Platinum Investment Management Ltd.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Platinum Investment Management Ltd. reported 120 stock positions worth $1.5 billion. Its top holding was Intercontinental Exchange (ICE) at 6.5% of the portfolio, followed by Alphabet Class A (GOOGL, 6.0%) and Abbvie (ABBV, 5.5%). Compared with Q2 2025, it opened 15 new positions, sold out of 10, added to 26 and reduced 59. The biggest buy was Intercontinental Exchange (ICE, shares +72%) and the biggest sale UBS Group AG-Reg (UBS, shares −48%).
- Most Recent 13F
- Q2 2026
- Location
- SYDNEY AUSTRALIA 2000, C3
- CIK
- 0001256071
- Portfolio Value
- $1.5B (Q3 2025)
- SEC Filing
- 0001256071-25-000009 ↗ filed Nov 13, 2025
Holdings Value
Holdings 120 stocks · $1.5B
| ICE Intercontinental Exchange Inc. | 6.49% | 595,544 | $100.3M | Add +71.6% |
| GOOGL Alphabet Inc. Class A | 5.99% | 381,253 | $92.7M | Reduce -38.2% |
| ABBV Abbvie Inc. | 5.54% | 370,159 | $85.7M | Add +1.3% |
| JNJ Johnson & Johnson | 5.12% | 426,977 | $79.2M | Reduce -2.9% |
| MRK Merck & Co. Inc. | 5.09% | 938,786 | $78.8M | Add +7.2% |
| MU Micron Technology Inc. | 5.09% | 470,291 | $78.7M | Reduce -16.1% |
| LRCX Lam Research Corp. | 4.98% | 575,369 | $77.0M | Reduce -21.5% |
| AVGO Broadcom Inc. | 4.54% | 213,061 | $70.3M | Reduce -24.8% |
| IQV Iqvia Holdings Inc. | 4.51% | 367,685 | $69.8M | Reduce -5.9% |
| ADBE Adobe Inc. | 4.36% | 191,020 | $67.4M | Add +5.7% |
| YUM Yum! Brands Inc. | 4.27% | 434,284 | $66.0M | No change |
| UBS UBS Group AG-Reg | 3.81% | 1,442,578 | $59.0M | Reduce -48.1% |
| RCI Rogers Communications Inc. Class B | 3.79% | 1,704,054 | $58.7M | Reduce -35.1% |
| CCJ Cameco Corp. | 3.66% | 674,490 | $56.6M | Reduce -32.7% |
| TRU Transunion | 3.33% | 614,562 | $51.5M | Reduce -13.9% |
| VAL Valaris Ltd. | 3.04% | 964,723 | $47.0M | Reduce -16.1% |
| ZTO Zto Express Cayman Inc.-ADR | 2.79% | 2,245,725 | $43.1M | Reduce -11.2% |
| TCOM Trip.com Group Ltd.-ADR | 2.30% | 474,116 | $35.7M | Reduce -10.0% |
| GOOG Alphabet Inc. Class C | 2.03% | 129,103 | $31.4M | Reduce -31.3% |
| KR Kroger Co. | 1.85% | 425,584 | $28.7M | New |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 0.97% | 1,290,285 | $15.0M | Reduce -7.4% |
| DDL Dingdong Cayman Ltd. -SPN ADR | 0.89% | 6,677,746 | $13.8M | No change |
| BIRK Birkenstock Holding PLC | 0.76% | 260,000 | $11.8M | Add +116.7% |
| PDD PDD Holdings Inc. | 0.76% | 88,509 | $11.7M | No change |
| AMZN Amazon.com Inc. | 0.60% | 42,393 | $9.3M | Reduce -13.9% |
| V Visa Inc. Class A | 0.54% | 24,309 | $8.3M | Reduce -3.6% |
