PKO Investment Management Joint-Stock Co

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed March 13, 2025), PKO Investment Management Joint-Stock Co reported 164 stock positions worth $809.5 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 36.1% of the portfolio, followed by Invesco Nasdaq 100 ETF (QQQM, 5.4%) and Vanguard S&P 500 ETF (VOO, 2.2%). Compared with Q1 2024, it opened 14 new positions, sold out of 9, added to 22 and reduced 60. The biggest buy was Dexcom (DXCM, shares +1420%) and the biggest sale Apple (AAPL, shares −52%).

Most Recent 13F
Q2 2026
Location
WARSAW, R9
CIK
0002059321
Portfolio Value
$809.5M (Q2 2024)
SEC Filing
0002059321-25-000013 ↗ filed Mar 13, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $840.6M Q1 2024 Q2 2024: $809.5M $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 164 stocks · $809.5M
IVV iShares Core S&P 500 ETF 36.09% 533,830 $292.1M Reduce -7.6%
QQQM Invesco Nasdaq 100 ETF 5.36% 220,000 $43.4M No change
VOO Vanguard S&P 500 ETF 2.21% 35,716 $17.9M Reduce -3.1%
NVDA Nvidia Corp. 2.05% 134,320 $16.6M Reduce -4.1%
NEM Newmont Corp. 1.99% 384,953 $16.1M Reduce -8.8%
MSFT Microsoft Corp. 1.88% 34,000 $15.2M Reduce -5.6%
B Barrick Gold Corp. 1.73% 839,221 $14.0M Reduce -15.7%
AEM Agnico Eagle Mines Ltd. 1.69% 210,078 $13.7M Reduce -21.1%
AAPL Apple Inc. 1.69% 65,000 $13.7M Reduce -51.9%
XOM Exxon Mobil Corp. 1.37% 96,632 $11.1M Reduce -6.2%
AMZN Amazon.com Inc. 1.34% 56,344 $10.9M Reduce -14.9%
CVX Chevron Corp. 1.34% 69,173 $10.8M Reduce -3.1%
WPM Wheaton Precious Metals Corp. 1.29% 199,391 $10.4M Add +5.3%
TSLA Tesla Inc. 1.09% 44,600 $8.8M Reduce -35.0%
FNV Franco-Nevada Corp. 1.02% 69,564 $8.2M Reduce -27.2%
GOOGL Alphabet Inc. Class A 1.01% 45,000 $8.2M Reduce -18.2%
AVGO Broadcom Inc. 0.99% 5,000 $8.0M No change
LLY Eli Lilly & Co. 0.99% 8,820 $8.0M Add +29.7%
INTC Intel Corp. 0.97% 253,000 $7.8M Add +140.9%
KGC Kinross Gold Corp. 0.74% 719,006 $6.0M Reduce -24.2%
GFI Gold Fields Ltd.-Spons ADR 0.72% 391,996 $5.8M Reduce -15.0%
UNH Unitedhealth Group Inc. 0.69% 10,989 $5.6M Reduce -16.7%
BHP BHP Group Ltd.-Spon ADR 0.67% 95,308 $5.4M Reduce -4.0%
AMD Advanced Micro Devices 0.66% 33,000 $5.4M Add +50.0%
EEM iShares MSCI Emerging Market 0.66% 124,911 $5.3M Add +19.1%
META Meta Platforms Inc. Class A 0.62% 10,000 $5.0M No change
COP Conocophillips 0.59% 41,600 $4.8M No change
PAAS Pan American Silver Corp. 0.59% 239,266 $4.7M Add +2.8%
RGLD Royal Gold Inc. 0.59% 37,900 $4.7M Reduce -13.7%
JNJ Johnson & Johnson 0.58% 32,000 $4.7M Add +6.7%
DXCM Dexcom Inc. 0.53% 38,000 $4.3M Add +1420.0%
LULU Lululemon Athletica Inc. 0.48% 13,000 $3.9M Add +30.0%
MAR Marriott International Class A 0.48% 16,000 $3.9M Reduce -8.6%
HLT Hilton Worldwide Holdings Inc. 0.46% 17,000 $3.7M Reduce -8.1%
AGI Alamos Gold Inc. Class A 0.45% 234,500 $3.7M Reduce -13.0%
