Swiss National Bank's Trades in Q4 2024

The Swiss National Bank (SNB) is Switzerland's central bank, established in 1907, which uniquely maintains substantial equity holdings as part of its foreign currency reserves management and monetary policy operations. Unlike most central banks, the SNB actively invests in global equity markets, with a portfolio exceeding $150 billion in value. The bank's investment strategy focuses on broad market exposure while avoiding controlling positions in any single company, balancing risk management with the need to maintain substantial foreign currency reserves.

New positions: In Q4 2024, Swiss National Bank established 20 new positions, with Spotify Technology S.A. (SPOT) being the largest new holding at $189.2M, followed by Aptiv (APTV) worth $45.4M, Genpact Limited (G) at $14.3M, and Talen Energy Corporation (TLN) at $14.1M.

Bought: The fund significantly increased its stake in Tractor Supply Company (TSCO) by adding 1.2M shares, while also building up positions in Palo Alto Networks, Inc. (PANW) with 878.4K additional shares and Entergy Corporation (ETR) with 574.3K more shares.

Sold: Swiss National Bank reduced its holdings in several major tech companies, including trimming NVIDIA Corporation (NVDA) by 3.7M shares (though its value still increased by 4.95%), reducing Amazon.com, Inc. (AMZN) by 1.1M shares, Microsoft Corporation (MSFT) by 1.0M shares, and both Alphabet Inc. share classes (GOOGL and GOOG) by a combined 1.7M shares, while also completely exiting positions in Marathon Oil Corporation (MRO) and Catalent, Inc. (CTLT).

Website: www.snb.ch

Wikipedia: en.wikipedia.org/wiki/Swiss_National_Bank

New Positions

Spotify Technology S.A. SPOT

Swiss National Bank bought 422,900 shares of Spotify Technology S.A. in Q4 2024. Spotify Technology S.A. has demonstrated strong stock performance over the last 12 months, with a 38.6% YTD total return as of May 13, 2025, ranking in the top 10% of its industry. The stock trades at a 101.46 normalized P/E ratio, significantly higher than peers like Apple (33.40) and Sirius XM (7.34), reflecting growth expectations. Despite premium valuation metrics, Spotify maintains solid liquidity with a 1.71 current ratio, outperforming both Apple and Sirius XM in short-term financial health.

• 38.6% YTD total return through May 13, 2025, outperforming 90% of industry peers.
• 7.59 price/sales ratio exceeds Sirius XM's 0.96 but trails Apple's 9.00, positioning it mid-pack among tech giants.
• 22.18% return on invested capital (normalized) demonstrates efficient capital allocation compared to Sirius XM's 6.74%.

Aptiv APTV

Swiss National Bank bought 750,800 shares of Aptiv in Q4 2024. Aptiv PLC (APTV) has faced challenges over the last 12 months, with its stock price declining 16.86% year-over-year amid a 1.69% revenue drop and 38.57% earnings decline in 2024. However, the company reported record adjusted earnings of $1.69 per share in Q1 2025, driven by operational efficiency and cost management. Analysts maintain a Buy rating with a 15.24% upside to the $80 price target, citing its leadership in electrification and software-defined vehicle solutions.

• Stock price fell 16.86% over the last year, underperforming the S&P 500's 10% gain.
• Trades at a P/E ratio of 10.94, 35% below the automotive parts industry average of 16.8.
• Q1 2025 adjusted EPS of $1.69 exceeded expectations despite GAAP net loss of $0.05/share.

Genpact Limited G

Swiss National Bank bought 332,900 shares of Genpact Limited in Q4 2024. Genpact Limited has demonstrated steady revenue growth over the past 12 months, driven by its Data-Tech-AI segment, though net income declines highlight margin pressures. Full-year 2024 revenues grew 6.5% to $4.77 billion, with Q1 2025 revenues up 7.4% YoY to $1.215 billion. The company’s strategic focus on AI-driven solutions and record new bookings of $5.7 billion in 2024 position it for continued expansion despite competitive challenges.

• Data-Tech-AI revenues grew 11.7% (constant currency) in Q1 2025, accelerating from 2024’s full-year growth of 6.9%.
• 2024 adjusted EPS increased 10%, aligning with long-term targets of outpacing revenue growth.
• Q4 2024 net income declined 51% YoY to $142 million, reflecting increased investments in AI and operational scaling.

Talen Energy Corporation TLN

Swiss National Bank bought 70,200 shares of Talen Energy Corporation in Q4 2024. Talen Energy Corporation demonstrated mixed performance over the last 12 months, with $2.07 billion in 2024 revenue (-15% YoY) but 645% earnings growth to $998 million. The company strengthened its position through operational efficiency (2.2% fleet EFOF) and strategic moves like ERCOT asset sales, while facing a Q1 2025 net loss of $135 million. Recent developments position it for stability with $180 million/year in contracted revenues starting June 2025.

