PKO Investment Management Joint-Stock Co
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 2, 2026), PKO Investment Management Joint-Stock Co reported 218 stock positions worth $1.3 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 11.6% of the portfolio, followed by Nvidia (NVDA, 5.6%) and Microsoft (MSFT, 4.3%). Compared with Q3 2025, it opened 24 new positions, sold out of 8, added to 74 and reduced 63. The biggest buy was a new position in Alphabet Class C (GOOG) and the biggest sale Alphabet Class A (GOOGL, shares −43%).
- Most Recent 13F
- Q2 2026
- Location
- WARSAW, R9
- CIK
- 0002059321
- Portfolio Value
- $1.3B (Q4 2025)
- SEC Filing
- 0002059321-26-000001 ↗ filed Feb 2, 2026
Holdings Value
Holdings 218 stocks · $1.3B
| IVV iShares Core S&P 500 ETF | 11.56% | 211,605 | $144.9M | Add +3.1% |
| NVDA Nvidia Corp. | 5.58% | 375,000 | $69.9M | Add +12.9% |
| MSFT Microsoft Corp. | 4.32% | 112,000 | $54.2M | Add +1.8% |
| AAPL Apple Inc. | 4.03% | 186,000 | $50.6M | Reduce -4.6% |
| AMZN Amazon.com Inc. | 3.13% | 170,000 | $39.2M | No change |
| AVGO Broadcom Inc. | 2.49% | 90,000 | $31.1M | Reduce -10.0% |
| VOO Vanguard S&P 500 ETF | 2.44% | 48,758 | $30.6M | Reduce -5.8% |
| NEM Newmont Corp. | 2.29% | 287,953 | $28.8M | Reduce -12.9% |
| AEM Agnico Eagle Mines Ltd. | 2.29% | 168,645 | $28.7M | Reduce -0.7% |
| TSLA Tesla Inc. | 2.11% | 58,800 | $26.4M | Add +5.8% |
| META Meta Platforms Inc. Class A | 2.11% | 40,000 | $26.4M | Add +33.3% |
| GOOGL Alphabet Inc. Class A | 1.95% | 78,000 | $24.4M | Reduce -43.5% |
| B Barrick Mining Corp. | 1.86% | 534,921 | $23.3M | Reduce -24.2% |
| GOOG Alphabet Inc. Class C | 1.73% | 69,000 | $21.7M | New |
| NFLX Netflix Inc. | 1.42% | 190,000 | $17.8M | Add +35.7% |
| COST Costco Wholesale Corp. | 1.31% | 19,011 | $16.4M | Add +22.6% |
| WPM Wheaton Precious Metals Corp. | 1.30% | 137,891 | $16.2M | Reduce -24.3% |
| FNV Franco-Nevada Corp. | 1.16% | 69,914 | $14.5M | Add +11.4% |
| GFI Gold Fields Ltd.-Spons ADR | 1.11% | 319,496 | $13.9M | Add +11.9% |
| KGC Kinross Gold Corp. | 1.09% | 482,806 | $13.6M | Add +7.3% |
| PLTR Palantir Technologies Inc. Class A | 1.06% | 75,000 | $13.3M | Add +11.9% |
| AMD Advanced Micro Devices | 0.97% | 57,000 | $12.2M | Reduce -1.7% |
| PAAS Pan American Silver Corp. | 0.96% | 230,774 | $12.0M | Add +63.4% |
| MU Micron Technology Inc. | 0.89% | 39,000 | $11.1M | Add +30.0% |
| LLY Eli Lilly & Co. | 0.86% | 10,000 | $10.7M | Reduce -28.2% |
| TMUS T-Mobile US Inc. | 0.84% | 52,000 | $10.6M | Add +33.3% |
| XOM Exxon Mobil Corp. | 0.83% | 86,531 | $10.4M | Add +0.1% |
| IWM iShares Russell 2000 ETF | 0.75% | 38,033 | $9.4M | Add +18.9% |
