Towarzystwo Funduszy Inwestycyjnych Pzu SA
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Towarzystwo Funduszy Inwestycyjnych Pzu SA reported 662 stock positions worth $422.0 million. Its top holding was Nvidia (NVDA) at 10.2% of the portfolio, followed by Microsoft (MSFT, 10.0%) and Apple (AAPL, 4.9%). Compared with Q2 2025, it opened 26 new positions, sold out of 22, added to 180 and reduced 86. The biggest buy was Planet Labs PBC (PL, shares +123%) and the biggest sale Palo Alto Networks (PANW, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- WARSAW, R9
- CIK
- 0002071170
- Portfolio Value
- $422.0M (Q3 2025)
- SEC Filing
- 0002071170-25-000027 ↗ filed Nov 14, 2025
Holdings Value
Holdings 662 stocks · $422.0M
| NVDA Nvidia Corp. | 10.23% | 231,462 | $43.2M | Add +1.6% |
| MSFT Microsoft Corp. | 9.99% | 81,396 | $42.2M | Add +4.7% |
| AAPL Apple Inc. | 4.93% | 81,732 | $20.8M | Add +2.7% |
| GOOGL Alphabet Inc. Class A | 4.14% | 71,915 | $17.5M | Add +7.2% |
| AMZN Amazon.com Inc. | 4.11% | 79,075 | $17.4M | Add +4.7% |
| ISRG Intuitive Surgical Inc. | 3.98% | 37,597 | $16.8M | Add +59.6% |
| ONON On Holding AG Class A filed as ON HLDG AG | 3.85% | 383,542 | $16.2M | Add +206.2% |
| NKE Nike Inc. Class B | 3.65% | 220,870 | $15.4M | Add +66.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 3.60% | 105,064 | $15.2M | Add +2.0% |
| LHX L3HARRIS Technologies Inc. | 3.40% | 46,938 | $14.3M | Add +0.4% |
| PL Planet Labs PBC | 3.02% | 981,828 | $12.7M | Add +122.9% |
| AXON Axon Enterprise Inc. | 2.83% | 16,639 | $11.9M | Add +363.1% |
| CRM Salesforce Inc. | 1.91% | 33,920 | $8.0M | Add +2.8% |
| DXCM Dexcom Inc. | 1.60% | 100,085 | $6.7M | Add +5.7% |
| CCJ Cameco Corp. | 1.39% | 69,989 | $5.9M | Add +110.5% |
| NEM Newmont Corp. | 0.94% | 47,170 | $4.0M | Reduce -31.2% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.91% | 89,000 | $3.8M | Add +165.7% |
| AVGO Broadcom Inc. | 0.87% | 11,076 | $3.7M | Add +17.1% |
| GLD SPDR Gold Shares | 0.86% | 10,250 | $3.6M | New |
| AEM Agnico Eagle Mines Ltd. | 0.84% | 20,988 | $3.5M | Add +15.2% |
| FSLR First Solar Inc. | 0.82% | 15,694 | $3.5M | Add +4.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.74% | 6,385 | $3.1M | Add +10.3% |
| LLY Eli Lilly & Co. | 0.74% | 4,069 | $3.1M | Add +18.8% |
| META Meta Platforms Inc. Class A | 0.73% | 4,171 | $3.1M | Add +35.4% |
| TLT iShares 20+ Year Treasury BD | 0.63% | 29,600 | $2.6M | No change |
| UNH Unitedhealth Group Inc. | 0.60% | 7,379 | $2.5M | Add +23.8% |
| B Barrick Mining Corp. | 0.50% | 64,689 | $2.1M | Reduce -53.4% |
| MU Micron Technology Inc. | 0.50% | 12,600 | $2.1M | Reduce -0.2% |
| JNJ Johnson & Johnson | 0.47% | 10,615 | $2.0M | Add +0.4% |
| TSLA Tesla Inc. | 0.47% | 4,425 | $2.0M | Add +37.0% |
