CIK: 0002071170
Total reported value
$297.7M
Reporting period: 2026-03-31 · Number of holdings: 687
TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH PZU SA disclosed 687 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $297.7M and a quarterly turnover rate of 53.6%.
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Towarzystwo Funduszy Inwestycyjnych Pzu SA's disclosed holdings carry a Herfindahl concentration index of 0.042 — mathematically equivalent to about 24 equally-sized positions, well below its 687 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 5.29), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add CVX
+1466.3% $21.3M
Trim MSFT
-44.4% -$22.7M
Add NVDA
+1.6% -$2.6M
Trim NKE
-95.3% -$13.5M
Trim META
-65.6% -$14.0M
Trim AXON
-71.9% -$10.9M
Showing top 200 holdings (of 687 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 16.52% | +3.49% | +1.58% | |
| 2 | CVX | Chevron CORP | Stock-Energy | 7.49% | +7.24% | +1466.30% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 5.64% | -4.30% | -44.44% | |
| 4 | AAPL | Apple INC | Stock-Tech | 3.41% | +0.38% | -9.73% | |
| 5 | ✓ | On Hldg AG | Stock-Other | 3.20% | -1.79% | -34.35% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.22% | -2.08% | -57.14% | |
| 7 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.00% | -3.03% | -65.59% | |
| 8 | AVGO | Broadcom INC | Stock-Tech | 1.88% | — | +7.29% | |
| 9 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.59% | -1.59% | -59.28% | |
| 10 | NEM | Newmont CORP | Stock-Materials | 1.58% | — | -12.13% | |
| 11 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.33% | +0.23% | +5.77% | |
| 12 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 1.30% | — | -14.13% | |
| 13 | CCJ | Cameco CORP | Stock-Energy | 1.25% | +0.08% | -32.21% | |
| 14 | XOM | Exxon Mobil CORP | Stock-Energy | 1.10% | +0.64% | +27.60% | |
| 15 | AXON | Axon Enterprise INC | Stock-Industrials | 0.98% | -2.50% | -71.93% | |
| 16 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.93% | +0.02% | -6.69% | |
| 17 | B | Barrick Mining CORP | Stock-Materials | 0.84% | +0.08% | -11.48% | |
| 18 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.81% | — | -17.77% | |
| 19 | CRM | Salesforce INC | Stock-Tech | 0.79% | -1.39% | -61.54% | |
| 20 | GEV | GE Vernova INC | Stock-Industrials | 0.73% | +0.54% | +119.12% | |
| 21 | MU | Micron Technology INC | Stock-Tech | 0.72% | — | -0.89% | |
| 22 | NOW | Servicenow INC | Stock-Tech | 0.71% | +0.53% | +319.08% | |
| 23 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 0.70% | — | -9.81% | |
| 24 | NET | Cloudflare INC - Class A | Stock-Tech | 0.64% | — | +1.44% | |
| 25 | ABBV | Abbvie INC | Stock-Healthcare | 0.63% | — | +10.77% | |
| 26 | CRWD | Crowdstrike Holdings INC - A | Stock-Tech | 0.63% | +0.06% | -1.03% | |
| 27 | TSLA | Tesla INC | Stock-Consumer Disc | 0.57% | +0.02% | -7.65% | |
| 28 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.55% | — | -9.97% | |
| 29 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.53% | +0.23% | +17.48% | |
| 30 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.52% | — | -10.67% | |
| 31 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.52% | — | +11.41% | |
| 32 | FSLR | First Solar INC | Stock-Tech | 0.50% | -0.18% | -25.92% | |
| 33 | AU | AngloGold Ashanti plc | Stock-Materials | 0.50% | — | +7.44% | |
| 34 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.48% | -1.73% | -84.26% | |
| 35 | WMT | Walmart INC | Stock-Consumer Staples | 0.47% | — | -4.63% | |
| 36 | CSCO | Cisco Systems INC | Stock-Tech | 0.46% | — | -20.85% | |
| 37 | DXCM | Dexcom INC | Stock-Healthcare | 0.46% | -0.04% | -27.59% | |
| 38 | AS | Amer Sports, Inc. | Stock-Consumer Disc | 0.45% | +0.26% | +100.49% | |
| 39 | KGC | Kinross Gold CORP | Stock-Materials | 0.45% | — | -13.50% | |
| 40 | PANW | Palo Alto Networks INC | Stock-Tech | 0.44% | — | +34.67% | |
| 41 | AZN | AstraZeneca PLC | Stock-Healthcare | 0.43% | +0.43% | NEW | |
| 42 | V | Visa Inc-class A Shares | Stock-Financials | 0.42% | — | +0.73% | |
| 43 | GFI | Gold Fields Ltd-spons Adr | Stock-Materials | 0.42% | — | +1.47% | |
| 44 | MA | Mastercard INC - A | Stock-Financials | 0.37% | — | -3.24% | |
| 45 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.36% | — | +30.77% | |