| CSCO Cisco Systems Inc. | 0.71% | 115,000 | $8.9M | Add +21.1% |
| EEM iShares MSCI Emerging Market | 0.69% | 157,182 | $8.6M | Add +6.4% |
| PEP Pepsico Inc. | 0.66% | 57,314 | $8.2M | Add +24.6% |
| ISRG Intuitive Surgical Inc. | 0.65% | 14,300 | $8.1M | Reduce -50.9% |
| AMGN Amgen Inc. | 0.64% | 24,500 | $8.0M | Reduce -36.6% |
| TXN Texas Instruments Inc. | 0.64% | 46,000 | $8.0M | No change |
| INTU Intuit Inc. | 0.63% | 12,000 | $7.9M | No change |
| CVX Chevron Corp. | 0.63% | 51,695 | $7.9M | Add +2.8% |
| LRCX Lam Research Corp. | 0.55% | 40,000 | $6.8M | Add +60.0% |
| IEMG iShares Core MSCI Emerging | 0.54% | 101,495 | $6.8M | Add +39.0% |
| ADBE Adobe Inc. | 0.53% | 19,000 | $6.6M | No change |
| QCOM Qualcomm Inc. | 0.52% | 38,000 | $6.5M | Reduce -13.6% |
| RGLD Royal Gold Inc. | 0.52% | 29,237 | $6.5M | Add +38.2% |
| MELI MercadoLibre Inc. | 0.51% | 3,200 | $6.4M | Add +28.0% |
| ADP Automatic Data Processing | 0.51% | 25,000 | $6.4M | Add +13.6% |
| AGI Alamos Gold Inc. Class A | 0.50% | 162,000 | $6.3M | Add +2.5% |
| AMAT Applied Materials Inc. | 0.49% | 24,000 | $6.2M | Reduce -33.3% |
| BKNG Booking Holdings Inc. | 0.47% | 1,100 | $5.9M | No change |
| SHOP Shopify Inc. Class A | 0.46% | 36,000 | $5.8M | No change |
| JNJ Johnson & Johnson | 0.46% | 28,000 | $5.8M | Reduce -38.0% |
| APP AppLovin Corp. Class A | 0.46% | 8,500 | $5.7M | Add +21.4% |
| MDLZ Mondelez International Inc. Class A | 0.43% | 101,066 | $5.4M | Add +115.0% |
| HON Honeywell International Inc. | 0.42% | 27,000 | $5.3M | Reduce -18.2% |
| ABBV Abbvie Inc. | 0.42% | 23,000 | $5.3M | Reduce -35.4% |
| MRVL Marvell Technology Inc. | 0.41% | 60,000 | $5.1M | No change |
| UNH Unitedhealth Group Inc. | 0.41% | 15,389 | $5.1M | Reduce -37.6% |
| VRTX Vertex Pharmaceuticals Inc. | 0.41% | 11,200 | $5.1M | Reduce -2.6% |
| MAR Marriott International Class A | 0.40% | 16,300 | $5.1M | Add +32.5% |
| KLAC KLA Corp. | 0.39% | 4,000 | $4.9M | Add +60.0% |
| EQX Equinox Gold Corp. | 0.38% | 342,387 | $4.8M | Add +41.3% |
| GILD Gilead Sciences Inc. | 0.38% | 39,000 | $4.8M | Add +2.6% |
| IJR iShares Core S&P Small-Cap E | 0.38% | 39,786 | $4.8M | No change |
| URTH iShares MSCI World ETF | 0.37% | 24,800 | $4.6M | No change |
| PANW Palo Alto Networks Inc. | 0.37% | 25,000 | $4.6M | Add +38.9% |
| BHP BHP Group Ltd.-Spon ADR | 0.37% | 76,208 | $4.6M | No change |
| HMY Harmony Gold MNG-Spon ADR | 0.36% | 226,700 | $4.5M | Add +7.1% |
| IAG Iamgold Corp. | 0.36% | 270,000 | $4.5M | Add +42.1% |
| ROP Roper Technologies Inc. | 0.36% | 10,000 | $4.5M | Add +11.1% |
| INTC Intel Corp. | 0.35% | 120,000 | $4.4M | No change |