| WPM Wheaton Precious Metals Corp. | 0.44% | 16,651 | $1.9M | Add +17.0% |
| ABBV Abbvie Inc. | 0.43% | 7,812 | $1.8M | Reduce -41.3% |
| NFLX Netflix Inc. | 0.40% | 1,394 | $1.7M | Add +64.8% |
| XOM Exxon Mobil Corp. | 0.37% | 13,990 | $1.6M | Reduce -3.1% |
| ORCL Oracle Corp. | 0.36% | 5,414 | $1.5M | Add +68.1% |
| CSCO Cisco Systems Inc. | 0.36% | 21,946 | $1.5M | Add +14.3% |
| JPM JPMorgan Chase & Co. | 0.35% | 4,620 | $1.5M | Add +44.4% |
| GOOG Alphabet Inc. Class C | 0.34% | 5,830 | $1.4M | Add +3.9% |
| AMGN Amgen Inc. | 0.33% | 4,935 | $1.4M | Reduce -26.2% |
| V Visa Inc. Class A | 0.33% | 4,028 | $1.4M | Add +15.6% |
| DDOG Datadog Inc. Class A | 0.32% | 9,590 | $1.4M | Add +114.5% |
| AMD Advanced Micro Devices | 0.31% | 8,029 | $1.3M | Add +144.0% |
| ADBE Adobe Inc. | 0.31% | 3,673 | $1.3M | Reduce -81.9% |
| ZS Zscaler Inc. | 0.29% | 4,152 | $1.2M | Add +0.2% |
| MA Mastercard Inc. Class A | 0.29% | 2,187 | $1.2M | Add +43.2% |
| KGC Kinross Gold Corp. | 0.28% | 48,400 | $1.2M | Add +10.0% |
| WMT Walmart Inc. | 0.28% | 11,529 | $1.2M | Add +138.0% |
| GFI Gold Fields Ltd.-Spons ADR | 0.28% | 28,200 | $1.2M | Add +3.7% |
| NET Cloudflare Inc. Class A | 0.27% | 5,345 | $1.1M | Reduce -72.8% |
| UBER Uber Technologies Inc. | 0.26% | 11,320 | $1.1M | Add +457.6% |
| AU Anglogold Ashanti PLC | 0.26% | 15,512 | $1.1M | Add +2.0% |
| ABT Abbott Laboratories | 0.24% | 7,720 | $1.0M | No change |
| CVX Chevron Corp. | 0.24% | 6,484 | $1.0M | Add +19.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.23% | 3,415 | $964K | Add +89.2% |
| MRK Merck & Co. Inc. | 0.22% | 11,173 | $938K | Add +2.0% |
| GE General Electric filed as GE AEROSPACE | 0.21% | 2,905 | $874K | Add +138.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.21% | 16,850 | $869K | Add +115.2% |
| BSX Boston Scientific Corp. | 0.20% | 8,615 | $841K | Add +14.2% |
| PLTR Palantir Technologies Inc. Class A | 0.19% | 4,500 | $821K | Add +11.1% |
| TMO Thermo Fisher Scientific Inc. | 0.19% | 1,683 | $816K | Add +2.8% |
| NOW ServiceNow Inc. | 0.19% | 870 | $801K | Add +107.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.19% | 1,575 | $792K | Add +5.3% |
| AGI Alamos Gold Inc. Class A | 0.19% | 22,650 | $790K | Add +13.5% |
| AME Ametek Inc. | 0.19% | 4,195 | $789K | Add +1322.0% |
| SPOT Spotify Technology SA | 0.18% | 1,104 | $771K | Add +39.2% |
| DHR Danaher Corp. | 0.18% | 3,838 | $761K | Add +19.6% |
| TTWO Take-Two Interactive Softwre | 0.18% | 2,936 | $759K | Reduce -87.2% |
| GILD Gilead Sciences Inc. | 0.18% | 6,665 | $740K | Reduce -30.4% |
| ARGT Global X MSCI Argentina ETF | 0.17% | 10,535 | $737K | New |
| CDE Coeur Mining Inc. | 0.17% | 38,200 | $717K | Add +7.6% |
| PAAS Pan American Silver Corp. | 0.17% | 18,200 | $706K | Add +2500.0% |
