Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna reported 181 stock positions worth $264.0 million. Its top holding was Nvidia (NVDA) at 7.0% of the portfolio, followed by Microsoft (MSFT, 5.7%) and Alphabet Class C (GOOG, 5.2%). Compared with Q3 2025, it opened 44 new positions, sold out of 53, added to 66 and reduced 45. The biggest buy was Alphabet Class C (GOOG, shares +21%) and the biggest sale an exit from Cyberark Software Ltd./Israel (CYBR).

Most Recent 13F
Q2 2026
Location
WARSAW, R9
CIK
0002079571
Portfolio Value
$264.0M (Q4 2025)
SEC Filing
0002079571-26-000001 ↗ filed Feb 11, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $253.7M Q1 2024 Q2 2024: $263.0M Q2 2024 Q3 2024: $259.2M Q3 2024 Q4 2024: $251.8M Q4 2024 Q1 2025: $211.9M Q1 2025 Q2 2025: $249.3M Q2 2025 Q3 2025: $249.7M Q3 2025 Q4 2025: $264.0M $264.0M Q4 2025 Q1 2026: $242.1M Q1 2026 Q2 2026: $300.5M Q2 2026

Holdings 181 stocks · $264.0M
NVDA Nvidia Corp. 7.01% 99,263 $18.5M Add +8.5%
MSFT Microsoft Corp. 5.71% 31,160 $15.1M Add +8.4%
GOOG Alphabet Inc. Class C 5.24% 44,105 $13.8M Add +20.8%
AMZN Amazon.com Inc. 3.99% 45,657 $10.5M Add +44.1%
AAPL Apple Inc. 3.51% 34,100 $9.3M Reduce -22.6%
NOW ServiceNow Inc. 2.98% 51,405 $7.9M Add +27.1%
META Meta Platforms Inc. Class A 2.80% 11,196 $7.4M Add +67.3%
MA Mastercard Inc. Class A 2.48% 11,492 $6.6M Reduce -22.0%
MU Micron Technology Inc. 2.47% 22,866 $6.5M Add +3.0%
AMD Advanced Micro Devices 2.16% 26,621 $5.7M Add +7.3%
AVGO Broadcom Inc. 2.11% 16,128 $5.6M Add +356.0%
CRM Salesforce Inc. 1.75% 17,490 $4.6M Add +16.2%
ISRG Intuitive Surgical Inc. 1.73% 8,045 $4.6M Reduce -32.0%
CLH Clean Harbors Inc. 1.63% 18,407 $4.3M Add +4.3%
ROAD Construction Partners Inc. Class A 1.57% 38,065 $4.1M No change
V Visa Inc. Class A 1.26% 9,464 $3.3M Reduce -45.7%
PWR Quanta Services Inc. 1.24% 7,765 $3.3M Add +1.4%
MPWR Monolithic Power Systems Inc. 1.19% 3,458 $3.1M Add +2.1%
JPM JPMorgan Chase & Co. 1.15% 9,418 $3.0M Add +67.8%
MELI MercadoLibre Inc. 1.10% 1,448 $2.9M Add +1.4%
KTOS Kratos Defense & Security 1.10% 38,408 $2.9M Reduce -19.7%
DDOG Datadog Inc. Class A 1.08% 20,945 $2.8M Reduce -3.5%
RMBS Rambus Inc. 1.04% 29,750 $2.7M No change
FCX Freeport-McMoran Inc. 1.02% 52,841 $2.7M Add +1480.2%
SYM Symbotic Inc. 1.00% 44,175 $2.6M Reduce -43.5%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.98% 154,510 $2.6M Add +7.1%
FSS Federal Signal Corp. 0.97% 23,498 $2.6M No change
KRMN Karman Holdings Inc. 0.95% 34,127 $2.5M New
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.92% 20,878 $2.4M Add +19412.2%
WM Waste Management Inc. 0.92% 11,007 $2.4M Add +5.5%
