Switzerland’s Central Bank Bought Up Apple, GE, and Disney Stock

Switzerland’s central bank made some big changes in its U.S.-traded stock investments in the first quarter, when markets were hit by the spread of the coronavirus pandemic .

Swiss National Bank, which had assets of $887 billion at the end of 2019, bought up Apple (ticker: AAPL), General Electric ( GE), and Walt Disney stock (DIS) in the first quarter. The bank also dramatically raised its investment in marijuana producer Aurora Cannabis (ACB). Swiss National Bank disclosed the trades in a form it filed with the Securities and Exchange Commission.

The bank didn’t immediately respond to a request for comment on the trades.

Swiss National Bank bought 3 million more Apple shares in the first quarter, raising its investment in the iPhone maker to 17.3 million shares.

Apple stock slid 13.4% in the first quarter, but shares have gained 22.0% so far in the second quarter through Friday’s close. In comparison, the S&P 500 index, a measure of the broader market, is up 13.4% so far in the second quarter.

We’ve noted that Apple is one of the big tech companies that investors feel will emerge from the pandemic stronger . An analyst at a Canadian bank that also bought Apple stock in the first quarter told us it was likely his bank would buy more.

GE stock fell 28.9% in the first quarter, and has dropped another 20.8% so far in the second. Layoffs at the conglomerate have been piling up. We’ve noted that GE is building up its cash position .

The bank bought 6.4 million more GE shares in the first quarter to end the period with 33.9 million GE shares.

Swiss National Bank also bought 1.3 million more Disney shares in the quarter to lift its investment to 7 million shares of the media and entertainment giant.

Disney stock tumbled 33.2% in the first quarter, but has gained 13.0% so far in the second. The first-quarter report was understandably lackluster

The entertainment giant earned 26 cents a share in its fiscal second quarter versus Wall Street’s estimate of 68 cents. Looking to save cash, the entertainment giant won’t make its next dividend payment.

The bank also bought 1.8 million additional shares of Aurora to lift its investment to 4.2 million shares at the end of the first quarter.

Aurora stock dropped nearly 60% in the first quarter, and so far in the second, it’s down another 26.0%. A reverse stock split is effective Monday, and at least one analyst thinks the stock is a buy. The embattled marijuana company had been selling greenhouses and laying off employees .