# TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH PZU SA

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2071170. Source: https://holderbook.com/funds/2071170-towarzystwo-funduszy-inwestycyjnych-pzu-sa/

- Reported value: $354.8M
- Positions: 690
- Weight of the ten largest: 44.0%
- Filed: 2026-08-07

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $61.2M | 305,846 | 17.2% | 15 |
| ISHARES TR | [SOXX](https://holderbook.com/stocks/SOXX/) | $22.4M | 34,995 | 6.3% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $16.7M | 44,696 | 4.7% | 15 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $12.1M | 41,955 | 3.4% | 15 |
| ON HLDG AG | [ONON](https://holderbook.com/stocks/ONON/) | $9.9M | 280,142 | 2.8% | 5 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $7.7M | 6,656 | 2.2% | 15 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $7.2M | 19,088 | 2.0% | 15 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $6.6M | 27,644 | 1.9% | 15 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $6.3M | 17,627 | 1.8% | 15 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $6.1M | 10,881 | 1.7% | 15 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $5.8M | 15,750 | 1.6% | 4 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $5.0M | 4,167 | 1.4% | 15 |
| AXON ENTERPRISE INC | [AXON](https://holderbook.com/stocks/AXON/) | $4.0M | 7,172 | 1.1% | 11 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $3.8M | 37,061 | 1.1% | 11 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $3.6M | 38,781 | 1.0% | 15 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $3.4M | 4,512 | 1.0% | 13 |
| INVESCO DB MULTI-SECTOR COMM | [DBA](https://holderbook.com/stocks/DBA/) | $3.2M | 120,600 | 0.9% | 1 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $3.2M | 2,726 | 0.9% | 9 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $2.7M | 4,716 | 0.8% | 15 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $2.6M | 16,691 | 0.7% | 11 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $2.6M | 10,050 | 0.7% | 15 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $2.5M | 6,057 | 0.7% | 15 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $2.4M | 6,049 | 0.7% | 15 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $2.2M | 8,698 | 0.6% | 15 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.2M | 6,114 | 0.6% | 15 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $2.2M | 5,129 | 0.6% | 15 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $2.1M | 15,624 | 0.6% | 15 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $2.0M | 20,384 | 0.6% | 15 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $1.9M | 16,427 | 0.5% | 15 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $1.9M | 52,337 | 0.5% | 5 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $1.8M | 5,594 | 0.5% | 15 |
| ASTRAZENECA PLC | [AZN](https://holderbook.com/stocks/AZN/) | $1.7M | 8,972 | 0.5% | 2 |
| PLANET LABS PBC | [PL](https://holderbook.com/stocks/PL/) | $1.6M | 49,060 | 0.5% | 11 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $1.6M | 10,308 | 0.5% | 15 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $1.6M | 12,190 | 0.4% | 15 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $1.6M | 4,529 | 0.4% | 15 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $1.5M | 13,672 | 0.4% | 15 |
| CLOUDFLARE INC | [NET](https://holderbook.com/stocks/NET/) | $1.5M | 6,101 | 0.4% | 11 |
| DEXCOM INC | [DXCM](https://holderbook.com/stocks/DXCM/) | $1.5M | 21,717 | 0.4% | 15 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $1.4M | 9,247 | 0.4% | 15 |
| AMER SPORTS INC | [AS](https://holderbook.com/stocks/AS/) | $1.4M | 41,000 | 0.4% | 3 |
| ISHARES TR | [MCHI](https://holderbook.com/stocks/MCHI/) | $1.4M | 26,980 | 0.4% | 2 |
| GLOBAL X FDS | [COPX](https://holderbook.com/stocks/COPX/) | $1.4M | 17,650 | 0.4% | 1 |
| WEST PHARMACEUTICAL SVSC INC | [WST](https://holderbook.com/stocks/WST/) | $1.3M | 3,727 | 0.4% | 7 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $1.3M | 11,674 | 0.4% | 15 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $1.3M | 3,756 | 0.4% | 15 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $1.2M | 2,453 | 0.3% | 15 |
| ISHARES INC | [EWZ](https://holderbook.com/stocks/EWZ/) | $1.2M | 35,500 | 0.3% | 1 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $1.2M | 2,290 | 0.3% | 15 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $1.2M | 8,365 | 0.3% | 15 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $1.1M | 3,018 | 0.3% | 12 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.1M | 6,777 | 0.3% | 15 |