GS Goldman Sachs Group Inc. 0.91% 2,728 $2.4M New
KVYO Klaviyo Inc. Class A 0.87% 71,081 $2.3M Add +15.4%
NFLX Netflix Inc. 0.87% 24,569 $2.3M Reduce -0.7%
OSW Onespaworld Holdings Ltd. 0.80% 101,519 $2.1M Add +14.0%
UBER Uber Technologies Inc. 0.80% 25,723 $2.1M Add +727.4%
ONON On Holding AG Class A filed as ON HLDG AG 0.77% 44,000 $2.0M Add +17.8%
WCN Waste Connections Inc. 0.72% 10,886 $1.9M Reduce -12.1%
ORCL Oracle Corp. 0.72% 9,746 $1.9M Add +5.6%
WAB Wabtec Corp. 0.71% 8,841 $1.9M Add +1.7%
MLM Martin Marietta Materials 0.70% 2,962 $1.8M Reduce -16.8%
LSCC Lattice Semiconductor Corp. 0.66% 23,770 $1.7M No change
CAT Caterpillar Inc. 0.64% 2,955 $1.7M Add +0.7%
RKLB Rocket Lab Corp. 0.63% 23,785 $1.7M New
ARM Arm Holdings PLC-ADR 0.63% 15,155 $1.7M No change
VMC Vulcan Materials Co. 0.63% 5,805 $1.7M Reduce -34.1%
CDNS Cadence Design SYS Inc. 0.60% 5,100 $1.6M Reduce -21.5%
WMT Walmart Inc. 0.60% 14,179 $1.6M Add +0.3%
TSLA Tesla Inc. 0.59% 3,491 $1.6M Reduce -12.9%
NTRA Natera Inc. 0.58% 6,680 $1.5M Reduce -8.6%
COST Costco Wholesale Corp. 0.57% 1,740 $1.5M Add +49.5%
MRVL Marvell Technology Inc. 0.54% 16,679 $1.4M Add +13.6%
LITE Lumentum Holdings Inc. 0.52% 3,730 $1.4M New
SPGI S&P Global Inc. 0.51% 2,600 $1.4M Add +30.0%
UNP Union Pacific Corp. 0.50% 5,701 $1.3M Add +338.5%
BROS Dutch Bros Inc. Class A 0.49% 21,322 $1.3M Add +19.9%
COF Capital One Financial Corp. 0.48% 5,245 $1.3M Add +5145.0%
GM General Motors Co. 0.48% 15,545 $1.3M New
TSM Taiwan Semiconductor-SP ADR 0.47% 4,063 $1.2M New
KO The Coca-Cola Co. 0.46% 17,523 $1.2M Reduce -34.5%
CCL Carnival Corp. 0.43% 37,450 $1.1M Reduce -4.2%
GH Guardant Health Inc. 0.43% 11,000 $1.1M Add +1.9%
SNOW Snowflake Inc. 0.42% 5,114 $1.1M Add +0.9%
CIEN Ciena Corp. 0.42% 4,714 $1.1M New
PANW Palo Alto Networks Inc. 0.41% 5,929 $1.1M Add +3.4%
CRWD CrowdStrike Holdings Inc. Class A 0.40% 2,264 $1.1M Reduce -0.7%
AAON Aaon Inc. 0.39% 13,600 $1.0M No change
XYZ Block Inc. 0.38% 15,220 $991K Reduce -57.3%
IR Ingersoll-Rand Inc. 0.38% 12,499 $990K No change
SHOP Shopify Inc. Class A 0.36% 5,953 $958K Add +43.9%
SGI Somnigroup International Inc. 0.36% 10,500 $937K Add +55.6%
GXO Gxo Logistics Inc. 0.34% 17,100 $900K Add +14.0%
ROK Rockwell Automation Inc. 0.34% 2,310 $899K No change
MCK McKesson Corp. 0.33% 1,054 $865K Reduce -58.7%
CFG Citizens Financial Group 0.33% 14,736 $861K New
ZS Zscaler Inc. 0.33% 3,815 $858K Add +368.1%
RL Ralph Lauren Corp. 0.31% 2,342 $828K Add +7706.7%
MNST Monster Beverage Corp. 0.31% 10,650 $817K No change
TTMI TTM Technologies 0.31% 11,781 $813K New
CHWY Chewy Inc. Class A 0.29% 23,150 $765K Reduce -10.3%
