Institutional Manager · CIK 0001539041

PICTON MAHONEY ASSET MANAGEMENT

Toronto, A6 · File #028-15516

Latest AUM

$12.91B

Positions

1,198

Top-10 Concentration

55.5%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	ISHARES TR	464287242	+4,996,780	+$550.6M	+$354,453
ADD	ISHARES TR	464287655	+1,199,300	+$295.2M	+$172,143
ADD	ISHARES TR	464287440	+2,482,630	+$238.7M	+$1.7M
NEW	BOYD GROUP SERVICES INC	BGSI	+509,542	+$81.3M	$0
ADD	BARRICK MNG CORP	06849F108	+1,845,663	+$80.5M	+$68.8M
NEW	ZILLOW GROUP INC	Z	+780,000	+$53.2M	$0
REDUCE	BANK MONTREAL QUE	063671101	-392,986	-$51.1M	+$52.7M
ADD	BROOKFIELD CORP	11271J107	+984,615	+$45.3M	+$120.7M
REDUCE	CANADIAN IMPERIAL BANK OF CO	CNDIF	-482,522	-$43.8M	+$134.0M
REDUCE	AGNICO EAGLE MINES LTD	AEM	-250,226	-$42.5M	+$172.6M

Sector Allocation

Technology

11.3%$1.46B

Materials

5.5%$712.9M

Energy

4.6%$593.8M

Consumer Discretionary

4.6%$591.4M

Industrials

4.5%$588.3M

Healthcare

3.5%$445.7M

Communication Services

2.2%$281.9M

1.8%$235.2M

0.9%$112.7M

0.8%$102.3M

0.5%$70.2M

Filing History

Feb 11, 202613F HOLDINGS REPORTQ/E Dec 20251,198 pos · $12.91B
Nov 12, 202513F HOLDINGS REPORTQ/E Sep 20251,069 pos · $11.1M
Aug 12, 202513F HOLDINGS REPORTQ/E Jun 2025963 pos · $9.7M
May 7, 202513F HOLDINGS REPORTQ/E Mar 2025931 pos · $5.8M
Apr 2, 202513F HOLDINGS REPORT (Amended)Q/E Mar 2025852 pos · $4.9M
Feb 10, 202513F HOLDINGS REPORT (Amended)Q/E Dec 2024852 pos · $3.4M
Feb 10, 202513F HOLDINGS REPORTQ/E Dec 2024852 pos · $3.4M
Nov 4, 202413F HOLDINGS REPORTQ/E Sep 2024840 pos · $3.1M
Jul 31, 202413F HOLDINGS REPORTQ/E Jun 2024598 pos · $2.6M
May 9, 202413F HOLDINGS REPORTQ/E Mar 2024375 pos · $3.3M
Nov 6, 202313F HOLDINGS REPORTQ/E Dec 2023424 pos · $3.3M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES TR	464288513	12,325,000	$993.8M	12.30%
2	ISHARES TR	464288513	7,500,000	$604.7M	7.48%
3	ISHARES TR	464287242	5,000,000	$551.0M	6.82%
4	ISHARES TR	464287242	5,000,000	$551.0M	6.82%
5	ROYAL BK CDA	780087102	2,652,043	$452.8M	5.60%
6	TORONTO DOMINION BK ONT	TORO	3,396,972	$320.6M	3.97%
7	SHOPIFY INC	SHOP	1,932,932	$311.7M	3.86%
8	ISHARES TR	464287655	1,200,000	$295.4M	3.65%
9	ISHARES TR	464287440	2,500,000	$240.4M	2.97%
10	BROOKFIELD CORP	11271J107	3,613,638	$166.2M	2.06%
11	CANADIAN PACIFIC KANSAS CITY	CP	2,252,702	$166.1M	2.05%
12	CANADIAN NAT RES LTD	136385101	4,666,597	$158.3M	1.96%
13	NVIDIA CORPORATION	NVDA	802,128	$149.6M	1.85%
14	BARRICK MNG CORP	06849F108	3,423,022	$149.3M	1.85%
15	FRANCO NEV CORP	FNV	630,703	$130.9M	1.62%
16	AGNICO EAGLE MINES LTD	AEM	767,180	$130.3M	1.61%
17	ENBRIDGE INC	ENNPF	2,666,336	$127.8M	1.58%
18	ALPHABET INC	GOOG	382,808	$119.8M	1.48%
19	CENOVUS ENERGY INC	CVE	6,824,438	$115.6M	1.43%
20	TC ENERGY CORP	TRPRF	2,055,963	$113.4M	1.40%