Platinum Investment Management Ltd.

Name: PLATINUM INVESTMENT MANAGEMENT LTD 13F holdings, Q3 2025
Creator: PLATINUM INVESTMENT MANAGEMENT LTD
Published: 2025-11-13

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

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%
JAZZ Jazz Pharmaceuticals PLC	0.02%	2,197	$290K	Reduce -6.7%
UNH Unitedhealth Group Inc.	0.02%	834	$288K	Reduce -9.1%
CI The Cigna Group	0.02%	996	$287K	Add +23.0%
TSN Tyson Foods Inc. Class A	0.02%	5,138	$279K	Add +18.5%
GIS General Mills Inc.	0.02%	5,493	$277K	Add +21.1%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD	0.02%	1,582	$275K	Reduce -39.7%
TKR Timken Co.	0.02%	3,617	$272K	No change
NE Noble Corp. PLC	0.02%	9,547	$270K	Reduce -12.2%
OMF Onemain Holdings Inc.	0.02%	4,747	$268K	Reduce -7.0%
WHR Whirlpool Corp.	0.02%	3,288	$258K	Reduce -2.4%
GT Goodyear Tire & Rubber Co.	0.02%	33,914	$254K	Add +35.3%
KSS Kohls Corp.	0.02%	16,332	$251K	Reduce -47.5%
WBD Warner Bros Discovery Inc.	0.01%	7,793	$152K	Reduce -40.9%
GL Globe Life Inc.	0.01%	1,037	$148K	Reduce -8.6%
MOMO Hello Group Inc. -SPN ADR	0.01%	19,661	$146K	Add +6.3%
CORT Corcept Therapeutics Inc.	0.01%	1,750	$145K	Reduce -11.2%
JXN Jackson Financial Inc. Class A	0.01%	1,398	$142K	Reduce -10.6%
HLF Herbalife Ltd.	0.01%	16,214	$137K	No change
EC Ecopetrol SA-Sponsored ADR	0.01%	14,711	$135K	No change
KD Kyndryl Holdings Inc.	0.00%	205	$6K	No change

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