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(Bloomberg) -- The Swiss National Bank’s U.S. equity holdings gained 5 percent in value to hit a fresh record in the second quarter, thanks to a buoyant stock market.

The holdings increased to $84.3 billion from $80.4 billion at the end of March, according to calculations by Bloomberg based on the central bank’s regulatory filing to the U.S. Securities and Exchange Commission published on Wednesday. The value of the SNB’s U.S. share holdings has risen over the years as its pile of foreign-exchange reserves expands and thanks to rallying markets.

The central bank led by Thomas Jordan has accumulated foreign exchange worth 714.3 billion francs ($742 billion) due to its interventions to tame the franc’s strength, and has invested those assets in both stocks and fixed income products. It held 20 percent in equities at the end of the second quarter.

The S&P 500 index added 2.6 percent in the second quarter.

SNB Governing Board Member Andrea Maechler, who oversees the foreign currency holdings, said in a speech in March that monetary policy always takes precedence over investment decisions. Investments mirror indexes and are managed based on the criteria of security liquidity and return.

SNB spokesman Walter Meier wasn’t immediately available to comment on the filing, the only detailed disclosure the institution makes of its individual holdings.

--With assistance from Roxana Zega

To contact the reporter on this story: Catherine Bosley in Frankfurt at cbosley1@bloomberg.net.

To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Zoe Schneeweiss, Marco Babic

©2017 Bloomberg L.P.

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