Platinum Investment Management Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Platinum Investment Management Ltd. reported 115 stock positions worth $1.7 billion. Its top holding was Zto Express Cayman Inc.-ADR (ZTO) at 11.8% of the portfolio, followed by Transunion (TRU, 8.2%) and UBS Group AG-Reg (UBS, 7.6%). Compared with Q4 2024, it opened 15 new positions, sold out of 15, added to 46 and reduced 33. The biggest buy was a new position in UBS Group AG-Reg (UBS) and the biggest sale an exit from Nice Ltd. - Spon ADR (NICE).
- Most Recent 13F
- Q2 2026
- Location
- SYDNEY AUSTRALIA 2000, C3
- CIK
- 0001256071
- Portfolio Value
- $1.7B (Q1 2025)
- SEC Filing
- 0001085146-25-003294 ↗ filed May 15, 2025
Holdings Value
Holdings 115 stocks · $1.7B
| ZTO Zto Express Cayman Inc.-ADR | 11.76% | 10,232,072 | $203.0M | Reduce -15.1% |
| TRU Transunion | 8.23% | 1,711,379 | $142.0M | Reduce -0.6% |
| UBS UBS Group AG-Reg | 7.63% | 4,336,796 | $131.7M | New |
| GOOGL Alphabet Inc. Class A | 6.64% | 741,079 | $114.6M | Reduce -0.7% |
| MRK Merck & Co. Inc. | 5.38% | 1,035,220 | $92.9M | New |
| VAL Valaris Ltd. | 5.12% | 2,252,249 | $88.4M | Add +176.7% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 5.10% | 2,105,343 | $88.0M | Reduce -0.1% |
| AVGO Broadcom Inc. | 5.09% | 525,089 | $87.9M | Reduce -0.4% |
| ABBV Abbvie Inc. | 5.08% | 418,367 | $87.7M | New |
| LRCX Lam Research Corp. | 4.82% | 1,144,330 | $83.2M | Add +6597.5% |
| MU Micron Technology Inc. | 4.72% | 936,814 | $81.4M | Add +91.9% |
| CCJ Cameco Corp. | 4.71% | 1,976,297 | $81.3M | Add +89.5% |
| ICE Intercontinental Exchange Inc. | 4.63% | 463,131 | $79.9M | Reduce -44.7% |
| GOOG Alphabet Inc. Class C | 3.28% | 362,613 | $56.7M | Reduce -4.6% |
| TCOM Trip.com Group Ltd.-ADR | 2.50% | 677,282 | $43.1M | No change |
| DDL Dingdong Cayman Ltd. -SPN ADR | 1.27% | 8,125,973 | $21.9M | No change |
| JD Jd.com Inc.-ADR | 1.02% | 429,088 | $17.6M | Reduce -6.3% |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 1.01% | 1,849,389 | $17.5M | Reduce -5.3% |
| PDD PDD Holdings Inc. | 0.76% | 110,255 | $13.0M | Reduce -78.1% |
| AMZN Amazon.com Inc. | 0.60% | 54,770 | $10.4M | Reduce -8.4% |
| V Visa Inc. Class A | 0.53% | 26,315 | $9.2M | Reduce -12.4% |
| HTHT H World Group Ltd.-ADR | 0.53% | 248,238 | $9.2M | No change |
| META Meta Platforms Inc. Class A | 0.49% | 14,546 | $8.4M | Reduce -25.3% |
| FLUT Flutter Entertainment PLC-Di | 0.48% | 38,000 | $8.4M | Reduce -5.0% |
| UBER Uber Technologies Inc. | 0.41% | 95,923 | $7.0M | Add +516.4% |
| ZTS Zoetis Inc. | 0.38% | 40,000 | $6.6M | No change |
| JNJ Johnson & Johnson | 0.35% | 35,942 | $6.0M | No change |
| XYZ Block Inc. | 0.32% | 102,959 | $5.6M | New |
