PICTON MAHONEY ASSET MANAGEMENT

Q4 2025 13F-HR Holdings

Location
Toronto, A6
Holdings as of
12/31/2025
Date filed
2/11/2026
Form type
13F-HR
Num holdings
1,198
Total value ($000)
$12,913,301
Net value change ($000)
+1,830,335 (16.5%)
New positions
296
Sold out positions
185
Turnover %
19.6%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/12/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
B 97,525 188.3%
BGSI 81,278 NEW
RY 72,923 19.2%
TD 60,622 23.3%
SHOP 54,547 21.2%
WPM 43,801 84.9%
EA 42,596 281.6%
EXAS 40,624 NEW
GOOGL 39,428 49.0%
MGA 38,086 2209.2%
Top Reduces (Value $000, Stocks/ETFs)
BMO -51,203 -96.8%
TU -45,564 -100.0%
AEM -41,039 -24.0%
KEL -35,098 -100.0%
FYBR -28,428 -93.8%
MSFT -28,397 -20.5%
CM -27,716 -23.5%
CDE -26,526 -100.0%
VRNA -26,144 -100.0%
TRI -24,318 -45.7%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 3,774,955 (29.2% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type