Swiss National Bank (SNBN)It is like holding a risk-free of default US equity market fund denominated in CHF with a total return of 0.3%. It's an interesting business: print money and buy stocks.
As at 31 December 2020, the key asset allocation data for the foreign exchange reserves and the Swiss franc bond investment portfolio were as follows: USD 36%, EUR 40%, JPY 8%, GBP 6%.
Their last reported 13F filing for Q3 2020 included $127,874,338,000 in managed 13F securities and a top 10 holdings concentration of 24.15%. Swiss National Bank's largest holding is Apple Inc. with shares held of 67,699,096.
Equities are managed on a purely passive basis, whereby broad market indices of advanced and emerging economies are replicated. Exchange rate and interest rate risks are managed using derivative instruments such as interest rate swaps, interest rate futures, forward foreign exchange transactions and foreign exchange options. In addition, futures on equity indices are used to manage the equity investments.
