Platinum Investment Management Ltd.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Platinum Investment Management Ltd. reported 115 stock positions worth $1.7 billion. Its top holding was Zto Express Cayman Inc.-ADR (ZTO) at 13.8% of the portfolio, followed by Transunion (TRU, 9.4%) and Alphabet Class A (GOOGL, 8.3%). Compared with Q3 2024, it opened 17 new positions, sold out of 24, added to 28 and reduced 53. The biggest buy was Broadcom (AVGO, shares +36%) and the biggest sale PDD (PDD, shares −54%).

Most Recent 13F
Q2 2026
Location
SYDNEY AUSTRALIA 2000, C3
CIK
0001256071
Portfolio Value
$1.7B (Q4 2024)
SEC Filing
0001085146-25-000949 ↗ filed Feb 11, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $2.5B Q1 2024 Q2 2024: $2.5B Q2 2024 Q3 2024: $2.2B Q3 2024 Q4 2024: $1.7B $1.7B Q4 2024 Q1 2025: $1.7B Q1 2025 Q2 2025: $1.5B Q2 2025 Q3 2025: $1.5B Q3 2025 Q4 2025: $432.7M Q4 2025 Q1 2026: $396.8M Q1 2026 Q2 2026: $406.7M Q2 2026

Holdings 115 stocks · $1.7B

ZTO Zto Express Cayman Inc.-ADR 13.83% 12,046,482 $235.5M Reduce -22.6%
TRU Transunion 9.38% 1,722,276 $159.7M Reduce -8.8%
GOOGL Alphabet Inc. Class A 8.30% 746,079 $141.2M Add +16.3%
ICE Intercontinental Exchange Inc. 7.33% 837,424 $124.8M Reduce -13.0%
AVGO Broadcom Inc. 7.18% 527,301 $122.2M Add +36.0%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 4.75% 2,108,295 $80.8M Add +18.1%
GOOG Alphabet Inc. Class C 4.25% 380,015 $72.4M Add +32.8%
NICE Nice Ltd. - Spon ADR 4.04% 405,309 $68.8M Add +40.9%
LW Lamb Weston Holdings Inc. 3.93% 1,002,213 $67.0M Reduce -6.1%
CCJ Cameco Corp. 3.15% 1,042,725 $53.6M Reduce -64.3%
PDD PDD Holdings Inc. 2.87% 504,465 $48.9M Reduce -53.8%
TCOM Trip.com Group Ltd.-ADR 2.73% 677,282 $46.5M Reduce -53.4%
BAX Baxter International Inc. 2.58% 1,508,749 $44.0M Reduce -4.9%
MU Micron Technology Inc. 2.41% 488,149 $41.1M Reduce -7.2%
VAL Valaris Ltd. 2.12% 814,110 $36.0M Reduce -5.0%
PBR Petroleo Brasileiro-Spon ADR 1.64% 2,175,491 $28.0M Reduce -5.2%
DDL Dingdong Cayman Ltd. -SPN ADR 1.57% 8,125,973 $26.7M Reduce -5.0%
SWKS Skyworks Solutions Inc. 1.35% 259,769 $23.0M Reduce -51.8%
NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 1.34% 1,952,751 $22.9M Reduce -4.1%
STNG Scorpio Tankers Inc. 1.17% 402,043 $20.0M Reduce -9.7%
JD Jd.com Inc.-ADR 0.93% 457,865 $15.9M Reduce -8.5%
AMZN Amazon.com Inc. 0.77% 59,770 $13.1M Reduce -7.1%
META Meta Platforms Inc. Class A 0.67% 19,463 $11.4M Reduce -11.4%
FLUT Flutter Entertainment PLC-Di 0.61% 40,000 $10.4M Reduce -21.6%
