Swiss National Bank Cuts Mining Shares, Boosts Unicorn Holdings

Swiss National Bank Mining Share Portofolio Value Falls By 30% Year Over Year.

Reduction in SNB mining share holdings and price drop responsible for decrease in their mining share portfolio value.

SNB sells big stakes in Yamana Gold, Eldorado Gold; Trims Goldcorp, Agnico Eagle Mines, Adds to Newmont Mining position.

SNB ups Tesla holdings 69% year over year; adds to other unicorn stock positions.

Total SNB U.S. equity portfolio grows to over $84 billion.

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Swiss National Bank: Miners Out, Unicorns In

Last year we noted that the Swiss National Bank had accumulated a near one billion dollar gold and silver mining share portfolio as of the end of the second quarter of 2016. In “How the Swiss National Bank Built a $1 billion mining share potfolio”, we noted how at the end of the second quarter of 2013, the SNB held less and $500 million in mining shares. Since the second quarter of 2016, we have updated the SNB mining stock portfolio here, here and here.

At the end of the second quarter 2017, the SNB held $674.6 million* in mining shares down from $987 million* from a year ago, and down from $699 million* at the end of the first quarter of 2017.

The SNB’s mining shares are but a small fraction of their overall growing U.S. equity porfolio. Since last year, the SNB’s quarter SEC filings have shown a porfolio of increasing U.S. equity shares (up from around $60 billion in the second quarter of 2016 to over $84 billion in the second quarter of 2017) and a decreasing mining share portfolio.

Swiss National Bank Mining Share Holdings Top Twenty Holdings as at 6/30/2016

Swiss National Bank Mining shares June 30 2016

Swiss National Bank Mining Share Holdings Top Twenty Holdings as at 6/30/2017

Swiss National Bank Mining shares June 30 2017

SNB Rides the Unicorn

While the Swiss National Bank owns blue chip stocks like Apple and AT&T, they also own many stocks that pay no dividends and have no profits. Here is a sampling of the some of those U.S. equities that the Swiss National Bank owned as at June 30, 2017.

Swiss National Bank Unicorn holdings as of June 30 2017

Further Reading

THE SWISS NATIONAL BANK’S $1 BILLION GOLD AND SILVER MINING SHARE PORTFOLIO

HOW THE SWISS NATIONAL BANK BUILT A $1 BILLION MINING SHARE PORTFOLIO

NORWAY’S CENTRAL BANK FILES FOR CONFIDENTIAL TREATMENT OF ITS US EQUITY HOLDINGS

SWISS NATIONAL BANK TRIMS GOLD AND SILVER MINING PORTFOLIO IN THIRD QUARTER 2016

VALUE OF THE SWISS NATIONAL BANK’S MINING SHARE PORTFOLIO FALLS 30%

Swiss National Bank share holdings source: Swiss National Bank SEC filing, also available here showing the SNB owns a total of over $84 billion in US equities. Share prices were derived from Yahoo Finance.

Note: the share amounts filed with the Securities and Exchange Commission by the Swiss National Bank are subject to the following caveat by the SEC: “The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete.”

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*values based on stock prices as at the date of the filings.

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NB: PBOC gold reserves calculated from PBOC data that lists gold reserves by dollar amount at end of each month. Dollar amount is divided by the LBMA gold price, provided by Kitco, at the end of each month to get a troy ounce total which is then converted into metric tons.

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