# EDGAR Filing Document

**Accession Number:** 0002059321
**File Stem:** 0002059321-26-000003
**Filing Date:** 2026-4
**Character Count:** 24775
**Document Hash:** bc1cd5ac9f017e5daf8d50bfd22397cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002059321-26-000003.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0002059321-26-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**EFFECTIVENESS DATE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PKO Investment Management Joint-Stock Co
- **CENTRAL INDEX KEY:** 0002059321

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** R9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25455
- **FILM NUMBER:** 26869492

**BUSINESS ADDRESS:**
- **STREET 1:** SWIETOKRZYSKA 36
- **CITY:** WARSAW
- **STATE:** R9
- **ZIP:** 00-116
- **BUSINESS PHONE:** 01148223585600

**MAIL ADDRESS:**
- **STREET 1:** SWIETOKRZYSKA 36
- **CITY:** WARSAW
- **STATE:** R9
- **ZIP:** 00-116

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** PKO Investment Management Joint-Stock Co<br>**Address:** SWIETOKRZYSKA 36<br>WARSAW, R9 00-116

**Form 13F File Number:** 028-25455

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Malgorzata Serafin<br>**Title:** Director of the Funds and Portfolios Accounting Department<br>**Phone:** 01148601611663

**Signature, Place, and Date of Signing:**

Malgorzata Serafin  Warsaw, R9  04-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 220

