PICTON MAHONEY ASSET MANAGEMENT
Institutional investor · Portfolio as of Q3 2025
Top Holdings1,069 positions
Stock | Shares | Value | Weight | Avg Buy | Est. P&L | Held | Conviction |
|---|---|---|---|---|---|---|---|
| 15M | $1.2B | 11.0% | — | — | — | Increased — | |
| 15M | $1.2B | 11.0% | — | — | — | Increased — | |
ROYAL BANK OF CANADA | 2.6M | $379.8M | 3.4% | $129.19 | +12.58% | 2 qtrssince 2025-Q2 | Increased 45 |
TORONTO-DOMINION BANK | 3.3M | $260M | 2.3% | $71.84 | +11.04% | 2 qtrssince 2025-Q2 | Decreased 0 |
SHOPIFY INC - CLASS A | 1.7M | $257.1M | 2.3% | $113.64 | +31.11% | 3 qtrssince 2025-Q1 | Decreased 0 |
BROOKFIELD CORP /CAD/ | 2.6M | $180.4M | 1.6% | $41.63 | +10.56% | 2 qtrssince 2025-Q2 | Increased 41 |
AGNICO EAGLE MINES LTD | 1M | $171.3M | 1.5% | $115.53 | +44.02% | 2 qtrssince 2025-Q2 | Decreased 0 |
CANADIAN NATURAL RESOURCES | 5.2M | $165.3M | 1.5% | $31.45 | +2.73% | 2 qtrssince 2025-Q2 | Decreased 0 |
| 640,000 | $164.1M | 1.5% | — | — | — | New — | |
CANADIAN PACIFIC RAILWAY LTD /CAD/ | 2.1M | $159.9M | 1.4% | $78.76 | -5.82% | 2 qtrssince 2025-Q2 | Decreased 0 |
MICROSOFT CORP | 266,830 | $138.2M | 1.2% | $317.43 | +61.81% | 27 qtrssince 2019-Q1 | Increased 36 |
NVIDIA CORP | 736,703 | $137.5M | 1.2% | $123.64 | +47.07% | 23 qtrssince 2020-Q1 | Decreased 0 |
ENBRIDGE INC | 2.7M | $136.4M | 1.2% | $44.15 | +12.62% | 2 qtrssince 2025-Q2 | Decreased 0 |
FRANCO-NEVADA CORP /CAD/ | 591,206 | $131.6M | 1.2% | $170.91 | +28.19% | 2 qtrssince 2025-Q2 | Increased 41 |
OR ROYALTIES INC. | 3.1M | $124.6M | 1.1% | $24.98 | +57.33% | 2 qtrssince 2025-Q2 | Decreased 0 |
CAN IMPERIAL BK OF COMMERCE | 1.5M | $118M | 1.1% | $73.73 | +7.95% | 2 qtrssince 2025-Q2 | Increased 51 |
TC ENERGY CORP | 2M | $110.7M | 1.0% | $48.26 | +10.77% | 2 qtrssince 2025-Q2 | Decreased 0 |
CENOVUS ENERGY INC | 6.4M | $108.5M | 1.0% | $14.14 | +22.14% | 2 qtrssince 2025-Q2 | Increased 35 |
APPLE INC | 420,307 | $107M | 1.0% | $204.22 | +24.23% | 27 qtrssince 2019-Q1 | Increased 36 |
| 240,000 | $106.7M | 1.0% | — | — | — | Decreased — |
PICTON MAHONEY ASSET MANAGEMENT manages $11.1B across 1069 positions as of Q3 2025. Top holdings: ISHARES TR (11.0%), ISHARES TR (11.0%), RY (3.4%). Fund DNA: Diversified Scout. HoldingsIntel Rating: 2.5/5.0.
Active quarter - 300 new positions, 193 exits, 200 increased. Top move: CM (INCREASED, conviction 51). Portfolio: $11.1B across 1069 positions.
Top holdings by portfolio weight
Portfolio allocation by GICS sector
Behavioral investing profile
Position Outcomes
Best and worst performing positions by estimated return
Top Winners
Top Losers
Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer