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Low loading PtAu nanoparticles supported on high area carbon were synthesized by water-in-oil microemulsion method and examined for formic acid and methanol oxidation. Prepared catalyst powder was characterized by X-ray diffraction (XRD), transmission electron microscopy (TEM), energy-dispersive X-ray spectroscopy (EDS) and X-ray photoelectron spectroscopy (XPS). These techniques revealed that the catalyst contains rather agglomerated quasi-spherical particles, ∼4 nm diameter, composed of a solid solution of Pt and Au with only ∼4 at% of Au. In spite of such low Au content, both onset and peak potentials for CO oxidation are shifted some 150 mV to more positive values in comparison to Pt synthesized in the same manner due to stronger binding of CO as a result of notable electronic effect. It is important that this small quantity of Au also significantly influences oxidation of formic acid promoting direct path and suppressing indirect path in formic acid oxidation in a degree as expected by a much larger quantity of Au. Such improvement could be due exclusively by ensemble effect of high number of small Pt domains which formation could be possible only by very fine dispersion of such low Au quantity. High number of small Pt domains is corroborated by lower activity for methanol oxidation in comparison to Pt catalyst synthesized by the same procedure. These results emphasize the importance of the Au dispersion on the surface of Pt over its quantity in PtAu catalyst with regards to both, the ensemble and the electronic effects. © 2018 Elsevier B.V.