Institutional Manager · CIK 0001838556

Murchinson Ltd.

TORONTO, A6 · File #028-21332

Latest AUM

$621.5M

Positions

Top-10 Concentration

72.0%

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
REDUCE	TC ENERGY CORP	TRPRF	-2,066,068	-$113.7M	+$2.4M
REDUCE	NUTRIEN LTD	NTR	-1,447,732	-$89.4M	-$30.0M
NEW	SOUTH BOW CORP	SOBO	+1,467,400	+$40.3M	$0
REDUCE	SPDR S&P 500 ETF TR	SPY	-47,500	-$32.4M	+$1.5M
NEW	ORACLE CORP	ORCL-PD	+100,000	+$19.5M	$0
REDUCE	ROYAL BK CDA	780087102	-97,800	-$16.7M	+$3.5M
NEW	SUNOCOCORP LLC	SUNC	+317,768	+$15.7M	$0
NEW	STRATEGY INC	STRK	+100,000	+$15.2M	$0
EXITED	MR COOPER GROUP INC	62482R107	-54,547	-$11.5M	$0
EXITED	VALE S A	91912E105	-1,000,000	-$9.7M	$0

Sector Allocation

15.1%$93.6M

11.7%$73.0M

10.2%$63.6M

4.1%$25.5M

1.7%$10.4M

Communication Services

1.1%$6.9M

Consumer Discretionary

0.9%$5.9M

Industrials

0.7%$4.4M

Consumer Staples

0.5%$3.3M

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 202575 pos · $621.5M
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 202596 pos · $788.2M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 202562 pos · $282.4M
May 15, 202513F HOLDINGS REPORTQ/E Mar 202598 pos · $1.88B
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 202455 pos · $233.7M
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 202481 pos · $368.2M
Aug 15, 202413F HOLDINGS REPORT (Amended)Q/E Jun 202467 pos · $648.5M
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 202470 pos · $542.9M
May 16, 202413F HOLDINGS REPORT (Amended)Q/E Mar 202488 pos · $1.18B
May 15, 202413F HOLDINGS REPORTQ/E Mar 202469 pos · $966.8M
Nov 14, 202313F HOLDINGS REPORTQ/E Dec 202358 pos · $779.6M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	TC ENERGY CORP	TRPRF	1,984,000	$109.1M	17.70%
2	WOLFSPEED INC	WOLF	3,834,800	$66.8M	10.83%
3	NUTRIEN LTD	NTR	895,300	$55.3M	8.96%
4	TC ENERGY CORP	TRPRF	984,068	$54.1M	8.78%
5	SOUTH BOW CORP	SOBO	1,467,400	$40.3M	6.54%
6	SPDR S&P 500 ETF TR	SPY	50,000	$34.1M	5.53%
7	LIBERTY MEDIA CORP DEL	FWONB	250,000	$25.2M	4.09%
8	NANO DIMENSION LTD	NNDM	15,550,000	$23.9M	3.88%
9	ORACLE CORP	ORCL-PD	100,000	$19.5M	3.16%
10	SUNOCOCORP LLC	SUNC	317,768	$15.7M	2.54%
11	STRATEGY INC	STRK	100,000	$15.2M	2.46%
12	ROYAL BK CDA	780087102	62,300	$10.6M	1.72%
13	YORKVILLE ACQUISITION CORP.	MCGAW	1,000,400	$10.1M	1.64%
14	ROYAL BK CDA	780087102	53,300	$9.1M	1.47%
15	PELTHOS THERAPEUTICS INC	PTHS	289,479	$9.0M	1.46%
16	TORONTO DOMINION BK ONT	TORO	90,000	$8.5M	1.37%
17	TORONTO DOMINION BK ONT	TORO	90,000	$8.5M	1.37%
18	DAYFORCE INC	15677J108	100,371	$6.9M	1.13%
19	MODERNA INC	MRNA	200,000	$5.9M	0.96%
20	PAYPAL HLDGS INC	PYPL	100,000	$5.8M	0.95%