V Visa Inc. Class A 0.56% 30,048 $9.5M Reduce -15.1%
HTHT H World Group Ltd.-ADR 0.48% 248,238 $8.2M Reduce -13.3%
AS Amer Sports Inc. 0.41% 250,000 $7.0M Reduce -16.7%
ZTS Zoetis Inc. 0.38% 40,000 $6.5M No change
ROIV Roivant Sciences Ltd. 0.37% 528,031 $6.2M No change
CNTA Centessa Pharmaceuticals Ltd. 0.36% 370,278 $6.2M Reduce -13.8%
JNJ Johnson & Johnson 0.31% 35,942 $5.2M No change
PYPL PayPal Holdings Inc. 0.30% 60,000 $5.1M Add +4466.2%
BIRK Birkenstock Holding PLC 0.30% 90,000 $5.1M No change
VERA Vera Therapeutics Inc. 0.30% 119,664 $5.1M Reduce -12.9%
IMVT Immunovant Inc. 0.29% 202,323 $5.0M Add +5.2%
CSGP Costar Group Inc. 0.29% 70,000 $5.0M Add +40.0%
RXRX Recursion Pharmaceuticals-A 0.29% 733,011 $5.0M Add +293.9%
ELF Elf Beauty Inc. 0.28% 37,300 $4.7M New
ZYME Zymeworks Inc. 0.26% 306,460 $4.5M Reduce -6.4%
AAPL Apple Inc. 0.26% 17,500 $4.4M Reduce -12.5%
APGE Apogee Therapeutics Inc. 0.25% 95,646 $4.3M Reduce -11.2%
BCYC Bicycle Therapeutics PLC-ADR 0.25% 309,059 $4.3M Add +13.6%
PRQR Proqr Therapeutics NV 0.24% 1,538,247 $4.1M New
IDYA Ideaya Biosciences Inc. 0.23% 152,713 $3.9M Add +5.5%
WVE Wave Life Sciences Ltd. 0.23% 311,992 $3.9M Reduce -32.4%
MSFT Microsoft Corp. 0.22% 8,989 $3.8M No change
VEEV Veeva Systems Inc. Class A 0.21% 17,119 $3.6M No change
NFLX Netflix Inc. 0.19% 3,618 $3.2M Reduce -18.2%
ADCT Adc Therapeutics SA 0.19% 1,612,556 $3.2M Add +11.6%
MBX MBX Biosciences Inc. 0.18% 162,090 $3.0M Add +8.1%
TRMD Torm PLC-A 0.17% 152,439 $2.9M Add +92.5%
MRUS Merus NV 0.17% 69,085 $2.9M No change
GOSS Gossamer Bio Inc. 0.17% 3,180,295 $2.9M Reduce -9.8%
MA Mastercard Inc. Class A 0.17% 5,425 $2.9M New
QTRX Quanterix Corp. 0.16% 260,181 $2.8M Reduce -6.3%
ACIU Ac Immune SA 0.15% 952,069 $2.6M No change
BABA Alibaba Group Holding-SP ADR 0.14% 28,845 $2.4M Reduce -86.0%
RCUS Arcus Biosciences Inc. 0.13% 153,783 $2.3M No change
IMTX Immatics NV 0.13% 311,722 $2.2M Add +53.1%
TXN Texas Instruments Inc. 0.12% 10,993 $2.1M Reduce -10.6%
GPCR Structure Therapeutics Inc. 0.12% 74,900 $2.0M Add +30.9%
ESPR Esperion Therapeutics Inc. 0.11% 840,052 $1.8M Reduce -23.1%
SWTX Springworks Therapeutics Inc. 0.10% 46,895 $1.7M New
ARWR Arrowhead Pharmaceuticals Inc. 0.10% 88,425 $1.7M No change
CDNS Cadence Design SYS Inc. 0.10% 5,448 $1.6M Add +42.9%
SNPS Synopsys Inc. 0.09% 3,317 $1.6M Add +39.8%
PTC PTC Inc. 0.09% 8,455 $1.6M New
MGTX Meiragtx Holdings PLC 0.09% 250,000 $1.5M No change