| BIRK Birkenstock Holding PLC | 0.32% | 120,000 | $5.5M | Add +33.3% |
| AS Amer Sports Inc. | 0.31% | 200,000 | $5.3M | Reduce -20.0% |
| CSGP Costar Group Inc. | 0.30% | 65,000 | $5.1M | Reduce -7.1% |
| ROIV Roivant Sciences Ltd. | 0.29% | 495,797 | $5.0M | Reduce -6.1% |
| BABA Alibaba Group Holding-SP ADR | 0.25% | 32,319 | $4.3M | Add +12.0% |
| CNTA Centessa Pharmaceuticals Ltd. | 0.22% | 267,887 | $3.9M | Reduce -27.6% |
| VEEV Veeva Systems Inc. Class A | 0.22% | 16,508 | $3.8M | Reduce -3.6% |
| APGE Apogee Therapeutics Inc. | 0.21% | 95,646 | $3.6M | No change |
| MSFT Microsoft Corp. | 0.20% | 9,340 | $3.5M | Add +3.9% |
| NFLX Netflix Inc. | 0.20% | 3,618 | $3.4M | No change |
| VERA Vera Therapeutics Inc. | 0.19% | 139,318 | $3.3M | Add +16.4% |
| ZYME Zymeworks Inc. | 0.19% | 278,658 | $3.3M | Reduce -9.1% |
| ADCT Adc Therapeutics SA | 0.17% | 2,038,087 | $2.9M | Add +26.4% |
| MA Mastercard Inc. Class A | 0.17% | 5,234 | $2.9M | Reduce -3.5% |
| MRUS Merus NV | 0.16% | 64,841 | $2.7M | Reduce -6.1% |
| IMVT Immunovant Inc. | 0.16% | 156,989 | $2.7M | Reduce -22.4% |
| NVDA Nvidia Corp. | 0.15% | 24,479 | $2.7M | Add +1447.3% |
| WVE Wave Life Sciences Ltd. | 0.15% | 311,992 | $2.5M | No change |
| ELF Elf Beauty Inc. | 0.15% | 40,000 | $2.5M | Add +7.2% |
| IDYA Ideaya Biosciences Inc. | 0.14% | 152,713 | $2.5M | No change |
| BCYC Bicycle Therapeutics PLC-ADR | 0.14% | 287,599 | $2.4M | Reduce -6.9% |
| BBIO Bridgebio Pharma Inc. | 0.14% | 70,350 | $2.4M | New |
| RXRX Recursion Pharmaceuticals-A | 0.12% | 395,954 | $2.1M | Reduce -46.0% |
| SWTX Springworks Therapeutics Inc. | 0.12% | 46,671 | $2.1M | Reduce -0.5% |
| PRQR Proqr Therapeutics NV | 0.12% | 1,538,247 | $2.0M | No change |
| GOSS Gossamer Bio Inc. | 0.11% | 1,731,355 | $1.9M | Reduce -45.6% |
| ANET Arista Networks Inc. | 0.10% | 21,690 | $1.7M | New |
| CDNS Cadence Design SYS Inc. | 0.09% | 6,337 | $1.6M | Add +16.3% |
| PTC PTC Inc. | 0.09% | 9,808 | $1.5M | Add +16.0% |
| SNPS Synopsys Inc. | 0.08% | 3,317 | $1.4M | No change |
| MGTX Meiragtx Holdings PLC | 0.08% | 208,308 | $1.4M | Reduce -16.7% |
| IMTX Immatics NV | 0.08% | 311,722 | $1.4M | No change |
| ACIU Ac Immune SA | 0.08% | 739,342 | $1.4M | Reduce -22.3% |
| MBX MBX Biosciences Inc. | 0.08% | 185,932 | $1.4M | Add +14.7% |
| APH Amphenol Corp. Class A | 0.08% | 20,632 | $1.4M | Add +143.5% |
| TRMD Torm PLC-A | 0.08% | 80,000 | $1.3M | Reduce -47.5% |
| GPCR Structure Therapeutics Inc. | 0.08% | 74,900 | $1.3M | No change |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.07% | 98,409 | $1.3M | Add +11.3% |
| AMAT Applied Materials Inc. | 0.07% | 8,620 | $1.3M | Add +14.4% |
| RCUS Arcus Biosciences Inc. | 0.07% | 153,783 | $1.2M | No change |
| ADSK Autodesk Inc. | 0.07% | 4,336 | $1.1M | No change |