URTH iShares MSCI World ETF 0.45% 24,800 $3.7M No change
MRK Merck & Co. Inc. 0.44% 28,676 $3.6M No change
MA Mastercard Inc. Class A 0.44% 8,000 $3.5M Add +109.2%
PYPL PayPal Holdings Inc. 0.43% 60,000 $3.5M No change
V Visa Inc. Class A 0.42% 13,000 $3.4M New
WM Waste Management Inc. 0.42% 15,912 $3.4M No change
CLH Clean Harbors Inc. 0.42% 15,000 $3.4M No change
HMY Harmony Gold MNG-Spon ADR 0.41% 364,700 $3.3M No change
ADBE Adobe Inc. 0.41% 6,000 $3.3M Reduce -33.3%
CRM Salesforce Inc. 0.40% 12,590 $3.2M Add +31.3%
AMGN Amgen Inc. 0.39% 10,200 $3.2M Reduce -13.6%
MBLY Mobileye Global Inc. Class A 0.38% 110,000 $3.1M New
ON On Semiconductor 0.38% 45,000 $3.1M New
IJR iShares Core S&P Small-Cap E 0.38% 28,500 $3.0M Add +111.1%
QCOM Qualcomm Inc. 0.37% 15,000 $3.0M Reduce -6.3%
SNOW Snowflake Inc. 0.37% 22,000 $3.0M No change
IEMG iShares Core MSCI Emerging 0.37% 55,494 $3.0M Reduce -6.5%
SYK Stryker Corp. 0.35% 8,368 $2.8M Add +7.7%
CI The Cigna Group 0.35% 8,600 $2.8M Add +21.1%
NKE Nike Inc. Class B 0.35% 37,600 $2.8M Reduce -26.3%
BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 0.35% 166,942 $2.8M Reduce -5.7%
CNQ Canadian Natural Resources 0.35% 79,400 $2.8M Reduce -5.9%
PFE Pfizer Inc. 0.34% 97,484 $2.7M Reduce -6.7%
NFLX Netflix Inc. 0.33% 4,000 $2.7M No change
FCX Freeport-McMoran Inc. 0.33% 54,800 $2.7M Reduce -2.3%
EOG EOG Resources Inc. 0.32% 20,700 $2.6M Reduce -4.6%
COST Costco Wholesale Corp. 0.32% 3,000 $2.5M No change
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.30% 22,500 $2.4M No change
CVS CVS Health Corp. 0.29% 40,300 $2.4M Add +14.2%
CSCO Cisco Systems Inc. 0.29% 50,000 $2.4M No change
LRCX Lam Research Corp. 0.29% 2,200 $2.3M Reduce -45.7%
ABBV Abbvie Inc. 0.29% 13,500 $2.3M No change
INTU Intuit Inc. 0.28% 3,500 $2.3M Reduce -43.1%
RSG Republic Services Inc. 0.28% 11,747 $2.3M No change
BTG B2GOLD Corp. 0.28% 839,000 $2.2M No change
ABT Abbott Laboratories 0.27% 21,000 $2.2M Add +40.0%
DECK Deckers Outdoor Corp. 0.27% 2,250 $2.2M Reduce -10.0%
HL Hecla Mining Co. 0.26% 428,500 $2.1M No change
AXP American Express Co. 0.25% 8,753 $2.0M No change
WCN Waste Connections Inc. 0.25% 11,448 $2.0M No change
MU Micron Technology Inc. 0.24% 15,000 $2.0M No change
OR Osisko Gold Royalties Ltd. 0.24% 122,800 $1.9M No change
ECL Ecolab Inc. 0.23% 7,971 $1.9M No change
WSM Williams-Sonoma Inc. 0.23% 6,700 $1.9M No change
TMO Thermo Fisher Scientific Inc. 0.22% 3,200 $1.8M No change
TEAM Atlassian Corp. Class A 0.22% 10,000 $1.8M New
EMR Emerson Electric Co. 0.22% 16,026 $1.8M No change
VEEV Veeva Systems Inc. Class A 0.22% 9,600 $1.8M New
BDX Becton Dickinson and Co. 0.22% 7,500 $1.8M No change
CCL Carnival Corp. 0.21% 90,000 $1.7M Reduce -18.2%
AMAT Applied Materials Inc. 0.20% 7,000 $1.7M Reduce -30.0%
EGO Eldorado Gold Corp. 0.20% 111,000 $1.6M No change
