Swiss National Bank (SNB) Top 100 US Equity Holdings = 12.4bn USD (Top 2400 = 24bn USD, Worldwide holdings USD 89bn?)

In the middle of this post is a list of the top investments by size on the books of the Swiss National Bank according to SEC filings. If we assume the SNB is using the MSCI weightings as of Dec 30th, 2013

MSCI World Weightings 2013

as a benchmark for their worldwide equity investments, 54% would be invested in the US. Further we could then assume that SNB holds USD 4bn in the UK equity market (9.11%), slightly less than USD 4bn in Japan (8.7%) and about USD 2bn in France (4.16%). In total the SNB holdings in equities would therefor be around USD 45bn. (In this presentation Samuel Streit of the SNB presented a graph on page 10 that 5-10% of the USD 460bn FX/Currency reserves risks are in equities which would be in line with the ball park calculation I arrived at above)

However there’s a problem with the above approach; if you take a look at this datathis data

from the SNB website on asset allocation, you’ll see that the foreign currency investments in the USD are only 27%, the EUR area on the other hand 48%. So if we recalculate the USD 25bn we know are invested in the US based on the weightings of the currency investments (above), the total equity portfolio would stand at USD 89bn, which is probably 3% points too high if 16% equity holdings mentioned in the SNB data is correct. Then again a 5% move in the developed world equity markets would put us there today!

Anyone wondering why stocks didn’t tank in a phase of worldwide QE should have an eye opening moment when they see the size of these holdings. You’ll surely understand that other central banks are no strangers to playing in the equity markets either. Central bank action explains a strong bid in the market. They don’t teach you that when they’re stuffing EMH (efficient market hypothesis) down your neck at Uni.

How to read the list: Exxon holding was worth 505m USD, Apple 484m USD, etc as of Oct 2013 – don’t get misled by the ‚.‘ before the three zeroes…To calulate what the current value is of the Top 100 just look at S&P 500 performance (excluding banks) since late October 2013, then multiply with USD 12.4bn.

If you’re wondering which US equities you should put in your portfolio, along with the weightings on the right hand side – this list is probably an excellent starting point! If it’s good enough for the Swiss National Bank, after all.

