Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna reported 190 stock positions worth $249.7 million. Its top holding was Nvidia (NVDA) at 6.8% of the portfolio, followed by Microsoft (MSFT, 6.0%) and Apple (AAPL, 4.5%). Compared with Q2 2025, it opened 13 new positions, sold out of 23, added to 33 and reduced 61. The biggest buy was Alphabet Class C (GOOG, shares +23%) and the biggest sale an exit from Dexcom (DXCM).
- Most Recent 13F
- Q2 2026
- Location
- WARSAW, R9
- CIK
- 0002079571
- Portfolio Value
- $249.7M (Q3 2025)
- SEC Filing
- 0002079571-25-000025 ↗ filed Nov 14, 2025
Holdings Value
Holdings 190 stocks · $249.7M
| NVDA Nvidia Corp. | 6.84% | 91,507 | $17.1M | Reduce -3.9% |
| MSFT Microsoft Corp. | 5.96% | 28,743 | $14.9M | Reduce -7.4% |
| AAPL Apple Inc. | 4.50% | 44,078 | $11.2M | Reduce -1.3% |
| GOOG Alphabet Inc. Class C | 3.56% | 36,505 | $8.9M | Add +23.3% |
| MA Mastercard Inc. Class A | 3.36% | 14,737 | $8.4M | Reduce -3.0% |
| NOW ServiceNow Inc. | 2.98% | 8,088 | $7.4M | Reduce -2.9% |
| AMZN Amazon.com Inc. | 2.79% | 31,687 | $7.0M | Reduce -8.6% |
| V Visa Inc. Class A | 2.38% | 17,418 | $5.9M | Reduce -9.0% |
| ISRG Intuitive Surgical Inc. | 2.12% | 11,825 | $5.3M | Add +3.1% |
| META Meta Platforms Inc. Class A | 1.97% | 6,691 | $4.9M | Reduce -4.5% |
| ROAD Construction Partners Inc. Class A | 1.94% | 38,065 | $4.8M | Reduce -13.3% |
| KTOS Kratos Defense & Security | 1.75% | 47,820 | $4.4M | Reduce -6.3% |
| SYM Symbotic Inc. | 1.69% | 78,225 | $4.2M | Reduce -35.6% |
| CLH Clean Harbors Inc. | 1.64% | 17,657 | $4.1M | No change |
| AMD Advanced Micro Devices | 1.61% | 24,813 | $4.0M | Add +59.5% |
| MU Micron Technology Inc. | 1.49% | 22,195 | $3.7M | Reduce -15.6% |
| CRM Salesforce Inc. | 1.43% | 15,050 | $3.6M | Reduce -3.8% |
| CYBR Cyberark Software Ltd./Israel | 1.36% | 7,045 | $3.4M | Reduce -40.5% |
| MELI MercadoLibre Inc. | 1.34% | 1,428 | $3.3M | Reduce -6.4% |
| PWR Quanta Services Inc. | 1.27% | 7,661 | $3.2M | No change |
| MPWR Monolithic Power Systems Inc. | 1.25% | 3,387 | $3.1M | Reduce -5.5% |
| RMBS Rambus Inc. | 1.24% | 29,750 | $3.1M | Reduce -10.3% |
| DDOG Datadog Inc. Class A | 1.24% | 21,699 | $3.1M | Add +4.3% |
| NFLX Netflix Inc. | 1.19% | 2,475 | $3.0M | Reduce -3.3% |
| FSS Federal Signal Corp. | 1.12% | 23,498 | $2.8M | Reduce -13.6% |
| VMC Vulcan Materials Co. | 1.08% | 8,805 | $2.7M | Reduce -5.4% |
| ORCL Oracle Corp. | 1.04% | 9,228 | $2.6M | New |
| XYZ Block Inc. | 1.03% | 35,667 | $2.6M | Reduce -1.7% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.93% | 144,300 | $2.3M | Reduce -3.6% |
| WM Waste Management Inc. | 0.92% | 10,437 | $2.3M | No change |
