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Switzerland’s Central Bank Trims Holdings Of Tech Stocks

Switzerland’s central bank reduced its holdings of some notable technology stock in this year’s third quarter.

According to its latest filing with the U.S. Securities and Exchange Commission (SEC), the Swiss National Bank reduced the size of its positions in Apple (AAPL), Nvidia (NVDA) and Tesla (TSLA) during Q3. It also sold shares of troubled movie theatre chain AMC (AMC).

The Swiss bank sold 6.6 million Apple shares during Q3, bringing its position in the consumer electronics company to 50.6 million shares.

At the same time, the central bank sold 976,200 Nvidia shares to end the third quarter with 7.9 million shares of the chipmaker.

And Switzerland’s National Bank sold 1.1 million Tesla shares to finish Q3 with 9.2 million shares of the electric vehicle maker.

Regarding AMC, which is still viewed by many investors as a meme stock, the Swiss bank sold 828,750 shares to end the third quarter with a position of 301,691 shares. AMC’s stock fell 80% in the first nine months of this year.

The latest stock sales come as global markets declined for three consecutive months between August and the end of October. Equities have since rebounded during November.

The Swiss National Bank’s investment portfolio shrank for the first time in 15 years during the bear market of 2022, declining to $988 billion U.S. from $1.2 trillion U.S. in 2021.

In its annual report, the central bank said the 2022 decline was “due to valuation losses on investments, with foreign currency sales also a contributing factor.”

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