PICTON MAHONEY ASSET MANAGEMENT
Long book
$9.60B
Q1 2026
Positions
1199
Top-10 weight
25%
concentration
Last quarter
+8.2%
SPY +14.8%
Turnover
35%
of book per quarter
Strategy in plain words
auto-generated from filingsPICTON MAHONEY ASSET MANAGEMENT is an institutional manager, running a $9.60B US long book across 1199 positions.
The portfolio is broadly diversified across 1199 positions (top 10 only 25%). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ROYAL BANK OF CANADA, TORONTO-DOMINION BANK, CANADIAN NATURAL RESOURCES, SHOPIFY INC - CLASS A, AGNICO EAGLE MINES LTD.
Over the last 9 quarters its long book ran on average 0.4pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.2%
Q2 2024
+6.5%
Q3 2024
+4.5%
Q4 2024
-5.8%
Q1 2025
+12.6%
Q2 2025
+10.6%
Q3 2025
+4.3%
Q4 2025
-0.1%
Q1 2026
+8.2%
Sector allocation
Financials 25%
Technology 17%
Materials 14%
Industrials 10%
Energy 9%
Other 5%
Utilities 5%
Consumer discretionary 4%
Long book by quarter
What does PICTON MAHONEY own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RY ROYAL BANK OF CANADA | Financials | 2.7M | $429.2M | 4.5% | +0.1% |
| TD TORONTO-DOMINION BANK | Financials | 3.7M | $350.0M | 3.6% | +10.3% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 5.4M | $262.5M | 2.7% | +15.3% |
| SHOP SHOPIFY INC - CLASS A | Technology | 2.1M | $253.5M | 2.6% | +10.5% |
| AEM AGNICO EAGLE MINES LTD | Materials | 968.9K | $196.7M | 2.1% | +26.3% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 2.5M | $195.2M | 2.0% | +10.1% |
| SU SUNCOR ENERGY INC | Energy | 2.9M | $190.2M | 2.0% | +201.1% |
| FNV FRANCO-NEVADA CORP | Materials | 759.3K | $188.1M | 2.0% | +20.4% |
| NVDA NVIDIA CORP | Technology | 889.8K | $155.2M | 1.6% | +10.9% |
| ENB ENBRIDGE INC | Energy | 2.8M | $150.7M | 1.6% | +4.3% |
| BN BROOKFIELD CORP | Real estate | 3.7M | $148.2M | 1.5% | +1.2% |
| TRP TC ENERGY CORP | Utilities | 2.1M | $129.1M | 1.3% | +0.4% |
| CVE CENOVUS ENERGY INC | Energy | 4.9M | $128.8M | 1.3% | -28.7% |
| OR OR ROYALTIES INC | Materials | 3.3M | $127.2M | 1.3% | +5.7% |
| GOOGL ALPHABET INC-CL A | Technology | 413.8K | $119.0M | 1.2% | +8.1% |
| RCI ROGERS COMMUNICATIONS INC-B | Communications | 3.0M | $115.1M | 1.2% | +7.0% |
| B BARRICK MINING CORP | Materials | 2.8M | $114.1M | 1.2% | -18.5% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 805.6K | $105.8M | 1.1% | -0.6% |
| AAPL APPLE INC | Technology | 405.4K | $102.9M | 1.1% | -1.9% |
| CLS CELESTICA INC | Technology | 330.7K | $93.3M | 1.0% | +15.7% |
| IAG IAMGOLD CORP | Materials | 4.8M | $89.5M | 0.9% | -5.4% |
| SLF SUN LIFE FINANCIAL INC | Financials | 1.4M | $86.2M | 0.9% | New |
| HBM HUDBAY MINERALS INC | Materials | 3.8M | $78.7M | 0.8% | -25.3% |
| AMZN AMAZON.COM INC | Consumer discretionary | 362.1K | $75.4M | 0.8% | +5.7% |
| MSFT MICROSOFT CORP | Technology | 199.4K | $73.8M | 0.8% | -12.2% |
| WCN WASTE CONNECTIONS INC | Utilities | 439.1K | $71.4M | 0.7% | -31.5% |
| BGSI THE BOYD GROUP INC | Services media | 550.4K | $70.3M | 0.7% | +8.0% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 1.3M | $69.9M | 0.7% | +35.6% |
| CCJ CAMECO CORP | Materials | 597.4K | $64.9M | 0.7% | +24.0% |
| AVGO BROADCOM INC | Technology | 192.2K | $59.5M | 0.6% | +5.8% |
| GIL GILDAN ACTIVEWEAR INC | Other | 991.6K | $55.2M | 0.6% | -12.0% |
| MGA MAGNA INTERNATIONAL INC | Industrials | 958.0K | $53.5M | 0.6% | +28.5% |
| HO1 HOLOGIC INC | — | 650.5K | $49.2M | 0.5% | +29.8% |
| AL AIR LEASE CORP | — | 698.6K | $45.4M | 0.5% | +8.7% |
| PAAS PAN AMERICAN SILVER CORP | Materials | 810.6K | $44.4M | 0.5% | +5990.3% |
| SDA SEALED AIR CORP | Services media | 1.0M | $42.2M | 0.4% | +30.0% |
| EA ELECTRONIC ARTS INC | Technology | 204.6K | $41.7M | 0.4% | -27.6% |
| CAE CAE INC | Technology | 1.6M | $40.5M | 0.4% | +62.3% |
| GTLS CHART INDUSTRIES INC | Industrials | 192.8K | $39.9M | 0.4% | +22.0% |
| DSGX DESCARTES SYSTEMS GRP/THE | Technology | 553.6K | $39.7M | 0.4% | +11.5% |
| JPM JPMORGAN CHASE & CO | Financials | 127.4K | $37.5M | 0.4% | +114.0% |
| DOO BRP INC/CA- SUB VOTING | Industrials | 512.8K | $36.9M | 0.4% | -26.7% |
| MFC MANULIFE FINANCIAL CORP | Financials | 1.1M | $36.5M | 0.4% | -44.2% |
| FSV FIRSTSERVICE CORP | Real estate | 244.2K | $34.0M | 0.4% | -20.6% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 353.6K | $33.2M | 0.3% | -1.3% |
| RBC RBC BEARINGS INC | Industrials | 60.6K | $32.9M | 0.3% | +0.3% |
| BMO BANK OF MONTREAL | Financials | 237.9K | $32.2M | 0.3% | +1732.7% |
| MS MORGAN STANLEY | Financials | 186.2K | $30.6M | 0.3% | -9.2% |
| META META PLATFORMS INC-CLASS A | Technology | 53.5K | $30.6M | 0.3% | -16.4% |
| LLY ELI LILLY & CO | Healthcare | 33.0K | $30.3M | 0.3% | -20.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 1238 | $13.55B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 1198 | $12.91B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 1069 | $11.08B | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 963 | $9.71B | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 7, 2025 | 931 | $5.81B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR/ARESTATEMENT | Apr 2, 2025 | 852 | $4.90B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 852 | $3.4M | SEC ↗ | |
| Q4 2024 | 13F-HR/ARESTATEMENT | Feb 10, 2025 | 852 | $3.4M | SEC ↗ | |
| Q3 2024 | 13F-HR | Nov 4, 2024 | 840 | $3.06B | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 31, 2024 | 598 | $2.58B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 9, 2024 | 375 | $3.34B | $K fixed canonical | SEC ↗ |
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