| WFC Wells Fargo & Co. | 0.16% | 8,250 | $692K | Add +124.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.16% | 5,810 | $665K | Add +180.7% |
| PANW Palo Alto Networks Inc. | 0.15% | 3,175 | $646K | Reduce -93.2% |
| PFE Pfizer Inc. | 0.15% | 24,860 | $633K | No change |
| RTX RTX Corp. | 0.14% | 3,540 | $592K | Add +17.2% |
| MSI Motorola Solutions Inc. | 0.14% | 1,260 | $576K | Reduce -6.0% |
| SNPS Synopsys Inc. | 0.14% | 1,159 | $572K | Add +56.6% |
| WELL Welltower Inc. | 0.13% | 3,190 | $568K | Add +7.8% |
| SYK Stryker Corp. | 0.13% | 1,523 | $563K | No change |
| XYL Xylem Inc. | 0.13% | 3,808 | $562K | Reduce -34.1% |
| HMY Harmony Gold MNG-Spon ADR | 0.13% | 30,600 | $555K | Add +29.1% |
| CYBR Cyberark Software Ltd./Israel | 0.13% | 1,140 | $551K | Reduce -13.6% |
| EQX Equinox Gold Corp. | 0.12% | 43,550 | $488K | Add +1.9% |
| PLD Prologis Inc. | 0.12% | 4,260 | $488K | No change |
| IGV iShares Expanded Tech-Softwa | 0.11% | 4,200 | $483K | No change |
| COST Costco Wholesale Corp. | 0.11% | 520 | $481K | Add +6.1% |
| HD Home Depot Inc. | 0.11% | 1,170 | $474K | No change |
| BA The Boeing Co. | 0.11% | 2,180 | $471K | Add +17.2% |
| IAG Iamgold Corp. | 0.11% | 36,300 | $469K | Add +17.9% |
| MDT Medtronic PLC | 0.11% | 4,910 | $468K | Add +4.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.11% | 1,189 | $466K | Reduce -40.4% |
| HUBS HubSpot Inc. | 0.11% | 960 | $449K | Add +910.5% |
| CVS CVS Health Corp. | 0.10% | 5,772 | $435K | Reduce -23.8% |
| CROX Crocs Inc. | 0.10% | 5,200 | $434K | New |
| NOC Northrop Grumman Corp. | 0.10% | 705 | $430K | Add +13.7% |
| KTOS Kratos Defense & Security | 0.10% | 4,700 | $429K | Add +2.2% |
| PG The Procter & Gamble Co. | 0.10% | 2,780 | $427K | Add +4.5% |
| FTNT Fortinet Inc. | 0.10% | 5,080 | $427K | Reduce -8.1% |
| IYH iShares U.S. Healthcare ETF | 0.10% | 7,230 | $425K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| PANW Palo Alto Networks Inc. | Reduce -93.2% | 0.15% | −2.53 |
| ADBE Adobe Inc. | Reduce -81.9% | 0.31% | −1.90 |
| TTWO Take-Two Interactive Softwre | Reduce -87.2% | 0.18% | −1.39 |
| MDB Mongodb Inc. | Reduce -99.7% | 0.00% | −1.36 |
| NET Cloudflare Inc. Class A | Reduce -72.8% | 0.27% | −0.81 |
| B Barrick Mining Corp. | Reduce -53.4% | 0.50% | −0.31 |
| ABBV Abbvie Inc. | Reduce -41.3% | 0.43% | −0.27 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -77.0% | 0.07% | −0.25 |
| AMGN Amgen Inc. | Reduce -26.2% | 0.33% | −0.19 |
| NEM Newmont Corp. | Reduce -31.2% | 0.94% | −0.18 |
| LULU Lululemon Athletica Inc. | Reduce -94.6% | 0.01% | −0.15 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -40.4% | 0.11% | −0.14 |
| MRVL Marvell Technology Inc. | Reduce -76.0% | 0.03% | −0.12 |
| GILD Gilead Sciences Inc. | Reduce -30.4% | 0.18% | −0.12 |
| TXN Texas Instruments Inc. | Reduce -36.8% | 0.08% | −0.09 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.08 |