| HL Hecla Mining Co. | 0.34% | 222,500 | $4.3M | Add +5.7% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.34% | 9,000 | $4.2M | Add +28.6% |
| CDE Coeur Mining Inc. | 0.32% | 227,419 | $4.1M | Add +5.6% |
| SNPS Synopsys Inc. | 0.32% | 8,500 | $4.0M | Add +30.8% |
| AG First Majestic Silver Corp. | 0.32% | 238,500 | $4.0M | Add +50.5% |
| CEG Constellation Energy | 0.31% | 11,000 | $3.9M | Reduce -15.4% |
| CTAS Cintas Corp. | 0.30% | 20,000 | $3.8M | No change |
| REGN Regeneron Pharmaceuticals | 0.30% | 4,850 | $3.7M | Reduce -56.7% |
| DXCM Dexcom Inc. | 0.29% | 54,000 | $3.6M | No change |
| NGD New Gold Inc. | 0.28% | 407,000 | $3.6M | Add +52.4% |
| CLH Clean Harbors Inc. | 0.28% | 15,000 | $3.5M | No change |
| PYPL PayPal Holdings Inc. | 0.28% | 60,000 | $3.5M | No change |
| MRK Merck & Co. Inc. | 0.28% | 33,000 | $3.5M | Reduce -54.1% |
| SBUX Starbucks Corp. | 0.27% | 40,000 | $3.4M | No change |
| ADI Analog Devices Inc. | 0.26% | 12,000 | $3.3M | Add +20.0% |
| COP Conocophillips | 0.26% | 34,419 | $3.2M | Add +6.8% |
| CI The Cigna Group | 0.25% | 11,300 | $3.1M | Add +10.8% |
| HLT Hilton Worldwide Holdings Inc. | 0.24% | 10,500 | $3.0M | Reduce -16.7% |
| ABT Abbott Laboratories | 0.24% | 24,000 | $3.0M | Reduce -38.6% |
| CDNS Cadence Design SYS Inc. | 0.24% | 9,500 | $3.0M | No change |
| DASH DoorDash Inc. Class A | 0.23% | 13,000 | $2.9M | Add +44.4% |
| PDD PDD Holdings Inc. | 0.23% | 25,000 | $2.8M | Add +66.7% |
| TMO Thermo Fisher Scientific Inc. | 0.22% | 4,800 | $2.8M | Reduce -15.8% |
| CVS CVS Health Corp. | 0.22% | 34,800 | $2.8M | Add +4.5% |
| TEAM Atlassian Corp. Class A | 0.22% | 17,000 | $2.8M | No change |
| ORLY O'reilly Automotive Inc. | 0.22% | 30,000 | $2.7M | Add +50.0% |
| MSTR Strategy Inc. | 0.22% | 18,000 | $2.7M | Add +20.0% |
| ARM Arm Holdings PLC-ADR | 0.22% | 25,000 | $2.7M | Add +47.1% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.22% | 6,800 | $2.7M | Add +750.0% |
| CSX CSX Corp. | 0.20% | 70,000 | $2.5M | New |
| AXON Axon Enterprise Inc. | 0.20% | 4,400 | $2.5M | Reduce -22.8% |
| EGO Eldorado Gold Corp. | 0.20% | 69,000 | $2.5M | No change |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 0.20% | 87,942 | $2.4M | Add +7.3% |
Portfolio Sells Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Reduce -43.5% | 1.95% | −0.92 |
| ISRG Intuitive Surgical Inc. | Reduce -50.9% | 0.65% | −0.47 |
| WPM Wheaton Precious Metals Corp. | Reduce -24.3% | 1.30% | −0.45 |
| AVGO Broadcom Inc. | Reduce -10.0% | 2.49% | −0.33 |
| UNH Unitedhealth Group Inc. | Reduce -37.6% | 0.41% | −0.32 |
| AMGN Amgen Inc. | Reduce -36.6% | 0.64% | −0.29 |
| ABBV Abbvie Inc. | Reduce -35.4% | 0.42% | −0.28 |