ABSI Absci Corp. 0.08% 551,188 $1.4M Add +20.5%
AURA Aura Biosciences Inc. 0.08% 162,358 $1.3M No change
ADSK Autodesk Inc. 0.08% 4,336 $1.3M Add +153.9%
LRCX Lam Research Corp. 0.07% 17,086 $1.2M Reduce -37.3%
COGT Cogent Biosciences Inc. 0.07% 157,851 $1.2M No change
SKYE Skye Bioscience Inc. 0.07% 434,046 $1.2M Reduce -10.5%
AMAT Applied Materials Inc. 0.07% 7,536 $1.2M Reduce -33.1%
BKNG Booking Holdings Inc. 0.06% 200 $994K Reduce -80.0%
ALLK Allakos LLC 0.06% 815,956 $987K Reduce -23.0%
CDXS Codexis Inc. 0.06% 200,063 $954K No change
UBER Uber Technologies Inc. 0.06% 15,563 $939K New
CPNG Coupang Inc. 0.05% 36,111 $794K New
ISRG Intuitive Surgical Inc. 0.04% 1,455 $759K No change
KURA Kura Oncology Inc. 0.04% 76,533 $667K Add +82.8%
APH Amphenol Corp. Class A 0.03% 8,474 $589K New
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.03% 3,745 $440K New
ANSS Ansys Inc. 0.02% 1,182 $399K Reduce -54.9%
INTC Intel Corp. 0.02% 13,171 $264K Reduce -2.0%
NVDA Nvidia Corp. 0.01% 1,582 $212K Add +109.3%
LBRDK Liberty Broadband-C 0.01% 1,747 $131K Reduce -22.5%
SRE Sempra 0.01% 1,476 $129K Reduce -11.4%
NE Noble Corp. PLC 0.01% 2,862 $90K Add +5.9%
CVS CVS Health Corp. 0.01% 1,980 $89K New
WHR Whirlpool Corp. 0.01% 776 $89K Reduce -19.9%
FLG Flagstar Bank NA 0.01% 9,510 $89K Add +14.1%
JAZZ Jazz Pharmaceuticals PLC 0.01% 720 $89K Reduce -9.0%
CLB Core Laboratories Inc. 0.01% 5,098 $88K Reduce -5.9%
HCA HCA Healthcare Inc. 0.01% 292 $88K New
UHS Universal Health Services-B 0.01% 488 $88K Add +17.6%
TSN Tyson Foods Inc. Class A 0.01% 1,523 $87K Reduce -4.3%
BWA Borgwarner Inc. 0.01% 2,750 $87K New
CI The Cigna Group 0.01% 316 $87K Add +15.8%
DG Dollar General Corp. 0.01% 1,150 $87K New
OMF Onemain Holdings Inc. 0.01% 1,666 $87K Reduce -17.2%
HLF Herbalife Ltd. 0.01% 12,949 $87K Add +4.3%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 0.01% 1,081 $86K New
KSS Kohls Corp. 0.01% 6,108 $86K Add +30.7%
GL Globe Life Inc. 0.00% 403 $45K New
EC Ecopetrol SA-Sponsored ADR 0.00% 5,602 $44K New
MOMO Hello Group Inc. -SPN ADR 0.00% 5,747 $44K Reduce -14.2%
WBD Warner Bros Discovery Inc. 0.00% 4,140 $44K Reduce -23.7%
SMCI Super Micro Computer Inc. 0.00% 1,418 $43K New
CORT Corcept Therapeutics Inc. 0.00% 856 $43K Reduce -30.5%
LU Lufax Holding Ltd.-ADR 0.00% 17,947 $43K Reduce -13.1%
JXN Jackson Financial Inc. Class A 0.00% 488 $42K Reduce -9.6%
SOLV Solventum Corp. 0.00% 217 $14K No change
KD Kyndryl Holdings Inc. 0.00% 205 $7K No change

Portfolio Sells Q3 2024 → Q4 2024