• EPS surged to $10.79 in 2024 with a P/E ratio of 22.34, reflecting strong profitability relative to share price.
• Stock price increased 162% over 12 months, reaching a 52-week high of $258.03 despite Q1 2025 volatility.
• Completed 22% share repurchases (13M shares) and maintains $1.2 billion liquidity with 3.3x net leverage ratio.

QXO Inc QXO

Swiss National Bank bought 684,500 shares of QXO Inc in Q4 2024. QXO Inc has shown mixed financial performance over the last 12 months, with full-year 2024 revenue growing 4.3% to $56.9 million despite a 6.4% decline in Q1 2025 revenue. The company completed a transformative $11 billion acquisition of Beacon to position itself as a tech leader in the $800 billion building products distribution sector. While net income surged to $8.8 million in Q1 2025 due to interest income, operational challenges led to negative adjusted EBITDA of $(8.9) million in the same quarter.

• Full-year 2024 revenue increased 4.3% to $56.9 million despite recent quarterly declines.
• Q1 2025 EPS loss widened to $(0.03) from $(0.02) in Q4 2024.
• Maintains strong liquidity with $5.1 billion cash and no debt as of December 2024.

Brookfield Renewable Corporation BEPC

Swiss National Bank bought 391,250 shares of Brookfield Renewable Corporation in Q4 2024. Brookfield Renewable Corporation (BEPC) has demonstrated strategic growth through acquisitions and operational scale despite mixed financial performance over the last 12 months. While funds from operations (FFO) declined to $139 million in Q1 2025 (down 36.5% YoY), the company expanded its global portfolio to nearly 45,000 MW of renewable capacity and completed major acquisitions like National Grid Renewables and Neoen. Management emphasizes resilience through contracted cash flows and a 5-9% annual distribution growth target, positioning BEPC to capitalize on long-term decarbonization trends.

• FFO decreased 36.5% YoY to $139 million in Q1 2025 compared to $219 million in Q1 2024.
• Maintains 5-9% annual distribution growth target with highly contracted cash flows supporting dividend stability.
• Completed $1.5 billion National Grid Renewables acquisition and Neoen privatization, adding 3.5 GW of renewable capacity.

Astera Labs, Inc. Common Stock ALAB

Swiss National Bank bought 77,000 shares of Astera Labs, Inc. Common Stock in Q4 2024. Astera Labs (ALAB) has demonstrated explosive revenue growth of 242% YoY to $396.29M in 2024, though losses widened by 217.7% to -$83.42M. The stock has surged 153% from its 52-week low of $36.22 (August 2024) to $91.69, buoyed by strong demand for AI/cloud connectivity solutions. Recent Q1 2025 results showed 144% YoY revenue growth to $159.4M, signaling sustained momentum in its core markets.

• EPS of $0.26 with forward P/E ratio of 66.36 versus trailing P/E of 354.30.
• Shares trade at 21.3% below analysts' 12-month price target of $97.00 (+6.99% upside).
• 144% YoY revenue growth in Q1 2025 ($159.4M) with sequential growth of 13%.

South Bow SOBO

Swiss National Bank bought 410,020 shares of South Bow in Q4 2024. South Bow has demonstrated solid performance over the last 12 months, with its stock price rising from a 52-week low of $21.12 to $35.15 as of May 12, 2025, reflecting a 66.4% gain. The company benefits from stable cash flows via its Keystone Pipeline infrastructure, supporting a 3.93% dividend yield and $316M net income over the trailing twelve months. Analysts remain cautious, however, with Tudor Pickering downgrading the stock to Hold in April 2025 amid mixed price targets.

• EPS grew 25.12% last quarter to 0.78 CAD/share, beating estimates of 0.62 CAD .
• Trades at a 16.74 P/E ratio, below Morningstar's normalized industry benchmark of 25.54 .
• Analyst price targets suggest 4.48% upside to $34.74, though current prices already exceed this threshold .

Primo Brands Corporation PRMB

Swiss National Bank bought 309,148 shares of Primo Brands Corporation in Q4 2024. Primo Brands Corporation (PRMB) has demonstrated mixed performance over the past year, with its stock rising 50.05% annually despite recent volatility (-4.84% weekly, -7.59% monthly). The company improved profitability in Q1 2025, delivering a 29.30% earnings surprise and reversing net income from -$157.70M to +$28.70M quarterly. Recent strategic initiatives, including $200M in cost synergies for 2025 and strong organic growth, position it for margin expansion and shareholder value creation.

• Stock price surged 50.05% over the last year despite recent pullback from 52-week high of $35.85.
• Q1 2025 EPS of $0.29 beat estimates by 29.30%, with revenue reaching $1.61B (vs. $1.62B estimate).
• Analysts maintain Strong Buy rating with 28.77% upside to $41.71 price target, supported by 3.71% dividend yield.

