PKO Investment Management Joint-Stock Co

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed March 13, 2025), PKO Investment Management Joint-Stock Co reported 159 stock positions worth $840.6 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 36.3% of the portfolio, followed by Invesco Nasdaq 100 ETF (QQQM, 4.8%) and Apple (AAPL, 2.8%). Compared with Q4 2023, it opened 21 new positions, sold out of 5, added to 30 and reduced 60. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +2%) and the biggest sale iShares MSCI Emerging Market (EEM, shares −81%).

Most Recent 13F
Q2 2026
Location
WARSAW, R9
CIK
0002059321
Portfolio Value
$840.6M (Q1 2024)
SEC Filing
0002059321-25-000016 ↗ filed Mar 13, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $840.6M $840.6M Q1 2024 Q2 2024: $809.5M Q2 2024 Q3 2024: $810.8M Q3 2024 Q4 2024: $803.5M Q4 2024 Q1 2025: $881.7M Q1 2025 Q2 2025: $930.8M Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $1.3B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.4B Q2 2026

Holdings 159 stocks · $840.6M
IVV iShares Core S&P 500 ETF 36.31% 577,702 $305.2M Add +1.9%
QQQM Invesco Nasdaq 100 ETF 4.80% 220,000 $40.4M No change
AAPL Apple Inc. 2.77% 135,000 $23.3M Add +9.8%
VOO Vanguard S&P 500 ETF 2.12% 36,870 $17.8M Reduce -2.0%
B Barrick Gold Corp. 1.97% 995,221 $16.6M Add +7.8%
AEM Agnico Eagle Mines Ltd. 1.89% 266,078 $15.9M Reduce -7.0%
MSFT Microsoft Corp. 1.81% 36,000 $15.2M Reduce -36.8%
NEM Newmont Corp. 1.81% 421,907 $15.2M Add +30.3%
NVDA Nvidia Corp. 1.51% 14,000 $12.7M Reduce -22.2%
TSLA Tesla Inc. 1.44% 68,600 $12.1M Add +49.1%
XOM Exxon Mobil Corp. 1.43% 102,997 $12.0M Reduce -18.3%
AMZN Amazon.com Inc. 1.43% 66,240 $12.0M Reduce -19.2%
FNV Franco-Nevada Corp. 1.35% 95,564 $11.4M Reduce -18.7%
CVX Chevron Corp. 1.35% 71,373 $11.3M Reduce -9.5%
WPM Wheaton Precious Metals Corp. 1.06% 189,391 $8.9M Add +8.5%
GOOGL Alphabet Inc. Class A 0.99% 55,000 $8.3M Reduce -45.0%
GFI Gold Fields Ltd.-Spons ADR 0.88% 460,996 $7.4M No change
AVGO Broadcom Inc. 0.79% 5,000 $6.7M Add +31.6%
UNH Unitedhealth Group Inc. 0.78% 13,189 $6.6M Add +15.8%
KGC Kinross Gold Corp. 0.69% 949,006 $5.8M No change
BHP BHP Group Ltd.-Spon ADR 0.68% 99,308 $5.8M Reduce -11.3%
RGLD Royal Gold Inc. 0.64% 43,900 $5.4M Reduce -10.2%
COP Conocophillips 0.63% 41,600 $5.3M Reduce -22.7%
LLY Eli Lilly & Co. 0.63% 6,800 $5.3M Add +4.6%
META Meta Platforms Inc. Class A 0.58% 10,000 $4.9M No change
NKE Nike Inc. Class B 0.57% 51,000 $4.8M Add +4.1%
