Swiss National Bank's Trades and Holdings in Q3 2024

We break down the stocks Swiss National Bank bought, sold, and held in Q3 2024, including their holdings at the end of the quarter. All data sourced from Swiss National Bank's 13F filed on November 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.

Snb.ch
Wikipedia on SNB
Read SNB's annual reports

Portfolio Changes in Q3 2024

New positions

Swiss National Bank established 20 new positions during Q3 2024, with the largest being Nu Holdings (NU) at $91.9 million, followed by Smurfit WestRock (SW) at $76.1 million and XP (XP) at $15.1 million. Other notable new holdings include SiriusXM (SIRI), Amentum (AMTM), Six Flags Entertainment (FUN), and AST SpaceMobile (ASTS).

Bought

The central bank significantly increased its stake in Broadcom (AVGO), adding 11.8 million shares to reach 13.1 million total shares, representing an 8.2% return on the position. Other major additions included Cintas (CTAS) with 814,000 additional shares for a 17.9% return, EQT (EQT) with 437,600 more shares, and MicroStrategy (MSTR) with 421,600 additional shares. Palantir (PLTR) and PDD Holdings (PDD) also saw meaningful increases in share counts.

Sold

Swiss National Bank completely liquidated 20 positions including WestRock (WRK) valued at $38.2 million and Equitrans Midstream (ETRN) at $11.1 million. Among existing holdings, the bank significantly reduced its positions in NIO (NIO) by 2.1 million shares (-47.6%), ZTO Express (ZTO) by 606,827 shares (-56.3%), and Cleveland-Cliffs (CLF) by 538,840 shares (-47.5%). Stellantis (STLA) and UiPath (PATH) were also trimmed substantially.

New Investments in Q3 2024

Nu Holdings NU

Swiss National Bank bought $91.86M of Nu Holdings in Q3 2024. Nu Holdings delivered exceptional Q1 2025 results with 74% YoY net income growth to $557 million and 48% revenue growth to $3.2 billion, driven by aggressive customer acquisition and geographic expansion. The company achieved a record 27% ROE through operational efficiency gains, while maintaining disciplined risk management in its core Brazilian market. Recent strategic moves like securing a full banking license in Mexico position Nu to replicate its success across Latin America.

• Net income surged 74% YoY to $557M in Q1 2025, with Brazil generating 102% of total profits as international markets scale.
• Cost per active customer dropped 22.2% YoY to $0.70, driving efficiency ratio to an industry-leading 24.7%.
• Customer base grew 19% YoY to 109 million, adding 4.3 million new users in Q1 alone.

Smurfit WestRock SW

Swiss National Bank bought $76.08M of Smurfit WestRock in Q3 2024. Smurfit WestRock reported strong Q1 2025 results with $382 million net income and $1,252 million Adjusted EBITDA, driven by operational improvements and cost synergies from its merger integration. While sales of $7,656 million fell short of expectations, Adjusted EBITDA margins improved to 16.4% from 16.2% YoY. The company is actively optimizing its asset base through facility closures and capacity reductions, targeting $400 million in synergies with $350 million expected in 2025.

• EPS of $0.73 beat estimates by 12.3% despite 8.7% YoY revenue decline.
• Adjusted EBITDA margin expanded 20 bps YoY to 16.4% through cost optimization.
• Announced closure of 500,000 tons of paper capacity and 4 converting plants to improve structural costs.

XP XP

Swiss National Bank bought $15.11M of XP in Q3 2024. XP Inc. showed mixed performance in recent quarters, with Q1 2025 earnings beating estimates by 2.63% ($0.39 vs $0.38 EPS) but revenue missing expectations by 4.55%. Year-over-year growth remains strong in key segments like fixed income (+44%) and credit services (+48%), while the company announced a R$1 billion share buyback to boost shareholder value. The stock has surged 57.2% YTD despite recent quarterly revenue declines, significantly outperforming the S&P 500's 1.4% gain.

• Q1 2025 gross revenue reached R$4.56 billion (+7% YoY) with adjusted net income up 20% to R$1.24 billion.
• Client assets grew to R$1.33 trillion (+13% YoY) driven by R$119 billion in net inflows.
• Fixed income became largest retail revenue contributor at R$1.02 billion (+44% YoY), while credit services revenue jumped 48%.

SiriusXM SIRI

Swiss National Bank bought $10.22M of SiriusXM in Q3 2024. SiriusXM faced a challenging Q1 2025 with revenue declining 4% year-over-year to $2.07 billion and net income dropping 15% to $204 million, driven by a 500,000 subscriber loss and competitive pressures in the audio streaming market. Cost-management initiatives partially offset declines, stabilizing adjusted EBITDA margins at $629 million (-3% YoY). The stock fell 9% post-earnings, reflecting investor concerns about sustained growth amid subscriber attrition.

