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

0$500.0M$1.0B$1.5B Q1 2024: $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 $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 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
CTVA Corteva Inc. 0.16% 22,298 $1.4M Reduce -0.9%
IDXX Idexx Laboratories Inc. 0.16% 3,300 $1.4M Add +17.9%
HL Hecla Mining Co. 0.15% 240,500 $1.3M Reduce -18.6%
AWK American Water Works Co. Inc. 0.15% 9,022 $1.3M No change
BSX Boston Scientific Corp. 0.15% 13,000 $1.3M Add +30.0%
NGD New Gold Inc. 0.15% 350,000 $1.3M No change
EQX Equinox Gold Corp. 0.15% 186,887 $1.3M No change
IQV Iqvia Holdings Inc. 0.14% 7,000 $1.2M Add +180.0%
EW Edwards Lifesciences Corp. 0.14% 17,000 $1.2M Add +112.5%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.14% 18,500 $1.2M No change
TPR Tapestry Inc. 0.14% 17,000 $1.2M No change
XYL Xylem Inc. 0.14% 10,000 $1.2M No change
OXY Occidental Petroleum Corp. 0.14% 24,150 $1.2M Add +4.3%
PDD PDD Holdings Inc. 0.13% 10,000 $1.2M New
HCA HCA Healthcare Inc. 0.13% 3,300 $1.1M New
NUE Nucor Corp. 0.12% 9,120 $1.1M No change
LVS Las Vegas Sands Corp. 0.12% 28,000 $1.1M Reduce -3.5%
BIIB Biogen Inc. 0.12% 7,800 $1.1M No change
GEHC GE Healthcare Technology 0.12% 13,000 $1.0M New
MCK McKesson Corp. 0.11% 1,500 $1.0M New
A Agilent Technologies Inc. 0.11% 8,500 $994K Add +136.1%
CDE Coeur Mining Inc. 0.11% 167,419 $991K Reduce -11.9%
SSRM SSR Mining Inc. 0.11% 97,128 $976K No change
WDS Woodside Energy Group-ADR 0.11% 66,000 $956K No change
WSM Williams-Sonoma Inc. 0.11% 6,000 $949K No change
FSM Fortuna Mining Corp. 0.11% 154,377 $941K No change
FANG Diamondback Energy Inc. 0.11% 5,800 $927K Add +5.5%
CGAU Centerra Gold Inc. 0.10% 145,000 $923K No change
NEE Nextera Energy Inc. 0.10% 12,660 $897K New
CMCSA Comcast Corp. Class A 0.10% 24,239 $894K New
MAG Mag Silver Corp. 0.10% 57,918 $884K Add +20.9%
RL Ralph Lauren Corp. 0.10% 4,000 $883K No change
AG First Majestic Silver Corp. 0.10% 131,500 $882K No change
VRTX Vertex Pharmaceuticals Inc. 0.10% 1,800 $873K Reduce -76.3%
STLD Steel Dynamics Inc. 0.10% 6,700 $838K Add +34.0%
TPL Texas Pacific Land Corp. 0.09% 630 $835K No change
CRL Charles River Laboratories 0.09% 5,500 $828K New
NTR Nutrien Ltd. 0.09% 16,296 $811K Add +2.5%
LMT Lockheed Martin Corp. 0.09% 1,778 $794K New
DRD Drdgold Ltd.-Sponsored ADR 0.09% 50,814 $786K No change
EQT Eqt Corp. 0.09% 14,700 $785K No change
CVE Cenovus Energy Inc. 0.09% 55,500 $774K No change
EXE Expand Energy Corp. 0.09% 6,900 $768K New
DOW Dow Inc. 0.09% 21,624 $755K New
BMY Bristol-Myers Squibb Co. 0.08% 12,000 $732K Reduce -25.0%
RS Reliance Inc. 0.08% 2,464 $711K No change
ADM Archer-Daniels-Midland Co. 0.08% 14,100 $677K Reduce -16.6%
WYNN WYNN Resorts Ltd. 0.08% 8,000 $668K Reduce -27.3%
CTRA Coterra Energy Inc. 0.08% 23,000 $665K Reduce -4.2%
NCLH Norwegian Cruise Line Holdin 0.08% 35,000 $664K No change
BMRN Biomarin Pharmaceutical Inc. 0.07% 9,000 $636K Reduce -25.0%
TECK Teck Resources Ltd.-CLS B 0.07% 17,324 $633K Add +40.6%
CCJ Cameco Corp. 0.07% 15,000 $619K New
SGI Somnigroup International Inc. 0.07% 10,000 $599K No change
HUM Humana Inc. 0.06% 2,000 $529K Reduce -42.9%
DVN Devon Energy Corp. 0.06% 13,661 $511K Reduce -39.7%
VEEV Veeva Systems Inc. Class A 0.05% 2,000 $463K Add +25.0%
RIVN Rivian Automotive Inc. Class A 0.05% 36,000 $448K No change
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.05% 5,700 $445K No change
SIG Signet Jewelers Ltd. 0.05% 7,000 $406K No change
H Hyatt Hotels Corp. Class A 0.04% 3,000 $368K New
OVV Ovintiv Inc. 0.04% 8,500 $364K No change
VKTX Viking Therapeutics Inc. 0.04% 15,000 $362K No change
RH RH 0.04% 1,500 $352K No change
VTRS Viatris Inc. 0.04% 40,000 $348K New
GILD Gilead Sciences Inc. 0.04% 3,000 $336K Reduce -50.0%
PVH PVH Corp. 0.04% 5,000 $323K Add +100.0%
BF.B Brown-Forman Corp. Class B 0.03% 9,000 $305K No change
CPRI Capri Holdings Ltd. 0.03% 15,000 $296K Reduce -40.0%
ILMN Illumina Inc. 0.03% 3,500 $278K Add +133.3%
TDOC Teladoc Health Inc. 0.03% 30,000 $239K Add +20.0%
LH Labcorp Holdings Inc. 0.03% 1,000 $233K New
MRNA Moderna Inc. 0.02% 6,000 $170K No change
BAX Baxter International Inc. 0.02% 4,000 $137K Reduce -50.0%

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

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