PKO Investment Management Joint-Stock Co
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 18, 2025), PKO Investment Management Joint-Stock Co reported 174 stock positions worth $881.7 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 13.0% of the portfolio, followed by Invesco Nasdaq 100 ETF (QQQM, 4.8%) and Microsoft (MSFT, 4.4%). Compared with Q4 2024, it opened 24 new positions, sold out of 6, added to 60 and reduced 43. The biggest buy was Amazon.com (AMZN, shares +210%) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −42%).
- Most Recent 13F
- Q2 2026
- Location
- WARSAW, R9
- CIK
- 0002059321
- Portfolio Value
- $881.7M (Q1 2025)
- SEC Filing
- 0002059321-25-000058 ↗ filed Apr 18, 2025
Holdings Value
Holdings 174 stocks · $881.7M
| IVV iShares Core S&P 500 ETF | 13.03% | 204,503 | $114.9M | Reduce -41.7% |
| QQQM Invesco Nasdaq 100 ETF | 4.82% | 220,000 | $42.5M | No change |
| MSFT Microsoft Corp. | 4.43% | 104,000 | $39.0M | Add +55.2% |
| QQQE Dirx Nasdaq-100EQ Wi ETF-Usd | 4.15% | 420,000 | $36.6M | No change |
| AAPL Apple Inc. | 3.78% | 150,000 | $33.3M | Add +80.7% |
| NVDA Nvidia Corp. | 3.32% | 270,000 | $29.3M | Add +70.9% |
| AMZN Amazon.com Inc. | 2.81% | 130,000 | $24.7M | Add +209.5% |
| VOO Vanguard S&P 500 ETF | 2.77% | 47,558 | $24.4M | Add +5.5% |
| GOOGL Alphabet Inc. Class A | 2.54% | 145,000 | $22.4M | Add +93.3% |
| AVGO Broadcom Inc. | 2.09% | 110,000 | $18.4M | Add +134.0% |
| AEM Agnico Eagle Mines Ltd. | 1.89% | 153,478 | $16.7M | Reduce -16.4% |
| NEM Newmont Corp. | 1.87% | 342,353 | $16.5M | Reduce -9.4% |
| TSLA Tesla Inc. | 1.71% | 58,300 | $15.1M | Add +117.5% |
| WPM Wheaton Precious Metals Corp. | 1.67% | 188,891 | $14.7M | Reduce -8.9% |
| B Barrick Gold Corp. | 1.57% | 712,221 | $13.9M | Reduce -9.3% |
| META Meta Platforms Inc. Class A | 1.37% | 21,000 | $12.1M | Add +90.9% |
| AMD Advanced Micro Devices | 1.37% | 117,315 | $12.1M | Add +7.6% |
| EEM iShares MSCI Emerging Market | 1.29% | 259,813 | $11.4M | Add +131.3% |
| COST Costco Wholesale Corp. | 1.23% | 11,500 | $10.9M | Add +187.5% |
| XOM Exxon Mobil Corp. | 1.11% | 82,381 | $9.8M | Reduce -3.6% |
| REGN Regeneron Pharmaceuticals | 1.10% | 15,300 | $9.7M | Add +41.7% |
| FNV Franco-Nevada Corp. | 0.93% | 52,164 | $8.2M | Reduce -14.0% |
| LLY Eli Lilly & Co. | 0.90% | 9,600 | $7.9M | Add +28.0% |
| CVX Chevron Corp. | 0.89% | 46,973 | $7.9M | Reduce -11.2% |
| QCOM Qualcomm Inc. | 0.86% | 49,352 | $7.6M | Add +12.2% |
| AMAT Applied Materials Inc. | 0.86% | 52,000 | $7.5M | Add +23.8% |
| GFI Gold Fields Ltd.-Spons ADR | 0.83% | 329,996 | $7.3M | Reduce -18.5% |
| UNH Unitedhealth Group Inc. | 0.82% | 13,889 | $7.3M | Add +14.9% |
| NFLX Netflix Inc. | 0.82% | 7,800 | $7.3M | Add +290.0% |