| CDNS Cadence Design SYS Inc. | 0.91% | 6,500 | $2.3M | No change |
| MLM Martin Marietta Materials | 0.90% | 3,562 | $2.2M | Reduce -7.7% |
| WCN Waste Connections Inc. | 0.87% | 12,386 | $2.2M | No change |
| ARM Arm Holdings PLC-ADR | 0.86% | 15,155 | $2.1M | Reduce -12.6% |
| MCK McKesson Corp. | 0.79% | 2,552 | $2.0M | No change |
| CP Canadian Pacific Kansas City | 0.77% | 25,650 | $1.9M | Add +18.5% |
| OSW Onespaworld Holdings Ltd. | 0.75% | 89,019 | $1.9M | Reduce -6.8% |
| QCOM Qualcomm Inc. | 0.72% | 10,775 | $1.8M | No change |
| TSLA Tesla Inc. | 0.71% | 4,010 | $1.8M | Add +16.9% |
| KO The Coca-Cola Co. | 0.71% | 26,735 | $1.8M | No change |
| JPM JPMorgan Chase & Co. | 0.71% | 5,612 | $1.8M | Reduce -7.7% |
| LSCC Lattice Semiconductor Corp. | 0.70% | 23,770 | $1.7M | Reduce -6.7% |
| WAB Wabtec Corp. | 0.70% | 8,691 | $1.7M | No change |
| S Sentinelone Inc. Class A | 0.68% | 97,000 | $1.7M | New |
| PSN Parsons Corp. | 0.68% | 20,587 | $1.7M | No change |
| KVYO Klaviyo Inc. Class A | 0.68% | 61,600 | $1.7M | Reduce -12.8% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.63% | 37,350 | $1.6M | Reduce -5.8% |
| WMT Walmart Inc. | 0.58% | 14,129 | $1.5M | Add +0.6% |
| CAT Caterpillar Inc. | 0.56% | 2,934 | $1.4M | Reduce -14.4% |
| VEEV Veeva Systems Inc. Class A | 0.56% | 4,665 | $1.4M | Reduce -7.4% |
| CME Cme Group Inc. | 0.55% | 5,039 | $1.4M | No change |
| GFF Griffon Corp. | 0.54% | 17,845 | $1.4M | Reduce -5.3% |
| AAON Aaon Inc. | 0.51% | 13,600 | $1.3M | No change |
| ICE Intercontinental Exchange Inc. | 0.51% | 7,500 | $1.3M | No change |
| MRVL Marvell Technology Inc. | 0.49% | 14,681 | $1.2M | Reduce -1.9% |
| NTRA Natera Inc. | 0.47% | 7,310 | $1.2M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.47% | 22,803 | $1.2M | Reduce -4.9% |
| PANW Palo Alto Networks Inc. | 0.47% | 5,736 | $1.2M | Add +3.1% |
| AVGO Broadcom Inc. | 0.47% | 3,537 | $1.2M | Add +94.9% |
| SNOW Snowflake Inc. | 0.46% | 5,070 | $1.1M | Reduce -0.7% |
| HD Home Depot Inc. | 0.45% | 2,800 | $1.1M | No change |
| CCL Carnival Corp. | 0.45% | 39,106 | $1.1M | Reduce -19.1% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.45% | 2,279 | $1.1M | No change |
| SITE Siteone Landscape Supply Inc. | 0.44% | 8,600 | $1.1M | No change |
| COST Costco Wholesale Corp. | 0.43% | 1,164 | $1.1M | Reduce -17.2% |
| AEM Agnico Eagle Mines Ltd. | 0.42% | 6,292 | $1.1M | Reduce -9.9% |
| WFC Wells Fargo & Co. | 0.42% | 12,613 | $1.1M | Reduce -5.1% |
| CHWY Chewy Inc. Class A | 0.42% | 25,802 | $1.0M | Reduce -49.1% |
| IR Ingersoll-Rand Inc. | 0.41% | 12,499 | $1.0M | Reduce -6.3% |
| SPGI S&P Global Inc. | 0.39% | 2,000 | $973K | No change |
