Stem and coarsely chop the Swiss chard leaves.

Dice the red onion.

Combine Swiss chard, diced red onion, and 1/2 cup water in a large pot.

Bring the mixture to a simmer over high heat.

Reduce heat to medium, cover the pot, and cook, stirring frequently, until the chard is very tender, about 15 minutes.

In a separate medium saucepan, combine the reduced-fat cream cheese, freshly grated nutmeg, and 1/4 cup water.

Place the saucepan over medium heat and cook, whisking frequently, until the cream cheese melts and the mixture just bubbles around the edges.

Using a slotted spoon, transfer the cooked chard to the saucepan with the cream cheese mixture, leaving any excess liquid in the pot.

Mix well to combine the chard and cream cheese sauce.

Season the mixture with kosher salt and freshly ground black pepper to taste.

Garnish the dish with chopped toasted pine nuts before serving.