Sou Hu Cai Jing·2025-09-17 08:47Core Insights - The Swiss National Bank (SNB) has become a significant player in the tech stock market, with a U.S. equity portfolio valued at $167 billion, nearly one-fifth of Switzerland's GDP, covering over 2,300 listed companies [1] - The seven major tech companies, including Apple, Microsoft, Amazon, Meta, Nvidia, Alphabet, and Tesla, account for $51.6 billion of SNB's investments, with Nvidia alone exceeding $11 billion [1][4] - SNB's balance sheet has expanded to $855 billion, positioning it alongside sovereign wealth funds from countries like Singapore and Qatar [1] Currency Management Strategy - The Swiss franc is viewed as a global safe-haven currency, leading to appreciation pressures during global turmoil, which can harm export competitiveness and potentially trigger deflation [2] - To counteract excessive currency strength, SNB employs a strategy of regularly selling francs and buying foreign currencies [2] Investment Approach - Approximately 87% of SNB's assets are in foreign currencies, including two-thirds in government bonds, 10% in corporate bonds, and 25% in stocks [5] - SNB's investment strategy is primarily passive, yet it demonstrates flexibility in adjusting its portfolio in response to market trends [5] Performance and Risks - SNB's holdings in Nvidia have seen a sixfold increase in quantity over two years, with a value surge of over 175% from March 2023 to March 2025, attributed to both active increases and stock price appreciation [7] - Despite high returns, SNB has faced significant losses due to asset price corrections and currency fluctuations, with a reported loss of 15.3 billion Swiss francs (approximately $19.5 billion) in the first half of the year [8] - Discussions around SNB's investment strategy have emerged, with some suggesting outsourcing asset management for higher returns, though many economists argue that the current system maintains advantages in liquidity and policy implementation [8]