PICTON MAHONEY ASSET MANAGEMENT
Comparing Q4 2025 vs Q3 2025
Sorting applies to all holdings for this quarter on the server, then the page is sliced. Prior-quarter values come from the full prior-quarter filing.
Issuer ▲▼ | Shares | Value ($K) | ||||
|---|---|---|---|---|---|---|
Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | |
| ISHARES TR(Put) | 0 | 12,325,000 | +12,325,000 | 0 | 993,764,750 | +993,764,750 |
| ISHARES TR(Call) | 0 | 7,500,000 | +7,500,000 | 0 | 604,725,000 | +604,725,000 |
| ISHARES TR(Call) | 0 | 5,000,000 | +5,000,000 | 0 | 550,950,000 | +550,950,000 |
| ISHARES TR(Put) | 0 | 5,000,000 | +5,000,000 | 0 | 550,950,000 | +550,950,000 |
| ROYAL BK CDA | 0 | 2,652,043 | +2,652,043 | 0 | 452,754,405 | +452,754,405 |
| TORONTO DOMINION BK ONT | 0 | 3,396,972 | +3,396,972 | 0 | 320,609,805 | +320,609,805 |
| SHOPIFY INC | 0 | 1,932,932 | +1,932,932 | 0 | 311,668,857 | +311,668,857 |
| ISHARES TR(Put) | 0 | 1,200,000 | +1,200,000 | 0 | 295,392,000 | +295,392,000 |
| ISHARES TR(Put) | 0 | 2,500,000 | +2,500,000 | 0 | 240,400,000 | +240,400,000 |
| BROOKFIELD CORP | 2,629,023 | 3,613,638 | +984,615 | 180,351 | 166,152,878 | +165,972,527 |
| CANADIAN PACIFIC KANSAS CITY | 2,147,165 | 2,252,702 | +105,537 | 159,882 | 166,082,888 | +165,923,006 |
| CANADIAN NAT RES LTD | 5,170,054 | 4,666,597 | -503,457 | 165,279 | 158,286,789 | +158,121,510 |
| NVIDIA CORPORATION | 736,703 | 802,128 | +65,425 | 137,454 | 149,596,872 | +149,459,418 |
| BARRICK MNG CORP | 1,577,359 | 3,423,022 | +1,845,663 | 51,797 | 149,321,749 | +149,269,952 |
| FRANCO NEV CORP | 591,206 | 630,703 | +39,497 | 131,567 | 130,920,380 | +130,788,813 |
| AGNICO EAGLE MINES LTD | 1,017,406 | 767,180 | -250,226 | 171,323 | 130,283,809 | +130,112,486 |
| ENBRIDGE INC | 2,704,498 | 2,666,336 | -38,162 | 136,412 | 127,771,162 | +127,634,750 |
| ALPHABET INC | 330,696 | 382,808 | +52,112 | 80,391 | 119,818,904 | +119,738,513 |
| CENOVUS ENERGY INC | 6,389,703 | 6,824,438 | +434,735 | 108,472 | 115,614,933 | +115,506,461 |
| TC ENERGY CORP | 0 | 2,055,963 | +2,055,963 | 0 | 113,372,313 | +113,372,313 |
| WASTE CONNECTIONS INC | 0 | 641,243 | +641,243 | 0 | 112,621,067 | +112,621,067 |
| APPLE INC | 420,307 | 413,092 | -7,215 | 107,023 | 112,303,191 | +112,196,168 |
| OR ROYALTIES INC | 3,109,636 | 3,160,518 | +50,882 | 124,609 | 112,113,535 | +111,988,926 |
| MICROSOFT CORP | 266,830 | 227,053 | -39,777 | 138,204 | 109,807,372 | +109,669,168 |
| ROGERS COMMUNICATIONS INC | 0 | 2,797,253 | +2,797,253 | 0 | 105,737,775 | +105,737,775 |
| HUDBAY MINERALS INC | 6,350,482 | 5,034,287 | -1,316,195 | 96,171 | 100,089,680 | +99,993,509 |
| VANGUARD INDEX FDS | 0 | 547,312 | +547,312 | 0 | 97,076,729 | +97,076,729 |
| WHEATON PRECIOUS METALS CORP | 0 | 810,338 | +810,338 | 0 | 95,399,680 | +95,399,680 |
| CANADIAN IMPERIAL BANK OF CO | 1,477,258 | 994,736 | -482,522 | 118,022 | 90,306,240 | +90,188,218 |