| ADBE Adobe Inc. | 0.79% | 18,052 | $6.9M | Add +12.8% |
| TXN Texas Instruments Inc. | 0.77% | 37,588 | $6.8M | Add +87.9% |
| MU Micron Technology Inc. | 0.74% | 75,000 | $6.5M | Add +4.2% |
| KGC Kinross Gold Corp. | 0.72% | 501,006 | $6.3M | Reduce -13.8% |
| LRCX Lam Research Corp. | 0.71% | 85,927 | $6.2M | Reduce -14.1% |
| DXCM Dexcom Inc. | 0.70% | 91,000 | $6.2M | Add +89.6% |
| ADI Analog Devices Inc. | 0.62% | 27,000 | $5.4M | Add +170.0% |
| IWM iShares Russell 2000 ETF | 0.61% | 27,000 | $5.4M | No change |
| IJR iShares Core S&P Small-Cap E | 0.59% | 49,786 | $5.2M | Add +25.1% |
| ISRG Intuitive Surgical Inc. | 0.56% | 10,000 | $5.0M | Add +233.3% |
| MRVL Marvell Technology Inc. | 0.56% | 80,000 | $4.9M | New |
| MRK Merck & Co. Inc. | 0.54% | 52,892 | $4.7M | Add +23.9% |
| IEMG iShares Core MSCI Emerging | 0.53% | 87,013 | $4.7M | Add +38.1% |
| HON Honeywell International Inc. | 0.53% | 22,000 | $4.7M | New |
| APP AppLovin Corp. Class A | 0.51% | 17,000 | $4.5M | New |
| PEP Pepsico Inc. | 0.51% | 30,000 | $4.5M | New |
| PAAS Pan American Silver Corp. | 0.50% | 171,266 | $4.4M | Add +3.0% |
| CEG Constellation Energy | 0.48% | 21,000 | $4.2M | New |
| PANW Palo Alto Networks Inc. | 0.46% | 24,000 | $4.1M | Add +200.0% |
| JNJ Johnson & Johnson | 0.46% | 24,500 | $4.1M | Add +2.1% |
| BHP BHP Group Ltd.-Spon ADR | 0.46% | 83,408 | $4.0M | Add +0.1% |
| CRM Salesforce Inc. | 0.46% | 15,000 | $4.0M | New |
| INTU Intuit Inc. | 0.45% | 6,500 | $4.0M | Add +85.7% |
| RGLD Royal Gold Inc. | 0.45% | 24,400 | $4.0M | Reduce -14.1% |
| PYPL PayPal Holdings Inc. | 0.44% | 60,000 | $3.9M | Add +100.0% |
| AGI Alamos Gold Inc. Class A | 0.44% | 143,500 | $3.8M | Reduce -20.5% |
| URTH iShares MSCI World ETF | 0.43% | 24,800 | $3.8M | No change |
| KLAC KLA Corp. | 0.42% | 5,500 | $3.7M | Reduce -35.3% |
| COP Conocophillips | 0.41% | 34,819 | $3.7M | Reduce -17.3% |
| HMY Harmony Gold MNG-Spon ADR | 0.38% | 228,700 | $3.4M | Reduce -23.4% |
| PLTR Palantir Technologies Inc. Class A | 0.38% | 40,000 | $3.4M | New |
| ABBV Abbvie Inc. | 0.38% | 16,000 | $3.4M | Add +18.5% |
| ON On Semiconductor | 0.37% | 80,000 | $3.3M | Add +33.3% |
| MAR Marriott International Class A | 0.36% | 13,300 | $3.2M | No change |
| CI The Cigna Group | 0.34% | 9,200 | $3.0M | Reduce -17.9% |
| TMO Thermo Fisher Scientific Inc. | 0.34% | 6,000 | $3.0M | Add +30.4% |
| CLH Clean Harbors Inc. | 0.34% | 15,000 | $3.0M | No change |
| MELI MercadoLibre Inc. | 0.33% | 1,500 | $2.9M | Reduce -50.0% |
| HLT Hilton Worldwide Holdings Inc. | 0.33% | 12,800 | $2.9M | Reduce -14.7% |
| RSG Republic Services Inc. | 0.32% | 11,747 | $2.8M | No change |
| LULU Lululemon Athletica Inc. | 0.32% | 10,000 | $2.8M | Add +100.0% |
| AMGN Amgen Inc. | 0.30% | 8,600 | $2.7M | Reduce -60.5% |
| ADP Automatic Data Processing | 0.28% | 8,000 | $2.4M | New |
| DHR Danaher Corp. | 0.27% | 11,700 | $2.4M | Add +11.4% |
| ABT Abbott Laboratories | 0.27% | 18,000 | $2.4M | Add +5.9% |
| PFE Pfizer Inc. | 0.27% | 94,000 | $2.4M | Add +19.0% |
| BKNG Booking Holdings Inc. | 0.26% | 500 | $2.3M | New |
| DELL Dell Technologies -C | 0.26% | 25,000 | $2.3M | New |
| WCN Waste Connections Inc. | 0.25% | 11,448 | $2.2M | No change |
| EOG EOG Resources Inc. | 0.25% | 17,000 | $2.2M | Reduce -1.7% |
| INTC Intel Corp. | 0.24% | 93,000 | $2.1M | No change |
| CVS CVS Health Corp. | 0.23% | 30,300 | $2.1M | Reduce -33.1% |
| CNQ Canadian Natural Resources | 0.22% | 63,400 | $2.0M | Reduce -20.1% |
| CCL Carnival Corp. | 0.22% | 100,000 | $2.0M | Add +11.1% |
| SYK Stryker Corp. | 0.22% | 5,200 | $1.9M | Add +73.3% |
| FCX Freeport-McMoran Inc. | 0.21% | 49,600 | $1.9M | Reduce -1.0% |
| CSCO Cisco Systems Inc. | 0.21% | 30,000 | $1.9M | No change |
| TOL Toll Brothers Inc. | 0.20% | 16,500 | $1.7M | Add +94.1% |
| SU Suncor Energy Inc. | 0.20% | 44,500 | $1.7M | Add +6.0% |
| OR Osisko Gold Royalties Ltd. | 0.19% | 77,800 | $1.6M | No change |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 0.18% | 101,942 | $1.6M | Reduce -16.4% |
| SAND Sandstorm Gold Ltd. | 0.18% | 210,400 | $1.6M | No change |
| ELV Elevance Health Inc. | 0.18% | 3,600 | $1.6M | Reduce -25.0% |
| ZTS Zoetis Inc. | 0.18% | 9,500 | $1.6M | Add +58.3% |
| IAG Iamgold Corp. | 0.17% | 240,000 | $1.5M | No change |
| BDX Becton Dickinson and Co. | 0.17% | 6,500 | $1.5M | Reduce -13.3% |
| WM Waste Management Inc. | 0.17% | 6,412 | $1.5M | No change |
| BTG B2GOLD Corp. | 0.17% | 519,000 | $1.5M | Reduce -16.2% |
| HES Hess Corp. | 0.16% | 9,095 | $1.5M | No change |
| EGO Eldorado Gold Corp. | 0.16% | 86,000 | $1.4M | No change |
| EA Electronic Arts Inc. | 0.16% | 10,000 | $1.4M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| IVV iShares Core S&P 500 ETF | Reduce -41.7% | 13.03% | −12.65 |
| AMGN Amgen Inc. | Reduce -60.5% | 0.30% | −0.40 |
| MELI MercadoLibre Inc. | Reduce -50.0% | 0.33% | −0.30 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -76.3% | 0.10% | −0.28 |
| SNOW Snowflake Inc. | Sold out | 0.00% | −0.25 |
| KLAC KLA Corp. | Reduce -35.3% | 0.42% | −0.24 |
| MBLY Mobileye Global Inc. Class A | Sold out | 0.00% | −0.22 |
| LRCX Lam Research Corp. | Reduce -14.1% | 0.71% | −0.19 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -14.7% | 0.33% | −0.13 |
| COP Conocophillips | Reduce -17.3% | 0.41% | −0.11 |
| CNQ Canadian Natural Resources | Reduce -20.1% | 0.22% | −0.08 |
| SILV Silvercrest Metals Inc. | Sold out | 0.00% | −0.08 |
| NXE Nexgen Energy Ltd. | Sold out | 0.00% | −0.07 |
