Platinum Investment Management Ltd.

Name: PLATINUM INVESTMENT MANAGEMENT LTD 13F holdings, Q2 2025
Creator: PLATINUM INVESTMENT MANAGEMENT LTD
Published: 2025-07-21

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 21, 2025), Platinum Investment Management Ltd. reported 115 stock positions worth $1.5 billion. Its top holding was Alphabet Class A (GOOGL) at 7.2% of the portfolio, followed by UBS Group AG-Reg (UBS, 6.2%) and Broadcom (AVGO, 5.2%). Compared with Q1 2025, it opened 16 new positions, sold out of 16, added to 28 and reduced 47. The biggest buy was a new position in Rogers Communications Class B (RCI) and the biggest sale Zto Express Cayman Inc.-ADR (ZTO, shares −75%).

Most Recent 13F: Q2 2026
Location: SYDNEY AUSTRALIA 2000, C3
CIK: 0001256071
Portfolio Value: $1.5B (Q2 2025)
SEC Filing: 0001085146-25-003979 ↗ filed Jul 21, 2025

Holdings Value

Holdings 115 stocks · $1.5B


GOOGL Alphabet Inc. Class A	7.23%	617,233	$108.8M	Reduce -16.7%
UBS UBS Group AG-Reg	6.23%	2,778,489	$93.7M	Reduce -35.9%
AVGO Broadcom Inc.	5.19%	283,133	$78.0M	Reduce -46.1%
RCI Rogers Communications Inc. Class B	5.17%	2,624,304	$77.7M	New
CCJ Cameco Corp.	4.95%	1,002,144	$74.4M	Reduce -49.3%
LRCX Lam Research Corp.	4.75%	733,193	$71.4M	Reduce -35.9%
ADBE Adobe Inc.	4.65%	180,691	$69.9M	Add +6425.5%
MRK Merck & Co. Inc.	4.61%	875,820	$69.3M	Reduce -15.4%
MU Micron Technology Inc.	4.59%	560,437	$69.1M	Reduce -40.2%
ABBV Abbvie Inc.	4.51%	365,440	$67.8M	Reduce -12.7%
JNJ Johnson & Johnson	4.46%	439,508	$67.1M	Add +1122.8%
YUM Yum! Brands Inc.	4.28%	434,284	$64.4M	New
ICE Intercontinental Exchange Inc.	4.24%	347,080	$63.7M	Reduce -25.1%
TRU Transunion	4.18%	713,760	$62.8M	Reduce -58.3%
IQV Iqvia Holdings Inc.	4.10%	390,795	$61.6M	New
VAL Valaris Ltd.	3.22%	1,149,538	$48.4M	Reduce -49.0%
ZTO Zto Express Cayman Inc.-ADR	2.99%	2,529,610	$44.9M	Reduce -75.3%
GOOG Alphabet Inc. Class C	2.22%	187,953	$33.3M	Reduce -48.2%
TCOM Trip.com Group Ltd.-ADR	2.06%	526,979	$30.9M	Reduce -22.2%
NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD	1.11%	1,393,053	$16.6M	Reduce -24.7%
DDL Dingdong Cayman Ltd. -SPN ADR	0.90%	6,677,746	$13.5M	Reduce -17.8%
FLUT Flutter Entertainment PLC-Di	0.76%	40,000	$11.4M	Add +5.3%
META Meta Platforms Inc. Class A	0.75%	15,272	$11.3M	Add +5.0%
AMZN Amazon.com Inc.	0.72%	49,232	$10.8M	Reduce -10.1%
UBER Uber Technologies Inc.	0.64%	103,265	$9.6M	Add +7.7%