| FICO Fair Isaac Corp. | 0.50% | 5,159 | $7.7M | New |
| HTHT H World Group Ltd.-ADR | 0.46% | 183,111 | $7.2M | No change |
| UBER Uber Technologies Inc. | 0.46% | 72,307 | $7.1M | Reduce -30.0% |
| AS Amer Sports Inc. | 0.40% | 180,000 | $6.3M | Reduce -5.3% |
| FLUT Flutter Entertainment PLC-Di | 0.38% | 23,000 | $5.9M | Reduce -42.5% |
| ZTS Zoetis Inc. | 0.38% | 40,000 | $5.9M | No change |
| HD Home Depot Inc. | 0.37% | 14,000 | $5.7M | New |
| META Meta Platforms Inc. Class A | 0.36% | 7,500 | $5.5M | Reduce -50.9% |
| WWW Wolverine World Wide Inc. | 0.35% | 200,000 | $5.5M | New |
| NVDA Nvidia Corp. | 0.34% | 28,191 | $5.3M | Reduce -4.1% |
| VERA Vera Therapeutics Inc. | 0.30% | 159,751 | $4.6M | No change |
| CSGP Costar Group Inc. | 0.30% | 55,000 | $4.6M | Reduce -15.4% |
| ADCT Adc Therapeutics SA | 0.30% | 1,156,721 | $4.6M | Reduce -16.6% |
| IDYA Ideaya Biosciences Inc. | 0.29% | 166,917 | $4.5M | No change |
| CNTA Centessa Pharmaceuticals Ltd. | 0.29% | 186,399 | $4.5M | Reduce -35.9% |
| MSFT Microsoft Corp. | 0.29% | 8,573 | $4.4M | Reduce -8.2% |
| FND Floor & Decor Holdings Inc. Class A | 0.29% | 60,000 | $4.4M | New |
| ELF Elf Beauty Inc. | 0.26% | 30,000 | $4.0M | Reduce -25.0% |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.25% | 111,022 | $3.8M | No change |
| APGE Apogee Therapeutics Inc. | 0.24% | 93,728 | $3.7M | Add +8.3% |
| ROIV Roivant Sciences Ltd. | 0.23% | 239,420 | $3.6M | Reduce -50.3% |
| GPCR Structure Therapeutics Inc. | 0.22% | 122,758 | $3.4M | Add +63.9% |
| VEEV Veeva Systems Inc. Class A | 0.21% | 11,110 | $3.3M | Reduce -12.2% |
| BBIO Bridgebio Pharma Inc. | 0.21% | 62,244 | $3.2M | Reduce -17.8% |
| IMVT Immunovant Inc. | 0.20% | 195,727 | $3.2M | No change |
| COGT Cogent Biosciences Inc. | 0.20% | 219,504 | $3.2M | No change |
| NFLX Netflix Inc. | 0.20% | 2,552 | $3.1M | Reduce -19.0% |
| MA Mastercard Inc. Class A | 0.19% | 5,169 | $2.9M | Add +39.2% |
| VRT Vertiv Holdings Co. Class A | 0.19% | 19,132 | $2.9M | Add +100.6% |
| KLAC KLA Corp. | 0.18% | 2,562 | $2.8M | Add +100.5% |
| MRUS Merus NV | 0.18% | 29,018 | $2.7M | Reduce -35.4% |
| PRQR Proqr Therapeutics NV | 0.17% | 1,235,514 | $2.6M | Reduce -14.8% |
| ANET Arista Networks Inc. | 0.16% | 17,245 | $2.5M | Add +99.1% |
| APH Amphenol Corp. Class A | 0.16% | 20,171 | $2.5M | Reduce -12.0% |
| BABA Alibaba Group Holding-SP ADR | 0.15% | 13,106 | $2.3M | Reduce -9.1% |
| IDXX Idexx Laboratories Inc. | 0.14% | 3,500 | $2.2M | No change |
| ISRG Intuitive Surgical Inc. | 0.14% | 4,846 | $2.2M | Add +1145.8% |
| TEL Te Connectivity PLC | 0.14% | 9,783 | $2.1M | New |
