Platinum Investment Management Ltd.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Platinum Investment Management Ltd. reported 124 stock positions worth $432.7 million. Its top holding was Zto Express Cayman Inc.-ADR (ZTO) at 9.6% of the portfolio, followed by Trip.com Group Ltd.-ADR (TCOM, 7.4%) and Dingdong Cayman Ltd. -SPN ADR (DDL, 3.7%). Compared with Q3 2025, it opened 22 new positions, sold out of 18, added to 8 and reduced 84. The biggest buy was Zoetis (ZTS, shares +5%) and the biggest sale Intercontinental Exchange (ICE, shares −95%).

Most Recent 13F
Q2 2026
Location
SYDNEY AUSTRALIA 2000, C3
CIK
0001256071
Portfolio Value
$432.7M (Q4 2025)
SEC Filing
0001256071-26-000004 ↗ filed Feb 13, 2026

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 Q1 2025 Q2 2025: $1.5B Q2 2025 Q3 2025: $1.5B Q3 2025 Q4 2025: $432.7M $432.7M Q4 2025 Q1 2026: $396.8M Q1 2026 Q2 2026: $406.7M Q2 2026

Holdings 124 stocks · $432.7M
ZTO Zto Express Cayman Inc.-ADR 9.63% 1,994,127 $41.7M Reduce -11.2%
TCOM Trip.com Group Ltd.-ADR 7.37% 443,718 $31.9M Reduce -6.4%
DDL Dingdong Cayman Ltd. -SPN ADR 3.72% 6,460,889 $16.1M Reduce -3.3%
GOOG Alphabet Inc. Class C 2.67% 36,843 $11.6M Reduce -71.5%
AVGO Broadcom Inc. 2.47% 30,874 $10.7M Reduce -85.5%
NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 2.46% 1,058,912 $10.6M Reduce -17.9%
BIRK Birkenstock Holding PLC 2.34% 247,600 $10.1M Reduce -4.8%
LRCX Lam Research Corp. 2.21% 55,845 $9.6M Reduce -90.3%
PDD PDD Holdings Inc. 2.06% 78,445 $8.9M Reduce -11.4%
AMZN Amazon.com Inc. 1.66% 31,080 $7.2M Reduce -26.7%
MU Micron Technology Inc. 1.64% 24,920 $7.1M Reduce -94.7%
ABBV Abbvie Inc. 1.59% 30,102 $6.9M Reduce -91.9%
MRK Merck & Co. Inc. 1.54% 63,316 $6.7M Reduce -93.3%
FICO Fair Isaac Corp. 1.51% 3,859 $6.5M Reduce -25.2%
GPCR Structure Therapeutics Inc. 1.41% 87,874 $6.1M Reduce -28.4%
VERA Vera Therapeutics Inc. 1.40% 119,384 $6.0M Reduce -25.3%
YUM Yum! Brands Inc. 1.39% 39,847 $6.0M Reduce -90.8%
IQV Iqvia Holdings Inc. 1.39% 26,708 $6.0M Reduce -92.7%
AS Amer Sports Inc. 1.38% 160,000 $6.0M Reduce -11.1%
ARWR Arrowhead Pharmaceuticals Inc. 1.37% 89,484 $5.9M Reduce -19.4%
JNJ Johnson & Johnson 1.33% 27,830 $5.8M Reduce -93.5%