PDD PDD Holdings Inc.	0.62%	88,509	$9.3M	Reduce -19.7%
V Visa Inc. Class A	0.60%	25,209	$9.0M	Reduce -4.2%
AS Amer Sports Inc.	0.49%	190,000	$7.4M	Reduce -5.0%
ZTS Zoetis Inc.	0.41%	40,000	$6.2M	No change
HTHT H World Group Ltd.-ADR	0.41%	183,111	$6.2M	Reduce -26.2%
BIRK Birkenstock Holding PLC	0.39%	120,000	$5.9M	No change
XYZ Block Inc.	0.36%	80,000	$5.4M	Reduce -22.3%
ROIV Roivant Sciences Ltd.	0.36%	481,335	$5.4M	Reduce -2.9%
CSGP Costar Group Inc.	0.35%	65,000	$5.2M	No change
ELF Elf Beauty Inc.	0.33%	40,000	$5.0M	No change
MSFT Microsoft Corp.	0.31%	9,340	$4.6M	No change
NVDA Nvidia Corp.	0.31%	29,399	$4.6M	Add +20.1%
NFLX Netflix Inc.	0.28%	3,152	$4.2M	Reduce -12.9%
CNTA Centessa Pharmaceuticals Ltd.	0.25%	290,836	$3.8M	Add +8.6%
VERA Vera Therapeutics Inc.	0.25%	159,751	$3.8M	Add +14.7%
APGE Apogee Therapeutics Inc.	0.25%	86,512	$3.8M	Reduce -9.6%
ADCT Adc Therapeutics SA	0.25%	1,387,265	$3.7M	Reduce -31.9%
VEEV Veeva Systems Inc. Class A	0.24%	12,646	$3.6M	Reduce -23.4%
IDYA Ideaya Biosciences Inc.	0.23%	166,917	$3.5M	Add +9.3%
BBIO Bridgebio Pharma Inc.	0.22%	75,708	$3.3M	Add +7.6%
IMVT Immunovant Inc.	0.21%	195,727	$3.1M	Add +24.7%
JD Jd.com Inc.-ADR	0.20%	92,596	$3.0M	Reduce -78.4%
ZYME Zymeworks Inc.	0.20%	238,391	$3.0M	Reduce -14.4%
PRQR Proqr Therapeutics NV	0.20%	1,450,969	$3.0M	Reduce -5.7%
CDNS Cadence Design SYS Inc.	0.17%	8,297	$2.6M	Add +30.9%
MRUS Merus NV	0.16%	44,940	$2.4M	Reduce -30.7%
WVE Wave Life Sciences Ltd.	0.15%	355,353	$2.3M	Add +13.9%
APH Amphenol Corp. Class A	0.15%	22,933	$2.3M	Add +11.2%
MA Mastercard Inc. Class A	0.14%	3,714	$2.1M	Reduce -29.0%
WING Wingstop Inc.	0.13%	6,000	$2.0M	New
BCYC Bicycle Therapeutics PLC-ADR	0.13%	285,381	$2.0M	Reduce -0.8%
IDXX Idexx Laboratories Inc.	0.12%	3,500	$1.9M	New
ARWR Arrowhead Pharmaceuticals Inc.	0.12%	111,022	$1.8M	Add +12.8%
SNPS Synopsys Inc.	0.11%	3,366	$1.7M	Add +1.5%
GOSS Gossamer Bio Inc.	0.11%	1,383,863	$1.7M	Reduce -20.1%
BABA Alibaba Group Holding-SP ADR	0.11%	14,412	$1.6M	Reduce -55.4%
BNTX Biontech SE-ADR	0.11%	14,863	$1.6M	New
COGT Cogent Biosciences Inc.	0.10%	219,504	$1.6M	Add +63.9%
GPCR Structure Therapeutics Inc.	0.10%	74,900	$1.6M	No change
VRNA Verona Pharma Ltd.	0.10%	15,146	$1.4M	New
CPNG Coupang Inc.	0.09%	45,541	$1.4M	No change
MGTX Meiragtx Holdings PLC	0.09%	208,308	$1.4M	No change
TXN Texas Instruments Inc.	0.09%	6,289	$1.3M	Add +177.1%
MBX MBX Biosciences Inc.	0.09%	112,743	$1.3M	Reduce -39.4%
