Towarzystwo Funduszy Inwestycyjnych Allianz Polska

WARSZAWA, R9files as Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A.

$47m in 39 US stocks at the end of 30 June 2026. The top 10 are 68.4% of the money. It changed about 6.8% of the portfolio this quarter.

Value

$47m

Stocks

Top 10 share

68.4%

Turnover

6.8%

What changed this quarter

New

Bought for the first time this quarter.

OceanaGoldOGC
3.1% of the fund

Added

Bought more of a stock they already held.

Agnico Eagle MinesAEM
10.2% of the fund
+3%
Gold FieldsGFI
5.4% of the fund
+11%
Alamos GoldAGI
4.0% of the fund
+10%
Harmony Gold MiningHMY
3.7% of the fund
+16%
Equinox GoldEQX
3.3% of the fund
+23%
B2goldBTG
3.0% of the fund
+23%
Centerra GoldCGAU
2.7% of the fund
+3%
Fortuna MiningFSM
2.7% of the fund
+20%
Silvercorp MetalsSVM
2.0% of the fund
+4%
First Majestic SilverAG
1.9% of the fund
+29%

Cut

Sold some of their stake.

NewmontNEM
10.5% of the fund
-6%
Wheaton Precious MetalsWPM
8.6% of the fund
-11%
Barrick MiningB
8.0% of the fund
-19%
Franco NevadaFNV
3.1% of the fund
-39%
Royal GoldRGLD
1.0% of the fund
-40%
Phillips 66PSX
<0.1% of the fund
-38%
Valero EnergyVLO
<0.1% of the fund
-50%
Marathon PetroleumMPC
<0.1% of the fund
-50%
Williams CompaniesWMB
<0.1% of the fund
-32%
Kinder MorganKMI
<0.1% of the fund
-37%
Baker HughesBKR
<0.1% of the fund
-30%

Sold out

Sold their entire stake.

None this quarter.

Holdings

NewmontNEM
Share
10.5%
Value
$5m
Shares
52,480
-6%
Agnico Eagle MinesAEM
Share
10.2%
Value
$5m
Shares
30,626
+3%
Wheaton Precious MetalsWPM
Share
8.6%
Value
$4m
Shares
35,610
-11%
Barrick MiningB
Share
8.0%
Value
$4m
Shares
102,000
-19%
Kinross GoldKGC
Share
7.1%
Value
$3m
Shares
141,100
Held
AngloGold AshantiAU
Share
5.6%
Value
$3m
Shares
32,100
Held
Gold FieldsGFI
Share
5.4%
Value
$2m
Shares
74,300
+11%
PAN American SilverPAAS
Share
5.3%
Value
$2m
Shares
55,050
Held
Alamos GoldAGI
Share
4.0%
Value
$2m
Shares
62,400
+10%
Harmony Gold MiningHMY
Share
3.7%
Value
$2m
Shares
114,200
+16%
SSR MiningSSRM
Share
3.3%
Value
$2m
Shares
55,200
Held
Equinox GoldEQX
Share
3.3%
Value
$2m
Shares
156,900
+23%
OceanaGoldOGC
Share
3.1%
Value
$1m
Shares
58,666
New
Franco NevadaFNV
Share
3.1%
Value
$1m
Shares
7,000
-39%
B2goldBTG
Share
3.0%
Value
$1m
Shares
377,800
+23%
Centerra GoldCGAU
Share
2.7%
Value
$1m
Shares
81,100
+3%
Fortuna MiningFSM
Share
2.7%
Value
$1m
Shares
151,500
+20%
Eldorado GoldEGO
Share
2.2%
Value
$1m
Shares
33,500
Held
Silvercorp MetalsSVM
Share
2.0%
Value
$925,170
Shares
91,700
+4%
First Majestic SilverAG
Share
1.9%
Value
$905,664
Shares
53,400
+29%
Hecla MiningHL
Share
1.7%
Value
$803,903
Shares
52,100
Held
Royal GoldRGLD
Share
1.0%
Value
$483,056
Shares
2,420
-40%
Drdgold LimitedDRD
Share
0.9%
Value
$423,870
Shares
19,900
Held
ExxonMobil HoldingsXOM
Share
<0.1%
Value
$13,672
Shares
100
Held
Phillips 66PSX
Share
<0.1%
Value
$13,524
Shares
80
-38%
ChevronCVX
Share
<0.1%
Value
$13,261
Shares
80
Held
Valero EnergyVLO
Share
<0.1%
Value
$13,022
Shares
50
-50%
Marathon PetroleumMPC
Share
<0.1%
Value
$12,784
Shares
50
-50%
Williams CompaniesWMB
Share
<0.1%
Value
$12,638
Shares
170
-32%
SLB LimitedSLB
Share
<0.1%
Value
$12,087
Shares
260
Held
EOG ResourcesEOG
Share
<0.1%
Value
$11,676
Shares
90
Held
Occidental PetroleumOXY
Share
<0.1%
Value
$11,657
Shares
240
Held
Kinder MorganKMI
Share
<0.1%
Value
$11,509
Shares
360
-37%
OneokOKE
Share
<0.1%
Value
$11,302
Shares
130
Held
HalliburtonHAL
Share
<0.1%
Value
$11,204
Shares
330
Held
ConocoPhillipsCOP
Share
<0.1%
Value
$11,177
Shares
120
Held
EQTEQT
Share
<0.1%
Value
$9,571
Shares
180
Held
Devon EnergyDVN
Share
<0.1%
Value
$9,504
Shares
230
Held
Baker HughesBKR
Share
<0.1%
Value
$8,880
Shares
160
-30%