JNJ Johnson & Johnson 0.57% 30,000 $4.8M Reduce -3.2%
INTC Intel Corp. 0.55% 105,000 $4.7M New
ADBE Adobe Inc. 0.54% 9,000 $4.6M Add +50.0%
MAR Marriott International Class A 0.53% 17,500 $4.4M Reduce -20.4%
EEM iShares MSCI Emerging Market 0.52% 104,869 $4.3M Reduce -80.5%
TXN Texas Instruments Inc. 0.50% 24,000 $4.2M Reduce -20.0%
PYPL PayPal Holdings Inc. 0.48% 60,000 $4.0M No change
INTU Intuit Inc. 0.48% 6,156 $4.0M New
AMD Advanced Micro Devices 0.47% 22,000 $4.0M Reduce -12.0%
AGI Alamos Gold Inc. Class A 0.47% 269,500 $4.0M No change
HLT Hilton Worldwide Holdings Inc. 0.47% 18,500 $4.0M Reduce -11.9%
LRCX Lam Research Corp. 0.47% 4,050 $4.0M New
LULU Lululemon Athletica Inc. 0.47% 10,000 $3.9M Add +8.7%
MRK Merck & Co. Inc. 0.45% 28,676 $3.8M Reduce -12.2%
URTH iShares MSCI World ETF 0.43% 24,800 $3.6M No change
SNOW Snowflake Inc. 0.42% 22,000 $3.6M New
PAAS Pan American Silver Corp. 0.42% 232,666 $3.5M No change
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.41% 22,500 $3.5M Reduce -27.4%
WM Waste Management Inc. 0.41% 15,912 $3.4M Add +148.2%
AMGN Amgen Inc. 0.40% 11,800 $3.4M Add +24.2%
CNQ Canadian Natural Resources 0.38% 42,200 $3.2M No change
IEMG iShares Core MSCI Emerging 0.37% 59,348 $3.1M Reduce -11.0%
CLH Clean Harbors Inc. 0.36% 15,000 $3.0M Reduce -18.6%
HMY Harmony Gold MNG-Spon ADR 0.36% 364,700 $3.0M No change
PFE Pfizer Inc. 0.35% 104,484 $2.9M Reduce -16.7%
CRM Salesforce Inc. 0.35% 9,590 $2.9M Add +59.8%
CVS CVS Health Corp. 0.34% 35,300 $2.8M Reduce -7.8%
BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 0.34% 176,942 $2.8M No change
ELV Elevance Health Inc. 0.33% 5,371 $2.8M Add +79.0%
SYK Stryker Corp. 0.33% 7,768 $2.8M Add +121.9%
EOG EOG Resources Inc. 0.33% 21,700 $2.8M No change
QCOM Qualcomm Inc. 0.32% 16,000 $2.7M Reduce -20.0%
FCX Freeport-McMoran Inc. 0.32% 56,100 $2.7M Reduce -15.8%
CI The Cigna Group 0.31% 7,100 $2.6M Reduce -30.4%
TTWO Take-Two Interactive Softwre 0.30% 17,000 $2.5M New
CSCO Cisco Systems Inc. 0.30% 50,000 $2.5M Add +100.0%
PXD Pioneer Natural Resources Co. 0.30% 9,450 $2.5M No change
ABBV Abbvie Inc. 0.29% 13,500 $2.5M No change
NFLX Netflix Inc. 0.29% 4,000 $2.4M No change
DECK Deckers Outdoor Corp. 0.28% 2,500 $2.4M Reduce -16.7%
RSG Republic Services Inc. 0.27% 11,747 $2.3M No change
COST Costco Wholesale Corp. 0.26% 3,000 $2.2M New
BTG B2GOLD Corp. 0.26% 839,000 $2.2M No change
WSM Williams-Sonoma Inc. 0.25% 6,700 $2.1M Add +34.0%
VRTX Vertex Pharmaceuticals Inc. 0.25% 5,000 $2.1M No change