| ADBE Adobe Inc. | 0.06% | 2,769 | $1.1M | New |
| DRUG Bright Minds Biosciences Inc. | 0.06% | 28,308 | $1.0M | New |
| CPNG Coupang Inc. | 0.06% | 45,541 | $999K | Add +26.1% |
| AURA Aura Biosciences Inc. | 0.06% | 162,358 | $951K | No change |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.05% | 71,252 | $929K | New |
| BKNG Booking Holdings Inc. | 0.05% | 200 | $921K | No change |
| CDXS Codexis Inc. | 0.05% | 316,383 | $851K | Add +58.1% |
| INTC Intel Corp. | 0.05% | 35,620 | $809K | Add +170.4% |
| COGT Cogent Biosciences Inc. | 0.05% | 133,910 | $802K | Reduce -15.2% |
| KURA Kura Oncology Inc. | 0.03% | 76,533 | $505K | No change |
| SKYE Skye Bioscience Inc. | 0.03% | 293,320 | $466K | Reduce -32.4% |
| LBRDK Liberty Broadband-C | 0.02% | 4,998 | $425K | Add +186.1% |
| TXN Texas Instruments Inc. | 0.02% | 2,270 | $408K | Reduce -79.3% |
| ADI Analog Devices Inc. | 0.02% | 1,922 | $388K | New |
| ANSS Ansys Inc. | 0.02% | 1,182 | $374K | No change |
| DUOL Duolingo | 0.02% | 1,007 | $313K | New |
| DG Dollar General Corp. | 0.02% | 3,476 | $306K | Add +202.3% |
| FLG Flagstar Bank NA | 0.02% | 26,302 | $306K | Add +176.6% |
| UHS Universal Health Services-B | 0.02% | 1,608 | $302K | Add +229.5% |
| CLB Core Laboratories Inc. | 0.02% | 20,025 | $300K | Add +292.8% |
| SRE Sempra | 0.02% | 4,159 | $297K | Add +181.8% |
| CI The Cigna Group | 0.02% | 902 | $297K | Add +185.4% |
| CORT Corcept Therapeutics Inc. | 0.02% | 2,598 | $297K | Add +203.5% |
| HCA HCA Healthcare Inc. | 0.02% | 846 | $292K | Add +189.7% |
| NE Noble Corp. PLC | 0.02% | 12,268 | $291K | Add +328.6% |
| CVS CVS Health Corp. | 0.02% | 4,291 | $291K | Add +116.7% |
| RH RH | 0.02% | 1,238 | $290K | New |
| KSS Kohls Corp. | 0.02% | 35,429 | $290K | Add +480.0% |
| OMF Onemain Holdings Inc. | 0.02% | 5,721 | $280K | Add +243.4% |
| TSN Tyson Foods Inc. Class A | 0.02% | 4,337 | $277K | Add +184.8% |
| GIS General Mills Inc. | 0.02% | 4,535 | $271K | New |
Portfolio Sells Q4 2024 → Q1 2025
| NICE Nice Ltd. - Spon ADR | Sold out | 0.00% | −4.04 |
| LW Lamb Weston Holdings Inc. | Sold out | 0.00% | −3.93 |
| ICE Intercontinental Exchange Inc. | Reduce -44.7% | 4.63% | −2.70 |
| BAX Baxter International Inc. | Sold out | 0.00% | −2.58 |
| PDD PDD Holdings Inc. | Reduce -78.1% | 0.76% | −2.12 |
| AVGO Broadcom Inc. | Reduce -0.4% | 5.09% | −2.09 |
| ZTO Zto Express Cayman Inc.-ADR | Reduce -15.1% | 11.76% | −2.07 |
| GOOGL Alphabet Inc. Class A | Reduce -0.7% | 6.64% | −1.66 |
| PBR Petroleo Brasileiro-Spon ADR | Sold out | 0.00% | −1.64 |
| SWKS Skyworks Solutions Inc. | Sold out | 0.00% | −1.35 |
| STNG Scorpio Tankers Inc. | Sold out | 0.00% | −1.17 |
| TRU Transunion | Reduce -0.6% | 8.23% | −1.15 |