| XYL Xylem Inc. | Reduce -34.1% | 0.13% | −0.08 |
| FERG Ferguson Enterprises Inc. | Reduce -79.2% | 0.01% | −0.07 |
| ADI Analog Devices Inc. | Reduce -45.4% | 0.06% | −0.06 |
| XOM Exxon Mobil Corp. | Reduce -3.1% | 0.37% | −0.06 |
| FTNT Fortinet Inc. | Reduce -8.1% | 0.10% | −0.06 |
| WM Waste Management Inc. | Reduce -62.7% | 0.02% | −0.06 |
| ACN Accenture PLC Class A | Reduce -18.8% | 0.07% | −0.06 |
| REGN Regeneron Pharmaceuticals | Reduce -48.3% | 0.05% | −0.05 |
| VLTO Veralto Corp. | Reduce -85.1% | 0.01% | −0.05 |
| CHKP Check Point Software Tech | Reduce -16.5% | 0.10% | −0.05 |
| NBIX Neurocrine Biosciences Inc. | Reduce -78.0% | 0.01% | −0.05 |
| INTC Intel Corp. | Reduce -52.8% | 0.07% | −0.04 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -51.9% | 0.06% | −0.04 |
| CVS CVS Health Corp. | Reduce -23.8% | 0.10% | −0.04 |
| RBRK Rubrik Inc. Class A | Reduce -16.7% | 0.08% | −0.04 |
| NXPI NXP Semiconductors NV | Reduce -58.5% | 0.02% | −0.04 |
| MAR Marriott International Class A | Reduce -66.7% | 0.01% | −0.04 |
| PNR Pentair PLC | Reduce -87.1% | 0.01% | −0.04 |
| GEN Gen Digital Inc. | Reduce -12.2% | 0.10% | −0.04 |
| HES Hess Corp. | Sold out | 0.00% | −0.04 |
| GGG Graco Inc. | Reduce -85.9% | 0.00% | −0.03 |
| INCY Incyte Corp. | Reduce -60.9% | 0.02% | −0.03 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -49.8% | 0.03% | −0.03 |
| AKAM Akamai Technologies Inc. | Reduce -11.4% | 0.07% | −0.03 |
| CNM Core & Main Inc. Class A | Sold out | 0.00% | −0.02 |
| CCEP Coca-Cola Europacific Partne | Reduce -78.0% | 0.01% | −0.02 |
| MSI Motorola Solutions Inc. | Reduce -6.0% | 0.14% | −0.02 |
| WTRG Essential Utilities Inc. | Sold out | 0.00% | −0.02 |
| CYBR Cyberark Software Ltd./Israel | Reduce -13.6% | 0.13% | −0.02 |
| FLS Flowserve Corp. | Sold out | 0.00% | −0.02 |
| TENB Tenable Holdings Inc. | Reduce -8.3% | 0.04% | −0.02 |
| TTEK Tetra Tech Inc. | Sold out | 0.00% | −0.02 |
| K Kellanova | Reduce -56.6% | 0.01% | −0.02 |
| GIS General Mills Inc. | Reduce -55.6% | 0.01% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| PL Planet Labs PBC | Add +122.9% | 3.02% | +2.26 |
| ONON On Holding AG Class A | Add +206.2% | 3.85% | +2.02 |
| AXON Axon Enterprise Inc. | Add +363.1% | 2.83% | +1.99 |
| NKE Nike Inc. Class B | Add +66.5% | 3.65% | +1.00 |
| GLD SPDR Gold Shares | New | 0.86% | +0.86 |
| GOOGL Alphabet Inc. Class A | Add +7.2% | 4.14% | +0.82 |
| CCJ Cameco Corp. | Add +110.5% | 1.39% | +0.70 |
| SHYG iShares 0-5 YR HY Corp. Bond | Add +165.7% | 0.91% | +0.51 |
| ISRG Intuitive Surgical Inc. | Add +59.6% | 3.98% | +0.39 |
| AAPL Apple Inc. | Add +2.7% | 4.93% | +0.34 |
| AEM Agnico Eagle Mines Ltd. | Add +15.2% | 0.84% | +0.23 |
| UBER Uber Technologies Inc. | Add +457.6% | 0.26% | +0.21 |