CTVA Corteva Inc. 0.25% 36,198 $2.1M Reduce -13.2%
EQX Equinox Gold Corp. 0.25% 346,887 $2.1M No change
AMAT Applied Materials Inc. 0.25% 10,000 $2.1M New
HL Hecla Mining Co. 0.25% 428,500 $2.1M No change
OR Osisko Gold Royalties Ltd. 0.24% 122,800 $2.0M No change
AXP American Express Co. 0.24% 8,753 $2.0M New
PANW Palo Alto Networks Inc. 0.24% 7,000 $2.0M New
ADI Analog Devices Inc. 0.24% 10,000 $2.0M New
WCN Waste Connections Inc. 0.23% 11,448 $2.0M No change
NOC Northrop Grumman Corp. 0.23% 4,057 $2.0M New
OXY Occidental Petroleum Corp. 0.23% 29,850 $1.9M No change
NEE Nextera Energy Inc. 0.23% 29,599 $1.9M New
LVS Las Vegas Sands Corp. 0.22% 36,000 $1.9M Reduce -28.0%
TMO Thermo Fisher Scientific Inc. 0.22% 3,200 $1.9M Reduce -28.9%
BDX Becton Dickinson and Co. 0.22% 7,500 $1.9M Add +66.7%
MA Mastercard Inc. Class A 0.22% 3,825 $1.9M Reduce -23.5%
ECL Ecolab Inc. 0.22% 7,971 $1.8M New
BKR Baker Hughes Co. 0.22% 54,555 $1.8M New
EMR Emerson Electric Co. 0.22% 16,026 $1.8M New
CCL Carnival Corp. 0.21% 110,000 $1.8M Add +10.0%
SU Suncor Energy Inc. 0.21% 48,790 $1.8M Reduce -13.3%
MU Micron Technology Inc. 0.21% 15,000 $1.8M Reduce -25.0%
ABT Abbott Laboratories 0.20% 15,000 $1.7M Reduce -11.8%
TOL Toll Brothers Inc. 0.20% 13,000 $1.7M No change
DHR Danaher Corp. 0.19% 6,500 $1.6M Reduce -11.0%
EGO Eldorado Gold Corp. 0.19% 111,000 $1.6M No change
HES Hess Corp. 0.18% 10,095 $1.5M Reduce -9.0%
IJR iShares Core S&P Small-Cap E 0.18% 13,500 $1.5M Reduce -90.8%
WDS Woodside Energy Group-ADR 0.18% 74,000 $1.5M No change
NUE Nucor Corp. 0.18% 7,420 $1.5M Reduce -27.4%
SILV Silvercrest Metals Inc. 0.17% 217,166 $1.4M No change
FANG Diamondback Energy Inc. 0.17% 7,000 $1.4M No change
ADM Archer-Daniels-Midland Co. 0.16% 21,100 $1.3M Reduce -8.7%
XYL Xylem Inc. 0.15% 10,000 $1.3M Reduce -33.4%
DVN Devon Energy Corp. 0.15% 24,961 $1.3M No change
HUM Humana Inc. 0.15% 3,600 $1.3M Add +140.0%
ISRG Intuitive Surgical Inc. 0.14% 3,000 $1.2M Reduce -62.5%
ZTS Zoetis Inc. 0.14% 7,000 $1.2M Add +40.0%
CPRI Capri Holdings Ltd. 0.14% 25,000 $1.1M No change
PVH PVH Corp. 0.13% 8,000 $1.1M No change
WYNN WYNN Resorts Ltd. 0.13% 11,000 $1.1M No change
CVE Cenovus Energy Inc. 0.13% 55,500 $1.1M Add +11.0%
AWK American Water Works Co. Inc. 0.13% 9,022 $1.1M No change
SAND Sandstorm Gold Ltd. 0.13% 210,400 $1.1M No change
BMY Bristol-Myers Squibb Co. 0.13% 20,000 $1.1M Reduce -41.2%
TPR Tapestry Inc. 0.12% 22,000 $1.0M No change
IAG Iamgold Corp. 0.12% 300,000 $1.0M New