| BROS Dutch Bros Inc. Class A | 0.37% | 17,790 | $931K | Reduce -52.8% |
| BMY Bristol-Myers Squibb Co. | 0.36% | 20,000 | $902K | No change |
| NVTS Navitas Semiconductor Corp. | 0.33% | 113,000 | $816K | No change |
| MUSA Murphy USA Inc. | 0.33% | 2,100 | $815K | No change |
| ROK Rockwell Automation Inc. | 0.32% | 2,310 | $807K | No change |
| HUBS HubSpot Inc. | 0.32% | 1,715 | $802K | No change |
| TOST Toast Inc. Class A | 0.32% | 21,900 | $800K | Reduce -43.7% |
| GXO Gxo Logistics Inc. | 0.32% | 15,000 | $793K | Add +11.1% |
| AGI Alamos Gold Inc. Class A | 0.31% | 22,478 | $784K | Reduce -12.2% |
| PTC PTC Inc. | 0.29% | 3,565 | $724K | Reduce -15.7% |
| EMR Emerson Electric Co. | 0.29% | 5,500 | $721K | Reduce -39.6% |
| ADSK Autodesk Inc. | 0.29% | 2,270 | $721K | No change |
| MNST Monster Beverage Corp. | 0.29% | 10,650 | $717K | No change |
| FISV Fiserv Inc. | 0.28% | 5,400 | $696K | No change |
| EXTR Extreme Networks Inc. | 0.28% | 33,700 | $696K | Reduce -28.3% |
| PCOR Procore Technologies Inc. | 0.28% | 9,500 | $693K | No change |
| CDE Coeur Mining Inc. | 0.28% | 36,875 | $692K | Add +13.3% |
| BSX Boston Scientific Corp. | 0.28% | 7,058 | $689K | Add +4.1% |
| GH Guardant Health Inc. | 0.27% | 10,800 | $675K | Add +5.9% |
| MCHP Microchip Technology Inc. | 0.26% | 10,065 | $646K | Reduce -13.2% |
| MCD McDonald's Corp. | 0.26% | 2,098 | $638K | Reduce -39.7% |
| APP AppLovin Corp. Class A | 0.25% | 870 | $625K | Add +190.0% |
| TW Tradeweb Markets Inc. Class A | 0.25% | 5,540 | $615K | Reduce -71.3% |
| SHOP Shopify Inc. Class A | 0.25% | 4,136 | $615K | Reduce -10.7% |
| FICO Fair Isaac Corp. | 0.24% | 400 | $599K | No change |
| SHW The Sherwin-Williams Co. | 0.24% | 1,700 | $589K | Add +142.9% |
| SGI Somnigroup International Inc. | 0.23% | 6,750 | $569K | Add +7.1% |
| FRPT Freshpet Inc. | 0.23% | 10,300 | $568K | Reduce -44.3% |
| MHO M/I Homes Inc. | 0.19% | 3,350 | $484K | Add +19.6% |
| MSCI MSCI Inc. | 0.19% | 839 | $476K | Reduce -6.6% |
Portfolio Sells Q2 2025 → Q3 2025
| DXCM Dexcom Inc. | Sold out | 0.00% | −1.17 |
| TW Tradeweb Markets Inc. Class A | Reduce -71.3% | 0.25% | −0.89 |
| BROS Dutch Bros Inc. Class A | Reduce -52.8% | 0.37% | −0.66 |
| CYBR Cyberark Software Ltd./Israel | Reduce -40.5% | 1.36% | −0.57 |
| NOW ServiceNow Inc. | Reduce -2.9% | 2.98% | −0.45 |
| CHWY Chewy Inc. Class A | Reduce -49.1% | 0.42% | −0.45 |
| TOST Toast Inc. Class A | Reduce -43.7% | 0.32% | −0.37 |
| V Visa Inc. Class A | Reduce -9.0% | 2.38% | −0.34 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.30 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.29 |
| CRM Salesforce Inc. | Reduce -3.8% | 1.43% | −0.28 |
| FRPT Freshpet Inc. | Reduce -44.3% | 0.23% | −0.28 |
