SEC 13F Intelligence

Managers / Q4 2025 · view latest →

PLATINUM INVESTMENT MANAGEMENT LTD

CIK 0001256071 · C/O PLATINUM ASSET MANAGEMENT, LEVEL 8, 7 MACQUARIE PLACE, SYDNEY AUSTRALIA 2000, C3, 00000 · 61292557533

Reported Value
$433M
Q4 2025
Positions
124
Filings on Record
30
2019–present window
Filed
Feb 13, 2026
original filing

Summary

Platinum Investment Management Ltd reported $433M in U.S.-listed holdings across 124 positions for Q4 2025.

Its largest position, ZTO, represents 9.6% of the portfolio.

Compared with Q3 2025, the fund opened 22 new positions and exited 18.

Portfolio Metrics

Turnover
+4.6%
vs prior filed quarter
Top-10 Concentration
+37.7%
share of reported value
Largest Position
+9.6%
Zto Express Cayman
New / Exited
22 / 18
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $3.0BQ4 ’18Q1 ’19: $4.2BQ2 ’19: $4.3BQ3 ’19: $4.5BQ4 ’19: $5.0BQ4 ’19Q1 ’20: $4.0BQ2 ’20: $4.4BQ3 ’20: $4.0BQ4 ’20: $4.4BQ4 ’20Q1 ’21: $4.5BQ2 ’21: $4.3BQ3 ’21: $3.6BQ4 ’21: $3.6BQ4 ’21Q1 ’22: $3.3BQ2 ’22: $2.6BQ3 ’22: $2.4BQ4 ’22: $2.6BQ4 ’22Q1 ’23: $2.9BQ2 ’23: $2.9BQ3 ’23: $2.6BQ4 ’23: $2.5BQ4 ’23Q1 ’24: $2.5BQ2 ’24: $2.5BQ3 ’24: $2.2BQ4 ’24: $1.7BQ4 ’24Q1 ’25: $1.7BQ2 ’25: $1.5BQ3 ’25: $1.5BQ4 ’25: $433MQ4 ’25Q1 ’26: $397Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 61.3%ADR: 29.7%Other: 9.1%
  • Common Stock · 61.3% · $265M
  • ADR · 29.7% · $128M
  • Other · 9.1% · $39M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CATCATERPILLAR INCNEW+5.5K5.5K+$3M$3M
MODMODINE MFG CONEW+17.5K17.5K+$2M$2M
CAVACAVA GROUP INCNEW+37.5K37.5K+$2M$2M
GEVGE VERNOVA INCNEW+3.0K3.0K+$2M$2M
BSXBOSTON SCIENTIFIC CORPNEW+19.6K19.6K+$2M$2M
MSIMOTOROLA SOLUTIONS INCNEW+4.3K4.3K+$2M$2M
PALIPALISADE BIO INCNEW+664.1K664.1K+$2M$2M
AMDADVANCED MICRO DEVICES INCNEW+7.2K7.2K+$2M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