RCUS Arcus Biosciences Inc.	0.08%	153,783	$1.3M	No change
SKYE Skye Bioscience Inc.	0.08%	293,320	$1.2M	No change
VRT Vertiv Holdings Co. Class A	0.08%	9,539	$1.2M	New
NOW ServiceNow Inc.	0.08%	1,149	$1.2M	New
BKNG Booking Holdings Inc.	0.08%	200	$1.2M	No change
KLAC KLA Corp.	0.08%	1,278	$1.1M	New
PBR.A Petroleo Brasil-SP Pref ADR	0.06%	78,190	$902K	Add +9.7%
ANET Arista Networks Inc.	0.06%	8,663	$886K	Reduce -60.1%
ADI Analog Devices Inc.	0.06%	3,600	$857K	Add +87.3%
AURA Aura Biosciences Inc.	0.06%	135,402	$848K	Reduce -16.6%
INTC Intel Corp.	0.05%	35,768	$801K	Add +0.4%
CDXS Codexis Inc.	0.05%	316,383	$772K	No change
DRUG Bright Minds Biosciences Inc.	0.05%	28,308	$739K	No change
MCHP Microchip Technology Inc.	0.04%	9,296	$654K	New
ANSS Ansys Inc.	0.03%	1,182	$415K	No change
LBRDK Liberty Broadband-C	0.03%	3,947	$388K	Reduce -21.0%
BCC Boise Cascade Co.	0.02%	4,298	$373K	New
RDDT Reddit Inc. Class A	0.02%	2,322	$350K	Add +4.3%
WHR Whirlpool Corp.	0.02%	3,368	$342K	Add +12.1%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD	0.02%	2,624	$324K	Add +8.9%
CVS CVS Health Corp.	0.02%	4,291	$296K	No change
OMF Onemain Holdings Inc.	0.02%	5,104	$291K	Reduce -10.8%
NE Noble Corp. PLC	0.02%	10,878	$289K	Reduce -11.3%
UNH Unitedhealth Group Inc.	0.02%	917	$286K	New
RH RH	0.02%	1,481	$280K	Add +19.6%
SRE Sempra	0.02%	3,673	$278K	Reduce -11.7%
CI The Cigna Group	0.02%	810	$268K	Reduce -10.2%
TGT Target Corp.	0.02%	2,704	$267K	Add +9.3%
KSS Kohls Corp.	0.02%	31,136	$264K	Reduce -12.1%
CLB Core Laboratories Inc.	0.02%	22,869	$263K	Add +14.2%
TKR Timken Co.	0.02%	3,617	$262K	New
GT Goodyear Tire & Rubber Co.	0.02%	25,072	$260K	New
UHS Universal Health Services-B	0.02%	1,397	$253K	Reduce -13.1%
JAZZ Jazz Pharmaceuticals PLC	0.02%	2,355	$250K	Add +13.9%
TSN Tyson Foods Inc. Class A	0.02%	4,337	$243K	No change
GIS General Mills Inc.	0.02%	4,535	$235K	No change
ISRG Intuitive Surgical Inc.	0.01%	389	$211K	New
MOMO Hello Group Inc. -SPN ADR	0.01%	18,490	$156K	No change
WBD Warner Bros Discovery Inc.	0.01%	13,185	$151K	No change
CORT Corcept Therapeutics Inc.	0.01%	1,970	$145K	Reduce -24.2%
GL Globe Life Inc.	0.01%	1,134	$141K	No change
HLF Herbalife Ltd.	0.01%	16,214	$140K	No change
JXN Jackson Financial Inc. Class A	0.01%	1,564	$139K	Reduce -3.3%
EC Ecopetrol SA-Sponsored ADR	0.01%	14,711	$130K	No change
SOLV Solventum Corp.	0.00%	217	$16K	No change
KD Kyndryl Holdings Inc.	0.00%	205	$9K	No change