EMR Emerson Electric Co. 0.28% 5,500 $730K No change
GFF Griffon Corp. 0.27% 9,850 $725K Reduce -44.8%
AGI Alamos Gold Inc. Class A 0.27% 18,178 $703K Reduce -19.1%
HUBS HubSpot Inc. 0.26% 1,715 $688K No change
COHR Coherent Corp. 0.26% 3,700 $683K New
ADSK Autodesk Inc. 0.25% 2,270 $672K No change
ICE Intercontinental Exchange Inc. 0.25% 4,000 $648K Reduce -46.7%
GWRE Guidewire Software Inc. 0.24% 3,200 $643K New
MCHP Microchip Technology Inc. 0.24% 10,065 $641K No change
MSCI MSCI Inc. 0.24% 1,100 $631K Add +31.1%
PH Parker Hannifin Corp. 0.23% 692 $608K New
STLD Steel Dynamics Inc. 0.23% 3,582 $607K New
HUBG Hub Group Inc. Class A 0.23% 14,000 $597K New
MHO M/I Homes Inc. 0.22% 4,600 $589K Add +37.3%
HD Home Depot Inc. 0.22% 1,700 $585K Reduce -39.3%
GAP The Gap Inc. 0.22% 22,686 $581K New
VSXY Victoria's Secret & Co. 0.22% 10,700 $580K New
BSX Boston Scientific Corp. 0.21% 5,928 $565K Reduce -16.0%
EXTR Extreme Networks Inc. 0.21% 33,700 $561K No change
DASH DoorDash Inc. Class A 0.21% 2,440 $553K Add +144.7%
SHW The Sherwin-Williams Co. 0.21% 1,700 $551K No change
APP AppLovin Corp. Class A 0.20% 770 $519K Reduce -11.5%
ROST Ross Stores Inc. 0.19% 2,837 $511K New
FTAI Ftai Aviation Ltd. 0.18% 2,400 $472K New
BMY Bristol-Myers Squibb Co. 0.18% 8,750 $472K Reduce -56.3%
AEM Agnico Eagle Mines Ltd. 0.18% 2,745 $466K Reduce -56.4%
TKO Tko Group Holdings Inc. 0.17% 2,100 $439K New
AMG Affiliated Managers Group 0.16% 1,500 $432K New
TDY Teledyne Technologies Inc. 0.15% 790 $403K Add +11.3%
CWST Casella Waste Systems Inc. Class A 0.15% 4,100 $402K No change
APTV Aptiv PLC 0.15% 5,200 $396K New
FERG Ferguson Enterprises Inc. 0.15% 1,750 $390K No change
ABBV Abbvie Inc. 0.15% 1,702 $389K Add +0.7%
ADUS Addus Homecare Corp. 0.15% 3,600 $387K Add +63.6%
NET Cloudflare Inc. Class A 0.14% 1,941 $383K Add +33.1%
CP Canadian Pacific Kansas City 0.14% 5,000 $369K Reduce -80.5%
MCO Moody's Corp. 0.14% 700 $358K No change
MDB Mongodb Inc. 0.13% 837 $351K Add +39.5%
LIN Linde PLC 0.13% 800 $341K Reduce -1.5%
LEVI Levi Strauss & Co. Class A 0.13% 16,400 $340K Add +82.2%
TMDX Transmedics Group Inc. 0.13% 2,796 $340K Add +319.2%
FICO Fair Isaac Corp. 0.13% 200 $338K Reduce -50.0%
ANET Arista Networks Inc. 0.13% 2,578 $338K New
CUBI Customers Bancorp Inc. 0.12% 4,500 $329K Add +12.5%
ORLY O'reilly Automotive Inc. 0.12% 3,600 $328K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.12% 5,950 $327K Reduce -73.9%
TEAM Atlassian Corp. Class A 0.12% 2,000 $324K No change
LLY Eli Lilly & Co. 0.12% 300 $322K New
CNOB Connectone Bancorp Inc. 0.12% 11,630 $305K New