123 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ZTOZTO EXPRESS CAYMAN INChistory →SPONSORED ADS A9.63%$42M1.99M
2CLVTRIP COM GROUP LTDhistory →ADS7.37%$32M443.7K
3GOOGALPHABET INCCAP STK CL C · CAP STK CL A3.83%$17M52.8K
4DDLDINGDONG CAYMAN LTDhistory →ADS3.72%$16M6.46M
5AVGOBROADCOM INChistory →COM2.47%$11M30.9K
6NOAHNOAH HLDGS LTDhistory →SPON ADS2.46%$11M1.06M
7BIRKENSTOCK HOLDING PLCCOM SHS2.34%$10M247.6K
8LRCXLAM RESEARCH CORPhistory →COM NEW2.21%$10M55.8K
9PDDPDD HOLDINGS INChistory →SPONSORED ADS2.06%$9M78.4K
10AMZNAMAZON COM INChistory →COM1.66%$7M31.1K
11MUMICRON TECHNOLOGY INChistory →COM1.64%$7M24.9K
12ABBVABBVIE INChistory →COM1.59%$7M30.1K
13MRKMERCK & CO INChistory →COM1.54%$7M63.3K
14FICOFAIR ISAAC CORPhistory →COM1.51%$7M3.9K
15GPCRSTRUCTURE THERAPEUTICS INChistory →SPONSORED ADS1.41%$6M87.9K
16VERAVERA THERAPEUTICS INChistory →CL A1.40%$6M119.4K
17YUMYUM BRANDS INChistory →COM1.39%$6M39.8K
18IQVIQVIA HLDGS INChistory →COM1.39%$6M26.7K
19AMER SPORTS INCCOM SHS1.38%$6M160.0K
20ARWRARROWHEAD PHARMACEUTICALS INhistory →COM1.37%$6M89.5K
21JNJJOHNSON & JOHNSONhistory →COM1.33%$6M27.8K
22RCI/BROGERS COMMUNICATIONS INChistory →CL B1.29%$6M147.2K
23HTHTH WORLD GROUP LTDhistory →SPONSORED ADS1.28%$6M118.0K
24UBS GROUP AGSHS1.27%$5M117.5K
25ZTSZOETIS INChistory →CL A1.22%$5M42.0K
26NVDANVIDIA CORPORATIONhistory →COM1.22%$5M28.2K
27APGEAPOGEE THERAPEUTICS INChistory →COM1.21%$5M69.2K
28UBERUBER TECHNOLOGIES INChistory →COM1.19%$5M63.2K
29ICEINTERCONTINENTAL EXCHANGE INhistory →COM1.19%$5M31.9K
30VVISA INChistory →COM CL A1.19%$5M14.7K
31ADBEADOBE INChistory →COM1.12%$5M13.8K
32IMVTIMMUNOVANT INChistory →COM1.07%$5M181.8K
33METAMETA PLATFORMS INChistory →CL A1.07%$5M7.0K
34HDHOME DEPOT INChistory →COM1.06%$5M13.3K
35430TERNS PHARMACEUTICALS INChistory →COM1.03%$4M110.7K
36CSGPCOSTAR GROUP INChistory →COM1.01%$4M65.0K
37COGTCOGENT BIOSCIENCES INCCOM1.00%$4M121.2K
38FNDFLOOR & DECOR HLDGS INCCL A0.97%$4M68.9K
39IDYAIDEAYA BIOSCIENCES INCCOM0.96%$4M120.6K
40KRKROGER COCOM0.96%$4M66.7K
41MSFTMICROSOFT CORPCOM0.96%$4M8.6K
42ROIVANT SCIENCES LTDSHS0.95%$4M189.1K
43WAVE LIFE SCIENCES LTDSHS0.91%$4M230.7K
44260CENTESSA PHARMACEUTICALS PLCSPONSORED ADS0.90%$4M155.1K
45CCOCAMECO CORPCOM0.90%$4M42.4K
46TRUTRANSUNIONCOM0.88%$4M44.6K
47BBIOBRIDGEBIO PHARMA INCCOM0.84%$4M47.8K
48WWWWOLVERINE WORLD WIDE INCCOM0.84%$4M200.0K
49ADC THERAPEUTICS SASHS0.81%$3M990.8K
50MAMASTERCARD INCORPORATEDCL A0.75%$3M5.7K
51RCUSARCUS BIOSCIENCES INCCOM0.74%$3M134.2K
52ELFE L F BEAUTY INCCOM0.74%$3M42.0K
53CATCATERPILLAR INCCOM0.73%$3M5.5K
54ZYMEZYMEWORKS INCCOM0.64%$3M105.2K
55ISRGINTUITIVE SURGICAL INCCOM NEW0.63%$3M4.8K
56PROQR THRAPEUTICS N VSHS EURO0.58%$2M1.24M
57VEEVVEEVA SYS INCCL A COM0.57%$2M11.1K
58KLACKLA CORPCOM NEW0.57%$2M2.0K
59MODMODINE MFG COCOM0.54%$2M17.5K
60VALARIS LTDCL A0.54%$2M46.0K
61BROSDUTCH BROS INCCL A0.53%$2M37.5K
62CAVACAVA GROUP INCCOM0.51%$2M37.5K
63IDXXIDEXX LABS INCCOM0.47%$2M3.0K
64GEVGE VERNOVA INCCOM0.46%$2M3.0K
65VRTVERTIV HOLDINGS COCOM CL A0.45%$2M12.0K
66WINGWINGSTOP INCCOM0.44%$2M8.0K
67BSXBOSTON SCIENTIFIC CORPCOM0.43%$2M19.6K
68GOSSGOSSAMER BIO INCCOM0.40%$2M562.0K
69DRUGBRIGHT MINDS BIOSCIENCES INCCOM NEW0.39%$2M21.7K
70MSIMOTOROLA SOLUTIONS INCCOM NEW0.38%$2M4.3K