RCI Rogers Communications Inc. Class B 1.29% 147,160 $5.6M Reduce -91.4%
HTHT H World Group Ltd.-ADR 1.28% 117,996 $5.6M Reduce -35.6%
UBS UBS Group AG-Reg 1.27% 117,507 $5.5M Reduce -91.8%
ZTS Zoetis Inc. 1.22% 42,000 $5.3M Add +5.0%
NVDA Nvidia Corp. 1.22% 28,191 $5.3M No change
APGE Apogee Therapeutics Inc. 1.21% 69,212 $5.2M Reduce -26.2%
UBER Uber Technologies Inc. 1.19% 63,217 $5.2M Reduce -12.6%
ICE Intercontinental Exchange Inc. 1.19% 31,856 $5.2M Reduce -94.7%
V Visa Inc. Class A 1.19% 14,700 $5.2M Reduce -39.5%
GOOGL Alphabet Inc. Class A 1.16% 16,000 $5.0M Reduce -95.8%
ADBE Adobe Inc. 1.12% 13,846 $4.8M Reduce -92.8%
IMVT Immunovant Inc. 1.07% 181,774 $4.6M Reduce -7.1%
META Meta Platforms Inc. Class A 1.07% 7,000 $4.6M Reduce -6.7%
HD Home Depot Inc. 1.06% 13,300 $4.6M Reduce -5.0%
TERN Terns Pharmaceuticals Inc. 1.03% 110,734 $4.5M Reduce -11.5%
CSGP Costar Group Inc. 1.01% 65,000 $4.4M Add +18.2%
COGT Cogent Biosciences Inc. 1.00% 121,229 $4.3M Reduce -44.8%
FND Floor & Decor Holdings Inc. Class A 0.97% 68,900 $4.2M Add +14.8%
IDYA Ideaya Biosciences Inc. 0.96% 120,604 $4.2M Reduce -27.8%
KR Kroger Co. 0.96% 66,666 $4.2M Reduce -84.3%
MSFT Microsoft Corp. 0.96% 8,573 $4.1M No change
ROIV Roivant Sciences Ltd. 0.95% 189,146 $4.1M Reduce -21.0%
WVE Wave Life Sciences Ltd. 0.91% 230,687 $3.9M Reduce -13.9%
CNTA Centessa Pharmaceuticals Ltd. 0.90% 155,101 $3.9M Reduce -16.8%
CCJ Cameco Corp. 0.90% 42,356 $3.9M Reduce -93.7%
TRU Transunion 0.88% 44,595 $3.8M Reduce -92.7%
BBIO Bridgebio Pharma Inc. 0.84% 47,756 $3.7M Reduce -23.3%
WWW Wolverine World Wide Inc. 0.84% 200,000 $3.6M No change
ADCT Adc Therapeutics SA 0.81% 990,778 $3.5M Reduce -14.3%
MA Mastercard Inc. Class A 0.75% 5,689 $3.2M Add +10.1%
RCUS Arcus Biosciences Inc. 0.74% 134,217 $3.2M Reduce -12.7%
ELF Elf Beauty Inc. 0.74% 42,000 $3.2M Add +40.0%
CAT Caterpillar Inc. 0.73% 5,500 $3.2M New
ZYME Zymeworks Inc. 0.64% 105,184 $2.8M Reduce -15.7%
ISRG Intuitive Surgical Inc. 0.63% 4,846 $2.7M No change
PRQR Proqr Therapeutics NV 0.58% 1,235,514 $2.5M No change
VEEV Veeva Systems Inc. Class A 0.57% 11,110 $2.5M No change
KLAC KLA Corp. 0.57% 2,039 $2.5M Reduce -20.4%
MOD Modine Manufacturing Co. 0.54% 17,455 $2.3M New
VAL Valaris Ltd. 0.54% 45,956 $2.3M Reduce -95.2%
BROS Dutch Bros Inc. Class A 0.53% 37,500 $2.3M Add +50.0%
CAVA Cava Group Inc. 0.51% 37,500 $2.2M New
IDXX Idexx Laboratories Inc. 0.47% 3,000 $2.0M Reduce -14.3%
GEV GE Vernova Inc. 0.46% 3,047 $2.0M New
VRT Vertiv Holdings Co. Class A 0.45% 12,045 $2.0M Reduce -37.0%
WING Wingstop Inc. 0.44% 8,000 $1.9M Add +33.3%
BSX Boston Scientific Corp. 0.43% 19,554 $1.9M New
GOSS Gossamer Bio Inc. 0.40% 561,951 $1.7M Reduce -26.5%
DRUG Bright Minds Biosciences Inc. 0.39% 21,730 $1.7M Reduce -23.2%
MSI Motorola Solutions Inc. 0.38% 4,275 $1.6M New
ANET Arista Networks Inc. 0.38% 12,456 $1.6M Reduce -27.8%
PALI Palisade Bio Inc. 0.36% 664,087 $1.6M New
AMD Advanced Micro Devices 0.36% 7,210 $1.5M New
RVMD Revolution Medicines Inc. 0.34% 18,652 $1.5M Reduce -9.3%
MBX MBX Biosciences Inc. 0.32% 43,597 $1.4M Reduce -37.2%
SHOP Shopify Inc. Class A 0.30% 8,161 $1.3M New
BCYC Bicycle Therapeutics PLC-ADR 0.30% 184,603 $1.3M No change
STOK Stoke Therapeutics Inc. 0.30% 40,815 $1.3M Add +24.1%
PSIX Power Solutions Internationa 0.26% 20,000 $1.1M New
CPNG Coupang Inc. 0.26% 47,735 $1.1M Reduce -18.8%
BKNG Booking Holdings Inc. 0.25% 200 $1.1M No change
MIND MEDICINE MINDMED INC 0.22% 70,000 $937K New
JD Jd.com Inc.-ADR 0.20% 30,853 $885K Reduce -16.8%
ARVN Arvinas Inc. 0.20% 72,527 $860K Reduce -16.6%
ABSI Absci Corp. 0.19% 237,764 $830K New
BABA Alibaba Group Holding-SP ADR 0.18% 5,333 $782K Reduce -59.3%
MGTX Meiragtx Holdings PLC 0.17% 93,922 $747K Reduce -26.4%
AURA Aura Biosciences Inc. 0.14% 111,865 $610K Reduce -17.4%
CDXS Codexis Inc. 0.10% 264,464 $431K No change
MICC The Magnum Ice Cream Co. NV 0.08% 21,682 $347K New
PONY Pony AI Inc. 0.06% 16,552 $240K New
INTC Intel Corp. 0.05% 5,453 $201K Reduce -87.7%
PBR.A Petroleo Brasil-SP Pref ADR 0.04% 16,148 $182K Reduce -77.7%
SKYE Skye Bioscience Inc. 0.04% 233,095 $175K No change
BCC Boise Cascade Co. 0.02% 1,403 $103K Reduce -72.0%
LBRDK Liberty Broadband-C 0.02% 2,060 $100K Reduce -71.7%
JAZZ Jazz Pharmaceuticals PLC 0.02% 452 $77K Reduce -79.4%
OMF Onemain Holdings Inc. 0.02% 1,091 $74K Reduce -77.0%
GT Goodyear Tire & Rubber Co. 0.02% 8,244 $72K Reduce -75.7%

