General Pension Society PZU Joint Stock Co

General Pension Society PZU entered 2026 with a thesis already loaded: materials and power infrastructure. Freeport-McMoRan nearly doubled its value in the fund's portfolio, jumping from $111M to $164M and lifting its share count by 28% even as the copper price dragged reported gains. Southern Copper added another $65M, meaning basic-materials names now occupy 36% of a $654M book — an unusually concentrated commodity bet for a pension vehicle. The fund is not simply riding the copper super-cycle narrative, though: two new positions this quarter flesh out a deeper infrastructure conviction. Vistra Corp, the Texas-headquartered power generator, entered as a $49M position, and RTX Corporation — the aerospace and defense conglomerate — arrived at $27M after the fund had entirely liquidated it last quarter, a replays that suggests prior exit was tactical rather than ideological. Technology allocation remains real but selective: NVIDIA's share count multiplied eightfold (from 20,000 to 170,000 shares), building a $30M position despite the stock's valuation compression, while Alphabet shed roughly $7M in absolute value and Microsoft's reported value fell even as the fund added 43,000 shares. Intel was reduced slightly despite its depressed valuation. The pattern is not a rotation out of tech — it is a rotation away from crowded-mega-cap allocations and toward holdings the manager believes have better mid-cycle economics, anchored by the copper complex and domestic power build-out.