| GOOG Alphabet Inc. Class C | Reduce -4.6% | 3.28% | −0.97 |
| NOAH Noah Holdings Ltd.-Spon ADS | Reduce -5.3% | 1.01% | −0.33 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.30 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.26 |
| META Meta Platforms Inc. Class A | Reduce -25.3% | 0.49% | −0.18 |
| RXRX Recursion Pharmaceuticals-A | Reduce -46.0% | 0.12% | −0.17 |
| AMZN Amazon.com Inc. | Reduce -8.4% | 0.60% | −0.17 |
| QTRX Quanterix Corp. | Sold out | 0.00% | −0.16 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -27.6% | 0.22% | −0.14 |
| IMVT Immunovant Inc. | Reduce -22.4% | 0.16% | −0.14 |
| FLUT Flutter Entertainment PLC-Di | Reduce -5.0% | 0.48% | −0.12 |
| BCYC Bicycle Therapeutics PLC-ADR | Reduce -6.9% | 0.14% | −0.11 |
| ESPR Esperion Therapeutics Inc. | Sold out | 0.00% | −0.11 |
| AS Amer Sports Inc. | Reduce -20.0% | 0.31% | −0.10 |
| TXN Texas Instruments Inc. | Reduce -79.3% | 0.02% | −0.10 |
| TRMD Torm PLC-A | Reduce -47.5% | 0.08% | −0.10 |
| ABSI Absci Corp. | Sold out | 0.00% | −0.08 |
| ROIV Roivant Sciences Ltd. | Reduce -6.1% | 0.29% | −0.08 |
| ZYME Zymeworks Inc. | Reduce -9.1% | 0.19% | −0.07 |
| ACIU Ac Immune SA | Reduce -22.3% | 0.08% | −0.07 |
| GOSS Gossamer Bio Inc. | Reduce -45.6% | 0.11% | −0.06 |
| ALLK Allakos LLC | Sold out | 0.00% | −0.06 |
| SKYE Skye Bioscience Inc. | Reduce -32.4% | 0.03% | −0.05 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.04 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.03 |
| COGT Cogent Biosciences Inc. | Reduce -15.2% | 0.05% | −0.03 |
| V Visa Inc. Class A | Reduce -12.4% | 0.53% | −0.02 |
| MRUS Merus NV | Reduce -6.1% | 0.16% | −0.01 |
| MGTX Meiragtx Holdings PLC | Reduce -16.7% | 0.08% | −0.01 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −0.00 |
| MA Mastercard Inc. Class A | Reduce -3.5% | 0.17% | −0.00 |
| CSGP Costar Group Inc. | Reduce -7.1% | 0.30% | +0.00 |
| VEEV Veeva Systems Inc. Class A | Reduce -3.6% | 0.22% | +0.01 |
| SWTX Springworks Therapeutics Inc. | Reduce -0.5% | 0.12% | +0.02 |
| JD Jd.com Inc.-ADR | Reduce -6.3% | 1.02% | +0.09 |
| SLB SLB Ltd. | Reduce -0.1% | 5.10% | +0.35 |
Portfolio Buys Q4 2024 → Q1 2025
| UBS UBS Group AG-Reg | New | 7.63% | +7.63 |
| MRK Merck & Co. Inc. | New | 5.38% | +5.38 |
| ABBV Abbvie Inc. | New | 5.08% | +5.08 |
| LRCX Lam Research Corp. | Add +6597.5% | 4.82% | +4.75 |
| VAL Valaris Ltd. | Add +176.7% | 5.12% | +3.01 |
| MU Micron Technology Inc. | Add +91.9% | 4.72% | +2.30 |
| CCJ Cameco Corp. | Add +89.5% | 4.71% | +1.57 |
| UBER Uber Technologies Inc. | Add +516.4% | 0.41% | +0.35 |
| XYZ Block Inc. | New | 0.32% | +0.32 |
| NVDA Nvidia Corp. | Add +1447.3% | 0.15% | +0.14 |
| BBIO Bridgebio Pharma Inc. | New | 0.14% | +0.14 |
