PICTON MAHONEY ASSET MANAGEMENT
Institutional investor · Portfolio as of Q4 2025
Top Holdings1,198 positions
Stock | Shares | Value | Weight | Avg Buy | Est. P&L | Held | Conviction |
|---|---|---|---|---|---|---|---|
ISHR IBX USD HIYLD CB ETF-UI | 12.3M | $993.8M | 7.7% | — | — | — | New — |
ISHR IBX USD HIYLD CB ETF-UI | 7.5M | $604.7M | 4.7% | — | — | — | New — |
ISHARES IBOXX INVESTMENT GRA | 5M | $551M | 4.3% | — | — | — | New — |
ISHARES IBOXX INVESTMENT GRA | 5M | $551M | 4.3% | — | — | — | New — |
ROYAL BANK OF CANADA | 2.7M | $452.8M | 3.5% | $130.29 | +29.19% | 3 qtrssince 2025-Q2 | Increased 59 |
TORONTO-DOMINION BANK | 3.4M | $320.6M | 2.5% | $72.82 | +30.07% | 3 qtrssince 2025-Q2 | Increased 56 |
SHOPIFY INC - CLASS A | 1.9M | $311.7M | 2.4% | $118.88 | +37.74% | 4 qtrssince 2025-Q1 | Increased 59 |
ISHARES RUSSELL 2000 ETF ETF | 1.2M | $295.4M | 2.3% | — | — | — | New — |
ISHARES 7-10 YEAR TREASURY B | 2.5M | $240.4M | 1.9% | — | — | — | New — |
BROOKFIELD CORP /CAD/ | 3.6M | $166.2M | 1.3% | $42.90 | +7.90% | 3 qtrssince 2025-Q2 | Increased 63 |
CANADIAN PACIFIC RAILWAY LTD /CAD/ | 2.3M | $166.1M | 1.3% | $78.50 | -6.61% | 3 qtrssince 2025-Q2 | Increased 50 |
CANADIAN NATURAL RESOURCES | 4.7M | $158.3M | 1.2% | $31.45 | +7.82% | 3 qtrssince 2025-Q2 | Decreased 0 |
NVIDIA CORP | 802,128 | $149.6M | 1.2% | $128.85 | +45.55% | 24 qtrssince 2020-Q1 | Increased 52 |
BARRICK GOLD CORP | 3.4M | $149.3M | 1.2% | $38.73 | +14.23% | 3 qtrssince 2025-Q2 | Increased 77 |
FRANCO-NEVADA CORP /CAD/ | 630,703 | $130.9M | 1.0% | $173.25 | +20.22% | 3 qtrssince 2025-Q2 | Increased 51 |
AGNICO EAGLE MINES LTD | 767,180 | $130.3M | 1.0% | $115.53 | +48.74% | 3 qtrssince 2025-Q2 | Decreased 0 |
ENBRIDGE INC | 2.7M | $127.8M | 1.0% | $44.15 | +8.83% | 3 qtrssince 2025-Q2 | Decreased 0 |
ALPHABET INC-CL A | 382,808 | $119.8M | 0.9% | $186.22 | +68.54% | 28 qtrssince 2019-Q1 | Increased 49 |
CENOVUS ENERGY INC | 6.8M | $115.6M | 0.9% | $14.32 | +18.96% | 3 qtrssince 2025-Q2 | Increased 45 |
TC ENERGY CORP | 2.1M | $113.4M | 0.9% | $48.33 | +16.11% | 3 qtrssince 2025-Q2 | Increased 43 |
PICTON MAHONEY ASSET MANAGEMENT manages $12.9B across 1198 positions as of Q4 2025. Top holdings: HYG (7.7%), HYG (4.7%), LQD (4.3%). Fund DNA: Diversified Scout. HoldingsIntel Rating: 2.5/5.0.
Active quarter - 333 new positions, 205 exits, 252 increased. Top move: B (INCREASED, conviction 77). Portfolio: $12.9B across 1198 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