Swiss National Bank's Trades and Holdings in Q1 2025

We break down the stocks Swiss National Bank bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Swiss National Bank's 13F filed on May 15, 2025.

Who is the 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 2025

New Positions

In Q1 2025, Swiss National Bank established several new positions with the most significant being United Airlines Holdings, Inc. (UAL) at $16.0M, MarketAxess Holdings Inc. (MKTX) at $15.8M, and Sandisk Corp (SNDK) at $10.6M, while also adding smaller positions in quantum computing companies Rigetti Computing, Inc. (RGTI) and D-Wave Quantum Inc. (QBTS).

Bought

The bank significantly increased its holdings in International Paper Company (IP) (+51%, +473,746 shares), Coeur Mining, Inc. (CDE) (+58%, +451,405 shares), and Lucid Group, Inc. (LCID) (+27%, +495,000 shares), while also adding to positions in First Majestic Silver Corp. (AG) (+33%, +198,080 shares) and Palantir Technologies Inc. (PLTR) (+3%, +185,300 shares).

Sold

Most notably, Swiss National Bank completely liquidated its massive $711.9M position in Chevron Corporation (CVX), as well as exited positions in Interactive Brokers Group, Inc. (IBKR) ($38.1M) and Aspen Technology, Inc. (AZPN) ($20.1M), while also reducing its stake in Apple Inc. (AAPL) (-1.3%, -538,300 shares) and NVIDIA Corporation (NVDA) (-0.3%, -225,200 shares).

New Investments in Q1 2025

United Airlines Holdings, Inc. UAL

Swiss National Bank bought 231,900 shares of United Airlines Holdings, Inc. in Q1 2025. United Airlines Holdings, Inc. has demonstrated strong financial recovery over the past year, with 38.21% stock price growth and 6.23% revenue growth to $57.06B in 2024. The company reported its best Q1 performance in five years in 2025 with a 3.3% pretax margin, driven by operational efficiency improvements. Despite recent macroeconomic challenges, analysts maintain a Strong Buy rating with a 25.15% upside potential to the $96.83 price target.

• EPS grew 20.28% year-over-year to $3.15B in 2024.
• 17.07% monthly stock gain in May 2025 despite 4.37% daily dip on 5/15.
• 14.8M shares traded on 3/21/2025 - highest weekly volume since COVID recovery.

MarketAxess Holdings Inc. MKTX

Swiss National Bank bought 73,100 shares of MarketAxess Holdings Inc. in Q1 2025. MarketAxess Holdings Inc. has demonstrated strong growth over the last 12 months, driven by record trading volumes and strategic product launches. Revenue grew 8.58% to $817.10 million in 2024, with earnings increasing 6.25%. Recent volatility and the launch of High Touch block trading solutions in eurobonds and emerging markets fueled a 32% surge in Total Credit ADV and 93% jump in Total Rates ADV in April 2025.

• 8.58% revenue growth in 2024 ($817.10M) with 6.25% earnings increase.
• Stock price up to $221.69 as of April 2025, with analyst target of $241.78 (13.23% upside potential).
• Record 32% YoY Total Credit ADV growth and 93% Total Rates ADV growth in April 2025 driven by Open Trading innovations.

Sandisk Corp SNDK

Swiss National Bank bought 222,902 shares of Sandisk Corp in Q1 2025. Sandisk Corporation (SNDK) has demonstrated 15.36% stock price growth over the last year, buoyed by a recent 24.24% monthly surge, despite facing sequential revenue declines. The company reported fiscal Q3 2025 revenue of $1.70 billion (down 10% QoQ but above guidance), with a GAAP loss of $1.93 billion, while analysts project 105.6% annual earnings growth and an average price target of $59.14 (41% upside). Mixed segment performance—including a 21% cloud revenue drop offset by stable consumer demand—and aggressive cost management signal both challenges and long-term potential.

• Analysts forecast 111.4% annual EPS growth and 8.7% revenue growth through 2027.
• Stock surged 23.32% in the past week following better-than-expected Q3 results and upward revised guidance.
• Average price target of $59.14 implies 41.13% upside, with a 'Buy' consensus rating.

Millicom International Cellular S.A. TIGO

Swiss National Bank bought 201,222 shares of Millicom International Cellular S.A. in Q1 2025. Millicom International Cellular has demonstrated mixed performance over the past year, with service revenue declining 6.6% due to currency headwinds, while its stock outperformed both the US market and its industry peers with a 47.9% 1-year return. The company's restructuring efforts and cost optimization drove a 63% operating profit increase in FY2024, positioning it for improved profitability. Recent Q1 2025 results show accelerating momentum in core markets with 262,000 postpaid net adds.