AXON Axon Enterprise Inc. 0.11% 529 $300K Add +56.0%
PLTR Palantir Technologies Inc. Class A 0.11% 1,642 $292K Add +9.5%
IRTC Irhythm Holdings Inc. 0.11% 1,600 $284K New
UMBF Umb Financial Corp. 0.10% 2,400 $276K Add +26.3%
ADPT Adaptive Biotechnologies 0.10% 16,800 $273K New
FLS Flowserve Corp. 0.10% 3,800 $264K Add +90.0%
WFC Wells Fargo & Co. 0.10% 2,763 $258K Reduce -78.1%
SE Sea Ltd.-ADR 0.10% 1,997 $255K Add +54.8%
BOOT Boot Barn Holdings Inc. 0.09% 1,400 $247K Reduce -3.8%
PM Philip Morris International 0.09% 1,500 $241K No change
KNSL Kinsale Capital Group Inc. 0.09% 600 $235K No change
TOST Toast Inc. Class A 0.09% 6,500 $231K Reduce -70.3%
BABA Alibaba Group Holding-SP ADR 0.08% 1,495 $219K No change
CRCL Circle Internet Group Inc. 0.08% 2,741 $217K New
C Citigroup Inc. 0.08% 1,730 $202K New
B Barrick Mining Corp. 0.07% 4,089 $178K New
HWM Howmet Aerospace Inc. 0.07% 870 $178K Reduce -3.3%
LUNR Intuitive Machines Inc. 0.06% 10,000 $162K New
NEM Newmont Corp. 0.06% 1,622 $162K Reduce -50.0%
CDE Coeur Mining Inc. 0.05% 7,766 $138K Reduce -78.9%
CRH CRH PLC 0.04% 944 $118K New
CEG Constellation Energy 0.04% 329 $116K New
CVX Chevron Corp. 0.03% 480 $73K No change
LNG Cheniere Energy Inc. 0.03% 368 $72K Reduce -70.0%
SOFI Sofi Technologies Inc. 0.03% 2,614 $68K New
CLF Cleveland-Cliffs Inc. 0.02% 4,427 $59K New
EOG EOG Resources Inc. 0.02% 538 $56K Reduce -32.4%
COP Conocophillips 0.02% 492 $46K Reduce -39.5%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.01% 261 $27K New
VALE Vale SA-SP ADR 0.01% 2,055 $27K Add +128.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.01% 163 $25K Add +120.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 83 $25K Add +27.7%
WCC Wesco International Inc. 0.01% 100 $24K Add +100.0%
GOOGL Alphabet Inc. Class A 0.01% 77 $24K New
DVN Devon Energy Corp. 0.01% 642 $24K New
TGT Target Corp. 0.01% 235 $23K New
TOL Toll Brothers Inc. 0.01% 162 $22K New
DG Dollar General Corp. 0.01% 164 $22K Add +46.4%
COR Cencora Inc. 0.01% 63 $21K Add +46.5%
GILD Gilead Sciences Inc. 0.01% 170 $21K New
ETR Entergy Corp. 0.01% 210 $19K New
AEP American Electric Power 0.01% 164 $19K New
JHX James Hardie Ind PLC 0.01% 840 $17K New
SCCO Southern Copper Corp. 0.01% 116 $17K New
CSCO Cisco Systems Inc. 0.01% 210 $16K Add +5.0%
QCOM Qualcomm Inc. 0.01% 81 $14K Reduce -99.3%
INTC Intel Corp. 0.01% 371 $14K Reduce -69.8%
CVS CVS Health Corp. 0.00% 162 $13K Add +8.0%
JNJ Johnson & Johnson 0.00% 60 $12K No change
URI United Rentals Inc. 0.00% 15 $12K Add +150.0%
AMGN Amgen Inc. 0.00% 37 $12K No change
CPAY Corpay Inc. 0.00% 38 $11K Reduce -33.3%
RTX RTX Corp. 0.00% 58 $11K Reduce -12.1%