DHR Danaher Corp. 0.20% 6,500 $1.6M No change
SU Suncor Energy Inc. 0.20% 42,000 $1.6M Reduce -13.9%
LVS Las Vegas Sands Corp. 0.20% 36,000 $1.6M No change
TXN Texas Instruments Inc. 0.19% 8,000 $1.6M Reduce -66.7%
SILV Silvercrest Metals Inc. 0.19% 187,166 $1.5M Reduce -13.8%
TOL Toll Brothers Inc. 0.18% 13,000 $1.5M No change
HES Hess Corp. 0.18% 10,095 $1.5M No change
OXY Occidental Petroleum Corp. 0.18% 23,150 $1.5M Reduce -22.4%
CTVA Corteva Inc. 0.17% 26,098 $1.4M Reduce -27.9%
MRVL Marvell Technology Inc. 0.17% 20,000 $1.4M New
XYL Xylem Inc. 0.17% 10,000 $1.4M No change
PANW Palo Alto Networks Inc. 0.17% 4,000 $1.4M Reduce -42.9%
WDS Woodside Energy Group-ADR 0.15% 66,000 $1.2M Reduce -10.8%
NUE Nucor Corp. 0.14% 7,420 $1.2M No change
AWK American Water Works Co. Inc. 0.14% 9,022 $1.2M No change
FSM Fortuna Mining Corp. 0.14% 234,377 $1.1M New
SAND Sandstorm Gold Ltd. 0.14% 210,400 $1.1M No change
ADM Archer-Daniels-Midland Co. 0.14% 18,700 $1.1M Reduce -11.4%
IAG Iamgold Corp. 0.14% 300,000 $1.1M No change
CDE Coeur Mining Inc. 0.14% 200,000 $1.1M No change
HUM Humana Inc. 0.14% 3,000 $1.1M Reduce -16.7%
FANG Diamondback Energy Inc. 0.14% 5,500 $1.1M Reduce -21.4%
CVE Cenovus Energy Inc. 0.13% 55,500 $1.1M No change
DVN Devon Energy Corp. 0.13% 22,661 $1.1M Reduce -9.2%
MELI MercadoLibre Inc. 0.13% 650 $1.1M New
WYNN WYNN Resorts Ltd. 0.12% 11,000 $985K No change
EQX Equinox Gold Corp. 0.12% 186,887 $973K Reduce -46.1%
CGAU Centerra Gold Inc. 0.12% 145,000 $973K No change
TPR Tapestry Inc. 0.12% 22,000 $941K No change
ELV Elevance Health Inc. 0.11% 1,700 $921K Reduce -68.3%
NTR Nutrien Ltd. 0.11% 17,896 $909K No change
ISRG Intuitive Surgical Inc. 0.11% 2,000 $890K Reduce -33.3%
NXE Nexgen Energy Ltd. 0.11% 123,000 $856K Add +39.8%
TECK Teck Resources Ltd.-CLS B 0.10% 17,724 $848K No change
NCLH Norwegian Cruise Line Holdin 0.10% 45,000 $846K No change
BMY Bristol-Myers Squibb Co. 0.10% 20,000 $831K No change
CPRI Capri Holdings Ltd. 0.10% 25,000 $827K No change
BIIB Biogen Inc. 0.10% 3,500 $811K No change
SGI Somnigroup International Inc. filed as TEMPUR SEALY INTL INC 0.10% 17,000 $805K No change
DRD Drdgold Ltd.-Sponsored ADR 0.10% 90,814 $782K No change
RIVN Rivian Automotive Inc. Class A 0.10% 58,000 $778K No change
AG First Majestic Silver Corp. 0.10% 131,500 $777K No change
CTRA Coterra Energy Inc. 0.10% 29,000 $773K No change
MAG Mag Silver Corp. 0.09% 65,918 $768K No change
RL Ralph Lauren Corp. 0.09% 4,000 $700K Add +33.3%
ZTS Zoetis Inc. 0.09% 4,000 $693K Reduce -42.9%
SSRM SSR Mining Inc. 0.08% 152,128 $686K No change
IDXX Idexx Laboratories Inc. 0.08% 1,400 $682K Add +100.0%
IQV Iqvia Holdings Inc. 0.08% 3,000 $634K New
SIG Signet Jewelers Ltd. 0.08% 7,000 $627K No change
BAX Baxter International Inc. 0.07% 18,000 $602K Add +125.0%