• 47.9% 1-year stock return outperformed both industry (47.3%) and market (11.6%).
• FY2024 operating profit surged 63% through cost reductions and operational efficiency improvements.
• Q1 2025 postpaid mobile growth accelerated to 262,000 net adds, up 15% quarterly.

Millrose PPTYS Inc MRP

Swiss National Bank bought 227,286 shares of Millrose PPTYS Inc in Q1 2025. Millrose Properties (MRP) has shown mixed performance over the last 12 months, with its stock price fluctuating between $19.00 and $27.07 and currently trading at $25.32. The company’s negative P/E ratio of -16.5x contrasts with sector averages, though its Price/Book ratio of 0.8x remains competitive. Recent analyst targets suggest a 22.3% upside potential, driven by its unique Homesite Option Purchase Platform model.

• 3-month decline of 5.31% despite a 7.11% gain over the past month.
• Trades at a 0.8x Price/Book ratio, below the sector average of 0.9x.
• Analyst target price implies 22.3% upside, exceeding sector peers’ 14.6% average.

Standardaero Inc SARO

Swiss National Bank bought 223,100 shares of Standardaero Inc in Q1 2025. StandardAero Inc has demonstrated robust growth over the past 12 months, driven by 21.8% YoY revenue growth in Q4 2024 and 16.2% YoY revenue growth in Q1 2025. The company improved profitability with 40-basis-point Adjusted EBITDA margin expansion in Q1 2025 and reduced leverage to 3.09x from 5.7x a year prior. Recent strategic moves including its $1.7B IPO and LEAP engine program expansion position it for sustained growth in aerospace aftermarkets.

• Adjusted EBITDA grew 19.7% YoY to $198.2M in Q1 2025 with margins expanding to 13.8%.
• Net income surged to $62.9M in Q1 2025 vs $3M YoY, fueled by operational improvements and debt refinancing.
• Raised 2025 guidance to $5.825B-$5.975B revenue (+7.5% midpoint) and $775M-$795M Adjusted EBITDA (+10% midpoint).

Rigetti Computing, Inc. RGTI

Swiss National Bank bought 461,800 shares of Rigetti Computing, Inc. in Q1 2025. Rigetti Computing (RGTI) reported declining revenues of $1.5M in Q1 2025 (down 52% YoY) with widening losses in core operations, though a $62.1M non-cash gain created net income of $42.6M. The company maintains a strong cash position of $237.7M post-Quanta investment but trades at 364x sales versus sector's 2.0x, while analysts see 30% upside to targets. Recent progress on its $1M government quantum computing contract and partnership with Quanta Computer ($35M investment) provide strategic catalysts.

• Q1 2025 EPS of -$0.08 missed estimates by 100%, continuing volatile earnings performance.
• Price/Sales ratio of 364.1x dwarfs sector average of 2.0x despite declining revenues.
• Analysts project 30.1% upside to price targets, significantly above sector's 24.0% average.

D-Wave Quantum Inc. QBTS

Swiss National Bank bought 464,800 shares of D-Wave Quantum Inc. in Q1 2025. D-Wave Quantum Inc. demonstrated strong growth over the past year with record quarterly revenue of $15 million in Q1 2025, a 70% increase from Q4 2024. The company reduced its net loss by 69% year-over-year to $5.4 million while tripling its cash reserves to $304.3 million through strategic capital raises. Recent technological breakthroughs and expanded commercial deployments position the company for potential accelerated adoption in enterprise quantum computing.

• Revenue surged 529% year-over-year from $2.9 million in Q1 2024 to $15 million in Q1 2025.
• Cash position increased 71% sequentially from $178 million (Q4 2024) to $304.3 million (Q1 2025).
• 133 total customers served in trailing four quarters, including installations at Forschungszentrum Jülich and Davidson Technologies.

Sila Realty Trust, Inc. SILA

Swiss National Bank bought 106,581 shares of Sila Realty Trust, Inc. in Q1 2025. Sila Realty Trust (SILA) demonstrated mixed performance over the last 12 months, with 2024 revenue dipping 1.17% to $186.86 million but earnings surging 77.43% to $42.66 million. The company missed Q1 2025 EPS estimates by 31.6% ($0.13 vs. $0.19 forecast) but exceeded revenue expectations by 6.9% ($48.26 million). Its high 34.77x P/E ratio suggests premium valuation, while strategic healthcare real estate acquisitions and a $598.5 million liquidity position position it for stability.

• EPS grew 77.43% year-over-year in 2024 despite slight revenue decline.
• Trades at 34.77x P/E ratio with 6.26% dividend yield, outperforming many REIT peers.
• Q1 2025 revenue beat estimates by $2.85 million while maintaining $598.5 million in liquidity.