| VOO Vanguard S&P 500 ETF | Reduce -5.8% | 2.44% | −0.27 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.26 |
| JNJ Johnson & Johnson | Reduce -38.0% | 0.46% | −0.25 |
| ON On Semiconductor | Sold out | 0.00% | −0.25 |
| REGN Regeneron Pharmaceuticals | Reduce -56.7% | 0.30% | −0.24 |
| MRK Merck & Co. Inc. | Reduce -54.1% | 0.28% | −0.24 |
| AAPL Apple Inc. | Reduce -4.6% | 4.03% | −0.21 |
| ABT Abbott Laboratories | Reduce -38.6% | 0.24% | −0.21 |
| HON Honeywell International Inc. | Reduce -18.2% | 0.42% | −0.17 |
| AEM Agnico Eagle Mines Ltd. | Reduce -0.7% | 2.29% | −0.16 |
| AXON Axon Enterprise Inc. | Reduce -22.8% | 0.20% | −0.15 |
| AMAT Applied Materials Inc. | Reduce -33.3% | 0.49% | −0.14 |
| CRM Salesforce Inc. | Reduce -50.0% | 0.15% | −0.14 |
| B Barrick Mining Corp. | Reduce -24.2% | 1.86% | −0.12 |
| QCOM Qualcomm Inc. | Reduce -13.6% | 0.52% | −0.11 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.10 |
| NEM Newmont Corp. | Reduce -12.9% | 2.29% | −0.09 |
| CGAU Centerra Gold Inc. | Sold out | 0.00% | −0.07 |
| DRD Drdgold Ltd.-Sponsored ADR | Sold out | 0.00% | −0.07 |
| ABNB Airbnb Inc. Class A | Reduce -35.3% | 0.12% | −0.06 |
| CEG Constellation Energy | Reduce -15.4% | 0.31% | −0.06 |
| AAUC Allied Gold Corp. | Sold out | 0.00% | −0.06 |
| LLY Eli Lilly & Co. | Reduce -28.2% | 0.86% | −0.05 |
| AEP American Electric Power | Reduce -28.1% | 0.10% | −0.05 |
| BIIB Biogen Inc. | Reduce -66.7% | 0.03% | −0.04 |
| CCL Carnival Corp. | Reduce -17.6% | 0.17% | −0.04 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -16.7% | 0.24% | −0.04 |
| DHR Danaher Corp. | Reduce -24.4% | 0.16% | −0.04 |
| EOG EOG Resources Inc. | Reduce -12.4% | 0.11% | −0.03 |
| ELV Elevance Health Inc. | Reduce -25.5% | 0.10% | −0.03 |
| TPR Tapestry Inc. | Reduce -23.5% | 0.13% | −0.03 |
| PFE Pfizer Inc. | Reduce -7.8% | 0.16% | −0.03 |
| SU Suncor Energy Inc. | Reduce -17.1% | 0.12% | −0.02 |
| CRL Charles River Laboratories | Sold out | 0.00% | −0.02 |
| GEHC GE Healthcare Technology | Reduce -13.8% | 0.16% | −0.02 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -50.0% | 0.02% | −0.02 |
| HOLX Hologic Inc. | Sold out | 0.00% | −0.02 |
| EXE Expand Energy Corp. | Reduce -29.0% | 0.04% | −0.02 |
| EW Edwards Lifesciences Corp. | Reduce -31.6% | 0.04% | −0.02 |
| BDX Becton Dickinson and Co. | Reduce -15.4% | 0.09% | −0.02 |
| TOL Toll Brothers Inc. | Reduce -11.7% | 0.07% | −0.02 |
| IQV Iqvia Holdings Inc. | Reduce -37.1% | 0.04% | −0.02 |
| CNQ Canadian Natural Resources | Reduce -9.0% | 0.16% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOG Alphabet Inc. Class C | New | 1.73% | +1.73 |
| PAAS Pan American Silver Corp. | Add +63.4% | 0.96% | +0.49 |
