Swiss National Bank's Trades and Holdings in Q2 2024

We break down the stocks Swiss National Bank bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Swiss National Bank's 13F filed on August 08, 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 Q2 2024

New positions

Swiss National Bank initiated several new positions in Q2 2024, with the largest being GE Vernova (GEV) worth $139.2 million, followed by Ferrovial (FER) at $60.1 million and Solventum (SOLV) at $22.9 million, along with 17 other smaller new holdings.

Bought

Swiss National Bank significantly increased its largest technology holdings, adding 66.6 million shares of Nvidia (NVDA) which generated a 36.8% return, and 4 million shares of Chipotle (CMG) likely due to its stock split. The bank also substantially increased positions in energy and industrial names including Canadian Natural Resources (CNQ), Amphenol (APH), and ExxonMobil (XOM).

Sold

Swiss National Bank completely liquidated its $183.6 million position in Pioneer Natural Resources (PXD) and $23.7 million stake in Shockwave Medical (SWAV), while reducing several existing holdings including General Motors (GM), Apple (AAPL), Brown Forman (BF-B), and RTX (RTX), with Brown Forman (BF-B) experiencing the steepest decline at -51.1%.

New Investments in Q2 2024

GE Vernova GEV

Swiss National Bank bought $139.17M of GE Vernova in Q2 2024. GE Vernova demonstrated strong performance in Q1 2025 with 8% organic order growth and 15% organic revenue growth, driven by Power equipment (+43%) and services. Margins expanded significantly, with net income up $0.4B YoY and adjusted EBITDA growing nearly 70%. The company reaffirmed its 2025 guidance of $36-37B revenue and $2.0-2.5B free cash flow, while returning $1.3B capital to shareholders.

• Q1 orders surged to $10.2B (+8% organic), with Power equipment orders up 43% and services up 16%.
• Free cash flow improved by $1.6B YoY to $1.0B, marking the first positive Q1 cash flow in company history.
• Adjusted EBITDA margin expanded 170bps to 5.7%, driven by pricing power and productivity gains across all segments.

Ferrovial FER

Swiss National Bank bought $60.06M of Ferrovial in Q2 2024. Ferrovial delivered robust Q1 2025 results with 19.1% adjusted EBITDA growth to €309 million, driven by strong North American highway performance and a record €14.6 billion construction order book. The company is outperforming infrastructure peers through pricing power in toll roads and strategic contract wins, with shares up 30.45% in recent months. Recent investments in Canadian toll road expansions and operational resilience against weather disruptions position it for sustained growth.

• 19.1% year-over-year EBITDA growth in Q1 2025 driven by North American highway assets.
• Construction division achieved record €14.6 billion order book in Q1 2025.
• Stock price gained 30.45% year-to-date through May 2025.

Solventum SOLV

Swiss National Bank bought $22.88M of Solventum in Q2 2024. Solventum reported mixed Q1 2025 results with $2.1B revenue meeting expectations but adjusted EPS of $1.34 missing forecasts by 14.6%. Despite margin pressures, the stock rose 1.91% post-earnings as investors responded to 4.3% organic growth and raised full-year sales guidance. The company is executing a 3-phase transformation while managing supply agreement costs and operational challenges.

• Q1 2025 gross margins declined 260 basis points YoY to 55.6% due to supply chain costs.
• Increased full-year organic sales guidance to +1.5%-2.5% from prior +1.0%-2.0% range.
• Maintained 2025 free cash flow guidance of $450M-$550M despite Q1 negative FCF of $80M.

Veren VRN

Swiss National Bank bought $9.22M of Veren in Q2 2024. Veren Inc. has shown mixed recent earnings performance but demonstrated resilience with a significant Q4 2024 EPS beat of 20.83%, driven by operational efficiencies. The company's Q1 2025 results are anticipated to deliver 31.8% YoY EPS growth despite a projected 12.4% revenue decline, reflecting improved cost management. Recent analyst upgrades and positive market sentiment have positioned the stock as one of 2025's top performers in its sector.

• Q4 2024 EPS of $0.29 surpassed estimates by 20.83% .
• Q1 2025 EPS consensus revised upward by 25% to $0.29 in the 30 days preceding earnings .
• Analysts project Q1 2025 revenue of $719.9 million (12.4% YoY decline) alongside 31.8% EPS growth .

