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