SNB annual report sheds light on equity investing strategy

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The Swiss National Bank's Bern office

The Swiss National Bank’s (SNB) annual report gives details of the central bank’s approach to investing some 20% of its foreign exchange reserves in equities across the past year.

In the report, published on March 23, the SNB explains it pursues a passive investment approach that largely replicates stock indexes to avoid any perception of political motivations that might be implied by stock-picking. It does, however, exclude some companies, notably those with poor ethical standards, and mid-cap

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