| ZYME Zymeworks Inc. | 0.14% | 124,784 | $2.1M | Reduce -47.7% |
| RCUS Arcus Biosciences Inc. | 0.14% | 153,783 | $2.1M | No change |
| GOSS Gossamer Bio Inc. | 0.13% | 764,165 | $2.0M | Reduce -44.8% |
| WVE Wave Life Sciences Ltd. | 0.13% | 267,794 | $2.0M | Reduce -24.6% |
| CPNG Coupang Inc. | 0.12% | 58,754 | $1.9M | Add +29.0% |
| DRUG Bright Minds Biosciences Inc. | 0.11% | 28,308 | $1.7M | No change |
| BNTX Biontech SE-ADR | 0.11% | 16,902 | $1.7M | Add +13.7% |
| CDNS Cadence Design SYS Inc. | 0.10% | 4,535 | $1.6M | Reduce -45.3% |
| NOW ServiceNow Inc. | 0.10% | 1,677 | $1.5M | Add +46.0% |
| WING Wingstop Inc. | 0.10% | 6,000 | $1.5M | No change |
| INTC Intel Corp. | 0.10% | 44,423 | $1.5M | Add +24.2% |
| BCYC Bicycle Therapeutics PLC-ADR | 0.09% | 184,603 | $1.4M | Reduce -35.3% |
| BROS Dutch Bros Inc. Class A | 0.08% | 25,000 | $1.3M | New |
| JD Jd.com Inc.-ADR | 0.08% | 37,070 | $1.3M | Reduce -60.0% |
| MBX MBX Biosciences Inc. | 0.08% | 69,428 | $1.2M | Reduce -38.4% |
| GRAB Grab Holdings Ltd. Class A | 0.07% | 188,091 | $1.1M | New |
| BKNG Booking Holdings Inc. | 0.07% | 200 | $1.1M | No change |
| MGTX Meiragtx Holdings PLC | 0.07% | 127,534 | $1.0M | Reduce -38.8% |
| RVMD Revolution Medicines Inc. | 0.06% | 20,576 | $961K | New |
| TERN Terns Pharmaceuticals Inc. | 0.06% | 125,156 | $940K | New |
| SKYE Skye Bioscience Inc. | 0.06% | 233,095 | $916K | Reduce -20.5% |
| PLTR Palantir Technologies Inc. Class A | 0.06% | 4,694 | $856K | New |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.06% | 72,404 | $856K | Reduce -7.4% |
| DRS Leonardo DRS Inc. | 0.05% | 18,462 | $838K | New |
| AURA Aura Biosciences Inc. | 0.05% | 135,402 | $837K | No change |
| STOK Stoke Therapeutics Inc. | 0.05% | 32,901 | $773K | New |
| ARVN Arvinas Inc. | 0.05% | 86,930 | $741K | New |
| CDXS Codexis Inc. | 0.04% | 264,464 | $645K | Reduce -16.4% |
| LBRDK Liberty Broadband-C | 0.03% | 7,286 | $463K | Add +84.6% |
| BCC Boise Cascade Co. | 0.03% | 5,010 | $387K | Add +16.6% |
| UHS Universal Health Services-B | 0.02% | 1,534 | $314K | Add +9.8% |
| BBY Best Buy Co. Inc. | 0.02% | 4,032 | $305K | New |
| SRE Sempra | 0.02% | 3,388 | $305K | Reduce -7.8% |
| CVS CVS Health Corp. | 0.02% | 3,970 | $299K | Reduce -7.5% |
| CLB Core Laboratories Inc. | 0.02% | 23,758 | $294K | Add +3.9% |
| TGT Target Corp. | 0.02% | 3,269 | $293K | Add +20.9% |
Portfolio Sells Q2 2025 → Q3 2025
| UBS UBS Group AG-Reg | Reduce -48.1% | 3.81% | −2.42 |
| RCI Rogers Communications Inc. Class B | Reduce -35.1% | 3.79% | −1.37 |
| CCJ Cameco Corp. | Reduce -32.7% | 3.66% | −1.29 |