PDD PDD Holdings Inc. Reduce -53.8% 2.87% −3.79
ZTO Zto Express Cayman Inc.-ADR Reduce -22.6% 13.83% −3.61
CCJ Cameco Corp. Reduce -64.3% 3.15% −3.17
MCHP Microchip Technology Inc. Sold out 0.00% −2.61
TCOM Trip.com Group Ltd.-ADR Reduce -53.4% 2.73% −1.18
SWKS Skyworks Solutions Inc. Reduce -51.8% 1.35% −1.06
BABA Alibaba Group Holding-SP ADR Reduce -86.0% 0.14% −0.85
EXAI Exscientia Ltd. Sold out 0.00% −0.32
STNG Scorpio Tankers Inc. Reduce -9.7% 1.17% −0.26
LBPH Longboard Pharmaceuticals Inc. Sold out 0.00% −0.16
ORCL Oracle Corp. Sold out 0.00% −0.16
ADBE Adobe Inc. Sold out 0.00% −0.15
BAX Baxter International Inc. Reduce -4.9% 2.58% −0.14
QTTB Q32 Bio Inc. Sold out 0.00% −0.13
BKNG Booking Holdings Inc. Reduce -80.0% 0.06% −0.13
ANAB Anaptysbio Inc. Sold out 0.00% −0.11
ADI Analog Devices Inc. Sold out 0.00% −0.09
MBLY Mobileye Global Inc. Class A Sold out 0.00% −0.07
MU Micron Technology Inc. Reduce -7.2% 2.41% −0.06
KROS Keros Therapeutics Inc. Sold out 0.00% −0.05
FDMT 4D Molecular Therapeutics Inc. Sold out 0.00% −0.05
BIOA Bioage Labs Inc. Sold out 0.00% −0.05
VAL Valaris Ltd. Reduce -5.0% 2.12% −0.05
SRPT Sarepta Therapeutics Inc. Sold out 0.00% −0.05
MASS 908 Devices Inc. Sold out 0.00% −0.04
NXPI NXP Semiconductors NV Sold out 0.00% −0.04
APGE Apogee Therapeutics Inc. Reduce -11.2% 0.25% −0.03
AMAT Applied Materials Inc. Reduce -33.1% 0.07% −0.03
LRCX Lam Research Corp. Reduce -37.3% 0.07% −0.03
MANH Manhattan Associates Inc. Sold out 0.00% −0.02
OMGAQ Omega Therapeutics Inc. Sold out 0.00% −0.02
ANSS Ansys Inc. Reduce -54.9% 0.02% −0.01
SKYE Skye Bioscience Inc. Reduce -10.5% 0.07% −0.01
ALSN Allison Transmission Holding Sold out 0.00% −0.00
CSCO Cisco Systems Inc. Sold out 0.00% −0.00
HBI Hanesbrands Inc. Sold out 0.00% −0.00
CRC California Resources Corp. Sold out 0.00% −0.00
CTSH Cognizant Tech Solutions-A Sold out 0.00% −0.00
T AT&T Inc. Sold out 0.00% −0.00
FOXA Fox Corp. Class A Sold out 0.00% −0.00
LU Lufax Holding Ltd.-ADR Reduce -13.1% 0.00% −0.00
QTRX Quanterix Corp. Reduce -6.3% 0.16% −0.00
HTHT H World Group Ltd.-ADR Reduce -13.3% 0.48% −0.00
LBRDK Liberty Broadband-C Reduce -22.5% 0.01% −0.00
CORT Corcept Therapeutics Inc. Reduce -30.5% 0.00% 0.00
MOMO Hello Group Inc. -SPN ADR Reduce -14.2% 0.00% +0.00
JXN Jackson Financial Inc. Class A Reduce -9.6% 0.00% +0.00
WBD Warner Bros Discovery Inc. Reduce -23.7% 0.00% +0.00
WHR Whirlpool Corp. Reduce -19.9% 0.01% +0.00
CLB Core Laboratories Inc. Reduce -5.9% 0.01% +0.00