**Form 13F Information Table Value Total:** $1188234418

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABS | COM | 002824100 |  | 2310075 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 4567289 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 3646200 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 10985220 | 54000 | SH |  | SOLE |  | 54000 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 626890 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 35989683 | 177680 | SH |  | SOLE |  | 177680 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 1389079 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 8766518 | 197463 | SH |  | SOLE |  | 197463 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 2249916 | 6800 | SH |  | SOLE |  | 6800 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 21854560 | 76000 | SH |  | SOLE |  | 76000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 19506479 | 68000 | SH |  | SOLE |  | 68000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 30407419 | 146000 | SH |  | SOLE |  | 146000 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 1227803 | 9022 | SH |  | SOLE |  | 9022 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 7951810 | 22600 | SH |  | SOLE |  | 22600 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 5408379 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 44413249 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 8544750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 4179000 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 1272075 | 17500 | SH |  | SOLE |  | 17500 | 0 | 0 |
| ARIS MINING CORPORATION | COM | 04040Y109 |  | 1741699 | 94000 | SH |  | SOLE |  | 94000 | 0 | 0 |
| ARM HOLDINGS PLC | SPONSORED ADS | 042068205 |  | 756400 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 614250 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 1675800 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 3047699 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 1274069 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 2517373 | 555277 | SH |  | SOLE |  | 555277 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 1098900 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 26030205 | 638302 | SH |  | SOLE |  | 638302 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 581750 | 3700 | SH |  | SOLE |  | 3700 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 6838141 | 94008 | SH |  | SOLE |  | 94008 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 238328 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 4210319 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 1349125 | 21500 | SH |  | SOLE |  | 21500 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1394950 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 17951580 | 58000 | SH |  | SOLE |  | 58000 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 2778700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 1877364 | 17300 | SH |  | SOLE |  | 17300 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 2808733 | 57700 | SH |  | SOLE |  | 57700 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 132150 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 633929 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 1811600 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| CENCORA INC | COM | 03073E105 |  | 691107 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 1231503 | 46500 | SH |  | SOLE |  | 46500 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 163700 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 1543973 | 87000 | SH |  | SOLE |  | 87000 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 812798 | 6260 | SH |  | SOLE |  | 6260 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 11635021 | 56235 | SH |  | SOLE |  | 56235 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 1860539 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 10086700 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| CLEAN HARBORS INC | COM | 184496107 |  | 4300950 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 7398983 | 394192 | SH |  | SOLE |  | 394192 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 858900 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 2296800 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| COMPANIA DE MINAS BUENAVENTU | SPONSORED ADR | 204448104 |  | 3191125 | 88544 | SH |  | SOLE |  | 88544 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 5836908 | 44219 | SH |  | SOLE |  | 44219 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 3351000 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| COOPER COS INC | COM | 216648501 |  | 214500 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 1162000 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 2586471 | 30898 | SH |  | SOLE |  | 30898 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 605100 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 11957160 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 931210 | 26500 | SH |  | SOLE |  | 26500 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 3513690 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 2052500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 2607065 | 36300 | SH |  | SOLE |  | 36300 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 1744319 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 1416600 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 1180557 | 23461 | SH |  | SOLE |  | 23461 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 1249720 | 19900 | SH |  | SOLE |  | 19900 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 2561380 | 12950 | SH |  | SOLE |  | 12950 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 2252250 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 424424 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 2842345 | 82947 | SH |  | SOLE |  | 82947 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 819700 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 9289677 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |
| ENDEAVOUR SILVER CORP | COM | 29258Y103 |  | 1275604 | 137000 | SH |  | SOLE |  | 137000 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 2920313 | 20200 | SH |  | SOLE |  | 20200 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 1412807 | 22200 | SH |  | SOLE |  | 22200 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 5047502 | 350248 | SH |  | SOLE |  | 350248 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 966063 | 8800 | SH |  | SOLE |  | 8800 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 16018448 | 94415 | SH |  | SOLE |  | 94415 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 1624000 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 4763876 | 222706 | SH |  | SOLE |  | 222706 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 1797839 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| FORTUNA MNG CORP | COM NEW | 349942102 |  | 1502373 | 151438 | SH |  | SOLE |  | 151438 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 17423475 | 70516 | SH |  | SOLE |  | 70516 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 3254531 | 55368 | SH |  | SOLE |  | 55368 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 1779500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 6829130 | 49000 | SH |  | SOLE |  | 49000 | 0 | 0 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 13845229 | 304961 | SH |  | SOLE |  | 304961 | 0 | 0 |
| HARMONY GOLD MINING CO LTD | SPONSORED ADR | 413216300 |  | 3179069 | 206836 | SH |  | SOLE |  | 206836 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 709860 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| HECLA MNG CO | COM | 422704106 |  | 3798917 | 203914 | SH |  | SOLE |  | 203914 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 2888760 | 9500 | SH |  | SOLE |  | 9500 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 4294569 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 381457 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| HYATT HOTELS CORP | COM CL A | 448579102 |  | 316337 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 3977784 | 211974 | SH |  | SOLE |  | 211974 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 1854236 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 184889 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 197652 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 1929535 | 11800 | SH |  | SOLE |  | 11800 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 209839 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 7281450 | 165000 | SH |  | SOLE |  | 165000 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 4323800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 7606335 | 16500 | SH |  | SOLE |  | 16500 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 375187 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 10221374 | 146543 | SH |  | SOLE |  | 0 | 0 | 146543 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 4464496 | 24800 | SH |  | SOLE |  | 0 | 0 | 24800 |