Brookfield Infrastructure BIPC

Swiss National Bank bought 234,877 shares of Brookfield Infrastructure in Q4 2024. Brookfield Infrastructure (BIPC) demonstrated robust financial performance over the last 12 months, driven by organic growth and strategic asset sales. The company reported net income of $762 million in Q1 2025, a 286% increase from $197 million in the prior-year period, supported by inflation-indexed cash flows and a strong balance sheet. Despite higher borrowing costs, its Funds From Operations (FFO) grew to $646 million in Q1 2025, up 5% year-over-year, reflecting operational resilience.

• EPS surged to $0.82 in Q1 2025, up from $0.78 in Q1 2024, driven by asset monetization and margin expansion.
• 2025 revenue estimates stand at $3.9B, with earnings projected at $3.86 per share amid stable infrastructure demand.
• Net income growth of 286% year-over-year in Q1 2025, fueled by organic growth and gains from mature asset sales.

Everus Construction Group, Inc. ECG

Swiss National Bank bought 95,297 shares of Everus Construction Group, Inc. in Q4 2024. Everus Construction Group has demonstrated robust financial performance over the past year, with Q1 2025 revenue rising 47% year-over-year to $826.6 million and EBITDA increasing 51%. However, the company faces significant headwinds from a securities fraud lawsuit alleging misleading disclosures about project delays, which caused its stock price to plummet 27.6% in February 2025. Despite these challenges, Everus maintains a record backlog of $3.1 billion, up 40.5% from Q1 2024, suggesting potential future revenue growth if execution improves.

• Q1 2025 EPS reached $0.72, with revenue growth driven by data center projects.
• Backlog surged 40.5% year-over-year to $3.1 billion as of Q1 2025.
• Stock declined 27.6% over two days in February 2025 following delayed revenue recognition disclosures.

Life360 LIF

Swiss National Bank bought 138,535 shares of Life360 in Q4 2024. Life360 (LIF) has demonstrated robust growth over the past 12 months, with Q1 2025 revenue surging 32% YoY to $103.6 million and a return to profitability driven by operational discipline. The company reduced its annual net loss by 83.83% in 2024 and achieved its eighth consecutive quarter of positive operating cash flow. Strategic management of tariffs and consumer pressures positions it well for sustained growth despite market uncertainties.

• Core subscription revenue grew 37% YoY to $76.2 million in Q1 2025, fueling a 38% YoY increase in annualized monthly revenue to $393 million.
• Net income swung to $4.38 million in Q1 2025 from a $9.78 million loss in Q1 2024, with EPS turning positive at $0.06 versus -$0.14 prior.
• Analysts maintain a Strong Buy rating with 12-month price targets up to $50.86, supported by a historical strategy showing 58.68% returns after earnings releases over five years.

Concentra Group Holdings Parent, Inc. CON

Swiss National Bank bought 225,235 shares of Concentra Group Holdings Parent, Inc. in Q4 2024. Concentra Group Holdings Parent, Inc. demonstrated mixed performance over the last 12 months with Q1 2025 net income declining 19.3% YoY to $40.6 million, while achieving strategic growth through acquisitions. The company raised its 2025 revenue guidance by 4.8-7.1% to $2.1-$2.15 billion following strong Q1 results and expansion activity. Recent value drivers include the Nova Medical Centers acquisition and Pivot Onsite Innovations deal, enhancing its occupational health market leadership.

• 19.3% YoY decline in Q1 2025 net income ($40.6M vs. $50.3M).
• 7.1% revenue growth in Q1 2025 ($500.8M) compared to prior year quarter.
• 2025 revenue guidance increased by $100-150M (4.8-7.1%) through acquisitions and organic expansion.

Curbline Properties Corp. CURB

Swiss National Bank bought 185,600 shares of Curbline Properties Corp. in Q4 2024. Curbline Properties Corp. has demonstrated strong growth over the last 12 months, driven by strategic acquisitions and operational efficiency. The company reported 29% year-over-year revenue growth in Q1 2025, with $38.44 million in total revenue, while expanding its portfolio through $124.2 million in property acquisitions. Its focus on high-income suburban markets and improved leasing spreads positions it favorably against peers in the convenience-center REIT sector.

• EPS of $0.10 in Q1 2025 with 50% higher operational funds from operations (OFFO) guidance ($0.99-$1.20/share) compared to prior estimates.
• Leased rate increased to 96% (+50 bps quarterly) with 27% leasing spread growth driven by credit tenants.
• Maintains $594 million in cash reserves and full access to a $400 million credit facility, supporting future acquisitions.