MRO Marathon Oil Corp. 0.07% 20,861 $598K Reduce -30.5%
PII Polaris Inc. 0.07% 7,500 $587K No change
PVH PVH Corp. 0.07% 5,500 $582K Reduce -31.3%
EW Edwards Lifesciences Corp. 0.07% 6,000 $554K Add +140.0%
STLD Steel Dynamics Inc. 0.07% 4,100 $531K No change
RS Reliance Inc. 0.06% 1,764 $504K No change
BMRN Biomarin Pharmaceutical Inc. 0.06% 6,000 $494K Reduce -33.3%
TDOC Teladoc Health Inc. 0.06% 50,000 $489K New
VRTX Vertex Pharmaceuticals Inc. 0.06% 1,000 $469K Reduce -80.0%
A Agilent Technologies Inc. 0.06% 3,600 $467K New
TPL Texas Pacific Land Corp. 0.06% 630 $463K New
OVV Ovintiv Inc. 0.05% 9,000 $422K No change
EQT Eqt Corp. 0.05% 11,200 $414K No change
GILD Gilead Sciences Inc. 0.05% 6,000 $412K Reduce -40.0%
BSX Boston Scientific Corp. 0.05% 5,000 $385K Reduce -37.5%
RH RH 0.05% 1,500 $367K No change
INCY Incyte Corp. 0.04% 6,000 $364K Reduce -40.0%
APA Apa Corp. 0.04% 12,000 $353K New
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.04% 4,700 $348K Add +213.3%
MOS The Mosaic Co. 0.04% 11,000 $318K No change
REGN Regeneron Pharmaceuticals 0.04% 300 $315K No change
LH Labcorp Holdings Inc. 0.04% 1,500 $305K New
CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP 0.03% 15,000 $229K No change
MRNA Moderna Inc. 0.02% 1,700 $202K Reduce -51.4%
ILMN Illumina Inc. 0.02% 1,500 $157K No change
CLF Cleveland-Cliffs Inc. 0.02% 10,000 $154K No change

Portfolio Sells Q1 2024 → Q2 2024
AAPL Apple Inc. Reduce -51.9% 1.69% −1.08
TSLA Tesla Inc. Reduce -35.0% 1.09% −0.35
FNV Franco-Nevada Corp. Reduce -27.2% 1.02% −0.34
TXN Texas Instruments Inc. Reduce -66.7% 0.19% −0.31
TTWO Take-Two Interactive Softwre Sold out 0.00% −0.30
PXD Pioneer Natural Resources Co. Sold out 0.00% −0.30
B Barrick Gold Corp. Reduce -15.7% 1.73% −0.24
ADI Analog Devices Inc. Sold out 0.00% −0.24
NOC Northrop Grumman Corp. Sold out 0.00% −0.23
NEE Nextera Energy Inc. Sold out 0.00% −0.23
IVV iShares Core S&P 500 ETF Reduce -7.6% 36.09% −0.22
NKE Nike Inc. Class B Reduce -26.3% 0.35% −0.22
ELV Elevance Health Inc. Reduce -68.3% 0.11% −0.22
BKR Baker Hughes Co. Sold out 0.00% −0.22
INTU Intuit Inc. Reduce -43.1% 0.28% −0.19
AEM Agnico Eagle Mines Ltd. Reduce -21.1% 1.69% −0.19
VRTX Vertex Pharmaceuticals Inc. Reduce -80.0% 0.06% −0.19
LRCX Lam Research Corp. Reduce -45.7% 0.29% −0.18
GFI Gold Fields Ltd.-Spons ADR Reduce -15.0% 0.72% −0.15
ADBE Adobe Inc. Reduce -33.3% 0.41% −0.13
EQX Equinox Gold Corp. Reduce -46.1% 0.12% −0.13
UNH Unitedhealth Group Inc. Reduce -16.7% 0.69% −0.09
FMC FMC Corp. Sold out 0.00% −0.09
AMZN Amazon.com Inc. Reduce -14.9% 1.34% −0.08
CTVA Corteva Inc. Reduce -27.9% 0.17% −0.08
PANW Palo Alto Networks Inc. Reduce -42.9% 0.17% −0.07
PVH PVH Corp. Reduce -31.3% 0.07% −0.06
XOM Exxon Mobil Corp. Reduce -6.2% 1.37% −0.06
ZTS Zoetis Inc. Reduce -42.9% 0.09% −0.06
