Molecular dynamics simulation of PEMFC cathodes based on ternary Pt 70 Pd 15 Au 15 and Pt 50 Pd 25 Au 25 nanocatalysts dispersed on carbon indicate systematic Au segregation from the particle bulk to the surface, leading to an Au layer coating the cluster surface and to the spontaneous formation of a Pt@Pd@Au core-shell structure. For Au content below 25at%, surface Pt x Pd y active sites are available for efficient oxygen reduction reaction, in agreement with DFT calculations and experimental data. Simulations of direct core@shell system prepared in conditions mimicking those of plasma sputtering deposition pointed out an increase of the number of accessible Pt x Pd y surface active sites. Core-shell nanocatalyst morphology changes occur due to impinging Pt kinetic energy confinement and dissipation.