Swiss National Bank's Trades in Q1 2024

We break down the stocks Swiss National Bank bought, sold, and held in Q1 2024, including their holdings at the end of the quarter. All data sourced from Swiss National Bank's 13F filed on May 07, 2024.

Who is Swiss National Bank?

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.

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Portfolio Changes in Q1 2024

New positions

Swiss National Bank initiated several new positions in Q1 2024, with the largest being Flutter Entertainment (PDYPF) worth $119.5 million, Corpay (CPAY) at $66.7 million, and Corebridge Financial (CRBG) valued at $21.5 million. Other notable new holdings include Samsara (IOT) at $19.5 million and Arcadium Lithium (ALTM) worth $9.1 million.

Bought

The central bank significantly increased its stake in Walmart (WMT) by adding 8.67 million shares, bringing the total position to 13.3 million shares worth over $800 million. This was the only major addition among existing holdings, as most other positions were trimmed during the quarter.

Sold

Swiss National Bank made substantial reductions across its major technology holdings, cutting Apple (AAPL) by 4.9 million shares, Amazon (AMZN) by 1.2 million shares, and trimming positions in both Alphabet (GOOG) classes by nearly 900,000 shares each. The bank also completely liquidated several positions including Splunk (SPLK) worth $76.3 million, FleetCor (FLT) at $62.1 million, and Karuna Therapeutics (KRTX) valued at $20.0 million. Additionally, it reduced stakes in Microsoft (MSFT), Comcast (CMCSA), and Lucid (LCID) by over 800,000 shares each.

New Investments in Q1 2024

Flutter Entertainment PDYPF

Swiss National Bank bought $119.49M of Flutter Entertainment in Q1 2024. Flutter Entertainment delivered robust Q1 2025 results with revenue growth of 8% YoY to $3.67B and a swing to net income of $335M from a $177M loss in Q1 2024, driven by strong US performance and operational leverage. Adjusted EBITDA surged 20% YoY to $616M, with margin expansion of 170bps, while adverse March Madness outcomes reduced revenue by $230M. The company is gaining momentum through platform migrations and market share retention in key regions.

• EPS grew 243% YoY to $1.57, while adjusted EPS improved significantly.
• US revenue jumped 18% YoY to $1.7B, with iGaming growing 32%.
• Adjusted EBITDA margin expanded 170 basis points to 16.8%, demonstrating improved cost efficiency.

Corpay CPAY

Swiss National Bank bought $66.71M of Corpay in Q1 2024. Corpay (CPAY) reported 8% YoY revenue growth to $1.6 billion in Q1 2025, with 9% organic growth driven by its Corporate Payments segment. While EPS of $4.51 met expectations, the company raised full-year revenue guidance to $4.42 billion (midpoint) and announced strategic initiatives including a Mastercard partnership. The stock gained 1.29% post-earnings as investors responded to sustained execution and technology investments.

• Q1 2025 revenue grew 7.5-8% YoY across multiple reports ($1.01B-$1.6B range).
• EPS increased 8.1% to $3.46-$4.51 depending on calculation methodology.
• 2025 revenue guidance raised 0.7% at midpoint to $4.38B-$4.46B.

Corebridge Financial CRBG

Swiss National Bank bought $21.45M of Corebridge Financial in Q1 2024. Corebridge Financial (CRBG) reported mixed Q1 2025 results with a net loss of $664 million but demonstrated operational strength through 5% YoY operating EPS growth to $1.16. The company maintained robust capital returns, distributing $454 million to shareholders (18% YoY increase), while achieving 12% YoY growth in underwriting margins. Recent performance shows resilience in its diversified business model despite macroeconomic headwinds impacting some income streams.

• Operating EPS grew 5% YoY to $1.16 with adjusted ROAE of 11.8% in Q1 2025 .
• Returned $454 million to shareholders through buybacks/dividends (70% payout ratio) .
• Underwriting margins increased 12% YoY to $346 million, offsetting 3% decline in spread income .

Samsara IOT

Swiss National Bank bought $19.48M of Samsara in Q1 2024. Samsara (IOT) demonstrated accelerating growth in its most recent quarter, with 37% year-over-year revenue growth to $280.7 million in Q1 FY2025. The company improved profitability through 48% gross profit growth and 4 percentage point expansion in GAAP gross margin, while maintaining strong customer adoption as evidenced by 37% ARR growth to $1.18 billion.

• Q1 FY2025 revenue of $280.7M marked 37% YoY growth, maintaining consistent expansion from prior quarters.
• Annual Recurring Revenue reached $1.18B, demonstrating durable enterprise adoption across physical operations sectors.
• GAAP gross margin improved to 76% (+400 bps YoY) driven by scaling efficiencies in Connected Operations Cloud platform.

