Murchinson Ltd.
Long book
$248.5M
Q1 2026
Positions
59
Top-10 weight
84%
concentration
Last quarter
+1.2%
SPY +14.8%
Turnover
86%
of book per quarter
Strategy in plain words
auto-generated from filingsMurchinson Ltd. is a concentrated fundamental stock-picker, running a $248.5M US long book across 59 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: SOUTH BOW CORP, NUTRIEN LTD, NANO DIMENSION LTD - ADR, CHART INDUSTRIES INC, ROYAL BANK OF CANADA.
Over the last 9 quarters its long book ran on average 0.8pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-5.6%
Q2 2024
+17.0%
Q3 2024
-2.7%
Q4 2024
-15.2%
Q1 2025
+30.3%
Q2 2025
+12.2%
Q3 2025
+2.6%
Q4 2025
+7.5%
Q1 2026
+1.2%
Sector allocation
Energy 31%
Other 29%
Financials 15%
Industrials 13%
Healthcare 6%
Communications 4%
Materials 1%
Technology 0%
Long book by quarter
What does Murchinson Ltd. own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SOBO SOUTH BOW CORP | Energy | 1.7M | $57.5M | 23.1% | New |
| NTR NUTRIEN LTD | Other | 659.5K | $49.8M | 20.0% | New |
| GTLS CHART INDUSTRIES INC | Industrials | 120.5K | $24.9M | 10.0% | New |
| RY ROYAL BANK OF CANADA | Financials | 75.2K | $12.2M | 4.9% | New |
| MCGA YORKVILLE ACQUISITION CORP-A | Financials | 1.0M | $10.1M | 4.1% | Held |
| WBD WARNER BROS DISCOVERY INC | Communications | 300.0K | $8.2M | 3.3% | New |
| PTHS PELTHOS THERAPEUTICS INC | Healthcare | 296.3K | $6.2M | 2.5% | +2.4% |
| ORMP ORAMED PHARMACEUTICALS INC | Healthcare | 1.3M | $4.5M | 1.8% | -1.9% |
| AUB ATLANTIC UNION BANKSHARES CO | Financials | 106.9K | $3.8M | 1.5% | Held |
| SUNC SUNOCOCORP LLC | Energy | 58.5K | $3.6M | 1.5% | -81.6% |
| BMO BANK OF MONTREAL | Financials | 20.0K | $2.7M | 1.1% | +50.2% |
| KVUE KENVUE INC | Other | 150.0K | $2.6M | 1.0% | Held |
| TDAY USA TODAY CO INC | Other | 320.0K | $2.3M | 0.9% | -23.8% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 16.4K | $1.7M | 0.7% | New |
| ATKR ATKORE INC | Technology | 15.0K | $884K | 0.4% | New |
| UA UNDER ARMOUR INC-CLASS C | Other | 150.0K | $869K | 0.3% | New |
| FNV FRANCO-NEVADA CORP | Materials | 3.2K | $782K | 0.3% | New |
| ODV OSISKO DEVELOPMENT CORP | Materials | 200.0K | $650K | 0.3% | New |
| NWBI NORTHWEST BANCSHARES INC | Financials | 30.0K | $381K | 0.2% | Held |
| IMXI INTERNATIONAL MONEY EXPRESS | Services media | 21.7K | $343K | 0.1% | New |
| IXHL INCANNEX HEALTHCARE INC | Healthcare | 104.1K | $312K | 0.1% | New |
| EHABUSD ENHABIT INC | — | 17.7K | $249K | 0.1% | New |
| BLFY BLUE FOUNDRY BANCORP | — | 18.8K | $249K | 0.1% | New |
| DBRG DIGITALBRIDGE GROUP INC | Financials | 16.0K | $247K | 0.1% | New |
| PRA PROASSURANCE CORP | Financials | 9.9K | $245K | 0.1% | New |
| VICI Vici properties inc | Real estate | 3.1K | $245K | 0.1% | New |
| ONTF ON24 INC | — | 30.1K | $244K | 0.1% | New |
| K4F ONESTREAM INC | — | 10.1K | $242K | 0.1% | New |
| AM6 AMICUS THERAPEUTICS INC | — | 16.7K | $241K | 0.1% | New |
| GLDD GREAT LAKES DREDGE & DOCK CO | — | 14.2K | $241K | 0.1% | New |
| BVE DIAMOND HILL INVESTMENT GRP | — | 1.4K | $241K | 0.1% | New |
| AL AIR LEASE CORP | — | 3.7K | $240K | 0.1% | New |
| 628 SEMRUSH HOLDINGS INC-A | — | 20.1K | $240K | 0.1% | New |
| SDA SEALED AIR CORP | Services media | 5.7K | $240K | 0.1% | New |
| UTE0 CANTALOUPE INC | — | 22.1K | $239K | 0.1% | New |
| CCO CLEAR CHANNEL OUTDOOR HOLDIN | Services media | 100.8K | $239K | 0.1% | New |
| T86 TRI POINTE HOMES INC | — | 5.0K | $234K | 0.1% | New |
| XHC HERITAGE COMMERCE CORP | — | 18.6K | $232K | 0.1% | New |
| NWE NORTHWESTERN ENERGY GROUP IN | Utilities | 3.5K | $231K | 0.1% | New |
| STEL STELLAR BANCORP INC | Financials | 6.3K | $231K | 0.1% | New |
| XAIR BEYOND AIR INC | Healthcare | 330.0K | $228K | 0.1% | New |
| BHF BRIGHTHOUSE FINANCIAL INC | Financials | 3.7K | $224K | 0.1% | New |
| EIX EDISON INTERNATIONAL | Utilities | 3.0K | $220K | 0.1% | New |
| 7WH UDEMY INC | — | 47.5K | $219K | 0.1% | New |
| LNSR LENSAR INC | Healthcare | 36.6K | $218K | 0.1% | +17.5% |
| VNDA VANDA PHARMACEUTICALS INC | Healthcare | 30.0K | $207K | 0.1% | New |
| CVU CPI AEROSTRUCTURES INC | Industrials | 14.2K | $56K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 95 | $791.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 75 | $621.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 96 | $788.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 62 | $282.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 98 | $1.88B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 55 | $233.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 81 | $368.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ARESTATEMENT | Aug 15, 2024 | 67 | $648.5M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 70 | $542.9M | SEC ↗ | |
| Q1 2024 | 13F-HR/ARESTATEMENT | May 16, 2024 | 88 | $1.18B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 69 | $966.8M | SEC ↗ |
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