Portfolio Sells Q3 2025 → Q4 2025
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −1.36
V Visa Inc. Class A Reduce -45.7% 1.26% −1.12
AAPL Apple Inc. Reduce -22.6% 3.51% −0.98
MA Mastercard Inc. Class A Reduce -22.0% 2.48% −0.87
QCOM Qualcomm Inc. Reduce -99.3% 0.01% −0.71
SYM Symbotic Inc. Reduce -43.5% 1.00% −0.69
S Sentinelone Inc. Class A Sold out 0.00% −0.68
PSN Parsons Corp. Sold out 0.00% −0.68
XYZ Block Inc. Reduce -57.3% 0.38% −0.66
KTOS Kratos Defense & Security Reduce -19.7% 1.10% −0.65
CP Canadian Pacific Kansas City Reduce -80.5% 0.14% −0.63
VEEV Veeva Systems Inc. Class A Sold out 0.00% −0.56
CME Cme Group Inc. Sold out 0.00% −0.55
MCK McKesson Corp. Reduce -58.7% 0.33% −0.46
VMC Vulcan Materials Co. Reduce -34.1% 0.63% −0.46
SITE Siteone Landscape Supply Inc. Sold out 0.00% −0.44
ISRG Intuitive Surgical Inc. Reduce -32.0% 1.73% −0.39
BAC Bank of America Corp. Reduce -73.9% 0.12% −0.35
NVTS Navitas Semiconductor Corp. Sold out 0.00% −0.33
MUSA Murphy USA Inc. Sold out 0.00% −0.33
WFC Wells Fargo & Co. Reduce -78.1% 0.10% −0.33
NFLX Netflix Inc. Reduce -0.7% 0.87% −0.32
CDNS Cadence Design SYS Inc. Reduce -21.5% 0.60% −0.31
PTC PTC Inc. Sold out 0.00% −0.29
FISV Fiserv Inc. Sold out 0.00% −0.28
PCOR Procore Technologies Inc. Sold out 0.00% −0.28
GFF Griffon Corp. Reduce -44.8% 0.27% −0.27
ICE Intercontinental Exchange Inc. Reduce -46.7% 0.25% −0.26
MCD McDonald's Corp. Sold out 0.00% −0.26
AEM Agnico Eagle Mines Ltd. Reduce -56.4% 0.18% −0.25
TW Tradeweb Markets Inc. Class A Sold out 0.00% −0.25
KO The Coca-Cola Co. Reduce -34.5% 0.46% −0.25
HD Home Depot Inc. Reduce -39.3% 0.22% −0.23
TOST Toast Inc. Class A Reduce -70.3% 0.09% −0.23
FRPT Freshpet Inc. Sold out 0.00% −0.23
CDE Coeur Mining Inc. Reduce -78.9% 0.05% −0.22
MLM Martin Marietta Materials Reduce -16.8% 0.70% −0.20
DECK Deckers Outdoor Corp. Sold out 0.00% −0.18
BMY Bristol-Myers Squibb Co. Reduce -56.3% 0.18% −0.18
DDOG Datadog Inc. Class A Reduce -3.5% 1.08% −0.16
WCN Waste Connections Inc. Reduce -12.1% 0.72% −0.15
LYV Live Nation Entertainment Inc. Sold out 0.00% −0.13
CHWY Chewy Inc. Class A Reduce -10.3% 0.29% −0.13
TSLA Tesla Inc. Reduce -12.9% 0.59% −0.12
FICO Fair Isaac Corp. Reduce -50.0% 0.13% −0.11
PRMB Primo Brands Corp. Sold out 0.00% −0.11
B Barrick Gold Corp. Sold out 0.00% −0.11
NOG Northern Oil and Gas Inc. Sold out 0.00% −0.10
MNDY Monday.com Ltd. Sold out 0.00% −0.10
LNG Cheniere Energy Inc. Reduce -70.0% 0.03% −0.09

Portfolio Buys Q3 2025 → Q4 2025
GOOG Alphabet Inc. Class C Add +20.8% 5.24% +1.68
AVGO Broadcom Inc. Add +356.0% 2.11% +1.65
AMZN Amazon.com Inc. Add +44.1% 3.99% +1.21
