# PICTON MAHONEY ASSET MANAGEMENT

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1539041. Source: https://holderbook.com/funds/1539041-picton-mahoney-asset-management/

- Reported value: $13.5B
- Positions: 1,354
- Weight of the ten largest: 27.4%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [HYG](https://holderbook.com/stocks/HYG/) | $799.8M | 1,590 | 5.9% | 4 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $684.8M | 3,315,100 | 5.1% | 5 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $555.3M | 4,578,596 | 4.1% | 5 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $342.8M | 0 | 2.5% | 2 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $275.5M | 2,163,787 | 2.0% | 6 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $244.7M | 2,829,879 | 1.8% | 5 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $220.9M | 0 | 1.6% | 1 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $202.2M | 4,751,905 | 1.5% | 5 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $196.8M | 0 | 1.5% | 1 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $182.4M | 3,371,682 | 1.3% | 5 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $177.9M | 5,987,906 | 1.3% | 5 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $169.8M | 47,110 | 1.3% | 3 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $169.7M | 848,217 | 1.3% | 26 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $168.6M | 4,270,778 | 1.2% | 5 |
| CELESTICA INC | [CLS](https://holderbook.com/stocks/CLS/) | $166.8M | 301,938 | 1.2% | 5 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $166.7M | 945,606 | 1.2% | 5 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $165.7M | 796,135 | 1.2% | 5 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $163.7M | 3,049,813 | 1.2% | 5 |
| SUN LIFE FINANCIAL INC. | [SLF](https://holderbook.com/stocks/SLF/) | $161.4M | 2,061,273 | 1.2% | 2 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $157.6M | 350,882 | 1.2% | 31 |
| SNOWFLAKE INC | [SNOW](https://holderbook.com/stocks/SNOW/) | $154.7M | 153,756 | 1.1% | 6 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $152.0M | 39,227 | 1.1% | 3 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $151.3M | 975,936 | 1.1% | 5 |
| MONGODB INC | [MDB](https://holderbook.com/stocks/MDB/) | $148.7M | 87,570 | 1.1% | 5 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $142.1M | 2,150,666 | 1.1% | 5 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $133.2M | 4,154,931 | 1.0% | 5 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $126.1M | 1,733,240 | 0.9% | 5 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $113.2M | 1,200,891 | 0.8% | 5 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $109.0M | 971,176 | 0.8% | 5 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $103.8M | 358,892 | 0.8% | 31 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $103.6M | 486,850 | 0.8% | 16 |
| OR ROYALTIES INC. | [OR](https://holderbook.com/stocks/OR/) | $97.6M | 3,091,096 | 0.7% | 5 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $97.0M | 2,644,794 | 0.7% | 5 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $94.6M | 569,050 | 0.7% | 5 |
| INVESCO EXCH TRADED FD TR II | [SPLV](https://holderbook.com/stocks/SPLV/) | $93.9M | 1,254,188 | 0.7% | 12 |
| ROGERS COMMUNICATIONS INC | [RCI](https://holderbook.com/stocks/RCI/) | $91.3M | 2,814,609 | 0.7% | 5 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $86.5M | 362,728 | 0.6% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $86.0M | 127,742 | 0.6% | 18 |
| IAMGOLD CORP | [IAG](https://holderbook.com/stocks/IAG/) | $79.2M | 5,016,085 | 0.6% | 5 |
| BROOKFIELD RENEWABLE ENERGY | [BEP](https://holderbook.com/stocks/BEP/) | $76.7M | 2,219,312 | 0.6% | 5 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $74.8M | 81,195 | 0.6% | 2 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $73.1M | 195,877 | 0.5% | 31 |
| TWILIO INC | [TWLO](https://holderbook.com/stocks/TWLO/) | $70.7M | 102,625 | 0.5% | 8 |
| TEVA PHARMACEUTICAL INDS LTD | [TEVA](https://holderbook.com/stocks/TEVA/) | $65.2M | 925,408 | 0.5% | 9 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $64.0M | 629,127 | 0.5% | 5 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $63.7M | 735,921 | 0.5% | 4 |
| ROCKET COS INC | [RKT](https://holderbook.com/stocks/RKT/) | $63.6M | 2,138,584 | 0.5% | 6 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $62.9M | 108,198 | 0.5% | 5 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $60.8M | 185,755 | 0.4% | 15 |
| DESCARTES SYS GROUP INC | [DSGX](https://holderbook.com/stocks/DSGX/) | $56.8M | 822,771 | 0.4% | 5 |
| PAN AMERN SILVER CORP | [PAAS](https://holderbook.com/stocks/PAAS/) | $54.0M | 1,207,847 | 0.4% | 5 |
| MAGNA INTL INC | [MGA](https://holderbook.com/stocks/MGA/) | $51.5M | 784,411 | 0.4% | 4 |
| BROOKFIELD INFRASTRUCTURE PA | [BIP](https://holderbook.com/stocks/BIP/) | $51.3M | 1,408,457 | 0.4% | 5 |