Portfolio Sells Q1 2025 → Q2 2025


ZTO Zto Express Cayman Inc.-ADR	Reduce -75.3%	2.99%	−8.78
SLB SLB Ltd.	Sold out	0.00%	−5.10
TRU Transunion	Reduce -58.3%	4.18%	−4.05
VAL Valaris Ltd.	Reduce -49.0%	3.22%	−1.90
UBS UBS Group AG-Reg	Reduce -35.9%	6.23%	−1.40
GOOG Alphabet Inc. Class C	Reduce -48.2%	2.22%	−1.07
JD Jd.com Inc.-ADR	Reduce -78.4%	0.20%	−0.82
MRK Merck & Co. Inc.	Reduce -15.4%	4.61%	−0.77
ABBV Abbvie Inc.	Reduce -12.7%	4.51%	−0.57
TCOM Trip.com Group Ltd.-ADR	Reduce -22.2%	2.06%	−0.44
ICE Intercontinental Exchange Inc.	Reduce -25.1%	4.24%	−0.39
DDL Dingdong Cayman Ltd. -SPN ADR	Reduce -17.8%	0.90%	−0.37
PDD PDD Holdings Inc.	Reduce -19.7%	0.62%	−0.14
BABA Alibaba Group Holding-SP ADR	Reduce -55.4%	0.11%	−0.14
MU Micron Technology Inc.	Reduce -40.2%	4.59%	−0.12
RXRX Recursion Pharmaceuticals-A	Sold out	0.00%	−0.12
HTHT H World Group Ltd.-ADR	Reduce -26.2%	0.41%	−0.12
SWTX Springworks Therapeutics Inc.	Sold out	0.00%	−0.12
PTC PTC Inc.	Sold out	0.00%	−0.09
IMTX Immatics NV	Sold out	0.00%	−0.08
ACIU Ac Immune SA	Sold out	0.00%	−0.08
TRMD Torm PLC-A	Sold out	0.00%	−0.08
LRCX Lam Research Corp.	Reduce -35.9%	4.75%	−0.07
AMAT Applied Materials Inc.	Sold out	0.00%	−0.07
ADSK Autodesk Inc.	Sold out	0.00%	−0.07
ANET Arista Networks Inc.	Reduce -60.1%	0.06%	−0.04
KURA Kura Oncology Inc.	Sold out	0.00%	−0.03
MA Mastercard Inc. Class A	Reduce -29.0%	0.14%	−0.03
DUOL Duolingo	Sold out	0.00%	−0.02
DG Dollar General Corp.	Sold out	0.00%	−0.02
FLG Flagstar Bank NA	Sold out	0.00%	−0.02
HCA HCA Healthcare Inc.	Sold out	0.00%	−0.02
BWA Borgwarner Inc.	Sold out	0.00%	−0.02
BCYC Bicycle Therapeutics PLC-ADR	Reduce -0.8%	0.13%	−0.01
LU Lufax Holding Ltd.-ADR	Sold out	0.00%	−0.01
CORT Corcept Therapeutics Inc.	Reduce -24.2%	0.01%	−0.01
MRUS Merus NV	Reduce -30.7%	0.16%	−0.00
UHS Universal Health Services-B	Reduce -13.1%	0.02%	−0.00
CI The Cigna Group	Reduce -10.2%	0.02%	+0.00
KSS Kohls Corp.	Reduce -12.1%	0.02%	+0.00
AURA Aura Biosciences Inc.	Reduce -16.6%	0.06%	+0.00
LBRDK Liberty Broadband-C	Reduce -21.0%	0.03%	+0.00
SRE Sempra	Reduce -11.7%	0.02%	+0.00
JXN Jackson Financial Inc. Class A	Reduce -3.3%	0.01%	+0.00
NE Noble Corp. PLC	Reduce -11.3%	0.02%	+0.00
GOSS Gossamer Bio Inc.	Reduce -20.1%	0.11%	+0.00
OMF Onemain Holdings Inc.	Reduce -10.8%	0.02%	+0.00
MBX MBX Biosciences Inc.	Reduce -39.4%	0.09%	+0.01
ZYME Zymeworks Inc.	Reduce -14.4%	0.20%	+0.01
VEEV Veeva Systems Inc. Class A	Reduce -23.4%	0.24%	+0.02