• Revenue fell 4% YoY to $2.07 billion, while quarterly free cash flow dropped 36% to $56 million.
• Subscriber base shrank to 32.9 million (-1.5% YoY), extending a multi-quarter downward trend.
• Shares declined 9% following earnings release, underperforming broader market indices.

Amentum AMTM

Swiss National Bank bought $10.09M of Amentum in Q3 2024. Amentum (AMTM) reported mixed Q1 FY2025 results with $3.49 billion revenue exceeding expectations, but EPS of $0.05 missed estimates, causing shares to drop 2.7% post-announcement. The company reaffirmed full-year guidance, showing confidence in organic growth and cash flow targets despite softer quarterly performance. While sequential improvements in Q2 show adjusted EBITDA margin expansion to 7.7% and EPS growth to $0.53, valuation concerns persist as financial metrics lag behind sector peers.

• Q1 revenue of $3.49B surpassed expectations but EPS missed by $0.05.
• Q2 adjusted EBITDA margin improved to 7.7% (vs 7.5% prior) with EPS up 4% sequentially to $0.53.
• Stock declined 2.7% post-Q1 earnings despite reaffirming FY2025 guidance.

Six Flags Entertainment FUN

Swiss National Bank bought $7.49M of Six Flags Entertainment in Q3 2024. Six Flags Entertainment (FUN) reported 98.8% YoY revenue growth to $202 million in Q1 2025, though net losses widened to $220 million due to merger integration costs. The company saw 2.8 million attendees (+1.6 million from legacy Six Flags parks) with 6% higher per capita spending ($65.40). While near-term challenges persist, management maintains full-year EBITDA guidance citing operational synergies from the Cedar Fair merger.

• Q1 2025 revenue of $202M missed estimates by 12.86% but surpassed year-ago $101.6M by 98.8%.
• Adjusted EBITDA loss expanded to $171M (+74M YoY) driven by $111M merger-related operational costs.
• April 2025 preliminary results show 1% attendance growth with $192M revenue, signaling early integration progress.

AST SpaceMobile ASTS

Swiss National Bank bought $6.91M of AST SpaceMobile in Q3 2024. AST SpaceMobile reported mixed Q1 2025 results with an EPS of -$0.20 beating estimates by $0.06, while revenue of $7.18 million missed expectations. The company maintains a strong liquidity position with $874.5 million in cash following a $500 million early 2025 capital infusion, enabling aggressive satellite network expansion. Despite volatile trading, shares have gained 1,100% over the past year, with analysts forecasting 55.64% upside potential.

• Q1 revenue grew 40% YoY to $7.18 million but missed estimates by $3.15 million.
• Cash reserves surged 479% QoQ to $874.5 million, strengthening balance sheet flexibility.
• Analyst consensus price target of $42.27 implies 55.6% upside from current levels.

StoneCo STNE

Swiss National Bank bought $6.42M of StoneCo in Q3 2024. 133 institutional investors added shares of StoneCo in Q1 2025, while the company reported 18.1% YoY revenue growth to $3.48B and a 38.3% surge in net income. Despite a $159M revenue miss versus estimates, StoneCo beat EPS expectations by $0.09 and showcased 19% gross profit growth through strategic repricing and cost optimization. Analysts project continued momentum with R$15.6B 2025 revenue forecasts, supported by leadership's focus on expanding financial services.

• Q1 2025 EPS of $1.93 beat estimates by $0.09 (4.9% surprise).
• Net income jumped 38.3% YoY to $684M from transaction activities.
• 133 institutional investors increased positions while 195 reduced exposure in Q1.

UL Solutions ULS

Swiss National Bank bought $5.58M of UL Solutions in Q3 2024. UL Solutions reported strong Q1 2025 results with revenue up 5.2% to $705 million, driven by 7.6% organic growth. Net income surged 18.3% to $71 million, while adjusted EBITDA margins expanded 320 basis points to 22.8%, reflecting operational efficiencies. Despite these gains, shares fell 4.95% pre-market, suggesting investor concerns over future growth sustainability or elevated expectations.

• Q1 organic revenue growth accelerated to 7.6%, exceeding total growth of 5.2%.
• Net income increased 18.3% to $71 million, with adjusted EBITDA up 22.9% to $161 million.
• Shares declined 4.95% in pre-market trading despite margin expansion and reaffirmed full-year guidance.