Loar Holdings Inc. LOAR

Swiss National Bank bought 36,300 shares of Loar Holdings Inc. in Q1 2025. Loar Holdings Inc. has delivered robust growth over the past 12 months, with 26.9% year-over-year revenue growth in 2024 and a net income turnaround to $22.2 million after prior-year losses. The company raised its 2025 guidance to $480-488 million in net sales and $180-184 million in Adjusted EBITDA, driven by strong end-market demand and productivity gains. Its stock has likely benefited from three consecutive years of mid-teen organic growth and expanding margins.

• Q4 2024 net sales surged 27.8% YoY to $110.4 million, with Adjusted EBITDA up 37.4% to $40.2 million.
• Full-year 2024 net income improved by $26.8 million, reversing a $4.6 million loss in 2023.
• 2025 sales guidance increased to $480-488 million (up 7-9% from prior projections) with Adjusted EBITDA margin targets of 37-38%.

Innodata Inc. INOD

Swiss National Bank bought 53,400 shares of Innodata Inc. in Q1 2025. Innodata Inc. has demonstrated explosive growth over the past 12 months, with 96% full-year 2024 revenue growth and 120% YoY Q1 2025 revenue growth to $58.3M. The company achieved profitability with 2024 net income of $28.7M versus a loss in 2023, while maintaining strong cash reserves of $56.6M. Recent performance and innovation in AI data solutions position it well to meet its 40%+ 2025 growth guidance, though current bearish sentiment suggests potential overvaluation concerns.

• Revenue surged 127% in Q4 2024 to $59.2M, with full-year 2024 revenue reaching $170.5M.
• Adjusted EBITDA grew 249% in 2024 to $34.6M, representing 20% of total revenue.
• Stock price increased 10% year-to-date despite recent bearish sentiment, trading at $35.63 as of May 2025.

Quantum Computing, Inc. QUBT

Swiss National Bank bought 225,800 shares of Quantum Computing, Inc. in Q1 2025. Quantum Computing Inc. (QUBT) reported a 4.19% revenue increase to $373,000 in 2024, though net losses widened by 145.8% to -$68.54 million. The company completed construction of its Quantum Photonic Chip Foundry in Q1 2025, securing multiple purchase orders for its lithium niobate photonic chips. Analysts maintain a Strong Buy rating with a 53.8% upside to the $14 price target, driven by strategic positioning in quantum-enabled applications.

• Revenue grew 4.19% year-over-year to $373,000 in 2024.
• Net losses expanded 145.8% to -$68.54 million in 2024 compared to 2023.
• Shares rose 28.3% over six months (50-Day SMA: $7.10 to current $9.10), with a 53.8% upside to the $14 analyst target.

Aris Water Solutions, Inc. ARIS

Swiss National Bank bought 47,600 shares of Aris Water Solutions, Inc. in Q1 2025. Aris Water Solutions, Inc. (ARIS) has demonstrated strong financial and operational growth over the past year, driven by increased produced and recycled water volumes, margin improvements, and strategic acquisitions. The company grew 2024 revenue by 11.05% to $435.44 million and achieved a 22.01% normalized return on equity, while expanding Adjusted EBITDA by 21% year-over-year to $211.9 million in 2024. Recent credit rating upgrades and a 33% dividend increase reflect improved financial strength and cash flow generation.

• Produced water handling volumes grew 7% year-over-year in Q4 2024, with recycled water volumes up 41% year-over-year in Q1 2025.
• 2025 guidance projects 17% growth in Free Cash Flow ($75-95M) and Adjusted EBITDA of $215-235M.
• Completed $45M acquisition of McNeill Ranch, adding 45,000 acres of disposal capacity to support future growth.

AxoGen, Inc. AXGN

Swiss National Bank bought 81,000 shares of AxoGen, Inc. in Q1 2025. AxoGen, Inc. has demonstrated strong revenue growth over the last 12 months, with full-year 2024 revenue reaching $187.3 million (up 17.8% YoY) and Q1 2025 revenue rising 17.4% YoY to $48.6 million. While gross margins declined slightly in Q1 2025 (71.9% vs. 78.8% YoY), the company improved its net loss position to $3.8 million in Q1 2025 from $6.6 million in Q1 2024. Recent momentum in nerve repair solutions like Resensation® and strategic commercial execution position the company for continued adoption.

• Full-year 2024 gross margin held steady at 75.8%, with Q4 2024 margin improving to 76.1%.
• Adjusted EBITDA improved significantly to $2.9 million in Q1 2025 from $1.0 million in Q1 2024.
• Cash reserves decreased by $11.4 million in Q1 2025 ($28.1M vs. $39.5M at 2024 year-end).

Solaris Energy Infrastructure, Inc. SEI

Swiss National Bank bought 66,300 shares of Solaris Energy Infrastructure, Inc. in Q1 2025. Solaris Energy Infrastructure (SEI) has demonstrated strategic growth in its Power Solutions segment, driven by a 700 MW expansion of its power generation fleet, while maintaining stability through its Logistics Solutions division. Despite a 46.24 trailing P/E ratio, analysts project a 107% upside to its $48.25 price target, reflecting optimism about its dual-segment strategy. The stock has shown volatility with a 52-week range of $8.09-$39.03, but recent contracts and equipment orders position it for scalable revenue growth.