RGLD Royal Gold Inc. Reduce -13.7% 0.59% −0.05
OXY Occidental Petroleum Corp. Reduce -22.4% 0.18% −0.05
MAR Marriott International Class A Reduce -8.6% 0.48% −0.05
AMAT Applied Materials Inc. Reduce -30.0% 0.20% −0.04
GILD Gilead Sciences Inc. Reduce -40.0% 0.05% −0.04
CNQ Canadian Natural Resources Reduce -5.9% 0.35% −0.03
ISRG Intuitive Surgical Inc. Reduce -33.3% 0.11% −0.03
BMRN Biomarin Pharmaceutical Inc. Reduce -33.3% 0.06% −0.03
DAR Darling Ingredients Inc. Sold out 0.00% −0.03
FANG Diamondback Energy Inc. Reduce -21.4% 0.14% −0.03
GOOS Canada Goose Holdings Inc. Sold out 0.00% −0.03
MRO Marathon Oil Corp. Reduce -30.5% 0.07% −0.03
WDS Woodside Energy Group-ADR Reduce -10.8% 0.15% −0.02
INCY Incyte Corp. Reduce -40.0% 0.04% −0.02
MRNA Moderna Inc. Reduce -51.4% 0.02% −0.02
AGI Alamos Gold Inc. Class A Reduce -13.0% 0.45% −0.02
ADM Archer-Daniels-Midland Co. Reduce -11.4% 0.14% −0.02
BSX Boston Scientific Corp. Reduce -37.5% 0.05% −0.02
DVN Devon Energy Corp. Reduce -9.2% 0.13% −0.02
SU Suncor Energy Inc. Reduce -13.9% 0.20% −0.02
HLT Hilton Worldwide Holdings Inc. Reduce -8.1% 0.46% −0.01

Portfolio Buys Q1 2024 → Q2 2024
DXCM Dexcom Inc. Add +1420.0% 0.53% +0.49
V Visa Inc. Class A New 0.42% +0.42
INTC Intel Corp. Add +140.9% 0.97% +0.41
MBLY Mobileye Global Inc. Class A New 0.38% +0.38
ON On Semiconductor New 0.38% +0.38
LLY Eli Lilly & Co. Add +29.7% 0.99% +0.35
WPM Wheaton Precious Metals Corp. Add +5.3% 1.29% +0.23
TEAM Atlassian Corp. Class A New 0.22% +0.22
VEEV Veeva Systems Inc. Class A New 0.22% +0.22
MA Mastercard Inc. Class A Add +109.2% 0.44% +0.22
IJR iShares Core S&P Small-Cap E Add +111.1% 0.38% +0.20
AMD Advanced Micro Devices Add +50.0% 0.66% +0.19
MRVL Marvell Technology Inc. New 0.17% +0.17
PAAS Pan American Silver Corp. Add +2.8% 0.59% +0.17
EEM iShares MSCI Emerging Market Add +19.1% 0.66% +0.14
FSM Fortuna Mining Corp. New 0.14% +0.14
MELI MercadoLibre Inc. New 0.13% +0.13
IQV Iqvia Holdings Inc. New 0.08% +0.08
ABT Abbott Laboratories Add +40.0% 0.27% +0.07
TDOC Teladoc Health Inc. New 0.06% +0.06
A Agilent Technologies Inc. New 0.06% +0.06
TPL Texas Pacific Land Corp. New 0.06% +0.06
CRM Salesforce Inc. Add +31.3% 0.40% +0.05
APA Apa Corp. New 0.04% +0.04
CI The Cigna Group Add +21.1% 0.35% +0.04
EW Edwards Lifesciences Corp. Add +140.0% 0.07% +0.04
IDXX Idexx Laboratories Inc. Add +100.0% 0.08% +0.04
LH Labcorp Holdings Inc. New 0.04% +0.04
BAX Baxter International Inc. Add +125.0% 0.07% +0.03
CF CF Industries Holdings Inc. Add +213.3% 0.04% +0.03
NXE Nexgen Energy Ltd. Add +39.8% 0.11% +0.02
SYK Stryker Corp. Add +7.7% 0.35% +0.02
RL Ralph Lauren Corp. Add +33.3% 0.09% +0.02
LULU Lululemon Athletica Inc. Add +30.0% 0.48% +0.01
JNJ Johnson & Johnson Add +6.7% 0.58% +0.01
CVS CVS Health Corp. Add +14.2% 0.29% −0.04

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