| AKAMAI TECHNOLOGIES INC | [AKAM](https://holderbook.com/stocks/AKAM/) | $49.5M | 118,781 | 0.4% | 8 |
| APOGEE THERAPEUTICS INC | [APGE](https://holderbook.com/stocks/APGE/) | $48.4M | 165,000 | 0.4% | 1 |
| FIRSTSERVICE CORP NEW | [FSV](https://holderbook.com/stocks/FSV/) | $46.8M | 330,064 | 0.3% | 5 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $46.6M | 333,786 | 0.3% | 3 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $44.0M | 92,038 | 0.3% | 10 |
| BOYD GROUP SERVICES INC | [BGSI](https://holderbook.com/stocks/BGSI/) | $43.2M | 457,748 | 0.3% | 3 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $40.3M | 33,628 | 0.3% | 22 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $38.9M | 189,690 | 0.3% | 5 |
| RBC BEARINGS INC | [RBC](https://holderbook.com/stocks/RBC/) | $37.9M | 58,814 | 0.3% | 20 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $37.0M | 264,238 | 0.3% | 4 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $36.1M | 952,800 | 0.3% | 3 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $35.2M | 168,259 | 0.3% | 5 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $34.8M | 101,969 | 0.3% | 6 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $34.5M | 79,533 | 0.3% | 3 |
| JFROG LTD | [FROG](https://holderbook.com/stocks/FROG/) | $33.7M | 110,381 | 0.2% | 5 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $33.6M | 155,172 | 0.2% | 7 |
| ROKU INC | [ROKU](https://holderbook.com/stocks/ROKU/) | $33.2M | 240,342 | 0.2% | 3 |
| WEBSTER FINL CORP | [WBS](https://holderbook.com/stocks/WBS/) | $31.7M | 415,121 | 0.2% | 3 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $31.6M | 43,945 | 0.2% | 17 |
| ALGONQUIN POWER & UTILITIES | [AQN](https://holderbook.com/stocks/AQN/) | $30.4M | 5,190,063 | 0.2% | 5 |
| ASSURANT INC | [AIZ](https://holderbook.com/stocks/AIZ/) | $30.1M | 112,130 | 0.2% | 3 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $29.2M | 192,531 | 0.2% | 22 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $28.9M | 84,253 | 0.2% | 3 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $28.8M | 354,491 | 0.2% | 6 |
| GUARDANT HEALTH INC | [GH](https://holderbook.com/stocks/GH/) | $28.8M | 191,876 | 0.2% | 3 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $28.7M | 143,168 | 0.2% | 8 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $28.4M | 12,503 | 0.2% | 5 |
| JANUS HENDERSON GROUP PLC | [JHG](https://holderbook.com/stocks/JHG/) | $28.2M | 541,914 | 0.2% | 8 |
| COGNEX CORP | [CGNX](https://holderbook.com/stocks/CGNX/) | $27.7M | 382,162 | 0.2% | 4 |
| MAGNITE INC | [MGNI](https://holderbook.com/stocks/MGNI/) | $27.4M | 691,471 | 0.2% | 5 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $27.0M | 238,420 | 0.2% | 16 |
| CHARLES RIV LABS INTL INC | [CRL](https://holderbook.com/stocks/CRL/) | $26.3M | 116,144 | 0.2% | 5 |
| XPO INC | [XPO](https://holderbook.com/stocks/XPO/) | $26.3M | 128,028 | 0.2% | 13 |
| TFI INTERNATIONAL INC | [TFII](https://holderbook.com/stocks/TFII/) | $26.2M | 182,513 | 0.2% | 1 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $26.0M | 65,391 | 0.2% | 9 |
| CASELLA WASTE SYS INC | [CWST](https://holderbook.com/stocks/CWST/) | $24.6M | 253,511 | 0.2% | 2 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $24.5M | 96,594 | 0.2% | 8 |
| ELANCO ANIMAL HEALTH INC | [ELAN](https://holderbook.com/stocks/ELAN/) | $24.1M | 979,269 | 0.2% | 4 |
| VENTAS INC | [VTR](https://holderbook.com/stocks/VTR/) | $23.9M | 269,161 | 0.2% | 13 |
| PENUMBRA INC | [PEN](https://holderbook.com/stocks/PEN/) | $23.7M | 75,200 | 0.2% | 2 |
| NAVITAS SEMICONDUCTOR CORP | [NVTS](https://holderbook.com/stocks/NVTS/) | $23.7M | 0 | 0.2% | 1 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $23.6M | 24,489 | 0.2% | 9 |
| CAE INC | [CAE](https://holderbook.com/stocks/CAE/) | $23.6M | 944,020 | 0.2% | 3 |
| ANGLOGOLD ASHANTI PLC | [AU](https://holderbook.com/stocks/AU/) | $22.8M | 281,975 | 0.2% | 2 |
| DATADOG INC | [DDOG](https://holderbook.com/stocks/DDOG/) | $22.7M | 87,319 | 0.2% | 2 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $22.7M | 176,844 | 0.2% | 2 |
| VALLEY NATL BANCORP | [VLY](https://holderbook.com/stocks/VLY/) | $22.5M | 1,534,220 | 0.2% | 4 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.4% | +14.8% | -6.4% | 71% |
| Q1 2026 | -0.5% | -4.6% | +4.1% | 68% |
| Q4 2025 | +3.9% | +2.4% | +1.6% | 98% |
| Q3 2025 | +9.6% | +7.8% | +1.7% | 98% |
| Q2 2025 | +10.6% | +10.5% | +0.1% | 98% |
| Q1 2025 | -4.6% | -4.6% | -0.1% | 96% |
| Q4 2024 | +3.7% | +2.1% | +1.6% | 93% |
| Q3 2024 | +5.3% | +5.4% | -0.1% | 96% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $13.5B | 1,354 |
| Q1 2026 | $13.5B | 1,207 |
| Q4 2025 | $12.9B | 1,180 |
| Q3 2025 | $11.1B | 1,058 |
| Q2 2025 | $9.7B | 958 |
| Q1 2025 | $5.8B | 921 |
| Q4 2024 | $4.9B | 848 |
| Q3 2024 | $3.1B | 840 |
| Q2 2024 | $2.6B | 598 |
| Q1 2024 | $3.3B | 375 |
| Q4 2023 | $3.7B | 440 |
| Q3 2023 | $3.3B | 424 |