NTR Nutrien Ltd. 0.12% 17,896 $972K Reduce -17.1%
SGI Somnigroup International Inc. filed as TEMPUR SEALY INTL INC 0.12% 17,000 $971K Reduce -22.7%
NCLH Norwegian Cruise Line Holdin 0.11% 45,000 $946K No change
CGAU Centerra Gold Inc. 0.10% 145,000 $856K No change
MRO Marathon Oil Corp. 0.10% 30,000 $854K No change
CTRA Coterra Energy Inc. 0.10% 29,000 $812K No change
TECK Teck Resources Ltd.-CLS B 0.10% 17,724 $811K Reduce -14.5%
BMRN Biomarin Pharmaceutical Inc. 0.09% 9,000 $790K Add +50.0%
AG First Majestic Silver Corp. 0.09% 131,500 $772K No change
BIIB Biogen Inc. 0.09% 3,500 $758K Add +75.0%
CDE Coeur Mining Inc. 0.09% 200,000 $758K No change
PII Polaris Inc. 0.09% 7,500 $755K No change
DRD Drdgold Ltd.-Sponsored ADR 0.09% 90,814 $748K No change
FMC FMC Corp. 0.09% 11,600 $743K Add +110.9%
GILD Gilead Sciences Inc. 0.09% 10,000 $736K Add +100.0%
SIG Signet Jewelers Ltd. 0.08% 7,000 $704K New
MAG Mag Silver Corp. 0.08% 65,918 $695K Add +154.3%
NXE Nexgen Energy Ltd. 0.08% 88,000 $684K Reduce -45.0%
SSRM SSR Mining Inc. 0.08% 152,128 $677K Reduce -9.5%
RIVN Rivian Automotive Inc. Class A 0.08% 58,000 $638K Add +45.0%
STLD Steel Dynamics Inc. 0.07% 4,100 $611K Reduce -18.0%
RS Reliance Inc. 0.07% 1,764 $592K Reduce -26.5%
INCY Incyte Corp. 0.07% 10,000 $572K Reduce -4.8%
RL Ralph Lauren Corp. 0.07% 3,000 $566K Reduce -62.5%
BSX Boston Scientific Corp. 0.07% 8,000 $551K Reduce -33.3%
RH RH 0.06% 1,500 $525K New
OVV Ovintiv Inc. 0.06% 9,000 $469K New
EQT Eqt Corp. 0.05% 11,200 $417K New
IDXX Idexx Laboratories Inc. 0.05% 700 $380K No change
MRNA Moderna Inc. 0.04% 3,500 $375K Reduce -87.0%
MOS The Mosaic Co. 0.04% 11,000 $359K Reduce -23.1%
DXCM Dexcom Inc. 0.04% 2,500 $348K Reduce -37.5%
BAX Baxter International Inc. 0.04% 8,000 $344K Reduce -50.0%
REGN Regeneron Pharmaceuticals 0.03% 300 $290K No change
DAR Darling Ingredients Inc. 0.03% 5,500 $257K Reduce -35.3%
CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP 0.03% 15,000 $244K No change
GOOS Canada Goose Holdings Inc. 0.03% 20,000 $241K No change
EW Edwards Lifesciences Corp. 0.03% 2,500 $240K Reduce -83.3%
CLF Cleveland-Cliffs Inc. 0.03% 10,000 $229K New
ILMN Illumina Inc. 0.02% 1,500 $207K No change
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.01% 1,500 $125K Reduce -79.7%

Portfolio Sells Q4 2023 → Q1 2024
EEM iShares MSCI Emerging Market Reduce -80.5% 0.52% −2.19
IJR iShares Core S&P Small-Cap E Reduce -90.8% 0.18% −1.80
MSFT Microsoft Corp. Reduce -36.8% 1.81% −0.87