| CELESTICA INC | 357,341 | 285,710 | -71,631 | 87,915 | 84,634,415 | +84,546,500 |
| IAMGOLD CORP | 3,893,422 | 5,028,974 | +1,135,552 | 50,290 | 83,106,008 | +83,055,718 |
| BOYD GROUP SERVICES INC | 0 | 509,542 | +509,542 | 0 | 81,278,292 | +81,278,292 |
| AMAZON COM INC | 242,851 | 342,697 | +99,846 | 53,322 | 79,101,322 | +79,048,000 |
| CELESTICA INC(Call) | 0 | 240,000 | +240,000 | 0 | 70,946,400 | +70,946,400 |
| GILDAN ACTIVEWEAR INC | 1,043,362 | 1,126,550 | +83,188 | 60,264 | 70,513,450 | +70,453,186 |
| CYBERARK SOFTWARE LTD | 152,257 | 158,005 | +5,748 | 73,561 | 70,479,710 | +70,406,149 |
| MANULIFE FINL CORP | 1,507,847 | 1,896,152 | +388,305 | 46,966 | 68,950,276 | +68,903,310 |
| BROOKFIELD INFRAST PARTNERS | 1,768,734 | 1,842,718 | +73,984 | 58,275 | 64,143,569 | +64,085,294 |
| BROADCOM INC | 198,249 | 181,673 | -16,576 | 65,403 | 62,877,025 | +62,811,622 |
| ELECTRONIC ARTS INC | 75,000 | 282,500 | +207,500 | 15,127 | 57,723,225 | +57,708,098 |
| BOSTON SCIENTIFIC CORP(Call) | 0 | 600,000 | +600,000 | 0 | 57,210,000 | +57,210,000 |
| COLLIERS INTL GROUP INC | 349,231 | 375,697 | +26,466 | 54,607 | 55,298,655 | +55,244,048 |
| ZILLOW GROUP INC(Call) | 0 | 780,000 | +780,000 | 0 | 53,211,600 | +53,211,600 |
| SNOWFLAKE INC(Call) | 0 | 240,000 | +240,000 | 0 | 52,646,400 | +52,646,400 |
| BRP INC | 323,147 | 700,057 | +376,910 | 19,643 | 49,569,412 | +49,549,769 |
| DOORDASH INC(Call) | 0 | 216,000 | +216,000 | 0 | 48,919,680 | +48,919,680 |
| FIRSTSERVICE CORP NEW | 331,730 | 307,346 | -24,384 | 63,192 | 47,863,951 | +47,800,759 |
| TECK RESOURCES LTD | 0 | 995,750 | +995,750 | 0 | 47,738,262 | +47,738,262 |
| BCE INC | 587,488 | 1,963,939 | +1,376,451 | 13,727 | 46,912,815 | +46,899,088 |
| BROOKFIELD RENEWABLE PARTNER | 1,070,639 | 1,678,827 | +608,188 | 27,589 | 45,430,509 | +45,402,920 |
| ELI LILLY & CO | 29,253 | 41,372 | +12,119 | 22,320 | 44,461,661 | +44,439,341 |
| CAMECO CORP | 457,311 | 481,834 | +24,523 | 38,374 | 44,182,312 | +44,143,938 |
| DESCARTES SYS GROUP INC | 444,774 | 496,483 | +51,709 | 41,871 | 43,616,596 | +43,574,725 |
| SUNCOR ENERGY INC NEW | 0 | 954,786 | +954,786 | 0 | 42,437,595 | +42,437,595 |
| META PLATFORMS INC | 68,595 | 64,020 | -4,575 | 50,376 | 42,258,962 | +42,208,586 |
| AIR LEASE CORP | 200,000 | 642,725 | +442,725 | 12,730 | 41,282,227 | +41,269,497 |
| CAPITAL ONE FINL CORP | 165,686 | 170,385 | +4,699 | 35,220 | 41,294,509 | +41,259,289 |
| BANK AMERICA CORP | 694,393 | 740,139 | +45,746 | 35,824 | 40,707,645 | +40,671,821 |
| EXACT SCIENCES CORP | 0 | 400,000 | +400,000 | 0 | 40,624,000 | +40,624,000 |
| MAGNA INTL INC | 36,390 | 745,714 | +709,324 | 1,724 | 39,809,817 | +39,808,093 |
| ORACLE CORP(Call) | 0 | 200,000 | +200,000 | 0 | 38,982,000 | +38,982,000 |
| DAYFORCE INC | 0 | 550,000 | +550,000 | 0 | 38,038,000 | +38,038,000 |
| HOLOGIC INC | 14 | 501,214 | +501,200 | 1 | 37,335,431 | +37,335,430 |
| SSR MINING IN | 0 | 1,696,496 | +1,696,496 | 0 | 37,244,303 | +37,244,303 |