Perimeter Solutions PRM

Swiss National Bank bought 269,300 shares of Perimeter Solutions in Q4 2024. Perimeter Solutions has demonstrated robust financial improvement over the past 12 months, with 22% YoY revenue growth in Q1 2025 and a return to profitability through effective cost management. While operational performance outpaces sector peers in fire safety markets, the stock has declined 19.8% YTD amid broader market headwinds. Recent strategic acquisitions and consistent earnings beats suggest undervaluation relative to fundamentals.

• Q1 2025 EPS of $0.03 surpassed estimates by 133%, marking third earnings beat in four quarters.
• Fire Safety segment surged 48% YoY to $37.2M, driving consolidated EBITDA margins to 25%.
• Shares trade at 10.33 normalized P/E despite 49% adjusted EBITDA growth, significantly below specialty chemicals industry averages.

Waystar Holding Corp. WAY

Swiss National Bank bought 82,000 shares of Waystar Holding Corp. in Q4 2024. Waystar Holding Corp. has demonstrated strong financial performance over the past 12 months, with 14% year-over-year revenue growth in Q1 2025 and a 42% adjusted EBITDA margin. The company improved profitability significantly, turning a $19.1 million FY2024 net loss into a $29.3 million Q1 2025 net income. Recent AI-driven product launches and raised 2025 guidance position the company for continued growth in healthcare payment software.

• Q1 2025 revenue reached $256.4 million, marking fourth consecutive quarter of double-digit growth.
• Adjusted EBITDA grew 15% year-over-year to $383 million in FY2024.
• Raised full-year 2025 guidance following strong Q1 results and AltitudeAI platform launch.

Calumet CLMT

Swiss National Bank bought 135,100 shares of Calumet in Q4 2024. Calumet (CLMT) has faced significant challenges over the past year, reporting a $162 million net loss in Q1 2025 - nearly 4x worse than Q1 2024 - but achieved strategic milestones including a $782 million DOE loan and $22 million annual cost reductions. While its Specialty Products (+19% YoY EBITDA) and Performance Brands (+18% YoY EBITDA) segments showed resilience, renewable fuels margins remain pressured. The stock has been volatile, trading 37% below its 52-week average of $16.61 as of May 2025.

• Q1 2025 net loss widened to $1.87 per share from $0.48 per share in Q1 2024.
• Secured $782 million DOE loan and announced plans to double SAF production capacity to 120-150M gallons by 2026.
• 52-week stock range of $7.68-$25.59 with recent price ($11.87) reflecting renewable sector headwinds.

Hafnia Limited HAFN

Swiss National Bank bought 555,852 shares of Hafnia Limited in Q4 2024. Hafnia Limited has demonstrated strong performance over the past 12 months, driven by a 51% total shareholder return in 2023 and a 64% dividend payout ratio, reflecting its robust position in the oil shipping sector. The company’s consistent dividend payouts and efficient fleet operations have outpaced many peers in maritime logistics. Recent analyst forecasts and strategic positioning in critical trade routes underscore its potential for sustained growth.

• 51% total shareholder return in 2023, significantly outperforming industry benchmarks.
• 64% dividend payout ratio from 2023 earnings, highlighting capital return priorities.
• Analysts project a 69.5% upside to a median price target of $8.00, with Q1 2025 earnings expected at $0.14 EPS.

CommScope Holding Company, Inc. COMM

Swiss National Bank bought 424,600 shares of CommScope Holding Company, Inc. in Q4 2024. CommScope Holding Company, Inc. reported mixed results over the last 12 months, with $4.21 billion in 2024 net sales (8% YoY decline) but stable Core adjusted EBITDA of $756 million. A strong Q1 2025 rebound saw 23.5% YoY sales growth to $1.11 billion, while strategic debt restructuring and asset sales strengthened its financial position.

• Free cash flow improved to $271 million in Q4 2024, driving full-year 2024 free cash flow to $248 million.
• Reduced debt by $2 billion through January 2025 asset sales (OWN/DAS businesses) and extended maturities through 2029/2031.
• 2025 Core adjusted EBITDA guidance of $1.00-$1.05 billion reflects confidence in operational improvements and CCS segment growth.

OneStream, Inc. Class A Common Stock OS

Swiss National Bank bought 76,500 shares of OneStream, Inc. Class A Common Stock in Q4 2024. OneStream, Inc. has demonstrated strong revenue growth of 30.54% over the past year, though GAAP losses widened due to significant equity-based compensation expenses. The company maintains market leadership in financial performance management software, recognized as a 5-time leader in BARC's 2025 report, while analysts maintain a Strong Buy rating with a 15.88% average price target upside. Recent Q1 2025 results showed 24% YoY revenue growth and improved non-GAAP operating margins to near breakeven.

• Subscription revenue grew 31% YoY in Q1 2025 to $125.1 million.
• Free cash flow increased 43.8% YoY to $35.8 million in Q1 2025.
• Analysts project 15.88% upside to $32.10 price target despite trailing P/E of 245.13.