Asset Management department. Martin Schlegel became Chairman of the Governing Board in January 2025. The bank's investment committee operates under strict risk limits set by the board.

Unlike sovereign wealth funds that maximize return, the SNB's primary objective is monetary policy implementation — preserving the purchasing power of the franc while managing currency intervention effects. This means the bank prioritizes liquidity and risk control over yield, though it does seek returns within those constraints.

The SNB invests across foreign currency bonds (government and corporate), global equities, and alternative investments including infrastructure, real estate, and hedge funds. It also holds significant gold reserves. Equities represented about 20% of the foreign currency portfolio per 2024 disclosures.

Yes, the SNB publishes annual reports detailing its investment strategy and portfolio composition. For US-listed equities, it files 13F forms quarterly, revealing specific holdings such as Microsoft, Nestlé, and Novartis.

The SNB's foreign currency portfolio is heavily weighted toward eurozone, US, and Japanese assets, reflecting the currencies in which it intervenes. It also maintains smaller exposures to other major economies. The equity portfolio is globally diversified.

The SNB holds one of the largest sovereign gold reserves globally, approximately 1,040 tonnes as of 2024. About 70% is stored in Switzerland, with the rest at the Bank of England and Bank of Canada.

Martin Schlegel succeeded Thomas Jordan as Chairman of the Governing Board in January 2025, after Jordan served 13 years in the role. Schlegel had previously been Vice Chairman since 2022.