| TSLA Tesla Inc. | Add +37.0% | 0.47% | +0.18 |
| AMD Advanced Micro Devices | Add +144.0% | 0.31% | +0.18 |
| ARGT Global X MSCI Argentina ETF | New | 0.17% | +0.17 |
| AME Ametek Inc. | Add +1322.0% | 0.19% | +0.17 |
| ORCL Oracle Corp. | Add +68.1% | 0.36% | +0.16 |
| PAAS Pan American Silver Corp. | Add +2500.0% | 0.17% | +0.16 |
| DDOG Datadog Inc. Class A | Add +114.5% | 0.32% | +0.15 |
| WMT Walmart Inc. | Add +138.0% | 0.28% | +0.15 |
| AVGO Broadcom Inc. | Add +17.1% | 0.87% | +0.13 |
| GE General Electric | Add +138.1% | 0.21% | +0.12 |
| FSLR First Solar Inc. | Add +4.0% | 0.82% | +0.12 |
| NVDA Nvidia Corp. | Add +1.6% | 10.23% | +0.11 |
| CROX Crocs Inc. | New | 0.10% | +0.10 |
| BAC Bank of America Corp. | Add +115.2% | 0.21% | +0.10 |
| LHX L3HARRIS Technologies Inc. | Add +0.4% | 3.40% | +0.10 |
| GFI Gold Fields Ltd.-Spons ADR | Add +3.7% | 0.28% | +0.10 |
| KGC Kinross Gold Corp. | Add +10.0% | 0.28% | +0.09 |
| HUBS HubSpot Inc. | Add +910.5% | 0.11% | +0.09 |
| META Meta Platforms Inc. Class A | Add +35.4% | 0.73% | +0.09 |
| DIS The Walt Disney Co. | Add +180.7% | 0.16% | +0.09 |
| JPM JPMorgan Chase & Co. | Add +44.4% | 0.35% | +0.08 |
| WPM Wheaton Precious Metals Corp. | Add +17.0% | 0.44% | +0.08 |
| CDE Coeur Mining Inc. | Add +7.6% | 0.17% | +0.08 |
| WFC Wells Fargo & Co. | Add +124.8% | 0.16% | +0.08 |
| UNH Unitedhealth Group Inc. | Add +23.8% | 0.60% | +0.08 |
| IBM Intl Business Machines Corp. | Add +89.2% | 0.23% | +0.08 |
| NFLX Netflix Inc. | Add +64.8% | 0.40% | +0.08 |
| NOW ServiceNow Inc. | Add +107.1% | 0.19% | +0.07 |
| AU Anglogold Ashanti PLC | Add +2.0% | 0.26% | +0.06 |
| SGOL Abrdn Physical Gold Shares | New | 0.06% | +0.06 |
| GOOG Alphabet Inc. Class C | Add +3.9% | 0.34% | +0.06 |
| OUNZ Vaneck Merk Gold ETF | New | 0.05% | +0.05 |
| IAUM iShares Gold Trust Micro | New | 0.05% | +0.05 |
| GLDM SPDR Gold Minishares Trust | New | 0.05% | +0.05 |
| MA Mastercard Inc. Class A | Add +43.2% | 0.29% | +0.05 |
| IAG Iamgold Corp. | Add +17.9% | 0.11% | +0.05 |
| APP AppLovin Corp. Class A | Add +30.3% | 0.08% | +0.05 |
| EQX Equinox Gold Corp. | Add +1.9% | 0.12% | +0.05 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 690 | $354.8M | NVDA, SOXX, MSFT, AAPL, ONON |
| Q1 2026 | 687 | $297.7M | NVDA, CVX, MSFT, AAPL, ONON |
| Q4 2025 | 682 | $397.2M | NVDA, MSFT, META, ONON, AMZN |
| Q3 2025 | 662 | $422.0M | NVDA, MSFT, AAPL, GOOGL, AMZN |
| Q2 2025 | 658 | $355.6M | MSFT, NVDA, AMZN, AAPL, ISRG |
| Q1 2025 | 654 | $293.3M | MSFT, NVDA, AAPL, AMZN, ISRG |
| Q4 2024 | 627 | $303.0M | MSFT, NVDA, AAPL, AMZN, ISRG |
| Q3 2024 | 582 | $275.1M | MSFT, NVDA, AMD, AAPL, ISRG |
| Q2 2024 | 564 | $267.9M | NVDA, MSFT, AMD, ISRG, GOOGL |
| Q1 2024 | 572 | $236.1M | NVDA, MSFT, AMD, PANW, NKE |