| 46 | NFLX | Netflix INC | Stock-Comm Services | 0.34% | — | -12.45% | |
| 47 | WST | West Pharmaceutical Services | Stock-Healthcare | 0.34% | +0.34% | +5642.86% | |
| 48 | AMD | Advanced Micro Devices | Stock-Tech | 0.33% | — | -7.74% | |
| 49 | PAAS | Pan American Silver CORP | Stock-Materials | 0.33% | — | -11.95% | |
| 50 | LHX | L3harris Technologies INC | Stock-Industrials | 0.33% | — | -3.58% |
Performance for Q3 2026
+1.4%
Performance Last 4 Quarters
+26.5%
Based on 78% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 687 | $297.7M | 54 | |
| 2025-12-31 | 682 | $397.2M | 35 | |
| 2025-09-30 | 662 | $422.0M | 0 | |
| 2025-06-30 | 658 | $355.6M | 0 | |
| 2025-03-31 | 654 | $293.3M | 0 | |
| 2024-12-31 | 627 | $303.0M | 0 | |
| 2024-09-30 | 582 | $275.1M | 0 | |
| 2024-06-30 | 564 | $267.9M | 0 | |
| 2024-03-31 | 573 | $236.1M | 0 | |
| 2023-12-31 | 558 | $218.0M | 0 | |
| 2021-09-30 | 389 | $83.8M | 0 | |
| 2021-06-30 | 374 | $84.6M | 0 | |
| 2021-03-31 | 338 | $68.7M | 0 | |
| 2020-12-31 | 349 | $96.6M | 0 |
Towarzystwo Funduszy Inwestycyjnych Pzu SA's most significant position changes for 2026-03-31: Sold out: Ishares 0-5 Yr Hy CORP Bond (SHYG); Sold out: Ishares 20+ Year Treasury Bd (TLT); Sold out: United States Copper Index (CPER); New buy: AstraZeneca PLC (AZN); Sold out: Sitime CORP (SITM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CVX | Chevron CORP | +7.2% | +1466.30% | Add |
| 2 | NVDA | Nvidia CORP | +3.5% | +1.58% | Add |
| 3 | XOM | Exxon Mobil CORP | +0.6% | +27.60% | Add |
| 4 | GEV | GE Vernova INC | +0.5% | +119.12% | Add |
| 5 | NOW | Servicenow INC | +0.5% | +319.08% | Add |
| 6 | AAPL | Apple INC | +0.4% | -9.73% | Trim |
| 7 | WST | West Pharmaceutical Services | +0.3% | +5642.86% | Add |
| 8 | AS | Amer Sports, Inc. | +0.3% | +100.49% | Add |
| 9 | LLY | Eli Lilly & Co | +0.2% | +5.77% | Add |
| 10 | MRK | Merck & Co. INC. | +0.2% | +17.48% | Add |
| 11 | TTE | Totalenergies Se | +0.2% | +42.86% | Add |
| 12 | CCJ | Cameco CORP | +0.1% | -32.21% | Trim |
| 13 | B | Barrick Mining CORP | +0.1% | -11.48% | Trim |
| 14 | CRWD | Crowdstrike Holdings INC - A | +0.1% | -1.03% | Trim |
| 15 | ISRG | Intuitive Surgical INC | 0% | -6.69% | Trim |
| 16 | TSLA | Tesla INC | 0% | -7.65% | Trim |
| 17 | UNH | Unitedhealth Group INC | — | -9.97% | Trim |
| 18 | DXCM | Dexcom INC | 0% | -27.59% | Trim |
| 19 | ZS | Zscaler INC | -0.1% | +1.40% | Add |
| 20 | DHR | Danaher CORP | -0.1% | -29.31% | Trim |
| 21 | BSX | Boston Scientific CORP | -0.1% | -11.08% | Trim |
| 22 | HUBS | Hubspot INC | -0.1% | -90.10% | Trim |
| 23 | LULU | Lululemon Athletica INC | -0.1% | -94.12% | Trim |
| 24 | XYL | Xylem INC | -0.1% | -92.91% | Trim |
| 25 | ORCL | Oracle CORP | -0.1% | -49.99% | Trim |
| 26 | KLAC | Kla CORP | -0.2% | -73.83% | Trim |
| 27 | FSLR | First Solar INC | -0.2% | -25.92% | Trim |
| 28 | GLD | Spdr Gold Shares | -0.4% | -85.71% | Trim |
| 29 | CRM | Salesforce INC | -1.4% | -61.54% | Trim |
| 30 | GOOGL | Alphabet Inc-cl A | -1.6% | -59.28% | Trim |
| 31 | TJX | Tjx Companies INC | -1.7% | -84.26% | Trim |
| 32 | ✓ | On Hldg AG | -1.8% | -34.35% | Trim |
| 33 | AMZN | Amazon.com INC | -2.1% | -57.14% | Trim |
| 34 | AXON | Axon Enterprise INC | -2.5% | -71.93% | Trim |
| 35 | META | Meta Platforms Inc-class A | -3% | -65.59% | Trim |
| 36 | NKE | Nike INC -cl B | -3.4% | -95.32% | Trim |
| 37 | MSFT | Microsoft CORP | -4.3% | -44.44% | Trim |
| 38 | SHYG | Ishares 0-5 Yr Hy CORP Bond | — | EXIT | Sold out |
| 39 | TLT | Ishares 20+ Year Treasury Bd | — | EXIT | Sold out |
| 40 | CPER | United States Copper Index | — | EXIT | Sold out |
| 41 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 42 | SITM | Sitime CORP | — | EXIT | Sold out |
| 43 | RL | Ralph Lauren CORP | — | EXIT | Sold out |
| 44 | OII | Oceaneering Intl INC | — | NEW | New buy |
| 45 | HXL | Hexcel CORP | — | NEW | New buy |
| 46 | MCHI | Ishares Msci China ETF | — | NEW | New buy |
| 47 | USAR | USA Rare Earth INC | — | NEW | New buy |
| 48 | NGDN | New Gold INC | — | EXIT | Sold out |
| 49 | ✓ | Cyberark Software LTD | — | EXIT | Sold out |
| 50 | EEM | Ishares Msci Emerging Market | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2025-08-14 | 13F-HR | View on EDGAR |
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