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

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 Q4 2024 Q1 2025: $1.7B $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 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
WHR Whirlpool Corp. 0.02% 3,005 $271K Add +287.2%
BWA Borgwarner Inc. 0.02% 9,092 $260K Add +230.6%
TGT Target Corp. 0.01% 2,474 $258K New
JAZZ Jazz Pharmaceuticals PLC 0.01% 2,068 $257K Add +187.2%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 0.01% 2,410 $247K Add +122.9%
RDDT Reddit Inc. Class A 0.01% 2,227 $234K New
EC Ecopetrol SA-Sponsored ADR 0.01% 14,711 $154K Add +162.6%
GL Globe Life Inc. 0.01% 1,134 $149K Add +181.4%
WBD Warner Bros Discovery Inc. 0.01% 13,185 $141K Add +218.5%
HLF Herbalife Ltd. 0.01% 16,214 $140K Add +25.2%
JXN Jackson Financial Inc. Class A 0.01% 1,617 $135K Add +231.3%
LU Lufax Holding Ltd.-ADR 0.01% 45,211 $134K Add +151.9%
MOMO Hello Group Inc. -SPN ADR 0.01% 18,490 $117K Add +221.7%
SOLV Solventum Corp. 0.00% 217 $17K No change
KD Kyndryl Holdings Inc. 0.00% 205 $6K No change

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

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