Arcadium Lithium ALTM

Swiss National Bank bought $9.14M of Arcadium Lithium in Q1 2024. Arcadium Lithium (ALTM) reported mixed Q4 2024 results with revenue of $289 million surpassing estimates by 15%, but EPS of $0.01 missed expectations by $0.03. The stock has surged 34.29% above its 200-day moving average, buoyed by Rio Tinto's acquisition offer valuing shares at a 13% premium. While near-term earnings volatility persists, strategic positioning in lithium production and pending merger tailwinds drive optimism.

• Revenue grew 14.2% YoY to $1.01B in 2024 despite net income declining 68.74%.
• Shares trade at 64.89 P/E ratio with 33.31 forward P/E signaling expected earnings growth.
• 6-month price performance shows +100.1% relative strength versus sector peers.

Fusion Pharmaceuticals FUSN

Swiss National Bank bought $1.83M of Fusion Pharmaceuticals in Q1 2024. Fusion Pharmaceuticals (FUSN) reported a 38.6% year-over-year increase in net loss to $33.7 million in Q1 2024, but saw significant value creation through AstraZeneca's $2.4 billion acquisition announcement. The company demonstrated clinical progress with positive interim data from its FPI-2265 trial in metastatic castration-resistant prostate cancer, while maintaining $235.3 million in cash reserves to fund operations through 2026.

• Q1 2024 net loss widened to $33.7 million ($0.40/share) from $24.3 million ($0.45/share) in Q1 2023.
• AstraZeneca acquisition at 105% premium to 30-day average price, expected to close in Q2 2024.
• Phase 2 TATCIST trial showed 46% PSA50 response rate with FPI-2265 in mCRPC patients.

EyePoint Pharmaceuticals EYPT

Swiss National Bank bought $1.79M of EyePoint Pharmaceuticals in Q1 2024. EyePoint Pharmaceuticals reported strong revenue growth of 109.4% YoY in Q1 2025 to $24.45 million, driven by royalty income, though operating expenses surged to $73.3 million (up 63% YoY) resulting in a widened net loss. Despite beating revenue estimates by 345%, shares fell 2.4% pre-market due to concerns about cash burn and profitability. Recent Phase 3 progress for DURAVYU™ in wet AMD positions the company for potential long-term value creation if clinical successes continue.

• Q1 2025 revenue surged 109.4% YoY to $24.45M, beating estimates by 345%.
• EPS loss widened to -$0.65 from -$0.55 YoY despite revenue growth, with operating expenses climbing 63% to $73.3M.
• Maintains strong liquidity with current ratio of 7.81, but negative EBITDA of -$144.31M raises sustainability concerns.

Klaviyo KVYO

Swiss National Bank bought $1.78M of Klaviyo in Q1 2024. Klaviyo demonstrated strong performance in Q1 2025 with $279.8 million revenue (33% YoY growth), beating estimates by $22.55 million, while maintaining a 76% gross margin. The stock surged 6.84% post-earnings due to accelerating international expansion and enterprise customer acquisition. Recent execution shows improved operational efficiency with 12% non-GAAP operating margin, positioning the company for sustained growth in marketing automation.

• Q1 revenue growth accelerated to 33% YoY vs 32% in Q4 2024.
• Enterprise customers ($50k+ ARR) grew 40% YoY, now representing 35% of total revenue.
• Stock has gained 18.7% since last quarterly earnings release (Feb 2025).

Immunome IMNM

Swiss National Bank bought $1.76M of Immunome in Q1 2024. Immunome demonstrated strong financial improvement in Q1 2025, with revenue surging 184.4% to $2.93 million and reducing quarterly losses by 79.3% year-over-year. The company beat revenue estimates by $2.47 million (28.33%) and narrowed its net loss by 67.8% to $41.64 million. Upcoming topline data from its Phase 2 RINGSIDE trial in H2 2025 could drive further upside.

• Q1 EPS of -$0.52 beat estimates by 21.21% (vs. expected -$0.66).
• Collaboration revenue grew 184% YoY to $2.93M, exceeding expectations by 537%.
• Strong cash position supports operations into 2027, reducing near-term dilution risk.

Spyre Therapeutics SYRE

Swiss National Bank bought $1.48M of Spyre Therapeutics in Q1 2024. Spyre Therapeutics (SYRE) reported a Q1 2025 net loss of $44.8 million, slightly widening from $43.9 million in Q1 2024, while maintaining a strong cash position of $565 million extending its runway into H2 2028. The company increased R&D spending by 19% YoY to accelerate clinical programs for inflammatory bowel disease treatments, with Phase 2 trials for SPY001 and SPY002 expected to begin mid-2025. Despite ongoing losses typical for clinical-stage biotechs, SYRE beat Q1 EPS estimates by 29% (-$0.60 vs -$0.84 expected).

