SNB US Stock Holdings
In the third quarter of 2018, the hedge fund known as the Swiss National Bank did something it had not done in years: it sold stocks. As we showed in November, the overall value of the SNB’s US listed long holdings rose by over $2 billion to $90 billion, but all of this was due to the price appreciation as the central bank sold around $7bn of equities in Q3. This compares to purchases during 1H18 of around $6bn.
SNB US Stock Holdings, Jun 2014 – 2018(see more posts on SNB US Stock Holdings, ) – Click to enlarge
Alas, it did not sell enough, and as the next chart showed, some of the SNB’s top holdings would be the stocks that ended up getting hammered the most in the fourth