SNB US Stock Portfolio Hits Record High in Q2

The Swiss National Bank's US stock portfolio has reached an all-time high in Q2 of 2026, climbing over 10% to a record value. This significant gain contributed to a massive profit swing for the bank, transforming last year's $22 billion loss into a $31.84 billion profit.

The SNB reported a Q2 profit of CHF 25.7 billion, largely driven by a combination of dividends, interest income, and capital gains from equity holdings. The MSCI World Index gained 13% during the April-through-June period, providing a substantial tailwind to the portfolio.

The SNB's equity allocation has been stable over recent quarters, making up around 28% of its total foreign exchange reserves as of June 30, 2026. This approach is unique among central banks, which typically park their reserves in government bonds and call it a day. The SNB has been building equity positions for years to invest its enormous foreign currency reserves.