PagSeguro Digital PAGS

Swiss National Bank bought $3.88M of PagSeguro Digital in Q3 2024. PagSeguro Digital (PAGS) demonstrated strong performance in Q1 2025 with 14.4% diluted EPS growth year-over-year, driven by revenue diversification across payments and banking services. The company reported BRL 4.85 billion in revenue, a 12.6% increase from Q1 2024, while navigating macroeconomic challenges through cost mitigation strategies. Recent earnings surprises and accelerating banking segment growth position PAGS favorably against fintech peers in Brazil's competitive digital payments market.

• Q1 2025 EPS of $0.31 beat analyst estimates by 6.9%, marking third consecutive quarterly surprise.
• Net income grew 6.1% to BRL 554 million despite heightened financial costs from rising interest rates.
• 12-month revenue growth of 22.3% outpaces industry median of 15.8% for payment processing firms.

Inter & Co INTR

Swiss National Bank bought $3.65M of Inter & Co in Q3 2024. Inter & Co has demonstrated robust financial performance, with Q1 2025 net income surging 57% year-over-year to R$287 million, driven by a growing client base of 37.7 million and improved operational efficiency. The company's return on equity rose to 12.9%, up from 9.2% a year ago, while its efficiency ratio improved to 48.8%, among the lowest in Brazil's banking sector. Despite missing Q1 earnings estimates by 8.33%, the stock has gained 68.5% year-to-date, significantly outperforming the S&P 500's decline.

• Net income grew 57% year-over-year in Q1 2025, reaching R$287 million.
• Return on equity improved to 12.9%, up from 9.2% in the prior year.
• Shares have surged 68.5% year-to-date, contrasting with the S&P 500's 3.8% decline.

Rubrik RBRK

Swiss National Bank bought $3.31M of Rubrik in Q3 2024. Rubrik (RBRK) demonstrated strong growth in its first quarter fiscal 2025, with 46% year-over-year Subscription ARR growth to $856.1 million and 38% revenue growth to $187.3 million. The company added 1,859 customers with $100K+ in Subscription ARR, up 41% YoY, while its stock price recently hit a 52-week high of $95.39. Despite missing Q4 2025 EPS estimates by $0.22, Rubrik beat revenue expectations by $25 million and provided optimistic Q2 guidance projecting sequential revenue growth to $195-$197 million.

• Subscription ARR surged 46% YoY to $856.1 million in Q1 FY2025, driven by large transactions and improved contribution margins.
• Revenue guidance of $195-$197 million for Q2 FY2025 represents 4-5% sequential growth despite expected Non-GAAP EPS losses of ($0.50)-($0.48).
• Stock price gained 225% from its 52-week low, reaching $95.39 amid strong enterprise adoption and cybersecurity sector tailwinds.

Reddit RDDT

Swiss National Bank bought $3.15M of Reddit in Q3 2024. Reddit demonstrated strong growth in Q1 2025 with 61% year-over-year revenue increase to $392.4 million, driven by expanding user engagement and improved monetization. The company achieved profitability with net income of $26.2 million (6.7% margin) and 29.4% adjusted EBITDA margin, showing significant operating leverage. Recent performance highlights accelerating momentum as daily active users grew 31% YoY to 108.1 million, positioning the platform for sustained value creation.

• Revenue beat analyst estimates by 6.2% ($392.4M actual vs $369.5M expected).
• EPS turned positive at $0.13 vs -$7.81 in prior-year quarter (124% growth expected next 12 months).
• EBITDA margin expanded 25.3 percentage points YoY to 29.4% through operational efficiency.

Core Scientific CORZ

Swiss National Bank bought $3.09M of Core Scientific in Q3 2024. Core Scientific CORZ reported mixed Q1 2025 results with revenue declining 55.6% YoY to $79.5 million but achieved record net income of $580.7 million (+175.6% YoY) driven by strategic asset optimization. The company is pivoting to AI infrastructure, securing a $360 million annualized colocation deal with CoreWeave that propelled its stock 3.93% higher post-earnings. While digital mining revenue remains dominant at $67.2 million, the shift to high-margin AI hosting positions CORZ for future growth despite current operational losses.

• EPS surged 58.2% to $1.44 despite revenue contraction, aided by $621.5 million in non-operational gains.
• Maintains $778.6 million liquidity while transitioning 250MW capacity to AI services by year-end.
• New CoreWeave partnership expected to deliver $360 million annual revenue starting in 2026.

CareDx CDNA

Swiss National Bank bought $3.02M of CareDx in Q3 2024. CareDx demonstrated strong growth in Q1 2025 with 18% year-over-year revenue increase to $84.7 million, marking its seventh consecutive quarter of volume growth. The company improved profitability metrics significantly, achieving 150 basis point gross margin expansion and turning adjusted EBITDA positive at $4.6 million versus negative $1.9 million in Q1 2024. While showing operational improvement, the company reported a GAAP net loss of $10.4 million and reduced its cash position to $231 million from $261 million in Q4 2024.