| MU Micron Technology Inc. | Add +30.0% | 0.89% | +0.46 |
| NVDA Nvidia Corp. | Add +12.9% | 5.58% | +0.29 |
| LRCX Lam Research Corp. | Add +60.0% | 0.55% | +0.26 |
| META Meta Platforms Inc. Class A | Add +33.3% | 2.11% | +0.22 |
| CSX CSX Corp. | New | 0.20% | +0.20 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +750.0% | 0.22% | +0.18 |
| MDLZ Mondelez International Inc. Class A | Add +115.0% | 0.43% | +0.18 |
| KLAC KLA Corp. | Add +60.0% | 0.39% | +0.16 |
| INSM Insmed Inc. | New | 0.16% | +0.16 |
| RGLD Royal Gold Inc. | Add +38.2% | 0.52% | +0.16 |
| EQX Equinox Gold Corp. | Add +41.3% | 0.38% | +0.15 |
| AG First Majestic Silver Corp. | Add +50.5% | 0.32% | +0.15 |
| CSCO Cisco Systems Inc. | Add +21.1% | 0.71% | +0.15 |
| WMT Walmart Inc. | New | 0.15% | +0.15 |
| PM Philip Morris International | New | 0.15% | +0.15 |
| IAG Iamgold Corp. | Add +42.1% | 0.36% | +0.15 |
| CL Colgate-Palmolive Co. | New | 0.14% | +0.14 |
| MO Altria Group Inc. | New | 0.14% | +0.14 |
| PG The Procter & Gamble Co. | New | 0.14% | +0.14 |
| KO The Coca-Cola Co. | New | 0.14% | +0.14 |
| TRI Thomson Reuters Corp. | New | 0.14% | +0.14 |
| IEMG iShares Core MSCI Emerging | Add +39.0% | 0.54% | +0.13 |
| KGC Kinross Gold Corp. | Add +7.3% | 1.09% | +0.13 |
| MAR Marriott International Class A | Add +32.5% | 0.40% | +0.13 |
| HL Hecla Mining Co. | Add +5.7% | 0.34% | +0.12 |
| TTWO Take-Two Interactive Softwre | New | 0.12% | +0.12 |
| PCAR Paccar Inc. | New | 0.12% | +0.12 |
| NOW ServiceNow Inc. | New | 0.12% | +0.12 |
| NGD New Gold Inc. | Add +52.4% | 0.28% | +0.12 |
| XEL Xcel Energy Inc. | New | 0.12% | +0.12 |
| MPWR Monolithic Power Systems Inc. | New | 0.11% | +0.11 |
| SA Seabridge Gold Inc. | New | 0.11% | +0.11 |
| PEP Pepsico Inc. | Add +24.6% | 0.66% | +0.10 |
| FANG Diamondback Energy Inc. | Add +150.0% | 0.17% | +0.10 |
| ZS Zscaler Inc. | New | 0.09% | +0.09 |
| GFI Gold Fields Ltd.-Spons ADR | Add +11.9% | 1.11% | +0.09 |
| IWM iShares Russell 2000 ETF | Add +18.9% | 0.75% | +0.09 |
| WDC Western Digital Corp. | New | 0.08% | +0.08 |
| COST Costco Wholesale Corp. | Add +22.6% | 1.31% | +0.08 |
| ADSK Autodesk Inc. | Add +114.3% | 0.14% | +0.07 |
| VIK Viking Holdings Ltd. | New | 0.06% | +0.06 |
| PDD PDD Holdings Inc. | Add +66.7% | 0.23% | +0.06 |
| PANW Palo Alto Networks Inc. | Add +38.9% | 0.37% | +0.05 |
| ADI Analog Devices Inc. | Add +20.0% | 0.26% | +0.05 |
| TMUS T-Mobile US Inc. | Add +33.3% | 0.84% | +0.04 |
| SNPS Synopsys Inc. | Add +30.8% | 0.32% | +0.04 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +28.6% | 0.34% | +0.04 |
| ORLY O'reilly Automotive Inc. | Add +50.0% | 0.22% | +0.03 |
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 |