• Q1 2025 EPS of -$0.60 outperformed analyst estimates by $0.24 (29% beat).
• R&D expenses surged 19% YoY to $41.6 million as clinical programs accelerate.
• $565 million cash reserve provides 3+ year runway through H2 2028 at current burn rate.

Bitfarms BITF

Swiss National Bank bought $1.43M of Bitfarms in Q1 2024. Bitfarms reported 33% year-over-year revenue growth in Q1 2025 to $67 million, though gross mining margins compressed to 43% from 63% in the prior-year period due to higher operational costs and Bitcoin network difficulty. The company expanded its hashrate capacity by 200% to 19.5 EH/s while improving energy efficiency, but posted a net loss of $36 million driven by post-halving block reward reductions. Recent strategic moves including a $300 million debt facility for high-performance computing projects and the Stronghold Digital Mining acquisition position the company for diversified growth.

• 33% revenue increase to $67M in Q1 2025 vs. $50M in Q1 2024.
• Gross mining margin declined 20 percentage points YoY to 43%.
• Hashrate capacity surged 200% to 19.5 EH/s with 19 w/TH efficiency.

MacroGenics MGNX

Swiss National Bank bought $1.35M of MacroGenics in Q1 2024. MacroGenics reported mixed Q1 2025 results with revenue soaring 44.9% YoY to $13.19M, beating estimates by 38%, while narrowing its net loss by 21% to $41M. The company's EPS of -$0.65 surpassed expectations by 9.9%, driven by collaborative agreements and manufacturing contracts. Recent progress on the LINNET Phase 2 study and a cash runway extending into 2026 highlight strategic positioning despite projected revenue declines in a growing biotech sector.

• Q1 revenue surged 44.9% YoY to $13.19M, exceeding analyst estimates by 38%.
• Net loss improved 21% to $41M YoY, with EPS beating expectations by 9.9% (-$0.65 vs. -$0.80 estimate).
• Shares rose 4% post-earnings amid progress in clinical pipelines and reduced cash burn.

Liquidia LQDA

Swiss National Bank bought $1.32M of Liquidia in Q1 2024. Liquidia Corporation (LQDA) reported mixed Q1 2025 results with $3.1 million in revenue, a slight increase from prior periods, but saw its net loss widen to $38.4 million (up 28% YoY). The company’s financial position remains stable with $169.8 million in cash, though operational losses persist ahead of its critical FDA decision for Eutrebia. Recent momentum centers on the upcoming PDUFA date of May 24, 2025, which could catalyze value if approved.

• Q1 2025 revenue grew $0.1 million YoY to $3.1M, while net loss expanded to -$0.45 EPS (missing estimates by 12.5%).
• Cash reserves declined 3.8% QoQ to $169.8M, sustaining ~2 years of runway at current burn rates.
• Stock fell 1.1% post-earnings amid concerns over mounting losses, offset by optimism for Eutrebia’s $350M+ market opportunity.

Standard BioTools LAB

Swiss National Bank bought $1.16M of Standard BioTools in Q1 2024. Standard BioTools reported Q1 2025 revenue of $40.8 million, a 10% year-over-year decline, but demonstrated operational improvements with a 45% reduction in operating loss and 29% improvement in adjusted EBITDA. The company has achieved $90 million in annual cost reductions since its SomaLogic merger while maintaining a strong $261 million cash position. Recent proteomics momentum and an upcoming Illumina-partnered NGS product launch position the company for potential growth despite current macroeconomic challenges.

• 29% YoY EBITDA improvement driven by $10M quarterly cost reductions in Q1 2025.
• 45% reduction in operating losses despite 10% revenue decline YoY.
• $261M cash reserves with no material debt as of March 31, 2025.

Applied Optoelectronics AAOI

Swiss National Bank bought $1.12M of Applied Optoelectronics in Q1 2024. Applied Optoelectronics reported strong Q1 2025 results with revenue of $99.9 million, doubling year-over-year, driven by record CATV sales and growing demand for 400G/800G data center products. Despite a narrower-than-expected non-GAAP net loss of $0.02 per share (vs. $0.04 estimated), shares fell 11.25% post-earnings due to market concerns about hyperscale customer ramps. The company secured three new hyperscale design wins and expects 800G product sales acceleration in H2 2025 as it expands U.S./Taiwan manufacturing capacity.