| GOOGL Alphabet Inc. Class A | Reduce -38.2% | 5.99% | −1.24 |
| TRU Transunion | Reduce -13.9% | 3.33% | −0.85 |
| AVGO Broadcom Inc. | Reduce -24.8% | 4.54% | −0.65 |
| META Meta Platforms Inc. Class A | Reduce -50.9% | 0.36% | −0.39 |
| FLUT Flutter Entertainment PLC-Di | Reduce -42.5% | 0.38% | −0.37 |
| XYZ Block Inc. | Sold out | 0.00% | −0.36 |
| ZTO Zto Express Cayman Inc.-ADR | Reduce -11.2% | 2.79% | −0.20 |
| GOOG Alphabet Inc. Class C | Reduce -31.3% | 2.03% | −0.18 |
| UBER Uber Technologies Inc. | Reduce -30.0% | 0.46% | −0.18 |
| VAL Valaris Ltd. | Reduce -16.1% | 3.04% | −0.18 |
| NOAH Noah Holdings Ltd.-Spon ADS | Reduce -7.4% | 0.97% | −0.14 |
| ROIV Roivant Sciences Ltd. | Reduce -50.3% | 0.23% | −0.13 |
| JD Jd.com Inc.-ADR | Reduce -60.0% | 0.08% | −0.12 |
| AMZN Amazon.com Inc. | Reduce -13.9% | 0.60% | −0.12 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.11 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.10 |
| TXN Texas Instruments Inc. | Sold out | 0.00% | −0.09 |
| AS Amer Sports Inc. | Reduce -5.3% | 0.40% | −0.09 |
| NFLX Netflix Inc. | Reduce -19.0% | 0.20% | −0.08 |
| ELF Elf Beauty Inc. | Reduce -25.0% | 0.26% | −0.07 |
| CDNS Cadence Design SYS Inc. | Reduce -45.3% | 0.10% | −0.07 |
| ZYME Zymeworks Inc. | Reduce -47.7% | 0.14% | −0.06 |
| V Visa Inc. Class A | Reduce -3.6% | 0.54% | −0.06 |
| ADI Analog Devices Inc. | Sold out | 0.00% | −0.06 |
| CSGP Costar Group Inc. | Reduce -15.4% | 0.30% | −0.05 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.04 |
| BCYC Bicycle Therapeutics PLC-ADR | Reduce -35.3% | 0.09% | −0.04 |
| VEEV Veeva Systems Inc. Class A | Reduce -12.2% | 0.21% | −0.03 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.03 |
| WVE Wave Life Sciences Ltd. | Reduce -24.6% | 0.13% | −0.03 |
| PRQR Proqr Therapeutics NV | Reduce -14.8% | 0.17% | −0.03 |
| RDDT Reddit Inc. Class A | Sold out | 0.00% | −0.02 |
| MGTX Meiragtx Holdings PLC | Reduce -38.8% | 0.07% | −0.02 |
| SKYE Skye Bioscience Inc. | Reduce -20.5% | 0.06% | −0.02 |
| MSFT Microsoft Corp. | Reduce -8.2% | 0.29% | −0.02 |
| RH RH | Sold out | 0.00% | −0.02 |
| CDXS Codexis Inc. | Reduce -16.4% | 0.04% | −0.01 |
| BBIO Bridgebio Pharma Inc. | Reduce -17.8% | 0.21% | −0.01 |
| MBX MBX Biosciences Inc. | Reduce -38.4% | 0.08% | −0.01 |
| WHR Whirlpool Corp. | Reduce -2.4% | 0.02% | −0.01 |
| PBR.A Petroleo Brasil-SP Pref ADR | Reduce -7.4% | 0.06% | −0.00 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -39.7% | 0.02% | −0.00 |
| OMF Onemain Holdings Inc. | Reduce -7.0% | 0.02% | −0.00 |