| GAP INC | [GAP](https://holderbook.com/stocks/GAP/) | $1.0M | 55,760 | 0.3% | 1 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $1.0M | 1,435 | 0.3% | 15 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $1.0M | 2,361 | 0.3% | 7 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $1.0M | 4,471 | 0.3% | 13 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $997.8K | 937 | 0.3% | 15 |
| ANGLOGOLD ASHANTI PLC | [AU](https://holderbook.com/stocks/AU/) | $994.9K | 12,300 | 0.3% | 11 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $987.7K | 17,334 | 0.3% | 15 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $942.6K | 3,352 | 0.3% | 15 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $912.4K | 6,519 | 0.3% | 15 |
| L3HARRIS TECHNOLOGIES INC | [LHX](https://holderbook.com/stocks/LHX/) | $877.9K | 3,021 | 0.2% | 15 |
| KINROSS GOLD CORP | [KGC](https://holderbook.com/stocks/KGC/) | $875.3K | 37,100 | 0.2% | 15 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $845.2K | 9,630 | 0.2% | 15 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $839.5K | 11,758 | 0.2% | 15 |
| ZSCALER INC | [ZS](https://holderbook.com/stocks/ZS/) | $829.3K | 5,875 | 0.2% | 11 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $826.5K | 5,380 | 0.2% | 15 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $824.9K | 10,150 | 0.2% | 15 |
| GOLD FIELDS LTD | [GFI](https://holderbook.com/stocks/GFI/) | $809.5K | 24,100 | 0.2% | 11 |
| DATADOG INC | [DDOG](https://holderbook.com/stocks/DDOG/) | $807.1K | 3,100 | 0.2% | 11 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $784.4K | 2,600 | 0.2% | 15 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $777.1K | 1,550 | 0.2% | 15 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $760.3K | 5,612 | 0.2% | 15 |
| USA RARE EARTH INC | [USAR](https://holderbook.com/stocks/USAR/) | $752.6K | 34,873 | 0.2% | 2 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $749.4K | 741 | 0.2% | 15 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $745.3K | 3,928 | 0.2% | 15 |
| COEUR MNG INC | [CDE](https://holderbook.com/stocks/CDE/) | $727.9K | 44,600 | 0.2% | 11 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $726.9K | 777 | 0.2% | 15 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $722.2K | 4,925 | 0.2% | 15 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $706.5K | 1,951 | 0.2% | 15 |
| ECOPETROL S A | [EC](https://holderbook.com/stocks/EC/) | $704.9K | 49,500 | 0.2% | 1 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $703.5K | 5,568 | 0.2% | 15 |
| PAN AMERN SILVER CORP | [PAAS](https://holderbook.com/stocks/PAAS/) | $699.1K | 15,650 | 0.2% | 11 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $680.4K | 3,255 | 0.2% | 15 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $671.0K | 8,100 | 0.2% | 2 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $668.7K | 8,092 | 0.2% | 15 |
| TAKE-TWO INTERACTIVE SOFTWAR | [TTWO](https://holderbook.com/stocks/TTWO/) | $666.9K | 2,668 | 0.2% | 10 |
| RUBRIK INC. | [RBRK](https://holderbook.com/stocks/RBRK/) | $666.3K | 8,300 | 0.2% | 7 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $653.2K | 9,052 | 0.2% | 15 |
| KARMAN HLDGS INC | [KRMN](https://holderbook.com/stocks/KRMN/) | $652.1K | 13,063 | 0.2% | 1 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $652.0K | 4,815 | 0.2% | 15 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $649.9K | 9,500 | 0.2% | 2 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $641.8K | 7,073 | 0.2% | 15 |
| TOTALENERGIES SE | [TTE](https://holderbook.com/stocks/TTE/) | $629.7K | 8,124 | 0.2% | 3 |
| EQUINIX INC | [EQIX](https://holderbook.com/stocks/EQIX/) | $627.5K | 602 | 0.2% | 14 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $596.8K | 6,200 | 0.2% | 15 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $596.6K | 2,756 | 0.2% | 15 |
| GEN DIGITAL INC | [GEN](https://holderbook.com/stocks/GEN/) | $593.6K | 23,850 | 0.2% | 11 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $590.6K | 1,138 | 0.2% | 11 |
| FIRST SOLAR INC | [FSLR](https://holderbook.com/stocks/FSLR/) | $589.9K | 2,500 | 0.2% | 11 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +9.5% | +14.8% | -5.3% | 100% |
| Q1 2026 | -8.6% | -4.6% | -3.9% | 100% |
| Q4 2025 | +5.3% | +2.4% | +2.9% | 100% |
| Q3 2025 | +9.7% | +7.8% | +1.9% | 100% |
| Q2 2025 | +15.8% | +10.5% | +5.3% | 100% |
| Q1 2025 | -7.6% | -4.6% | -3.1% | 100% |
| Q4 2024 | -0.2% | +2.1% | -2.4% | 100% |
| Q3 2024 | +0.6% | +5.4% | -4.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $354.8M | 690 |
| Q1 2026 | $297.7M | 687 |
| Q4 2025 | $397.2M | 682 |
| Q3 2025 | $422.0M | 662 |
| Q2 2025 | $355.6M | 658 |
| Q1 2025 | $293.3M | 654 |
| Q4 2024 | $303.0M | 627 |
| Q3 2024 | $275.1M | 582 |
| Q2 2024 | $267.9M | 564 |
| Q1 2024 | $236.1M | 573 |
| Q4 2023 | $218.0M | 558 |
| Q3 2021 | $83.8M | 389 |