EXXON MOBIL CORP 30231G102 505’145.000 4.08%
APPLE INC 37833100 484’581.000 3.91%
JOHNSON & JOHNSON 478160104 368’901.000 2.98%
MICROSOFT CORP 594918104 329’132.000 2.66%
CHEVRON CORP NEW 166764100 299’950.000 2.42%
PROCTER & GAMBLE CO 742718109 295’322.000 2.38%
AT&T INC 00206R102 276’628.000 2.23%
INTERNATIONAL BUSINESS MACHS 459200101 272’062.000 2.19%
GENERAL ELECTRIC CO 369604103 268’355.000 2.16%
GOOGLE INC 38259P508 258’559.000 2.09%
VERIZONMUNICATIONS INC 92343V104 236’870.000 1.91%
PFIZER INC 717081103 216’266.000 1.74%
PEPSICO INC 713448108 209’928.000 1.69%
COCA COLA CO 191216100 208’271.000 1.68%
MCDONALDS CORP 580135101 205’211.000 1.66%
SUNCOR ENERGY INC NEW 867224107 176’730.000 1.43%
WAL-MART STORES INC 931142103 166’504.000 1.34%
MERCK & CO INC NEW 58933Y105 161’407.000 1.30%
BRISTOL MYERS SQUIBB CO 110122108 160’238.000 1.29%
PHILIP MORRIS INTL INC 718172109 153’362.000 1.24%
AUTOMATIC DATA PROCESSING IN 53015103 147’111.000 1.19%
CANADIAN NATL RY CO 136375102 140’432.000 1.13%
GENERAL MLS INC 370334104 137’014.000 1.11%
ORACLE CORP 68389X105 136’794.000 1.10%
CISCO SYS INC 17275R102 135’545.000 1.09%
GOLDCORP INC NEW 380956409 132’090.000 1.07%
SCHLUMBERGER LTD 806857108 128’314.000 1.04%
QUALCOMM INC 747525103 127’759.000 1.03%
INTEL CORP 458140100 123’383.000 1.00%
AMAZON INC 23135106 123’287.000 0.99%
SOUTHERN CO 842587107 122’759.000 0.99%
TRANSCANADA CORP 89353D107 121’428.000 0.98%
HOME DEPOT INC 437076102 119’988.000 0.97%
DISNEY WALT CO 254687106 119’482.000 0.96%
KIMBERLY CLARK CORP 494368103 118’579.000 0.96%
VISA INC 92826C839 116’451.000 0.94%
LILLY ELI & CO 532457108 115’666.000 0.93%
CANADIAN NAT RES LTD 136385101 111’753.000 0.90%
COLGATE PALMOLIVE CO 194162103 105’718.000 0.85%
VALEANT PHARMACEUTICALS INTL 91911K102 105’454.000 0.85%
ENBRIDGE INC 29250N105 105’237.000 0.85%
COMCAST CORP NEW 20030N101 104’120.000 0.84%
SPECTRA ENERGY CORP 847560109 104’002.000 0.84%
GILEAD SCIENCES INC 375558103 103’801.000 0.84%
UNITED TECHNOLOGIES CORP 913017109 103’067.000 0.83%
ABBOTT LABS 2824100 101’462.000 0.82%
DUKE ENERGY CORP NEW 26441C204 101’432.000 0.82%
DOMINION RES INC VA NEW 25746U109 99’703.000 0.80%
MANULIFE FINL CORP 56501R106 98’236.000 0.79%
ALTRIA GROUP INC 02209S103 97’186.000 0.78%
NEWMONT MINING CORP 651639106 96’977.000 0.78%
TJX COS INC NEW 872540109 93’634.000 0.76%
CONSOLIDATED EDISON INC 209115104 93’086.000 0.75%
PAYCHEX INC 704326107 92’381.000 0.75%
CONOCOPHILLIPS 20825C104 92’374.000 0.75%
BOEING CO 97023105 91’708.000 0.74%
AMGEN INC 31162100 90’919.000 0.73%
FACEBOOK INC 30303M102 90’432.000 0.73%
MASTERCARD INC 57636Q104 88’842.000 0.72%
POTASH CORP SASK INC 73755L107 88’231.000 0.71%
3M CO 88579Y101 84’794.000 0.68%
UNITED PARCEL SERVICE INC 911312106 83’309.000 0.67%
OCCIDENTAL PETE CORP DEL 674599105 81’608.000 0.66%
UNION PAC CORP 907818108 79’206.000 0.64%
UNITEDHEALTH GROUP INC 91324P102 79’095.000 0.64%
BARRICK GOLD CORP 67901108 78’466.000 0.63%
ABBVIE INC 00287Y109 76’713.000 0.62%
CVS CAREMARK CORPORATION 126650100 76’250.000 0.62%
ANNALY CAP MGMT INC 35710409 76’144.000 0.61%
BCE INC 05534B760 75’950.000 0.61%
AMERICAN INTL GROUP INC 26874784 73’857.000 0.60%
CENOVUS ENERGY INC 15135U109 73’327.000 0.59%
MONDELEZ INTL INC 609207105 71’826.000 0.58%
EBAY INC 278642103 70’568.000 0.57%
BECTON DICKINSON & CO 75887109 70’334.000 0.57%
CANADIAN PAC RY LTD 13645T100 69’970.000 0.56%
CELGENE CORP 151020104 69’530.000 0.56%
TARGET CORP 87612E106 68’101.000 0.55%
BROOKFIELD ASSET MGMT INC CL A LTD VT 112585104 67’582.000 0.55%
HONEYWELL INTL INC 438516106 67’210.000 0.54%
FORD MTR CO DEL 345370860 66’998.000 0.54%
TIME WARNER INC 887317303 66’429.000 0.54%
AUTOZONE INC 53332102 65’983.000 0.53%
VERISK ANALYTICS INC 92345Y106 63’845.000 0.52%
MAGNA INTL INC 559222401 62’651.000 0.51%
SUN LIFE FINL INC 866796105 62’445.000 0.50%
STARBUCKS CORP 855244109 62’413.000 0.50%
AMERICAN CAPITAL AGENCY CORP 02503X105 62’106.000 0.50%
BIOGEN IDEC INC 09062X103 61’899.000 0.50%
FRANCO NEVADA CORP 351858105 61’459.000 0.50%
MONSANTO CO NEW 61166W101 61’439.000 0.50%
SEADRILL LIMITED G7945E105 59’764.000 0.48%
CATERPILLAR INC DEL 149123101 59’377.000 0.48%
MEDTRONIC INC 585055106 58’587.000 0.47%
DU PONT E I DE NEMOURS & CO 263534109 58’372.000 0.47%
E M C CORP MASS 268648102 58’149.000 0.47%
YAMANA GOLD INC 98462Y100 58’017.000 0.47%
REYNOLDS AMERICAN INC 761713106 57’855.000 0.47%
AMERICAN TOWER CORP NEW 03027X100 57’771.000 0.47%
PG&E CORP 69331C108 57’305.000 0.46%
12’395’963.000 100.00%

This chart plotting Nasdaq to Money Supply also interesting (from gold-eagle.com):

nasdaq-money-supply-correlation

By the way, the SNB made a large bet against the worldwide equity indices by not being invested in financials (apart from VISA and a few others, they’re basically massively underweight), as can be seen from this graph showing the weightings of the sectors in the MSCI and comparting the Top 100 list with a Top 100 US equity list by market cap.

MSCI-World-Sector-Weightings-2013

 

 

 

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