• Q1 revenue grew 100% YoY to $99.9 million, with CATV sales hitting all-time highs.
• Non-GAAP gross margin expanded to 29.5%-31.0%, up 920 bps YoY, despite increased R&D investments.
• Shares remain 61% below 52-week highs despite 2024's 78% revenue growth, trading at 1.1x EV/Sales versus industry average of 3.2x.

Altimmune ALT

Swiss National Bank bought $1.08M of Altimmune in Q1 2024. Altimmune reported a narrower Q1 2025 net loss of $19.6 million (vs. $24.4 million in Q1 2024), driven by reduced R&D spending. The company beat EPS expectations by 31.6% (-$0.26 vs. -$0.38 estimate) despite a 4.33% stock decline post-earnings. Strategic moves including a $35 million capital raise and $150 million cash position position it to advance pembidutide for NASH, a market with substantial unmet need.

• Q1 2025 EPS of -$0.26 surpassed analyst estimates by $0.12 (31.6% beat).
• Stock declined 4.33% post-earnings despite improved financials, trading at $5.75.
• Maintains 13.11 current ratio and $150 million liquidity to fund clinical programs.

Longboard Pharmaceuticals LBPH

Swiss National Bank bought $913.68K of Longboard Pharmaceuticals in Q1 2024. Longboard Pharmaceuticals has faced mixed financial performance in recent quarters, with a notable earnings beat in Q1 2024 followed by misses in Q2 and Q3 2024. The company reported a net loss of -$54.42 million over the last four quarters, driven by escalating R&D costs for its clinical-stage epilepsy treatment LP352. Despite ongoing losses, progress in advancing LP352 through Phase 1 trials and a strengthened cash position from recent financings suggest potential long-term growth opportunities.

• Q1 2024 EPS of -$0.42 beat estimates by +$0.06, while Q2 and Q3 2024 saw misses of -$0.10 and -$0.04, respectively.
• R&D expenses increased to $4.9 million in Q2 2021 (latest disclosed), primarily for LP352 trials targeting severe epilepsy.
• Maintains $120.9 million in cash reserves (as of Q1 2021) following an $84.8 million IPO, providing runway for ongoing clinical development.

Atlas Energy Solutions AESI

Swiss National Bank bought $893.49K of Atlas Energy Solutions in Q1 2024. Atlas Energy Solutions reported Q1 2025 revenue of $297.6 million, a 2.6% beat over estimates, but net income plummeted to $1.2 million (0% margin) due to escalating costs. Adjusted EBITDA declined 4.9% sequentially to $74.3 million, reflecting ongoing margin compression despite revenue growth. The company maintained its $0.25 quarterly dividend (7.1% yield), while shares trade 47.6% below their 52-week high amid profitability concerns.

• Q1 revenue of $297.6M surpassed estimates by $7.5M.
• EPS of $0.01 missed expectations by 93.8% ($0.15 shortfall).
• Quarterly dividend yields 7.1% with $283M returned to shareholders since IPO.

Diebold Nixdorf DBD

Swiss National Bank bought $764.57K of Diebold Nixdorf in Q1 2024. Diebold Nixdorf reported mixed Q1 2025 results with an EPS miss of $0.37 vs $0.59 estimates and a 3.5% YoY revenue decline (ex-FX), though it achieved 140 basis points of gross margin improvement and grew product backlog to $900 million. While near-term execution challenges persist, the company shows improving operational efficiency and strong demand signals in banking/retail sectors. The stock fell 2.5% post-earnings but remains undervalued with analyst targets suggesting 36-82% upside from current levels.

• Q1 product backlog surged 36% YoY to $900M, driven by European banking modernization and Latin American retail expansion.
• Positive free cash flow of $6 million in Q1 marks first quarterly FCF positivity since 2023 restructuring.
• Analyst consensus price target of $60-80 implies significant upside despite near-term earnings volatility.

Tourmaline Bio TRML

Swiss National Bank bought $732.8K of Tourmaline Bio in Q1 2024. Tourmaline Bio reported a widened net loss of $23.0 million in Q1 2025, up 73% from $13.3 million in Q1 2024, driven by accelerated R&D investments. The company maintains a strong cash position of $275.3 million, funding operations into H2 2027, while advancing its Phase 2 TRANQUILITY trial for lead asset pacibekitug. Recent clinical progress positions the company for potential value inflection with topline ASCVD data expected in Q2 2025.

• R&D expenses surged 78% YoY to $20.3 million in Q1 2025 versus $11.4 million in Q1 2024.
• Quarterly cash burn of $19.6 million (from $294.9M to $275.3M) suggests 14-quarter runway at current pace.
• Phase 2 trial enrollment exceeded targets (143 participants vs planned 120), with data readout imminent.

Holdings at the end of Q1 2024

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