Lazard LAZ

Swiss National Bank bought $6.57M of Lazard in Q2 2024. Lazard (LAZ) reported mixed Q1 2025 results, with adjusted EPS of $0.56 nearly doubling estimates despite a 15% year-over-year revenue decline to $648 million. Strategic initiatives like hiring 210 Managing Directors globally and launching three active ETFs signal long-term growth efforts, though muted M&A activity and geopolitical uncertainty persist. The firm maintains a cautiously bullish outlook with $909 million in cash and high-profile deal advisory roles driving potential upside.

• Adjusted EPS of $0.56 beat consensus estimates by 81% ($0.31 expected).
• Net revenue declined 15% YoY ($648M vs. $761M in Q1 2024).
• Added 210 Managing Directors in Q1 as part of 2030 strategic expansion.

Maplebear CART

Swiss National Bank bought $5.89M of Maplebear in Q2 2024. Maplebear (CART) reported mixed Q1 2025 results with $897 million revenue (+9% YoY) slightly beating estimates but $0.37 EPS (-2.63% vs expectations) missing consensus. While showing 14% order growth and 23% Adjusted EBITDA growth YoY, net income declined $24 million due to increased operating costs. The stock has outperformed the market YTD (-3.7% vs S&P 500's -5.3%) despite recent earnings volatility.

• Q1 EPS of $0.37 missed estimates by 2.63%, compared to 43.24% surprise in Q4 2024.
• Gross Transaction Value grew 10% YoY to $9,122 million with 83.2 million orders.
• Adjusted EBITDA margin improved to 27% (+23% YoY) despite rising stock-based compensation costs.

Hafnia HAFN

Swiss National Bank bought $4.68M of Hafnia in Q2 2024. Hafnia (HAFN) reported a 71.2% YoY decline in Q1 2025 net profit to $63.2 million, with Time Charter Equivalent earnings falling to $218.8 million from $378.8 million in Q1 2024. While operational challenges persist, the company maintains stability through its BW Group affiliation and commercially managed pool earnings of $7.9 million. A May 2025 fleet valuation presentation error correction (non-material to financials) highlighted transparent reporting practices.

• EPS dropped 69.8% YoY to $0.13 per share in Q1 2025 compared to $0.43 in Q1 2024.
• Average daily TCE rates fell 39.3% YoY to $22,992/day in Q1 2025.
• Adjusted EBITDA declined 56.4% YoY to $125.1 million in Q1 2025.

BW LPG BWLP

Swiss National Bank bought $3.1M of BW LPG in Q2 2024. BW LPG delivered strong Q1 2025 results with US$67M net profit and 14% annualized ROE, declaring a US$0.28/share dividend. The shipping segment achieved US$39,800/day TCE rates with 96% fleet utilization, while maintaining US$633M liquidity for strategic growth. Recent financing activities position the company to capitalize on favorable LPG market conditions.

• EPS of US$0.30 in Q1 2025 with 41% fleet coverage at US$40,700/day time charter rates.
• 14% annualized ROE demonstrates improved capital efficiency versus historical averages.
• Secured US$65M JOLCO financing and progressing on US$380M bank facility to fund expansion.

Nurix Therapeutics NRIX

Swiss National Bank bought $2.07M of Nurix Therapeutics in Q2 2024. Nurix Therapeutics (NRIX) demonstrated mixed performance in Q1 2025, with revenue growing 11% year-over-year to $18.5 million and a narrower-than-expected EPS loss of ($0.67), beating estimates by 6.94%. The stock surged 10.58% post-earnings following regulatory milestones for its lead BTK degrader, including FDA Orphan Drug Designation and a $15 million Sanofi collaboration extension. While R&D costs rose 39% to $69.7 million, the company maintains a robust $549.7 million cash position to advance its clinical pipeline.

• Q1 revenue of $18.45M surpassed estimates by 26.41%, driven by $7M in collaboration milestones.
• Net loss widened to $56.4M from $41.5M YoY due to increased clinical trial investments.
• Stock gained 19.45% in the month following earnings, reversing prior underperformance.

TeraWulf WULF

Swiss National Bank bought $1.98M of TeraWulf in Q2 2024. TeraWulf (WULF) reported significant financial challenges in Q1 2025 with revenue declining 15.1% YoY to $34.4M and a net loss of $61.4M, compared to a $29.2M loss in Q4 2024. Despite this, the company expanded infrastructure capacity by 52.5% YoY to 245MW/12.2EH/s and secured strategic HPC contracts. The stock fell 8.5% post-earnings due to missed EPS/revenue estimates and Bitcoin market headwinds.