Show all 124 holdings

Portfolio Sells Q3 2025 → Q4 2025
ICE Intercontinental Exchange Inc. Reduce -94.7% 1.19% −5.29
GOOGL Alphabet Inc. Class A Reduce -95.8% 1.16% −4.83
ABBV Abbvie Inc. Reduce -91.9% 1.59% −3.95
JNJ Johnson & Johnson Reduce -93.5% 1.33% −3.79
MRK Merck & Co. Inc. Reduce -93.3% 1.54% −3.55
MU Micron Technology Inc. Reduce -94.7% 1.64% −3.44
ADBE Adobe Inc. Reduce -92.8% 1.12% −3.24
IQV Iqvia Holdings Inc. Reduce -92.7% 1.39% −3.12
YUM Yum! Brands Inc. Reduce -90.8% 1.39% −2.87
LRCX Lam Research Corp. Reduce -90.3% 2.21% −2.77
CCJ Cameco Corp. Reduce -93.7% 0.90% −2.76
UBS UBS Group AG-Reg Reduce -91.8% 1.27% −2.54
RCI Rogers Communications Inc. Class B Reduce -91.4% 1.29% −2.51
VAL Valaris Ltd. Reduce -95.2% 0.54% −2.51
TRU Transunion Reduce -92.7% 0.88% −2.44
AVGO Broadcom Inc. Reduce -85.5% 2.47% −2.07
KR Kroger Co. Reduce -84.3% 0.96% −0.89
FLUT Flutter Entertainment PLC-Di Sold out 0.00% −0.38
NFLX Netflix Inc. Sold out 0.00% −0.20
MRUS Merus NV Sold out 0.00% −0.18
APH Amphenol Corp. Class A Sold out 0.00% −0.16
TEL Te Connectivity PLC Sold out 0.00% −0.14
BNTX Biontech SE-ADR Sold out 0.00% −0.11
CDNS Cadence Design SYS Inc. Sold out 0.00% −0.10
NOW ServiceNow Inc. Sold out 0.00% −0.10
GRAB Grab Holdings Ltd. Class A Sold out 0.00% −0.07
PLTR Palantir Technologies Inc. Class A Sold out 0.00% −0.06
DRS Leonardo DRS Inc. Sold out 0.00% −0.05
INTC Intel Corp. Reduce -87.7% 0.05% −0.05
SRE Sempra Sold out 0.00% −0.02
TSN Tyson Foods Inc. Class A Sold out 0.00% −0.02
TKR Timken Co. Sold out 0.00% −0.02
KSS Kohls Corp. Sold out 0.00% −0.02
PBR.A Petroleo Brasil-SP Pref ADR Reduce -77.7% 0.04% −0.01
WBD Warner Bros Discovery Inc. Sold out 0.00% −0.01
CORT Corcept Therapeutics Inc. Sold out 0.00% −0.01
LBRDK Liberty Broadband-C Reduce -71.7% 0.02% −0.01
BBY Best Buy Co. Inc. Reduce -78.8% 0.01% −0.01
UHS Universal Health Services-B Reduce -81.4% 0.01% −0.01
NE Noble Corp. PLC Reduce -79.4% 0.01% −0.00
CI The Cigna Group Reduce -77.1% 0.01% −0.00
CVS CVS Health Corp. Reduce -79.1% 0.02% −0.00
GIS General Mills Inc. Reduce -76.3% 0.01% −0.00
TGT Target Corp. Reduce -79.4% 0.02% −0.00
CLB Core Laboratories Inc. Reduce -82.3% 0.02% −0.00
MOMO Hello Group Inc. -SPN ADR Reduce -79.4% 0.01% −0.00
UNH Unitedhealth Group Inc. Reduce -75.9% 0.02% −0.00
FUTU Futu Holdings Ltd.-ADR Reduce -75.3% 0.01% −0.00
GL Globe Life Inc. Reduce -76.4% 0.01% −0.00
EC Ecopetrol SA-Sponsored ADR Reduce -78.9% 0.01% −0.00

Portfolio Buys Q3 2025 → Q4 2025
ZTS Zoetis Inc. Add +5.0% 1.22% +0.84
CAT Caterpillar Inc. New 0.73% +0.73
CSGP Costar Group Inc. Add +18.2% 1.01% +0.71
FND Floor & Decor Holdings Inc. Class A Add +14.8% 0.97% +0.68
MA Mastercard Inc. Class A Add +10.1% 0.75% +0.56
MOD Modine Manufacturing Co. New 0.54% +0.54
CAVA Cava Group Inc. New 0.51% +0.51
ELF Elf Beauty Inc. Add +40.0% 0.74% +0.48
GEV GE Vernova Inc. New 0.46% +0.46
BROS Dutch Bros Inc. Class A Add +50.0% 0.53% +0.45
BSX Boston Scientific Corp. New 0.43% +0.43
MSI Motorola Solutions Inc. New 0.38% +0.38
PALI Palisade Bio Inc. New 0.36% +0.36
AMD Advanced Micro Devices New 0.36% +0.36
WING Wingstop Inc. Add +33.3% 0.44% +0.34
SHOP Shopify Inc. Class A New 0.30% +0.30
PSIX Power Solutions Internationa New 0.26% +0.26
STOK Stoke Therapeutics Inc. Add +24.1% 0.30% +0.25
MIND MEDICINE MINDMED INC New 0.22% +0.22
ABSI Absci Corp. New 0.19% +0.19
MICC The Magnum Ice Cream Co. NV New 0.08% +0.08
PONY Pony AI Inc. New 0.06% +0.06
HUN Huntsman Corp. New 0.02% +0.02
MTDR Matador Resources Co. New 0.02% +0.02
VIST Vista Energy Sab DE CV New 0.02% +0.02
DOW Dow Inc. New 0.02% +0.02
CPB The Campbell's Company New 0.01% +0.01
ALSN Allison Transmission Holding New 0.01% +0.01
LYB Lyondellbasell Indu Class A New 0.01% +0.01
HPQ HP Inc. New 0.01% +0.01

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