Recently had the opportunity to review the composition of the Swiss National Bank equity portfolio as it relates to gold and silver mining investments. The total equity portfolio at the end of Q3 stood at $150 billion, which is up 10% in market value from $136 billion at the end of Q2. Full holdings here: https://www.sec.gov/Archives/edgar/data/1582202/000158220220000005/xslForm13F_X01/InfoTable_Q32020.xml
Upon review of the overall portfolio mix, 3.94% of the SNB’s portfolio was invested in the Materials segment, which is down slightly from 3.99% during the prior quarter ending in June and was consistent with the level at the end of March. As of the end of September, the Materials market value totaled $5.91 billion, which is up nearly 9% from $5.44 billion in June.
Of the $5.91 billion in Materials, $1.14 billion was invested in Gold mining/royalty stocks, down from $1.29 billion in June. Regarding Silver mining equities, total market value increased to $56.6 million vs $53.5 million in June. Overall market value in Gold and Silver stocks (including royalties) stood at just under $1.2 billion, down from $1.347 billion in June. As a percentage of the overall equity market value, Gold and Silver remained below 1%, at .80% of the total vs .99% prior quarter.
The SNB’s top 5 positions in terms of current market value remain unchanged: Newmont, Franco-Nevada (Royalty), Wheaton Precious Metals (Royalty), Agnico and Kirkland Lake.
Below is the change in portfolio holdings based on additions and dispositions of shares and change in shares as a percentage of holdings.
Overall, no big changes noted. The materials segment remains under 4% of total portfolio equity market value and the Gold and Silver mining component remains under 1%. They continue to manage within already defined investment framework.