SNB Removed Chevron From US Portfolio on Environmental Concerns

The Swiss National Bank sold its entire stake in oil producer Chevron Corp. because it now considers investments in the stock to breach its portfolio guidelines, according to a person familiar with the matter.

The central bank hasn’t moved away from drilling companies in general, but specifically dropped Chevron because of environmental concerns that don’t apply to other rivals, the person said. They declined to be identified discussing confidential matters.

“The SNB has not adjusted its investment policy,” but stands by its existing guidelines, according to an e-mailed statement. It declined to comment on specific investments.

The central bank has ...