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“Mystery” Buyer Revealed: Swiss National Bank’s US Stock Holdings Rose 50 percent In First Half, To Record $62BN

In a month, quarter and year, in which many have scratched their heads trying to answer just who is buying stocks, as both retail and smart money investors have been aggressively selling…


Hudge Funds, Institutional, Private Client

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… yesterday we got the answer.

In the second quarter, the Swiss National Bank added $7.3 billion to its US equity portfolio, and according to its just filed 13-F, is now long a record $61.8 billion in US stocks, up from $54.5 billion a month ago. In fact, rising from $41.3 billion in total US stock holdings as of December 2015, this means that the Swiss central bank increased its total US holdings by a record 50% in the first half of 2016.

Swiss National Bank US Stock Holdings

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That’s just a small fraction of the central bank’s total assets, which amounted to CHF690 billion of which CHF635 was in the form of foreign currency investments, which include bonds and stocks.

SNB balance sheet jun 30

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Of this CHF635 billion, the activist central bank had invested 20% in global equities, with about 60% of that being allocated to US stocks.

SNB foreign currency investments

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Going back to the SNB’s US equity focus, here is a breakdown of the top 15 holdings, most of which posted substantial increases in the second quarter.

SNB top holdings

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And, of course, the top holding which as regular readers know, is Apple. In fact, with its latest holdings of 15.6 million in AAPL shares, the central bank is a bigger holder than Calpers, Janus, Invesco, Oppenheimer, Franklin Resources, Morgan Stanley and hundreds more.

Shortly, we will show the just as unprecedented buying of US stocks by another state actor, Japan’s $1.3 trillion General Pension Investment Fund, which also acquired billions of stocks in the past few months, but even absent that we now have the answer to the recurring question of who has been buying stocks as others were selling: central banks.

SNB AAPL holdings

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Tyler Durden
ZeroHedges' Tyler Durden is the hero of Fight Club, the 1999 movie based on Chuck Palahniuk's novel that reflected Chuck's experience in the Cacophony Society Quote: "Goddamn it, an entire generation pumping gas, waiting tables, slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need. We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives. We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off." --> see more about Tyler on snbchf
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