• Q1 2025 revenue of $34.4M missed estimates by 15.1%, with EPS of -$0.16 vs. -$0.07 expected.
• Infrastructure capacity grew to 245MW/12.2EH/s (+52.5% YoY) with 200-250MW target by 2026.
• 71.4% of revenue consumed by direct costs (+110% YoY) due to Bitcoin halving and operational challenges.

Silk Road Medical SILK

Swiss National Bank bought $1.98M of Silk Road Medical in Q2 2024. Silk Road Medical (SILK) demonstrated strong growth in Q1 2024, with revenue increasing 21% YoY to $48.5 million, driven by expanded adoption of its TCAR technology. Gross margins improved to 75% (up from 69% YoY), reflecting operational efficiency gains. The company recently agreed to a strategic acquisition by Boston Scientific, which is expected to accelerate its market penetration and enhance long-term value.

• Q1 2024 revenue grew 21% YoY with TCAR adoption driving procedure volume increases.
• Gross margin expanded 600 basis points YoY to 75% through improved production efficiencies.
• 2024 revenue guidance projects 10-12% growth ($194-198M) amid Boston Scientific acquisition plans.

Tutor Perini TPC

Swiss National Bank bought $1.89M of Tutor Perini in Q2 2024. Tutor Perini reported strong Q1 2025 results with 19% YoY revenue growth to $1.25B and 77% EPS growth to $0.53, driven by accelerated execution of newer high-margin projects. The company raised its 2025 EPS guidance as backlog surged 94% to a record $19.4B, signaling robust future revenue potential. With 34% operating income growth and positive cash flow, TPC demonstrates improved operational efficiency despite industry headwinds.

• Q1 2025 operating cash flow reached $23M - third-best first quarter result in company history.
• 94% backlog growth to $19.4B reflects major contract wins including infrastructure projects like SR 99 tunnel replacement.
• 77% EPS increase year-over-year outpaces construction engineering sector average of 12-15%.

Arcutis Biotherapeutics ARQT

Swiss National Bank bought $1.89M of Arcutis Biotherapeutics in Q2 2024. Arcutis Biotherapeutics reported strong Q1 2025 performance with 196% YoY revenue growth to $63.8M for ZORYVE, though sequential revenue dipped 2% from Q4 2024. The company beat earnings estimates with a -$0.20 EPS (vs. -$0.21 expected) and revenue of $65.8M (vs. $63.66M forecast), while maintaining 90% gross margins. Despite this, shares fell 13% post-earnings, likely due to profit-taking after a 229% trailing revenue growth over the past year and anticipation of 2025 pipeline catalysts.

• Q1 2025 revenue surged 196% YoY to $63.8M, though showed first sequential decline (-2% vs Q4 2024).
• Beat EPS estimates by 4.76% (-$0.20 vs -$0.21) and revenue by 3.26% ($65.8M vs $63.66M expected).
• Stock dropped 13% post-earnings despite results, while maintaining 90% gross margins and projecting cash flow breakeven by 2026.

American Healthcare REIT AHR

Swiss National Bank bought $1.88M of American Healthcare REIT in Q2 2024. American Healthcare REIT (AHR) reported mixed Q1 2025 results with a GAAP net loss of $6.8 million but demonstrated strong operational performance via 15.1% total portfolio Same-Store NOI growth and 30.7% NOI growth in senior housing (SHOP). The company raised its full-year 2025 guidance amid improved occupancy rates and a $300 million SHOP-focused growth pipeline. Shares rose 1.44% post-earnings as investors responded to improved fundamentals and strategic expansion plans.

• Q1 2025 Same-Store NOI surged 30.7% in SHOP and 19.8% in integrated senior health campuses year-over-year.
• Integrated senior campus occupancy increased 290 basis points to 88.5% in Q1 2025 versus Q1 2024.
• Citizens JMP raised price target to $40 (from $35) citing 9.91% CAGR and operational momentum.

FTAI Infrastructure FIP

Swiss National Bank bought $1.73M of FTAI Infrastructure in Q2 2024. FTAI Infrastructure Inc. (FIP) demonstrated a remarkable turnaround in Q1 2025 with $109.7 million net income attributable to stockholders, reversing from prior losses, driven by a 16.5% revenue increase to $96.16 million and a $120 million gain from the Long Ridge Transaction. The company's core segments generated $164.5 million Adjusted EBITDA, reflecting operational improvements in power and gas infrastructure. Strategic refinancing and new contracts position FTAI for sustained growth, with management declaring a $0.03/share dividend.

• EPS surged 275.9% YoY to $0.95 in Q1 2025 compared to negative EPS in Q1 2024.
• Revenue grew 16.5% YoY to $96.16M, driven by acquisitions and improved power/gas operations.
• Dividend initiated at $0.03/share payable May 2025 following Long Ridge refinancing and 338.9% net income growth.