71ANETARISTA NETWORKS INCCOM SHS0.38%$2M12.5K
72PALIPALISADE BIO INCCOM0.36%$2M664.1K
73AMDADVANCED MICRO DEVICES INCCOM0.36%$2M7.2K
74RVMDREVOLUTION MEDICINES INCCOM0.34%$1M18.7K
75MBXMBX BIOSCIENCES INCCOM0.32%$1M43.6K
76SHOPSHOPIFY INCCL A SUB VTG SHS0.30%$1M8.2K
77BCYCBICYCLE THERAPEUTICS PLCSPONSORED ADS0.30%$1M184.6K
78STOKSTOKE THERAPEUTICS INCCOM0.30%$1M40.8K
79PSIXPOWER SOLUTIONS INTL INCCOM NEW0.26%$1M20.0K
80CPNGCOUPANG INCCL A0.26%$1M47.7K
81BKNGBOOKING HOLDINGS INCCOM0.25%$1M200
82BRD1EURMIND MEDICINE MINDMED INCCOM NEW0.22%$937,30070.0K
83JDJD.COM INCSPON ADS CL A0.20%$885,48130.9K
84ARVNARVINAS INCCOM0.20%$860,17072.5K
85ABSIABSCI CORPORATIONCOM0.19%$829,796237.8K
86BABAALIBABA GROUP HLDG LTDSPONSORED ADS0.18%$781,7115.3K
87MEIRAGTX HLDGS PLCCOM0.17%$746,68093.9K
88AURAAURA BIOSCIENCES INCCOM0.14%$609,664111.9K
89CDXSCODEXIS INCCOM0.10%$431,076264.5K
90MAGNUM ICE CREAM CO NVORD SHS0.08%$346,66821.7K
91PONYPONY AI INCSPONSORED ADS0.06%$240,00416.6K
92INTCINTEL CORPCOM0.05%$201,2165.5K
93PETROLEO BRASILEIRO SA PETROSP ADR NON VTG0.04%$181,98816.1K
94SKYESKYE BIOSCIENCE INCCOM NEW0.04%$174,751233.1K
95BCCBOISE CASCADE CO DELCOM0.02%$103,2611.4K
96LBRDKLIBERTY BROADBAND CORPCOM SER C0.02%$100,1162.1K
97JAZZ PHARMACEUTICALS PLCSHS USD0.02%$76,840452
98OMFONEMAIN HLDGS INCCOM0.02%$73,6971.1K
99GTGOODYEAR TIRE & RUBR COCOM0.02%$72,2178.2K
100HUNHUNTSMAN CORPCOM0.02%$67,6106.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$397M89May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025$433M124Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.5B120Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.5B115Jul 21, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.7B115May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.7B115Feb 11, 202513F-HRchanges · EDGAR ↗
Q3 2024$2.2B122Nov 8, 202413F-HRchanges · EDGAR ↗
Q2 2024$2.5B134Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$2.5B139May 13, 202413F-HRchanges · EDGAR ↗
Q4 2023$2.5B142Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$2.6B144Nov 3, 202313F-HRchanges · EDGAR ↗
Q2 2023$2.9B143Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$2.9B146May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$2.6B132Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$2.4B131Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$2.6B130Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$3.3B135May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$3.6B144Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$3.6B146Nov 9, 202113F-HRchanges · EDGAR ↗
Q2 2021$4.3B145Aug 11, 202113F-HRchanges · EDGAR ↗
Q1 2021$4.5B142May 13, 202113F-HRchanges · EDGAR ↗
Q4 2020$4.4B146Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$4.0B147Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$4.4B124Aug 6, 202013F-HRchanges · EDGAR ↗
Q1 2020$4.0B117May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$5.0B98Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$4.5B99Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$4.3B97Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$4.2B100May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$3.0B91Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.