| LVS Las Vegas Sands Corp. | Reduce -3.5% | 0.12% | −0.06 |
| CVX Chevron Corp. | Reduce -11.2% | 0.89% | −0.06 |
| HUM Humana Inc. | Reduce -42.9% | 0.06% | −0.05 |
| BDX Becton Dickinson and Co. | Reduce -13.3% | 0.17% | −0.04 |
| ELV Elevance Health Inc. | Reduce -25.0% | 0.18% | −0.04 |
| WYNN WYNN Resorts Ltd. | Reduce -27.3% | 0.08% | −0.04 |
| CI The Cigna Group | Reduce -17.9% | 0.34% | −0.04 |
| APA Apa Corp. | Sold out | 0.00% | −0.03 |
| DVN Devon Energy Corp. | Reduce -39.7% | 0.06% | −0.03 |
| MOS The Mosaic Co. | Sold out | 0.00% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -3.6% | 1.11% | −0.03 |
| CPRI Capri Holdings Ltd. | Reduce -40.0% | 0.03% | −0.03 |
| GILD Gilead Sciences Inc. | Reduce -50.0% | 0.04% | −0.03 |
| BMY Bristol-Myers Squibb Co. | Reduce -25.0% | 0.08% | −0.03 |
| ADM Archer-Daniels-Midland Co. | Reduce -16.6% | 0.08% | −0.03 |
| HL Hecla Mining Co. | Reduce -18.6% | 0.15% | −0.03 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -25.0% | 0.07% | −0.03 |
| FCX Freeport-McMoran Inc. | Reduce -1.0% | 0.21% | −0.02 |
| CDE Coeur Mining Inc. | Reduce -11.9% | 0.11% | −0.02 |
| BTG B2GOLD Corp. | Reduce -16.2% | 0.17% | −0.02 |
| CVS CVS Health Corp. | Reduce -33.1% | 0.23% | −0.02 |
| EOG EOG Resources Inc. | Reduce -1.7% | 0.25% | −0.02 |
| RGLD Royal Gold Inc. | Reduce -14.1% | 0.45% | −0.01 |
| BAX Baxter International Inc. | Reduce -50.0% | 0.02% | −0.01 |
| CTRA Coterra Energy Inc. | Reduce -4.2% | 0.08% | −0.00 |
| CTVA Corteva Inc. | Reduce -0.9% | 0.16% | −0.00 |
| BVN Cia DE Minas Buenaventur-ADR | Reduce -16.4% | 0.18% | +0.01 |
| AGI Alamos Gold Inc. Class A | Reduce -20.5% | 0.44% | +0.02 |
| FNV Franco-Nevada Corp. | Reduce -14.0% | 0.93% | +0.05 |
| KGC Kinross Gold Corp. | Reduce -13.8% | 0.72% | +0.05 |
| B Barrick Gold Corp. | Reduce -9.3% | 1.57% | +0.06 |
| HMY Harmony Gold MNG-Spon ADR | Reduce -23.4% | 0.38% | +0.08 |
| AEM Agnico Eagle Mines Ltd. | Reduce -16.4% | 1.89% | +0.10 |
| NEM Newmont Corp. | Reduce -9.4% | 1.87% | +0.12 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -18.5% | 0.83% | +0.16 |
| WPM Wheaton Precious Metals Corp. | Reduce -8.9% | 1.67% | +0.21 |
Portfolio Buys Q4 2024 → Q1 2025
| AMZN Amazon.com Inc. | Add +209.5% | 2.81% | +1.66 |
| AAPL Apple Inc. | Add +80.7% | 3.78% | +1.19 |
| MSFT Microsoft Corp. | Add +55.2% | 4.43% | +0.91 |
| COST Costco Wholesale Corp. | Add +187.5% | 1.23% | +0.78 |
| GOOGL Alphabet Inc. Class A | Add +93.3% | 2.54% | +0.78 |
| AVGO Broadcom Inc. | Add +134.0% | 2.09% | +0.73 |
| EEM iShares MSCI Emerging Market | Add +131.3% | 1.29% | +0.70 |
| NVDA Nvidia Corp. | Add +70.9% | 3.32% | +0.68 |
| NFLX Netflix Inc. | Add +290.0% | 0.82% | +0.60 |
| META Meta Platforms Inc. Class A | Add +90.9% | 1.37% | +0.57 |