| ROCKET COS INC | 0 | 1,916,932 | +1,916,932 | 0 | 37,111,804 | +37,111,804 |
| MORGAN STANLEY | 175,441 | 205,008 | +29,567 | 27,887 | 36,395,070 | +36,367,183 |
| SCHWAB CHARLES CORP | 0 | 358,351 | +358,351 | 0 | 35,802,848 | +35,802,848 |
| BOSTON SCIENTIFIC CORP | 340,103 | 369,905 | +29,802 | 33,205 | 35,270,442 | +35,237,237 |
| KKR & CO INC | 243,062 | 274,575 | +31,513 | 31,586 | 35,002,821 | +34,971,235 |
| SPDR SERIES TRUST | 0 | 534,159 | +534,159 | 0 | 34,618,845 | +34,618,845 |
| CANADIAN NATL RY CO | 174,203 | 344,448 | +170,245 | 16,423 | 34,115,232 | +34,098,809 |
| COSTAR GROUP INC(Call) | 0 | 500,000 | +500,000 | 0 | 33,620,000 | +33,620,000 |
| CHART INDS INC | 160,323 | 157,979 | -2,344 | 32,089 | 32,580,009 | +32,547,920 |
| SEALED AIR CORP NEW | 0 | 771,800 | +771,800 | 0 | 31,975,674 | +31,975,674 |
| AVIDITY BIOSCIENCES INC | 0 | 425,000 | +425,000 | 0 | 30,655,250 | +30,655,250 |
| WALMART INC | 0 | 274,867 | +274,867 | 0 | 30,622,932 | +30,622,932 |
| MONGODB INC | 103,255 | 72,421 | -30,834 | 32,048 | 30,394,369 | +30,362,321 |
| AVIDITY BIOSCIENCES INC(Put) | 0 | 414,400 | +414,400 | 0 | 29,890,672 | +29,890,672 |
| CAE INC | 0 | 957,687 | +957,687 | 0 | 29,164,925 | +29,164,925 |
| THOMSON REUTERS CORP | 0 | 218,799 | +218,799 | 0 | 28,914,823 | +28,914,823 |
| INVESCO EXCHANGE TRADED FD T(Call) | 0 | 150,000 | +150,000 | 0 | 28,734,000 | +28,734,000 |
| TAIWAN SEMICONDUCTOR MFG LTD | 0 | 92,634 | +92,634 | 0 | 28,150,546 | +28,150,546 |
| TPG INC | 0 | 440,521 | +440,521 | 0 | 28,122,861 | +28,122,861 |
| TJX COS INC NEW | 0 | 182,795 | +182,795 | 0 | 28,079,140 | +28,079,140 |
| INTUITIVE SURGICAL INC | 42,101 | 48,586 | +6,485 | 18,829 | 27,517,167 | +27,498,338 |
| HOWMET AEROSPACE INC | 146,977 | 132,595 | -14,382 | 28,840 | 27,184,627 | +27,155,787 |
| SPOTIFY TECHNOLOGY S A | 0 | 46,680 | +46,680 | 0 | 27,107,543 | +27,107,543 |
| RBC BEARINGS INC | 54,989 | 60,433 | +5,444 | 21,462 | 27,099,970 | +27,078,508 |
| SPROTT INC | 0 | 274,262 | +274,262 | 0 | 26,901,653 | +26,901,653 |
| THERMO FISHER SCIENTIFIC INC | 0 | 45,459 | +45,459 | 0 | 26,341,218 | +26,341,218 |
| MUELLER INDS INC | 223,048 | 228,022 | +4,974 | 22,551 | 26,176,926 | +26,154,375 |
| NORFOLK SOUTHN CORP | 80,000 | 90,000 | +10,000 | 24,033 | 25,984,800 | +25,960,767 |
| DAYFORCE INC(Put) | 0 | 375,000 | +375,000 | 0 | 25,935,000 | +25,935,000 |
| UNITED RENTALS INC | 0 | 31,360 | +31,360 | 0 | 25,380,275 | +25,380,275 |
| XPO INC | 0 | 183,573 | +183,573 | 0 | 24,949,406 | +24,949,406 |
| BOEING CO | 115,683 | 112,582 | -3,101 | 24,968 | 24,443,804 | +24,418,836 |
| APOLLO GLOBAL MGMT INC | 148,713 | 168,254 | +19,541 | 19,820 | 24,356,449 | +24,336,629 |
| MASTERCARD INCORPORATED | 32,640 | 41,753 | +9,113 | 18,565 | 23,835,953 | +23,817,388 |
| STIFEL FINL CORP | 0 | 188,987 | +188,987 | 0 | 23,664,952 | +23,664,952 |
| SNOWFLAKE INC | 0 | 107,500 | +107,500 | 0 | 23,581,200 | +23,581,200 |