SNB annual report sheds light on equity investing strategy

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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