| ISHARES TR | CORE S ETF | 464287200 |  | 132497769 | 202841 | SH |  | SOLE |  | 0 | 0 | 202841 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 9432184 | 38033 | SH |  | SOLE |  | 0 | 0 | 38033 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 8737027 | 153848 | SH |  | SOLE |  | 0 | 0 | 153848 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 4945797 | 39786 | SH |  | SOLE |  | 0 | 0 | 39786 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 6599879 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 789900 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 15687336 | 514201 | SH |  | SOLE |  | 514201 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 6625844 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 266810 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807306 |  | 8760060 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 1616400 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 1220089 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 5102292 | 15600 | SH |  | SOLE |  | 15600 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 5177343 | 52270 | SH |  | SOLE |  | 52270 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 1168235 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 5187060 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 3488410 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 23457330 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 315300 | 250 | SH |  | SOLE |  | 250 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 314585 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 1162979 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 14864960 | 44000 | SH |  | SOLE |  | 44000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 36646829 | 99000 | SH |  | SOLE |  | 99000 | 0 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 624000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 2075040 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 1640025 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 1956420 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 319984 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 13461000 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 184436 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 35953505 | 332134 | SH |  | SOLE |  | 332134 | 0 | 0 |
| NIO INC | SPON ADS | 62914V106 |  | 361800 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| NORWEGIAN CRUISE LINE HLDG L | SHS | G66721104 |  | 467500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 1525282 | 9020 | SH |  | SOLE |  | 9020 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 1590984 | 21121 | SH |  | SOLE |  | 21121 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 56680000 | 325000 | SH |  | SOLE |  | 325000 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 1725750 | 26550 | SH |  | SOLE |  | 26550 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 977000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 2368893 | 62344 | SH |  | SOLE |  | 62344 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 2492370 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| ORLA MNG LTD NEW | COM | 68634K106 |  | 1953658 | 121748 | SH |  | SOLE |  | 121748 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 1617000 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 11117280 | 76000 | SH |  | SOLE |  | 76000 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 4008000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 10742580 | 196790 | SH |  | SOLE |  | 196790 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 829079 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 904600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 2554500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 5435149 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1825200 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 4893639 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 195979 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 945972 | 2750 | SH |  | SOLE |  | 2750 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 4442680 | 5750 | SH |  | SOLE |  | 5750 | 0 | 0 |
| RELIANCE INC | COM | 759509102 |  | 748858 | 2464 | SH |  | SOLE |  | 2464 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 2299709 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 404063 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 145875 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| RH | COM | 74967X103 |  | 115211 | 824 | SH |  | SOLE |  | 824 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 541800 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 1769300 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 |  | 1949670 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 6888280 | 27067 | SH |  | SOLE |  | 27067 | 0 | 0 |
| SEABRIDGE GOLD INC | COM | 811916105 |  | 1087777 | 38439 | SH |  | SOLE |  | 38439 | 0 | 0 |
| SHOPIFY INC | CL A | 82509L107 |  | 4736120 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| SIGNET JEWELERS LIMITED | SHS | G81276100 |  | 296239 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| SOLVENTUM CORP | COM SHS | 83444M101 |  | 97950 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| SSR MINING IN | COM | 784730103 |  | 2401446 | 81932 | SH |  | SOLE |  | 81932 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 3135650 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 1087200 | 6040 | SH |  | SOLE |  | 6040 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 1412937 | 4300 | SH |  | SOLE |  | 4300 | 0 | 0 |
| SUNBELT RENTALS HOLDINGS INC | SHS | 866966104 |  | 217652 | 3468 | SH |  | SOLE |  | 3468 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 2758876 | 41800 | SH |  | SOLE |  | 41800 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 2577120 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| T MOBILE US INC | COM | 872590104 |  | 7351050 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 2370000 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 1834429 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 836928 | 16182 | SH |  | SOLE |  | 16182 | 0 | 0 |
| TEMPUR SEALY INTL INC | COM | 88023U101 |  | 739200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 26877525 | 72300 | SH |  | SOLE |  | 72300 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 331320 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 5824200 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 963356 | 2030 | SH |  | SOLE |  | 2030 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 2427425 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 2310190 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 1170888 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 791525 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 177894 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 3731165 | 13789 | SH |  | SOLE |  | 13789 | 0 | 0 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 143176 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 29135342 | 48758 | SH |  | SOLE |  | 0 | 0 | 48758 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 351320 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 948750 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 4911940 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 |  | 918500 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 17399200 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 1856083 | 11448 | SH |  | SOLE |  | 11448 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 1473413 | 6412 | SH |  | SOLE |  | 6412 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 357360 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| WEST PHARMACEUTICAL SVSC INC | COM | 955306105 |  | 200512 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 2975389 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 17473404 | 133400 | SH |  | SOLE |  | 133400 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 1002814 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| WOODSIDE ENERGY GROUP LTD | SPONSORED ADR | 980228308 |  | 1647720 | 69000 | SH |  | SOLE |  | 69000 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 1039360 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 913950 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 794400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| XYLEM INC | COM | 98419M100 |  | 537750 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 226050 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 827470 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| ZSCALER INC | COM | 98980G102 |  | 771595 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |

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