| IRDM Iridium Communications Inc. | Sold out | 0.00% | −0.27 |
| KVYO Klaviyo Inc. Class A | Reduce -12.8% | 0.68% | −0.27 |
| ARM Arm Holdings PLC-ADR | Reduce -12.6% | 0.86% | −0.27 |
| AMZN Amazon.com Inc. | Reduce -8.6% | 2.79% | −0.26 |
| MELI MercadoLibre Inc. | Reduce -6.4% | 1.34% | −0.26 |
| MSFT Microsoft Corp. | Reduce -7.4% | 5.96% | −0.23 |
| SYM Symbotic Inc. | Reduce -35.6% | 1.69% | −0.20 |
| EMR Emerson Electric Co. | Reduce -39.6% | 0.29% | −0.20 |
| ONON On Holding AG Class A | Reduce -5.8% | 0.63% | −0.19 |
| NFLX Netflix Inc. | Reduce -3.3% | 1.19% | −0.19 |
| MCD McDonald's Corp. | Reduce -39.7% | 0.26% | −0.15 |
| COST Costco Wholesale Corp. | Reduce -17.2% | 0.43% | −0.13 |
| META Meta Platforms Inc. Class A | Reduce -4.5% | 1.97% | −0.11 |
| CSX CSX Corp. | Sold out | 0.00% | −0.10 |
| CCL Carnival Corp. | Reduce -19.1% | 0.45% | −0.09 |
| SG Sweetgreen Inc. Class A | Sold out | 0.00% | −0.09 |
| POOL Pool Corp. | Sold out | 0.00% | −0.08 |
| KMPR Kemper Corp. | Reduce -33.3% | 0.08% | −0.07 |
| MCHP Microchip Technology Inc. | Reduce -13.2% | 0.26% | −0.07 |
| MA Mastercard Inc. Class A | Reduce -3.0% | 3.36% | −0.07 |
| EXTR Extreme Networks Inc. | Reduce -28.3% | 0.28% | −0.06 |
| NET Cloudflare Inc. Class A | Reduce -33.9% | 0.13% | −0.05 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.04 |
| FSS Federal Signal Corp. | Reduce -13.6% | 1.12% | −0.04 |
| FCX Freeport-McMoran Inc. | Reduce -32.9% | 0.05% | −0.03 |
| IR Ingersoll-Rand Inc. | Reduce -6.3% | 0.41% | −0.03 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.03 |
| DT Dynatrace Inc. | Sold out | 0.00% | −0.03 |
| OSW Onespaworld Holdings Ltd. | Reduce -6.8% | 0.75% | −0.03 |
| VEEV Veeva Systems Inc. Class A | Reduce -7.4% | 0.56% | −0.03 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.02 |
| MSCI MSCI Inc. | Reduce -6.6% | 0.19% | −0.02 |
| PM Philip Morris International | Reduce -2.9% | 0.10% | −0.02 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.01 |
| LNG Cheniere Energy Inc. | Reduce -1.6% | 0.12% | −0.01 |
| CB Chubb Ltd. | Sold out | 0.00% | −0.01 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.00 |
| ROP Roper Technologies Inc. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOG Alphabet Inc. Class C | Add +23.3% | 3.56% | +1.45 |
| ORCL Oracle Corp. | New | 1.04% | +1.04 |
| AMD Advanced Micro Devices | Add +59.5% | 1.61% | +0.72 |
| S Sentinelone Inc. Class A | New | 0.68% | +0.68 |
| TSLA Tesla Inc. | Add +16.9% | 0.71% | +0.28 |
| AVGO Broadcom Inc. | Add +94.9% | 0.47% | +0.27 |
| APP AppLovin Corp. Class A | Add +190.0% | 0.25% | +0.21 |
| CDE Coeur Mining Inc. | Add +13.3% | 0.28% | +0.16 |
