{"id":324812,"date":"2022-11-12T14:00:31","date_gmt":"2022-11-12T19:00:31","guid":{"rendered":"https:\/\/www.sgtreport.com\/?p=324812"},"modified":"2022-11-12T01:14:51","modified_gmt":"2022-11-12T06:14:51","slug":"the-swiss-national-bank-began-unloading-its-biggest-us-stock-holdings-incl-apple-microsoft-amazon-alphabet-meta","status":"publish","type":"post","link":"https:\/\/www.sgtreport.com\/2022\/11\/the-swiss-national-bank-began-unloading-its-biggest-us-stock-holdings-incl-apple-microsoft-amazon-alphabet-meta\/","title":{"rendered":"The Swiss National Bank Began Unloading its Biggest US Stock Holdings, incl. Apple, Microsoft, Amazon, Alphabet, Meta"},"content":{"rendered":"

by Wolf Richter, Wolf Street<\/a>:<\/em><\/p>\n

\"\"It still bought Tesla though, which is down by 52%. It took massive losses. And it\u2019s got a bunch of Imploded Stocks.<\/strong><\/p>\n

The Swiss National Bank has spent years creating Swiss francs, buying dollars, euros, and other currencies with those francs, and then buying assets denominated in those currencies \u2013 including a vast portfolio of US stocks.<\/p>\n

TRUTH LIVES on at\u00a0https:\/\/sgtreport.tv\/<\/a><\/p>\n

But that gig is up, it seems. Asset prices have fallen sharply, and the SNB is unloading. It doesn\u2019t disclose details on its balance sheet, but it has to disclose its US stock holdings in quarterly regulatory filings with the SEC, and it now filed its Form 13F for its Q3 holdings. We\u2019ll get to those in a moment.<\/p>\n

The total of \u201cForeign currency investments\u201d on its balance sheet \u2013 which includes US stock holdings plus its other foreign currency investments \u2013 peaked in February 2022 at CHF 977 billion ($1.04 trillion at today\u2019s exchange rate). By the end of September 2022, they\u2019d plunged by 17%, or by CHF 160 billion, to CHF 808 billion, the lowest since March 2020:<\/p>\n

\"\"<\/p>\n

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The composition of the CHF 160 billion plunge in its holdings is a mix of market prices, asset sales, and exchange rates of the CHF to the currencies involved.<\/div>\n<\/div>\n<\/div>\n

The SNB\u2019s US stock holdings.<\/strong><\/h3>\n

From the SNB\u2019s filings of Form 13F with the SEC, we can see that the SNB not only took losses from the price declines of its US stock holdings, but that it also sold down most of its largest positions, reducing the number of shares it holds in Apple, Microsoft, Alphabet, Amazon, Meta, etc.<\/p>\n

From June 30 through September 30, the value of the SNB\u2019s US stock holdings fell by 8.0 billion, or by 5.4%.<\/p>\n

From March 31 through September 30, which had been the peak in terms of the quarterly filings, its US stock holdings fell by $37.5 billion, or by 21.2%.<\/p>\n

The value of its US stocks had peaked at the end of Q1 at $177 billion, and by September 30, they\u2019d dropped to $139.8 billion.<\/p>\n

Q3 spanned the powerful bear-market rally-and-bust over the summer, with the end effect that the S&P 500 fell 5.3% from June 30 through September 30, and the Nasdaq Composite fell 4.1%.<\/p>\n

The SNB is broadly invested in the US stock market. At the end of Q3, it held about 2,770 stocks, including a whole bunch that have become penny stocks, and a slew that went public via merger with a SPAC or via IPO over the past two years and that are now populating my pantheon of\u00a0Imploded Stocks<\/a>, such as\u00a0Carvana<\/a>.<\/p>\n

Let\u2019s take Carvana:<\/p>\n