| NE Noble Corp. PLC | Reduce -12.2% | 0.02% | −0.00 |
| KSS Kohls Corp. | Reduce -47.5% | 0.02% | −0.00 |
| SOLV Solventum Corp. | Sold out | 0.00% | −0.00 |
| UNH Unitedhealth Group Inc. | Reduce -9.1% | 0.02% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| ICE Intercontinental Exchange Inc. | Add +71.6% | 6.49% | +2.25 |
| KR Kroger Co. | New | 1.85% | +1.85 |
| ABBV Abbvie Inc. | Add +1.3% | 5.54% | +1.03 |
| FICO Fair Isaac Corp. | New | 0.50% | +0.50 |
| MRK Merck & Co. Inc. | Add +7.2% | 5.09% | +0.48 |
| BIRK Birkenstock Holding PLC | Add +116.7% | 0.76% | +0.37 |
| HD Home Depot Inc. | New | 0.37% | +0.37 |
| WWW Wolverine World Wide Inc. | New | 0.35% | +0.35 |
| FND Floor & Decor Holdings Inc. Class A | New | 0.29% | +0.29 |
| TEL Te Connectivity PLC | New | 0.14% | +0.14 |
| ISRG Intuitive Surgical Inc. | Add +1145.8% | 0.14% | +0.13 |
| GPCR Structure Therapeutics Inc. | Add +63.9% | 0.22% | +0.12 |
| VRT Vertiv Holdings Co. Class A | Add +100.6% | 0.19% | +0.11 |
| ANET Arista Networks Inc. | Add +99.1% | 0.16% | +0.10 |
| KLAC KLA Corp. | Add +100.5% | 0.18% | +0.10 |
| BROS Dutch Bros Inc. Class A | New | 0.08% | +0.08 |
| GRAB Grab Holdings Ltd. Class A | New | 0.07% | +0.07 |
| RVMD Revolution Medicines Inc. | New | 0.06% | +0.06 |
| TERN Terns Pharmaceuticals Inc. | New | 0.06% | +0.06 |
| PLTR Palantir Technologies Inc. Class A | New | 0.06% | +0.06 |
| DRS Leonardo DRS Inc. | New | 0.05% | +0.05 |
| MA Mastercard Inc. Class A | Add +39.2% | 0.19% | +0.05 |
| STOK Stoke Therapeutics Inc. | New | 0.05% | +0.05 |
| ARVN Arvinas Inc. | New | 0.05% | +0.05 |
| INTC Intel Corp. | Add +24.2% | 0.10% | +0.04 |
| CPNG Coupang Inc. | Add +29.0% | 0.12% | +0.03 |
| NOW ServiceNow Inc. | Add +46.0% | 0.10% | +0.02 |
| BBY Best Buy Co. Inc. | New | 0.02% | +0.02 |
| LBRDK Liberty Broadband-C | Add +84.6% | 0.03% | +0.00 |
| UHS Universal Health Services-B | Add +9.8% | 0.02% | +0.00 |
| BNTX Biontech SE-ADR | Add +13.7% | 0.11% | +0.00 |
| GIS General Mills Inc. | Add +21.1% | 0.02% | +0.00 |
| TSN Tyson Foods Inc. Class A | Add +18.5% | 0.02% | +0.00 |
| CLB Core Laboratories Inc. | Add +3.9% | 0.02% | +0.00 |
| TGT Target Corp. | Add +20.9% | 0.02% | +0.00 |
| CI The Cigna Group | Add +23.0% | 0.02% | +0.00 |
| BCC Boise Cascade Co. | Add +16.6% | 0.03% | +0.00 |
| GT Goodyear Tire & Rubber Co. | Add +35.3% | 0.02% | −0.00 |
| MOMO Hello Group Inc. -SPN ADR | Add +6.3% | 0.01% | −0.00 |
| APGE Apogee Therapeutics Inc. | Add +8.3% | 0.24% | −0.01 |
| ADBE Adobe Inc. | Add +5.7% | 4.36% | −0.29 |
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 |