| BABA Alibaba Group Holding-SP ADR | Add +12.0% | 0.25% | +0.10 |
| ANET Arista Networks Inc. | New | 0.10% | +0.10 |
| ADBE Adobe Inc. | New | 0.06% | +0.06 |
| DRUG Bright Minds Biosciences Inc. | New | 0.06% | +0.06 |
| PBR.A Petroleo Brasil-SP Pref ADR | New | 0.05% | +0.05 |
| APH Amphenol Corp. Class A | Add +143.5% | 0.08% | +0.04 |
| INTC Intel Corp. | Add +170.4% | 0.05% | +0.03 |
| ADI Analog Devices Inc. | New | 0.02% | +0.02 |
| BIRK Birkenstock Holding PLC | Add +33.3% | 0.32% | +0.02 |
| DUOL Duolingo | New | 0.02% | +0.02 |
| LBRDK Liberty Broadband-C | Add +186.1% | 0.02% | +0.02 |
| RH RH | New | 0.02% | +0.02 |
| GIS General Mills Inc. | New | 0.02% | +0.02 |
| TGT Target Corp. | New | 0.01% | +0.01 |
| CORT Corcept Therapeutics Inc. | Add +203.5% | 0.02% | +0.01 |
| RDDT Reddit Inc. Class A | New | 0.01% | +0.01 |
| DG Dollar General Corp. | Add +202.3% | 0.02% | +0.01 |
| FLG Flagstar Bank NA | Add +176.6% | 0.02% | +0.01 |
| UHS Universal Health Services-B | Add +229.5% | 0.02% | +0.01 |
| CLB Core Laboratories Inc. | Add +292.8% | 0.02% | +0.01 |
| CI The Cigna Group | Add +185.4% | 0.02% | +0.01 |
| HCA HCA Healthcare Inc. | Add +189.7% | 0.02% | +0.01 |
| KSS Kohls Corp. | Add +480.0% | 0.02% | +0.01 |
| CVS CVS Health Corp. | Add +116.7% | 0.02% | +0.01 |
| NE Noble Corp. PLC | Add +328.6% | 0.02% | +0.01 |
| CPNG Coupang Inc. | Add +26.1% | 0.06% | +0.01 |
| OMF Onemain Holdings Inc. | Add +243.4% | 0.02% | +0.01 |
| TSN Tyson Foods Inc. Class A | Add +184.8% | 0.02% | +0.01 |
| WHR Whirlpool Corp. | Add +287.2% | 0.02% | +0.01 |
| BWA Borgwarner Inc. | Add +230.6% | 0.02% | +0.01 |
| JAZZ Jazz Pharmaceuticals PLC | Add +187.2% | 0.01% | +0.01 |
| SRE Sempra | Add +181.8% | 0.02% | +0.01 |
| FUTU Futu Holdings Ltd.-ADR | Add +122.9% | 0.01% | +0.01 |
| EC Ecopetrol SA-Sponsored ADR | Add +162.6% | 0.01% | +0.01 |
| GL Globe Life Inc. | Add +181.4% | 0.01% | +0.01 |
| WBD Warner Bros Discovery Inc. | Add +218.5% | 0.01% | +0.01 |
| JXN Jackson Financial Inc. Class A | Add +231.3% | 0.01% | +0.01 |
| LU Lufax Holding Ltd.-ADR | Add +151.9% | 0.01% | +0.01 |
| MOMO Hello Group Inc. -SPN ADR | Add +221.7% | 0.01% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 85 | $406.7M | ZTO, MU, LRCX, TCOM, DDL |
| Q1 2026 | 89 | $396.8M | ZTO, TCOM, DDL, LRCX, BIRK |
| Q4 2025 | 124 | $432.7M | ZTO, TCOM, DDL, GOOG, AVGO |
| Q3 2025 | 120 | $1.5B | ICE, GOOGL, ABBV, JNJ, MRK |
| Q2 2025 | 115 | $1.5B | GOOGL, UBS, AVGO, RCI, CCJ |
| Q1 2025 | 115 | $1.7B | ZTO, TRU, UBS, GOOGL, MRK |
| Q4 2024 | 115 | $1.7B | ZTO, TRU, GOOGL, ICE, AVGO |
| Q3 2024 | 122 | $2.2B | ZTO, TRU, ICE, PDD, CCJ |
| Q2 2024 | 134 | $2.5B | ZTO, AVGO, MU, GOOGL, CCJ |
| Q1 2024 | 139 | $2.5B | ZTO, MU, ICE, TRU, AVGO |