Company	Share of fund	Value	Shares	Change
NewmontNEM	10.5%	$5m	52,480	-6%
Agnico Eagle MinesAEM	10.2%	$5m	30,626	+3%
Wheaton Precious MetalsWPM	8.6%	$4m	35,610	-11%
Barrick MiningB	8.0%	$4m	102,000	-19%
Kinross GoldKGC	7.1%	$3m	141,100	Held
AngloGold AshantiAU	5.6%	$3m	32,100	Held
Gold FieldsGFI	5.4%	$2m	74,300	+11%
PAN American SilverPAAS	5.3%	$2m	55,050	Held
Alamos GoldAGI	4.0%	$2m	62,400	+10%
Harmony Gold MiningHMY	3.7%	$2m	114,200	+16%
SSR MiningSSRM	3.3%	$2m	55,200	Held
Equinox GoldEQX	3.3%	$2m	156,900	+23%
OceanaGoldOGC	3.1%	$1m	58,666	New
Franco NevadaFNV	3.1%	$1m	7,000	-39%
B2goldBTG	3.0%	$1m	377,800	+23%
Centerra GoldCGAU	2.7%	$1m	81,100	+3%
Fortuna MiningFSM	2.7%	$1m	151,500	+20%
Eldorado GoldEGO	2.2%	$1m	33,500	Held
Silvercorp MetalsSVM	2.0%	$925,170	91,700	+4%
First Majestic SilverAG	1.9%	$905,664	53,400	+29%
Hecla MiningHL	1.7%	$803,903	52,100	Held
Royal GoldRGLD	1.0%	$483,056	2,420	-40%
Drdgold LimitedDRD	0.9%	$423,870	19,900	Held
ExxonMobil HoldingsXOM	<0.1%	$13,672	100	Held
Phillips 66PSX	<0.1%	$13,524	80	-38%
ChevronCVX	<0.1%	$13,261	80	Held
Valero EnergyVLO	<0.1%	$13,022	50	-50%
Marathon PetroleumMPC	<0.1%	$12,784	50	-50%
Williams CompaniesWMB	<0.1%	$12,638	170	-32%
SLB LimitedSLB	<0.1%	$12,087	260	Held
EOG ResourcesEOG	<0.1%	$11,676	90	Held
Occidental PetroleumOXY	<0.1%	$11,657	240	Held
Kinder MorganKMI	<0.1%	$11,509	360	-37%
OneokOKE	<0.1%	$11,302	130	Held
HalliburtonHAL	<0.1%	$11,204	330	Held
ConocoPhillipsCOP	<0.1%	$11,177	120	Held
EQTEQT	<0.1%	$9,571	180	Held
Devon EnergyDVN	<0.1%	$9,504	230	Held
Baker HughesBKR	<0.1%	$8,880	160	-30%

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 121.3% since 30 June 2025.

Where the money is

Materials90.0%

Financial services3.3%

Energy0.4%

Other6.3%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.