Endeavour Silver EXK

Swiss National Bank bought $1.67M of Endeavour Silver in Q2 2024. Endeavour Silver maintained steady Q1 2025 revenue of $63.5 million despite 17-18% production declines in silver and gold, supported by 36-37% higher realized metal prices. While operational costs rose significantly (20% higher cash costs per ounce), strategic moves including a $50 million equity financing and $35 million copper stream acquisition strengthened liquidity. The company reported a $32.9 million net loss primarily from derivative contracts, masking improved mine operating earnings of $12.8 million.

• Silver equivalent production fell 18% YoY to 1.87 million ounces in Q1 2025.
• All-in sustaining costs rose 14% to $24.48/oz while silver prices offset 36% higher at $31.99/oz.
• Closed $50 million financing and $35 million copper deal post-quarter to fund expansion.

Ocular Therapeutix OCUL

Swiss National Bank bought $1.35M of Ocular Therapeutix in Q2 2024. Ocular Therapeutix reported $10.7 million in Q1 2025 revenue, a 27.7% YoY decline, driven by pricing adjustments and distributor buying pattern shifts. While net loss improved slightly to $64.1 million from $64.8 million YoY, operating expenses surged 60.8% to $74.6 million due to clinical trial investments. The company maintains a strong cash position of $349.7 million to advance its pipeline, including Phase 3 trials for AXPAXLI™ (axitinib implant) in diabetic retinopathy.

• Q1 EPS missed estimates by 27.59% (-$0.39 vs. -$0.27 expected) while revenue beat by 37.36%.
• R&D expenses increased 92% YoY to $52.9 million as trials accelerated.
• Cash reserves up 478% YoY to $349.7 million following recent financing activities.

Universal Technical Institute UTI

Swiss National Bank bought $1.33M of Universal Technical Institute in Q2 2024. Universal Technical Institute delivered strong fiscal Q1 2025 results with 15.3% revenue growth to $201.4 million and 113.2% net income growth year-over-year, driven by robust student demand and operational efficiency. The company raised full-year guidance across all metrics following 22.3% growth in new student starts and expanded healthcare education offerings. Recent outperformance reflects successful execution of growth/diversification strategies in transportation and healthcare training markets.

• Q1 EPS of $0.21 beat analyst estimates by $0.07 (+50% surprise).
• 22.3% YoY student start growth across both UTI and Concorde divisions.
• Adjusted EBITDA surged 44.8% to $35.5 million with expanded margins.

Praxis PRAX

Swiss National Bank bought $1.32M of Praxis in Q2 2024. Praxis Precision Medicines reported a net loss of $69.3 million in Q1 2025, driven by a $33.8 million year-over-year increase in R&D expenses as it advanced clinical trials for epilepsy and neurology treatments. Despite the widening loss, the company strengthened its cash position to $472 million, extending its operational runway into 2028. Recent progress includes six major clinical readouts expected over the next year, positioning Praxis for potential value inflection points.

• Q1 2025 cash reserves increased to $472 million, up $2.5 million from Q4 2024, extending the operational runway into 2028.
• Net loss widened to $69.3 million in Q1 2025, a 75% increase from $39.6 million in Q1 2024, driven by R&D investments.
• R&D expenses rose by $33.8 million YoY to $60.8 million in Q1 2025, supporting six upcoming clinical readouts across four programs.

CG Oncology CGON

Swiss National Bank bought $1.24M of CG Oncology in Q2 2024. CG Oncology reported a widened net loss of $34.5M in Q1 2025 ($0.45/share vs. $0.36/share in Q1 2024), driven by accelerated R&D investment in bladder cancer therapies. While expenses grew substantially (R&D up 60% to $27.5M, G&A up 155% to $14.8M Y/Y), the company maintains a strong $688.4M cash position to fund operations through H1 2028. Recent clinical milestones including 42.3% complete response rate in Phase 3 BOND-003 trials position it as a leader in non-surgical bladder cancer treatments.

• EPS missed estimates by 9.8% (-$0.45 vs. -$0.41 consensus) with revenue of $52K vs. $210K estimate.
• Cash reserves decreased 7.2% Q/Q ($688M vs. $742M) but still cover 10+ quarters of current burn.
• R&D investment surged 60% Y/Y to $27.5M as Phase 3 BOND-003 trial showed 90.5% recurrence-free survival at 9 months.

Holdings at the end of Q2 2024

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