# EDGAR Filing Document

**Accession Number:** 0002059321
**File Stem:** 0002059321-25-000059
**Filing Date:** 2025-7
**Character Count:** 20471
**Document Hash:** 3fe0a630ec895a4fe4fb4b45dbb96d2c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002059321-25-000059.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0002059321-25-000059

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**EFFECTIVENESS DATE**: 20250731

**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:** 251170199

**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:** 06-30-2025

**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 Fund and Portfolios Accounting Department<br>**Phone:** 01148601611663

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

Malgorzata Serafin  Warsaw, R9  07-31-2025<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:** 175

**Form 13F Information Table Value Total:** $930796775

      (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 |  | 5040530 | 37060 | SH |  | SOLE |  | 37060 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 7254772 | 39084 | SH |  | SOLE |  | 39084 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 6190080 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 9223500 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 1003085 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 18861598 | 158978 | SH |  | SOLE |  | 158978 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 4092234 | 154500 | SH |  | SOLE |  | 154500 | 0 | 0 |
| ALLIED GOLD CORP | COM NEW | 01921D204 |  | 494608 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 28196800 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 30714599 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 1255050 | 9022 | SH |  | SOLE |  | 9022 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 9844944 | 35260 | SH |  | SOLE |  | 35260 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 3332280 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 45752910 | 223000 | SH |  | SOLE |  | 223000 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 6407449 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 2450560 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 744198 | 14100 | SH |  | SOLE |  | 14100 | 0 | 0 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 2437079 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 4626000 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 1615455 | 449000 | SH |  | SOLE |  | 449000 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 121120 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 1326324 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 4011090 | 83408 | SH |  | SOLE |  | 83408 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 979601 | 7800 | SH |  | SOLE |  | 7800 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 494729 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 4052468 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 1396329 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1319264 | 28500 | SH |  | SOLE |  | 28500 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 22052000 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 242190 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 857870 | 11600 | SH |  | SOLE |  | 11600 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 1984342 | 63400 | SH |  | SOLE |  | 63400 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 132750 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 2390200 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 752059 | 55500 | SH |  | SOLE |  | 55500 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 566734 | 79000 | SH |  | SOLE |  | 79000 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 524400 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| CHARLES RIV LABS INTL INC | COM | 159864107 |  | 834515 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 7055400 | 49273 | SH |  | SOLE |  | 49273 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 5203500 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| CLEAN HARBORS INC | COM | 184496107 |  | 3467699 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 2032652 | 229419 | SH |  | SOLE |  | 229419 | 0 | 0 |
| COMPANIA DE MINAS BUENAVENTU | SPONSORED ADR | 204448104 |  | 1427587 | 86942 | SH |  | SOLE |  | 86942 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 3393877 | 37819 | SH |  | SOLE |  | 37819 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 1936560 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 1654416 | 22198 | SH |  | SOLE |  | 22198 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 11384309 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 583740 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 2297034 | 33300 | SH |  | SOLE |  | 33300 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 2568019 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 561796 | 17661 | SH |  | SOLE |  | 17661 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 3229729 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 796920 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| DIREXION SHS ETF TR | NAS100 EQL WGT | 25459Y207 |  | 9831000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| DRDGOLD LIMITED | SPON ADR REPSTG | 26152H301 |  | 384090 | 28814 | SH |  | SOLE |  | 28814 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 782099 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 1398704 | 69000 | SH |  | SOLE |  | 69000 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 1597000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 1555839 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 11245499 | 14426 | SH |  | SOLE |  | 14426 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 1734345 | 14500 | SH |  | SOLE |  | 14500 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 857304 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 1617372 | 281387 | SH |  | SOLE |  | 281387 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 806885 | 6900 | SH |  | SOLE |  | 6900 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 10088031 | 93581 | SH |  | SOLE |  | 93581 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 1306281 | 158500 | SH |  | SOLE |  | 158500 | 0 | 0 |
| FORTUNA MNG CORP | COM NEW | 349942102 |  | 680089 | 104377 | SH |  | SOLE |  | 104377 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 9362217 | 57264 | SH |  | SOLE |  | 57264 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 2397254 | 55300 | SH |  | SOLE |  | 55300 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 962909 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 997829 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 6958885 | 293996 | SH |  | SOLE |  | 293996 | 0 | 0 |
| HARMONY GOLD MINING CO LTD | SPONSORED ADR | 413216300 |  | 3153029 | 225700 | SH |  | SOLE |  | 225700 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 651270 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| HECLA MNG CO | COM | 422704106 |  | 1260894 | 210500 | SH |  | SOLE |  | 210500 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 1260021 | 9095 | SH |  | SOLE |  | 9095 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 3355884 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 3493199 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 1173503 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| HYATT HOTELS CORP | COM CL A | 448579102 |  | 418950 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 1393599 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 375438 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 333935 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 2016000 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 3544335 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 13533626 | 24905 | SH |  | SOLE |  | 24905 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 17032500 | 75000 | SH |  | SOLE |  | 0 | 0 | 75000 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 1260720 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 4743150 | 79013 | SH |  | SOLE |  | 0 | 0 | 79013 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 4200623 | 24800 | SH |  | SOLE |  | 0 | 0 | 24800 |