| SHW The Sherwin-Williams Co. | Add +142.9% | 0.24% | +0.14 |
| DDOG Datadog Inc. Class A | Add +4.3% | 1.24% | +0.12 |
| ZS Zscaler Inc. | New | 0.10% | +0.10 |
| UBER Uber Technologies Inc. | Add +288.6% | 0.12% | +0.09 |
| CP Canadian Pacific Kansas City | Add +18.5% | 0.77% | +0.08 |
| MDB Mongodb Inc. | New | 0.07% | +0.07 |
| MHO M/I Homes Inc. | Add +19.6% | 0.19% | +0.07 |
| SE Sea Ltd.-ADR | Add +158.0% | 0.09% | +0.06 |
| GH Guardant Health Inc. | Add +5.9% | 0.27% | +0.06 |
| SGI Somnigroup International Inc. | Add +7.1% | 0.23% | +0.06 |
| GXO Gxo Logistics Inc. | Add +11.1% | 0.32% | +0.05 |
| DASH DoorDash Inc. Class A | Add +58.3% | 0.11% | +0.05 |
| SPOT Spotify Technology SA | Add +170.0% | 0.08% | +0.04 |
| B Barrick Gold Corp. | Add +3.5% | 0.11% | +0.04 |
| NEM Newmont Corp. | Add +12.6% | 0.11% | +0.04 |
| TDY Teledyne Technologies Inc. | Add +9.2% | 0.17% | +0.03 |
| WMT Walmart Inc. | Add +0.6% | 0.58% | +0.03 |
| TMDX Transmedics Group Inc. | New | 0.03% | +0.03 |
| CVX Chevron Corp. | New | 0.03% | +0.03 |
| RKLB Rocket Lab USA Inc. | New | 0.02% | +0.02 |
| MNDY Monday.com Ltd. | Add +86.6% | 0.10% | +0.01 |
| PANW Palo Alto Networks Inc. | Add +3.1% | 0.47% | +0.01 |
| COP Conocophillips | Add +25.1% | 0.03% | +0.01 |
| CSCO Cisco Systems Inc. | New | 0.01% | +0.01 |
| DUK Duke Energy Corp. | Add +157.4% | 0.01% | +0.00 |
| VALE Vale SA-SP ADR | New | 0.00% | +0.00 |
| CBRE CBRE Group Inc. Class A | New | 0.00% | +0.00 |
| TMUS T-Mobile US Inc. | Add +180.0% | 0.01% | +0.00 |
| CMI Cummins Inc. | New | 0.00% | +0.00 |
| RTX RTX Corp. | Add +83.3% | 0.00% | +0.00 |
| TJX TJX Companies Inc. | Add +85.0% | 0.00% | +0.00 |
| URI United Rentals Inc. | New | 0.00% | +0.00 |
| NXPI NXP Semiconductors NV | Add +47.8% | 0.01% | +0.00 |
| ADP Automatic Data Processing | New | 0.00% | +0.00 |
| MO Altria Group Inc. | Add +78.8% | 0.00% | +0.00 |
| IBM Intl Business Machines Corp. | Add +8.3% | 0.01% | +0.00 |
| BSX Boston Scientific Corp. | Add +4.1% | 0.28% | −0.02 |
| ISRG Intuitive Surgical Inc. | Add +3.1% | 2.12% | −0.38 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 199 | $300.5M | NVDA, MSFT, GOOG, MU, AMZN |
| Q1 2026 | 191 | $242.1M | NVDA, MSFT, GOOG, AMZN, AMD |
| Q4 2025 | 181 | $264.0M | NVDA, MSFT, GOOG, AMZN, AAPL |
| Q3 2025 | 190 | $249.7M | NVDA, MSFT, AAPL, GOOG, MA |
| Q2 2025 | 200 | $249.3M | MSFT, NVDA, AAPL, NOW, MA |
| Q1 2025 | 185 | $211.9M | NVDA, MSFT, AMZN, AAPL, NOW |
| Q4 2024 | 180 | $251.8M | NVDA, MSFT, AMZN, MRVL, TSLA |
| Q3 2024 | 177 | $259.2M | NVDA, MSFT, AMD, AAPL, MRVL |
| Q2 2024 | 162 | $263.0M | NVDA, MSFT, AMZN, AMD, MRVL |
| Q1 2024 | 169 | $253.7M | NVDA, MRVL, AMD, AMZN, MSFT |