MU Micron Technology Inc. Add +3.0% 2.47% +0.98
FCX Freeport-McMoran Inc. Add +1480.2% 1.02% +0.96
KRMN Karman Holdings Inc. New 0.95% +0.95
BNY Bank of New York Mellon Corp. Add +19412.2% 0.92% +0.91
GS Goldman Sachs Group Inc. New 0.91% +0.91
META Meta Platforms Inc. Class A Add +67.3% 2.80% +0.83
UBER Uber Technologies Inc. Add +727.4% 0.80% +0.67
RKLB Rocket Lab Corp. New 0.63% +0.63
AMD Advanced Micro Devices Add +7.3% 2.16% +0.55
LITE Lumentum Holdings Inc. New 0.52% +0.52
GM General Motors Co. New 0.48% +0.48
COF Capital One Financial Corp. Add +5145.0% 0.48% +0.47
TSM Taiwan Semiconductor-SP ADR New 0.47% +0.47
JPM JPMorgan Chase & Co. Add +67.8% 1.15% +0.44
CIEN Ciena Corp. New 0.42% +0.42
UNP Union Pacific Corp. Add +338.5% 0.50% +0.38
CRM Salesforce Inc. Add +16.2% 1.75% +0.33
CFG Citizens Financial Group New 0.33% +0.33
RL Ralph Lauren Corp. Add +7706.7% 0.31% +0.31
TTMI TTM Technologies New 0.31% +0.31
COHR Coherent Corp. New 0.26% +0.26
GWRE Guidewire Software Inc. New 0.24% +0.24
PH Parker Hannifin Corp. New 0.23% +0.23
STLD Steel Dynamics Inc. New 0.23% +0.23
ZS Zscaler Inc. Add +368.1% 0.33% +0.23
HUBG Hub Group Inc. Class A New 0.23% +0.23
GAP The Gap Inc. New 0.22% +0.22
VSXY Victoria's Secret & Co. New 0.22% +0.22
ROST Ross Stores Inc. New 0.19% +0.19
KVYO Klaviyo Inc. Class A Add +15.4% 0.87% +0.19
FTAI Ftai Aviation Ltd. New 0.18% +0.18
NVDA Nvidia Corp. Add +8.5% 7.01% +0.17
TKO Tko Group Holdings Inc. New 0.17% +0.17
AMG Affiliated Managers Group New 0.16% +0.16
GH Guardant Health Inc. Add +1.9% 0.43% +0.16
APTV Aptiv PLC New 0.15% +0.15
ONON On Holding AG Class A Add +17.8% 0.77% +0.14
COST Costco Wholesale Corp. Add +49.5% 0.57% +0.14
ANET Arista Networks Inc. New 0.13% +0.13
SGI Somnigroup International Inc. Add +55.6% 0.36% +0.13
SPGI S&P Global Inc. Add +30.0% 0.51% +0.12
LLY Eli Lilly & Co. New 0.12% +0.12
BROS Dutch Bros Inc. Class A Add +19.9% 0.49% +0.12
SHOP Shopify Inc. Class A Add +43.9% 0.36% +0.12
CNOB Connectone Bancorp Inc. New 0.12% +0.12
IRTC Irhythm Holdings Inc. New 0.11% +0.11
ADPT Adaptive Biotechnologies New 0.10% +0.10

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 199$300.5MNVDA, MSFT, GOOG, MU, AMZN
Q1 2026 191$242.1MNVDA, MSFT, GOOG, AMZN, AMD
Q4 2025 181$264.0MNVDA, MSFT, GOOG, AMZN, AAPL
Q3 2025 190$249.7MNVDA, MSFT, AAPL, GOOG, MA
Q2 2025 200$249.3MMSFT, NVDA, AAPL, NOW, MA
Q1 2025 185$211.9MNVDA, MSFT, AMZN, AAPL, NOW
Q4 2024 180$251.8MNVDA, MSFT, AMZN, MRVL, TSLA
Q3 2024 177$259.2MNVDA, MSFT, AMD, AAPL, MRVL
Q2 2024 162$263.0MNVDA, MSFT, AMZN, AMD, MRVL
Q1 2024 169$253.7MNVDA, MRVL, AMD, AMZN, MSFT