A high-performance, low platinum loading catalyst for the anodic oxidation of methanol, Pd@PtRu/C, is prepared by a two-step colloidal approach. The activity of the Pd@PtRu/C catalyst is 1.67 times and 1.81 times that of PtRu/C and PtRuPd/C catalysts, respectively. The catalysts are characterized by TEM, XPS, and XRD. The active components are dispersed on the surface of the carbon support very well, yielding a particle size of ca. 4.7 nm and a shell thickness of ca. 0.25 nm. The catalyst's high activity may be attributed to the high exposure and dispersion of PtRu, as well as the interaction of PtRu in the shell layer with Pd in the core, resulting from the catalyst's core-shell structure. (C) 2012 Elsevier B.V. All rights reserved.