Portfolio Buys Q1 2025 → Q2 2025


RCI Rogers Communications Inc. Class B	New	5.17%	+5.17
ADBE Adobe Inc.	Add +6425.5%	4.65%	+4.59
YUM Yum! Brands Inc.	New	4.28%	+4.28
JNJ Johnson & Johnson	Add +1122.8%	4.46%	+4.12
IQV Iqvia Holdings Inc.	New	4.10%	+4.10
FLUT Flutter Entertainment PLC-Di	Add +5.3%	0.76%	+0.27
META Meta Platforms Inc. Class A	Add +5.0%	0.75%	+0.26
UBER Uber Technologies Inc.	Add +7.7%	0.64%	+0.24
NVDA Nvidia Corp.	Add +20.1%	0.31%	+0.16
WING Wingstop Inc.	New	0.13%	+0.13
IDXX Idexx Laboratories Inc.	New	0.12%	+0.12
BNTX Biontech SE-ADR	New	0.11%	+0.11
VRNA Verona Pharma Ltd.	New	0.10%	+0.10
IDYA Ideaya Biosciences Inc.	Add +9.3%	0.23%	+0.09
VRT Vertiv Holdings Co. Class A	New	0.08%	+0.08
NOW ServiceNow Inc.	New	0.08%	+0.08
CDNS Cadence Design SYS Inc.	Add +30.9%	0.17%	+0.08
BBIO Bridgebio Pharma Inc.	Add +7.6%	0.22%	+0.08
KLAC KLA Corp.	New	0.08%	+0.08
APH Amphenol Corp. Class A	Add +11.2%	0.15%	+0.07
TXN Texas Instruments Inc.	Add +177.1%	0.09%	+0.06
COGT Cogent Biosciences Inc.	Add +63.9%	0.10%	+0.06
VERA Vera Therapeutics Inc.	Add +14.7%	0.25%	+0.06
IMVT Immunovant Inc.	Add +24.7%	0.21%	+0.05
ARWR Arrowhead Pharmaceuticals Inc.	Add +12.8%	0.12%	+0.04
MCHP Microchip Technology Inc.	New	0.04%	+0.04
ADI Analog Devices Inc.	Add +87.3%	0.06%	+0.03
SNPS Synopsys Inc.	Add +1.5%	0.11%	+0.03
CNTA Centessa Pharmaceuticals Ltd.	Add +8.6%	0.25%	+0.03
BCC Boise Cascade Co.	New	0.02%	+0.02
UNH Unitedhealth Group Inc.	New	0.02%	+0.02
TKR Timken Co.	New	0.02%	+0.02
GT Goodyear Tire & Rubber Co.	New	0.02%	+0.02
ISRG Intuitive Surgical Inc.	New	0.01%	+0.01
RDDT Reddit Inc. Class A	Add +4.3%	0.02%	+0.01
WVE Wave Life Sciences Ltd.	Add +13.9%	0.15%	+0.01
FUTU Futu Holdings Ltd.-ADR	Add +8.9%	0.02%	+0.01
WHR Whirlpool Corp.	Add +12.1%	0.02%	+0.01
INTC Intel Corp.	Add +0.4%	0.05%	+0.01
PBR.A Petroleo Brasil-SP Pref ADR	Add +9.7%	0.06%	+0.01
TGT Target Corp.	Add +9.3%	0.02%	+0.00
RH RH	Add +19.6%	0.02%	+0.00
JAZZ Jazz Pharmaceuticals PLC	Add +13.9%	0.02%	+0.00
CLB Core Laboratories Inc.	Add +14.2%	0.02%	+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