GOOGL Alphabet Inc. Class A Reduce -45.0% 0.99% −0.75
V Visa Inc. Class A Sold out 0.00% −0.33
MRNA Moderna Inc. Reduce -87.0% 0.04% −0.29
FNV Franco-Nevada Corp. Reduce -18.7% 1.35% −0.27
BHP BHP Group Ltd.-Spon ADR Reduce -11.3% 0.68% −0.27
PLTR Palantir Technologies Inc. Class A Sold out 0.00% −0.24
ISRG Intuitive Surgical Inc. Reduce -62.5% 0.14% −0.19
EL Estee Lauder Companies Class A Reduce -27.4% 0.41% −0.15
COP Conocophillips Reduce -22.7% 0.63% −0.15
SSRM SSR Mining Inc. Reduce -9.5% 0.08% −0.14
XOM Exxon Mobil Corp. Reduce -18.3% 1.43% −0.14
TXN Texas Instruments Inc. Reduce -20.0% 0.50% −0.14
AMZN Amazon.com Inc. Reduce -19.2% 1.43% −0.13
CVX Chevron Corp. Reduce -9.5% 1.35% −0.12
EW Edwards Lifesciences Corp. Reduce -83.3% 0.03% −0.11
FSM Fortuna Silver Mines Inc. Sold out 0.00% −0.11
PFE Pfizer Inc. Reduce -16.7% 0.35% −0.10
RGLD Royal Gold Inc. Reduce -10.2% 0.64% −0.10
MAR Marriott International Class A Reduce -20.4% 0.53% −0.09
BMY Bristol-Myers Squibb Co. Reduce -41.2% 0.13% −0.09
LVS Las Vegas Sands Corp. Reduce -28.0% 0.22% −0.09
RL Ralph Lauren Corp. Reduce -62.5% 0.07% −0.08
TMO Thermo Fisher Scientific Inc. Reduce -28.9% 0.22% −0.08
AEM Agnico Eagle Mines Ltd. Reduce -7.0% 1.89% −0.07
CI The Cigna Group Reduce -30.4% 0.31% −0.07
XYL Xylem Inc. Reduce -33.4% 0.15% −0.06
CF CF Industries Holdings Inc. Reduce -79.7% 0.01% −0.06
NXE Nexgen Energy Ltd. Reduce -45.0% 0.08% −0.06
IEMG iShares Core MSCI Emerging Reduce -11.0% 0.37% −0.06
ADM Archer-Daniels-Midland Co. Reduce -8.7% 0.16% −0.05
NUE Nucor Corp. Reduce -27.4% 0.18% −0.05
MA Mastercard Inc. Class A Reduce -23.5% 0.22% −0.05
A Agilent Technologies Inc. Sold out 0.00% −0.04
CVS CVS Health Corp. Reduce -7.8% 0.34% −0.04
CLH Clean Harbors Inc. Reduce -18.6% 0.36% −0.04
JNJ Johnson & Johnson Reduce -3.2% 0.57% −0.04
FCX Freeport-McMoran Inc. Reduce -15.8% 0.32% −0.04
QCOM Qualcomm Inc. Reduce -20.0% 0.32% −0.04
BAX Baxter International Inc. Reduce -50.0% 0.04% −0.04
NTR Nutrien Ltd. Reduce -17.1% 0.12% −0.04
ABT Abbott Laboratories Reduce -11.8% 0.20% −0.03
AA Alcoa Corp. Sold out 0.00% −0.03
SGI Somnigroup International Inc. Reduce -22.7% 0.12% −0.02
DAR Darling Ingredients Inc. Reduce -35.3% 0.03% −0.02
BSX Boston Scientific Corp. Reduce -33.3% 0.07% −0.02
MOS The Mosaic Co. Reduce -23.1% 0.04% −0.02
DXCM Dexcom Inc. Reduce -37.5% 0.04% −0.02

Portfolio Buys Q4 2023 → Q1 2024
IVV iShares Core S&P 500 ETF Add +1.9% 36.31% +2.46
INTC Intel Corp. New 0.55% +0.55
INTU Intuit Inc. New 0.48% +0.48