| MRVL Marvell Technology Inc. | New | 0.56% | +0.56 |
| HON Honeywell International Inc. | New | 0.53% | +0.53 |
| APP AppLovin Corp. Class A | New | 0.51% | +0.51 |
| PEP Pepsico Inc. | New | 0.51% | +0.51 |
| CEG Constellation Energy | New | 0.48% | +0.48 |
| CRM Salesforce Inc. | New | 0.46% | +0.46 |
| PLTR Palantir Technologies Inc. Class A | New | 0.38% | +0.38 |
| ISRG Intuitive Surgical Inc. | Add +233.3% | 0.56% | +0.37 |
| TSLA Tesla Inc. | Add +117.5% | 1.71% | +0.37 |
| ADI Analog Devices Inc. | Add +170.0% | 0.62% | +0.35 |
| TXN Texas Instruments Inc. | Add +87.9% | 0.77% | +0.30 |
| PANW Palo Alto Networks Inc. | Add +200.0% | 0.46% | +0.28 |
| ADP Automatic Data Processing | New | 0.28% | +0.28 |
| BKNG Booking Holdings Inc. | New | 0.26% | +0.26 |
| DELL Dell Technologies -C | New | 0.26% | +0.26 |
| DXCM Dexcom Inc. | Add +89.6% | 0.70% | +0.24 |
| INTU Intuit Inc. | Add +85.7% | 0.45% | +0.18 |
| LLY Eli Lilly & Co. | Add +28.0% | 0.90% | +0.18 |
| REGN Regeneron Pharmaceuticals | Add +41.7% | 1.10% | +0.14 |
| PDD PDD Holdings Inc. | New | 0.13% | +0.13 |
| HCA HCA Healthcare Inc. | New | 0.13% | +0.13 |
| PYPL PayPal Holdings Inc. | Add +100.0% | 0.44% | +0.13 |
| IEMG iShares Core MSCI Emerging | Add +38.1% | 0.53% | +0.12 |
| GEHC GE Healthcare Technology | New | 0.12% | +0.12 |
| MCK McKesson Corp. | New | 0.11% | +0.11 |
| NEE Nextera Energy Inc. | New | 0.10% | +0.10 |
| CMCSA Comcast Corp. Class A | New | 0.10% | +0.10 |
| CRL Charles River Laboratories | New | 0.09% | +0.09 |
| LMT Lockheed Martin Corp. | New | 0.09% | +0.09 |
| EXE Expand Energy Corp. | New | 0.09% | +0.09 |
| DOW Dow Inc. | New | 0.09% | +0.09 |
| SYK Stryker Corp. | Add +73.3% | 0.22% | +0.09 |
| PAAS Pan American Silver Corp. | Add +3.0% | 0.50% | +0.08 |
| LULU Lululemon Athletica Inc. | Add +100.0% | 0.32% | +0.08 |
| ABBV Abbvie Inc. | Add +18.5% | 0.38% | +0.08 |
| IQV Iqvia Holdings Inc. | Add +180.0% | 0.14% | +0.08 |
| CCJ Cameco Corp. | New | 0.07% | +0.07 |
| EW Edwards Lifesciences Corp. | Add +112.5% | 0.14% | +0.07 |
| TOL Toll Brothers Inc. | Add +94.1% | 0.20% | +0.06 |
| UNH Unitedhealth Group Inc. | Add +14.9% | 0.82% | +0.06 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 228 | $1.4B | IVV, NVDA, AAPL, MU, MSFT |
| Q1 2026 | 220 | $1.2B | IVV, NVDA, AAPL, MSFT, AEM |
| Q4 2025 | 218 | $1.3B | IVV, NVDA, MSFT, AAPL, AMZN |
| Q3 2025 | 202 | $1.2B | IVV, NVDA, MSFT, AAPL, AMZN |
| Q2 2025 | 175 | $930.8M | IVV, NVDA, AAPL, MSFT, AMZN |
| Q1 2025 | 174 | $881.7M | IVV, QQQM, MSFT, QQQE, AAPL |
| Q4 2024 | 156 | $803.5M | IVV, QQQM, QQQE, MSFT, VOO |
| Q3 2024 | 156 | $810.8M | IVV, QQQM, IJR, VOO, MSFT |
| Q2 2024 | 164 | $809.5M | IVV, QQQM, VOO, NVDA, NEM |
| Q1 2024 | 159 | $840.6M | IVV, QQQM, AAPL, VOO, B |