• Revenue grew to $371.5M (TTM) with a 4.25% net margin, supported by 44.5% gross margins in energy infrastructure services.
• EPS of $0.50 (TTM) and 28.87 forward P/E suggest improving earnings trajectory as new power projects come online.
• 107.17% implied upside to analyst price target ($48.25) as of May 2025, with Strong Buy consensus rating.

Dave Inc DAVE

Swiss National Bank bought 17,400 shares of Dave Inc in Q1 2025. Dave Inc. has demonstrated strong financial and operational performance over the past 12 months, driven by accelerating revenue growth and improved profitability. The company’s stock has surged 112.35% over the past year, reflecting investor confidence in its strategic initiatives and raised guidance. Recent earnings significantly exceeded expectations, with Q1 2025 revenue up 47% YoY and adjusted EBITDA growing 235%, prompting a 28.63% stock price jump post-announcement.

• Q1 2025 revenue reached $108 million (47% YoY growth), with full-year 2025 guidance raised to $460-$475 million.
• Adjusted EBITDA soared 235% YoY to $44.2 million in Q1, supported by a record 77% non-GAAP variable profit margin.
• EPS of $2.48 in Q1 2025 surpassed analyst estimates by 230%, while shares have gained 103.45% over the last six months.

Anavex Life Sciences Corp. AVXL

Swiss National Bank bought 164,400 shares of Anavex Life Sciences Corp. in Q1 2025. Anavex Life Sciences Corp. has delivered strong performance over the past 12 months, with its stock returning 88.4% compared to -14.9% for the US Biotechs industry. The company reported a Q2 2025 net loss of $11.2 million ($0.13 per share), slightly wider than the $10.5 million loss in the prior-year period, while advancing key clinical programs in Alzheimer's and schizophrenia.

• 88.4% 1-year return vs -14.9% industry average.
• Phase 2 schizophrenia trial enrollment completed for ANAVEX®3-71 in May 2025.
• Presented positive open-label extension data for blarcamesine in Alzheimer's at AD/PD 2025.

Adtran ADTN

Swiss National Bank bought 146,000 shares of Adtran in Q1 2025. ADTRAN Holdings reported strong Q1 2025 results with $247.74 million revenue (10% YoY growth) and a surprise EPS of $0.03 vs. expected -$0.0325, but its stock declined 4.78% post-earnings. While operational efficiency improved and European demand drove growth, the company faces headwinds from a €5.7 million financial restatement due to inventory errors and material control weaknesses. Analysts maintain a $12 average price target (55.64% upside potential) despite mixed signals.

• Q1 2025 revenue surged 10% YoY to $247.74M, beating estimates by $12.1M.
• 2024 financial restatements increased reported losses by €5.7 million due to subsidiary inventory adjustments.
• Average analyst price target of $12.00 implies 55.64% upside from current levels.

PowerFleet, Inc. AIOT

Swiss National Bank bought 230,500 shares of PowerFleet, Inc. in Q1 2025. PowerFleet, Inc. has faced challenges in 2025, with its stock declining 20% year-to-date after nearly doubling in 2024. Despite modest revenue growth of 0.92% in 2023, the company reported a net loss of -$97.94 million over the trailing twelve months. Analysts maintain a Strong Buy rating with a 91.49% upside price target, citing transformational inorganic initiatives in IoT SaaS solutions.

• Stock price down 20% YTD in 2025, underperforming small-cap peers by 2x.
• Revenue grew 0.92% to $134.96M in 2023 despite mounting losses.
• Analysts project 91.33% upside to $11.25 price target with Strong Buy consensus.

Nano Nuclear Energy Inc NNE

Swiss National Bank bought 46,100 shares of Nano Nuclear Energy Inc in Q1 2025. Nano Nuclear Energy Inc. (NNE) demonstrated significant financial and strategic growth over the past 12 months, transitioning from a startup to a key player in advanced nuclear technology. The company strengthened its cash position to $123.3 million as of Q4 2024, a 332% increase from the previous quarter, driven by successful capital raises and government partnerships. Strategic collaborations with AI, datacenter, and recycling industries, alongside U.S. Department of Energy support, position NNE for long-term expansion in the portable nuclear energy sector.

• Cash and equivalents surged to $123.3 million in Q4 2024, up from $28.5 million the prior quarter.
• Raised $134 million since its IPO, securing liquidity for R&D and vertical integration.
• Projected 2025 revenue of $3.11 million, marking its first commercial sales pipeline.

Holdings at the end of Q1 2025

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