• Q1 2025 revenue reached $84.7M, up 18% YoY driven by testing services (15% growth) and digital solutions (24% growth).
• Adjusted EBITDA swung $6.4 million positive to $4.6M through margin expansion and cost discipline.
• 68.5% non-GAAP gross margin represents 150bps YoY improvement despite competitive pressures.

PACS Group PACS

Swiss National Bank bought $2.78M of PACS Group in Q3 2024. PACS Group has faced significant headwinds, with its stock price declining over 72% in the past year. The company's Q1 2025 earnings fell short of consensus estimates, reflecting ongoing profitability challenges. Recent controversies involving affiliated PACs have added uncertainty, further dampening investor sentiment.

• Stock price plummeted 72.3% over the past year, underperforming the healthcare sector average.
• Q1 2025 EPS forecast of $0.42 represents a 72.4% decline compared to Q1 2024's $1.526.
• Post-Q1 earnings announcement, shares remained flat with a 0.04% gain, signaling weak market conviction.

Harrow HROW

Swiss National Bank bought $2.64M of Harrow in Q3 2024. Harrow reported Q1 2025 revenue of $47.8 million, a 43% year-over-year increase driven by new ophthalmic products like VEVYE and TRIESENCE. However, the company posted a $0.50 per share loss, missing earnings estimates by $0.56, which triggered a 10% stock price drop post-announcement. Management reaffirmed its 2025 revenue target of over $280 million, citing strong prescription growth under its VEVYE access program.

• Q1 revenue grew 43% YoY to $47.8 million but fell short of estimates by 19.88%.
• Reported -$0.50 EPS, missing forecasts by $0.56, contributing to a 55% stock decline over six months.
• Maintains 2025 revenue guidance of over $280 million, driven by 4x growth in weekly VEVYE prescriptions.

Applied Digital APLD

Swiss National Bank bought $2.17M of Applied Digital in Q3 2024. Applied Digital reported 67% year-over-year revenue growth to $60.7M in fiscal Q1 2025, though it posted a net loss of $4.2M. The company secured a $150M convertible preferred equity facility in April 2025 to expand its high-performance computing campus, signaling growth ambitions despite recent EBITDA misses and a 6.2% stock drop post-earnings.

• Revenue grew 67% YoY in Q1 2025 but missed analyst estimates by 18% ($52.92M reported vs $64.48M expected).
• Adjusted EBITDA of $20.0M contrasts with an adjusted net loss of $21.6M due to pre-revenue facility costs.
• Shares trade at $7.35, 30% below Wall Street's $10.50 price target, with EV/EBITDA of 12.8x for next 12 months.

Clover Health CLOV

Swiss National Bank bought $2.13M of Clover Health in Q3 2024. Clover Health demonstrated accelerating growth in Q1 2025 with 33% revenue growth and 30% Medicare Advantage membership growth year-over-year, while dramatically improving profitability metrics. The company reduced its GAAP net loss by 94% to just $1 million and achieved 279% growth in Adjusted EBITDA to $26 million. Recent performance has prompted management to raise the lower end of 2025 guidance, citing the effectiveness of their AI-driven Clover Assistant platform in reducing hospitalizations by 18% for key conditions.

• Q1 2025 revenue surged 33% to $462M while medical costs remained stable at 85.8% BER.
• Adjusted EBITDA grew 279% Y/Y to $26M, with SG&A leverage improving to 11.3% of revenue.
• 30% membership growth to 103,418 MA lives, driving scale benefits and improved unit economics.

Avadel Pharmaceuticals AVDL

Swiss National Bank bought $1.97M of Avadel Pharmaceuticals in Q3 2024. Avadel Pharmaceuticals (AVDL) demonstrated strong growth in Q1 2025 with 93% year-over-year revenue increase to $52.5 million, driven by its narcolepsy drug LUMRYZ. The company reduced its net loss by 82% to $4.9 million compared to Q1 2024, showing improved operational efficiency. Recent FDA approval of LUMRYZ and positive Phase 3 trial results position the company for continued growth, reflected in its raised 2025 revenue guidance to $255-265 million.

• Q1 2025 revenue surged 93% to $52.51M vs $27.18M in Q1 2024.
• Net loss narrowed 83.3% ($-0.05/share vs $-0.30/share YoY).
• Full-year 2025 revenue guidance raised 6% to $255-265M.

Holdings at the end of Q3 2024

Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.