| ISHARES TR | CORE S ETF | 464287200 |  | 97240390 | 156612 | SH |  | SOLE |  | 0 | 0 | 156612 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 5826329 | 27000 | SH |  | SOLE |  | 0 | 0 | 27000 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 4682849 | 97074 | SH |  | SOLE |  | 0 | 0 | 97074 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 4348211 | 39786 | SH |  | SOLE |  | 0 | 0 | 39786 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 7202315 | 47151 | SH |  | SOLE |  | 47151 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 6925019 | 445006 | SH |  | SOLE |  | 445006 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 2239349 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807306 |  | 2433500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 1435829 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 1333199 | 16500 | SH |  | SOLE |  | 16500 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 4038859 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| MAG SILVER CORP | COM | 55903Q104 |  | 717566 | 33918 | SH |  | SOLE |  | 33918 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 3360482 | 12300 | SH |  | SOLE |  | 12300 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 4644000 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 439668 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 3659082 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 6125004 | 77375 | SH |  | SOLE |  | 77375 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 16976069 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 2095250 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 40787620 | 82000 | SH |  | SOLE |  | 82000 | 0 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 4042299 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 165540 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 3169679 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| NA | NA | 06849F108 |  | 14371705 | 693221 | SH |  | SOLE |  | 693221 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 14060865 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| NEW GOLD INC CDA | COM | 644535106 |  | 1732767 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 19304625 | 331353 | SH |  | SOLE |  | 331353 | 0 | 0 |
| NORWEGIAN CRUISE LINE HLDG L | SHS | G66721104 |  | 709800 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 1181404 | 9120 | SH |  | SOLE |  | 9120 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 945608 | 16296 | SH |  | SOLE |  | 16296 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 45817099 | 290000 | SH |  | SOLE |  | 290000 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 968330 | 23050 | SH |  | SOLE |  | 23050 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 3144600 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 1709731 | 66800 | SH |  | SOLE |  | 66800 | 0 | 0 |
| ORLA MNG LTD NEW | COM | 68634K106 |  | 1000390 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 323425 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 7088640 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 4092799 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 3624367 | 128266 | SH |  | SOLE |  | 128266 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 4459199 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 8978719 | 68000 | SH |  | SOLE |  | 68000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 2181599 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| PVH CORPORATION | COM | 693656100 |  | 171500 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 10192640 | 64000 | SH |  | SOLE |  | 64000 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 822840 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 9870000 | 18800 | SH |  | SOLE |  | 18800 | 0 | 0 |
| RELIANCE INC | COM | 759509102 |  | 773449 | 2464 | SH |  | SOLE |  | 2464 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 2896927 | 11747 | SH |  | SOLE |  | 11747 | 0 | 0 |
| RH | COM | 74967X103 |  | 283515 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 494640 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 3401040 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 3983616 | 22400 | SH |  | SOLE |  | 22400 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 5999179 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 |  | 1970962 | 210400 | SH |  | SOLE |  | 210400 | 0 | 0 |
| SIGNET JEWELERS LIMITED | SHS | G81276100 |  | 278425 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| SSR MINING IN | COM | 784730103 |  | 916193 | 72128 | SH |  | SOLE |  | 72128 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 2748900 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 678453 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 1582520 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 1659964 | 44500 | SH |  | SOLE |  | 44500 | 0 | 0 |
| T MOBILE US INC | COM | 872590104 |  | 11912999 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 1492770 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 899022 | 22324 | SH |  | SOLE |  | 22324 | 0 | 0 |
| TELADOC HEALTH INC | COM | 87918A105 |  | 261300 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| TEMPUR SEALY INTL INC | COM | 88023U101 |  | 680500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 16804214 | 52900 | SH |  | SOLE |  | 52900 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 5398119 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 665525 | 630 | SH |  | SOLE |  | 630 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 3041335 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 3040949 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 878801 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 8385753 | 26880 | SH |  | SOLE |  | 26880 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 27411991 | 48258 | SH |  | SOLE |  | 0 | 0 | 48258 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 287979 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 6010199 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 357200 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 265000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 2129590 | 11448 | SH |  | SOLE |  | 11448 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 1467193 | 6412 | SH |  | SOLE |  | 6412 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 16360438 | 182691 | SH |  | SOLE |  | 182691 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 980220 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| WOODSIDE ENERGY GROUP LTD | SPONSORED ADR | 980228308 |  | 1018379 | 66000 | SH |  | SOLE |  | 66000 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 1030369 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| XYLEM INC | COM | 98419M100 |  | 1293600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 1481525 | 9500 | SH |  | SOLE |  | 9500 | 0 | 0 |

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