Portfolio Buys Q3 2024 → Q4 2024

AVGO Broadcom Inc. Add +36.0% 7.18% +4.15
GOOGL Alphabet Inc. Class A Add +16.3% 8.30% +3.48
GOOG Alphabet Inc. Class C Add +32.8% 4.25% +2.09
NICE Nice Ltd. - Spon ADR Add +40.9% 4.04% +1.78
SLB SLB Ltd. Add +18.1% 4.75% +1.36
PYPL PayPal Holdings Inc. Add +4466.2% 0.30% +0.30
ELF Elf Beauty Inc. New 0.28% +0.28
PRQR Proqr Therapeutics NV New 0.24% +0.24
RXRX Recursion Pharmaceuticals-A Add +293.9% 0.29% +0.24
MA Mastercard Inc. Class A New 0.17% +0.17
CSGP Costar Group Inc. Add +40.0% 0.29% +0.12
SWTX Springworks Therapeutics Inc. New 0.10% +0.10
PTC PTC Inc. New 0.09% +0.09
UBER Uber Technologies Inc. New 0.06% +0.06
ADSK Autodesk Inc. Add +153.9% 0.08% +0.05
TRMD Torm PLC-A Add +92.5% 0.17% +0.05
CDNS Cadence Design SYS Inc. Add +42.9% 0.10% +0.05
CPNG Coupang Inc. New 0.05% +0.05
IMVT Immunovant Inc. Add +5.2% 0.29% +0.05
SNPS Synopsys Inc. Add +39.8% 0.09% +0.04
APH Amphenol Corp. Class A New 0.03% +0.03
TTD Trade Desk Inc./the Class A New 0.03% +0.03
IMTX Immatics NV Add +53.1% 0.13% +0.03
IDYA Ideaya Biosciences Inc. Add +5.5% 0.23% +0.02
NVDA Nvidia Corp. Add +109.3% 0.01% +0.01
ABSI Absci Corp. Add +20.5% 0.08% +0.01
GPCR Structure Therapeutics Inc. Add +30.9% 0.12% +0.01
CVS CVS Health Corp. New 0.01% +0.01
BWA Borgwarner Inc. New 0.01% +0.01
DG Dollar General Corp. New 0.01% +0.01
FUTU Futu Holdings Ltd.-ADR New 0.01% +0.01
HCA HCA Healthcare Inc. New 0.01% +0.01
EC Ecopetrol SA-Sponsored ADR New 0.00% +0.00
GL Globe Life Inc. New 0.00% +0.00
SMCI Super Micro Computer Inc. New 0.00% +0.00
KURA Kura Oncology Inc. Add +82.8% 0.04% +0.00
FLG Flagstar Bank NA Add +14.1% 0.01% +0.00
HLF Herbalife Ltd. Add +4.3% 0.01% +0.00
NE Noble Corp. PLC Add +5.9% 0.01% +0.00
CI The Cigna Group Add +15.8% 0.01% +0.00
UHS Universal Health Services-B Add +17.6% 0.01% +0.00
KSS Kohls Corp. Add +30.7% 0.01% +0.00
MBX MBX Biosciences Inc. Add +8.1% 0.18% −0.00
ADCT Adc Therapeutics SA Add +11.6% 0.19% −0.02
BCYC Bicycle Therapeutics PLC-ADR Add +13.6% 0.25% −0.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 85$406.7MZTO, MU, LRCX, TCOM, DDL
Q1 2026 89$396.8MZTO, TCOM, DDL, LRCX, BIRK
Q4 2025 124$432.7MZTO, TCOM, DDL, GOOG, AVGO
Q3 2025 120$1.5BICE, GOOGL, ABBV, JNJ, MRK
Q2 2025 115$1.5BGOOGL, UBS, AVGO, RCI, CCJ
Q1 2025 115$1.7BZTO, TRU, UBS, GOOGL, MRK
Q4 2024 115$1.7BZTO, TRU, GOOGL, ICE, AVGO
Q3 2024 122$2.2BZTO, TRU, ICE, PDD, CCJ
Q2 2024 134$2.5BZTO, AVGO, MU, GOOGL, CCJ
Q1 2024 139$2.5BZTO, MU, ICE, TRU, AVGO