General Pension Society PZU Joint Stock Co
Long book
$654.2M
Q1 2026
Positions
15
Top-10 weight
87%
concentration
Last quarter
+22.2%
SPY +14.8%
Turnover
7%
of book per quarter
Strategy in plain words
auto-generated from filingsGeneral Pension Society PZU Joint Stock Co is a concentrated fundamental stock-picker, running a $654.2M US long book across 15 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: FREEPORT-MCMORAN INC, AMAZON.COM INC, SOUTHERN COPPER CORP, INTEL CORP, VISTRA CORP.
Over the last 9 quarters its long book ran on average 2.9pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+5.5%
Q2 2024
+0.6%
Q3 2024
-0.2%
Q4 2024
-7.5%
Q1 2025
+11.8%
Q2 2025
+13.9%
Q3 2025
+15.7%
Q4 2025
+4.7%
Q1 2026
+22.2%
Sector allocation
Materials 35%
Technology 31%
Industrials 12%
Consumer discretionary 10%
Utilities 8%
Financials 3%
Other 1%
Long book by quarter
What does General Pension own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| FCX FREEPORT-MCMORAN INC | Materials | 2.8M | $164.4M | 25.1% | +27.8% |
| AMZN AMAZON.COM INC | Consumer discretionary | 315.4K | $65.7M | 10.0% | +96.9% |
| SCCO SOUTHERN COPPER CORP | Materials | 378.9K | $65.2M | 10.0% | -2.7% |
| INTC INTEL CORP | Technology | 1.2M | $52.9M | 8.1% | -9.8% |
| VST VISTRA CORP | Utilities | 327.7K | $49.3M | 7.5% | New |
| MSFT MICROSOFT CORP | Technology | 117.1K | $43.3M | 6.6% | +57.8% |
| GOOGL ALPHABET INC-CL A | Technology | 126.2K | $36.3M | 5.5% | 0.0% |
| GOOG ALPHABET INC-CL C | Technology | 126.2K | $36.2M | 5.5% | 0.0% |
| NVDA NVIDIA CORP | Technology | 170.0K | $29.6M | 4.5% | +750.0% |
| RTX RTX CORP | Industrials | 142.0K | $27.4M | 4.2% | Held |
| FDX FEDEX CORP | Industrials | 75.9K | $27.0M | 4.1% | -33.6% |
| BA BOEING CO/THE | Industrials | 124.1K | $24.7M | 3.8% | Held |
| BAC BANK OF AMERICA CORP | Financials | 435.1K | $21.2M | 3.2% | Held |
| NKE NIKE INC -CL B | Other | 113.3K | $6.0M | 0.9% | Held |
| HPQ HP INC | Technology | 259.2K | $5.0M | 0.8% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 27, 2026 | 15 | $406.7M | SEC ↗ | |
| Q1 2026 | 13F-HR/ARESTATEMENT | Apr 27, 2026 | 15 | $654.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 9, 2026 | 14 | $494.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 6, 2025 | 15 | $413.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 16 | $359.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 9, 2025 | 17 | $298.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Mar 10, 2025 | 18 | $325.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Mar 10, 2025 | 18 | $344.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Mar 10, 2025 | 19 | $358.8M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Mar 10, 2025 | 19 | $357.0M | canonical | SEC ↗ |
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