LRCX Lam Research Corp. New 0.47% +0.47
SNOW Snowflake Inc. New 0.42% +0.42
TTWO Take-Two Interactive Softwre New 0.30% +0.30
COST Costco Wholesale Corp. New 0.26% +0.26
AVGO Broadcom Inc. Add +31.6% 0.79% +0.26
WM Waste Management Inc. Add +148.2% 0.41% +0.26
AMAT Applied Materials Inc. New 0.25% +0.25
AXP American Express Co. New 0.24% +0.24
PANW Palo Alto Networks Inc. New 0.24% +0.24
ADI Analog Devices Inc. New 0.24% +0.24
NOC Northrop Grumman Corp. New 0.23% +0.23
NEE Nextera Energy Inc. New 0.23% +0.23
ECL Ecolab Inc. New 0.22% +0.22
BKR Baker Hughes Co. New 0.22% +0.22
EMR Emerson Electric Co. New 0.22% +0.22
SYK Stryker Corp. Add +121.9% 0.33% +0.20
LLY Eli Lilly & Co. Add +4.6% 0.63% +0.16
ELV Elevance Health Inc. Add +79.0% 0.33% +0.16
CRM Salesforce Inc. Add +59.8% 0.35% +0.15
CSCO Cisco Systems Inc. Add +100.0% 0.30% +0.14
NEM Newmont Corp. Add +30.3% 1.81% +0.13
WSM Williams-Sonoma Inc. Add +34.0% 0.25% +0.13
IAG Iamgold Corp. New 0.12% +0.12
ADBE Adobe Inc. Add +50.0% 0.54% +0.10
BDX Becton Dickinson and Co. Add +66.7% 0.22% +0.08
SIG Signet Jewelers Ltd. New 0.08% +0.08
HUM Humana Inc. Add +140.0% 0.15% +0.06
RH RH New 0.06% +0.06
AMGN Amgen Inc. Add +24.2% 0.40% +0.06
OVV Ovintiv Inc. New 0.06% +0.06
EQT Eqt Corp. New 0.05% +0.05
MAG Mag Silver Corp. Add +154.3% 0.08% +0.05
FMC FMC Corp. Add +110.9% 0.09% +0.04
GILD Gilead Sciences Inc. Add +100.0% 0.09% +0.04
UNH Unitedhealth Group Inc. Add +15.8% 0.78% +0.03
CVE Cenovus Energy Inc. Add +11.0% 0.13% +0.03
CLF Cleveland-Cliffs Inc. New 0.03% +0.03
BIIB Biogen Inc. Add +75.0% 0.09% +0.03
BMRN Biomarin Pharmaceutical Inc. Add +50.0% 0.09% +0.02
ZTS Zoetis Inc. Add +40.0% 0.14% +0.02
TSLA Tesla Inc. Add +49.1% 1.44% +0.01
WPM Wheaton Precious Metals Corp. Add +8.5% 1.06% −0.02
CCL Carnival Corp. Add +10.0% 0.21% −0.02
RIVN Rivian Automotive Inc. Class A Add +45.0% 0.08% −0.04
NKE Nike Inc. Class B Add +4.1% 0.57% −0.09
B Barrick Gold Corp. Add +7.8% 1.97% −0.12
LULU Lululemon Athletica Inc. Add +8.7% 0.47% −0.12

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 228$1.4BIVV, NVDA, AAPL, MU, MSFT
Q1 2026 220$1.2BIVV, NVDA, AAPL, MSFT, AEM
Q4 2025 218$1.3BIVV, NVDA, MSFT, AAPL, AMZN
Q3 2025 202$1.2BIVV, NVDA, MSFT, AAPL, AMZN
Q2 2025 175$930.8MIVV, NVDA, AAPL, MSFT, AMZN
Q1 2025 174$881.7MIVV, QQQM, MSFT, QQQE, AAPL
Q4 2024 156$803.5MIVV, QQQM, QQQE, MSFT, VOO
Q3 2024 156$810.8MIVV, QQQM, IJR, VOO, MSFT
Q2 2024 164$809.5MIVV, QQQM, VOO, NVDA, NEM
Q1 2024 159$840.6MIVV, QQQM, AAPL, VOO, B