Institutional Manager · CIK 0002071170

TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH PZU SA

WARSAW, R9 · File #028-25717

Latest AUM

$397.2M

Positions

683

Top-10 Concentration

69.0%

Filings

Portfolio Value Over Time

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	PLANET LABS PBC	PL-WT	-953,147	-$18.8M	+$6.6M
REDUCE	INTUITIVE SURGICAL INC	ISRG	-31,189	-$17.7M	+$4.5M
ADD	META PLATFORMS INC	META	+26,085	+$17.2M	-$309,864
REDUCE	L3HARRIS TECHNOLOGIES INC	LHX	-44,002	-$12.9M	-$555,739
REDUCE	APPLE INC	AAPL	-37,420	-$10.2M	+$1.4M
REDUCE	ALPHABET INC	GOOG	-31,574	-$9.9M	+$5.0M
ADD	NVIDIA CORPORATION	NVDA	+46,038	+$8.6M	-$18,517
REDUCE	TJX COS INC NEW	872540109	-47,822	-$7.3M	+$952,931
REDUCE	DEXCOM INC	DXCM	-70,093	-$4.7M	-$92,079
ADD	AXON ENTERPRISE INC	AXON	+7,726	+$4.4M	-$2.5M

Sector Allocation

Technology

37.5%$148.9M

Consumer Discretionary

9.6%$38.2M

Healthcare

7.2%$28.4M

Communication Services

5.9%$23.4M

5.7%$22.5M

2.9%$11.6M

2.5%$9.9M

1.5%$6.1M

0.8%$3.0M

0.7%$2.9M

0.3%$1.4M

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 2025683 pos · $397.2M
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 2025662 pos · $422.0M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 2025558 pos · $218.0M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 2025389 pos · $83.8M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 2025627 pos · $303.0M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 2025573 pos · $236.1M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 2025654 pos · $293.3M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 2025658 pos · $355.6M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 2025564 pos · $267.9M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 2025374 pos · $84.6M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 2025582 pos · $275.1M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 2025349 pos · $96.6M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 2025338 pos · $68.7M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	NVIDIA CORPORATION	NVDA	277,500	$51.8M	17.05%
2	MICROSOFT CORP	MSFT	81,611	$39.5M	13.00%
3	META PLATFORMS INC	META	30,256	$20.0M	6.58%
4	ON HLDG AG	H5919C104	426,716	$19.8M	6.53%
5	AMAZON COM INC	AMZN	74,069	$17.1M	5.63%
6	NIKE INC	NKE	220,870	$14.1M	4.64%
7	AXON ENTERPRISE INC	AXON	24,365	$13.8M	4.56%
8	ALPHABET INC	GOOG	40,341	$12.6M	4.16%
9	APPLE INC	AAPL	44,312	$12.0M	3.97%
10	TJX COS INC NEW	872540109	57,242	$8.8M	2.90%
11	SALESFORCE INC	CRM	32,679	$8.7M	2.85%
12	BROADCOM INC	AVGO	16,811	$5.8M	1.92%
13	NEWMONT CORP	NEMCL	49,450	$4.9M	1.63%
14	CAMECO CORP	CCJ	50,732	$4.7M	1.53%
15	ELI LILLY & CO	LLY	4,074	$4.4M	1.44%
16	ISHARES TR	46434V407	89,000	$3.8M	1.26%
17	AGNICO EAGLE MINES LTD	AEM	22,182	$3.8M	1.24%
18	INTUITIVE SURGICAL INC	ISRG	6,408	$3.6M	1.20%
19	BARRICK MNG CORP	06849F108	68,853	$3.0M	0.99%
20	FIRST SOLAR INC	FSLR	10,264	$2.7M	0.88%