CIK: 0001539041
Total reported value
$13.5B
Reporting period: 2026-03-31 · Number of holdings: 1238
PICTON MAHONEY ASSET MANAGEMENT disclosed 1238 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $13.5B and a quarterly turnover rate of 55.4%.
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Picton Mahoney Asset Management's disclosed holdings carry a Herfindahl concentration index of 0.028 — mathematically equivalent to about 36 equally-sized positions, well below its 1238 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 5.69), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 58% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim LQD
-25.0% -$284.6M
Trim IWM
-99.9% -$295.4M
Trim IEF
-99.3% -$240.4M
Add TLT
+20000.0% $173.4M
Add SU
+201.1% $147.8M
Add HYG
+15.0% $215.7M
Picton Mahoney is rotating capital aggressively out of defensive allocations (sold IWM small-caps, slashed IEF Treasuries, cut LQD IG bonds) to load up on high-yield via HYG, long duration via TLT, emerging markets via EEM, and momentum via MTUM. This is a decisive alpha-seeking repositioning, not a hedge — they are stacking credit risk, duration risk, and factor momentum into a single barbell bet.
The portfolio is pricing in a Goldilocks scenario: sustained growth that keeps HYG and EEM bid, yet a bond market rally that makes TLT work. The opposing thesis is stagflation — supply-side shocks that crush high-yield spreads while spiking long rates, shredding both ends of the barbell. They have abandoned small-caps and IG credit entirely, telegraphing a conviction that the liquidity regime will support risk-taking and curve steepening.
The simultaneous add to HYG and TLT creates a reflexivity trap — if a credit event hits, HYG liquidity will freeze and TLT will gap, but the portfolio cannot hedge one without impairing the other. The momentum factor (MTUM) is consensus-owned, making this a crowded long in the most popular factors; a positioning squeeze in either duration or credit will cascade through the entire portfolio due to the lack of cash or neutral offset.
This narrative is produced by AI from publicly available filings and describes past activity only — it is informational, not investment advice.
Showing top 200 holdings (of 1238 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-High Yield | 13.39% | +1.01% | +15.01% | |
| 2 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | ETF-Corp Bonds | 6.04% | -2.50% | -25.00% | |
| 3 | RY | Royal Bank Of Canada | Stock-Financials | 3.17% | — | +0.09% | |
| 4 | TD | Toronto-dominion Bank | Stock-Financials | 2.58% | +0.10% | +10.30% | |
| 5 | SHOP | Shopify INC - Class A | Stock-Tech | 2.06% | -0.35% | +21.35% | |
| 6 | CNQ | Canadian Natural Resources | Stock-Energy | 1.94% | +0.71% | +15.32% | |
| 7 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 1.72% | +0.71% | +49.76% | |
| 8 | CP | Canadian Pacific Kansas City | Stock-Industrials | 1.44% | +0.15% | +10.06% | |
| 9 | SU | Suncor Energy INC | Stock-Energy | 1.40% | +1.07% | +201.08% | |
| 10 | FNV | Franco-nevada CORP | Stock-Materials | 1.39% | +0.38% | +20.39% | |
| 11 | TLT | Ishares 20+ Year Treasury Bd | ETF-Gov Bonds | 1.29% | +1.28% | +20000.00% | |
| 12 | TECK | Teck Resources Ltd-cls B | Stock-Materials | 1.24% | +0.87% | +226.39% | |
| 13 | NVDA | Nvidia CORP | Stock-Tech | 1.15% | — | +10.93% | |
| 14 | ENB | Enbridge INC | Stock-Energy | 1.11% | — | +4.28% | |
| 15 | BN | Brookfield CORP | Stock-Financials | 1.09% | — | +1.15% | |
| 16 | OR | Or Royalties INC | Stock-Other | 1.08% | +0.21% | +21.51% | |
| 17 | EEM | Ishares Msci Emerging Market | ETF-Emerging Markets | 1.01% | +1.01% | NEW | |
| 18 | TRP | Tc Energy CORP | Stock-Energy | 0.95% | — | +0.41% | |
| 19 | CVE | Cenovus Energy INC | Stock-Energy | 0.95% | — | -28.68% | |
| 20 | MTUM | Ishares Msci USA Momentum Fa | ETF-Other | 0.92% | +0.92% | NEW | |
| 21 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.88% | — | +8.10% | |
| 22 | RCI | Rogers Communications Inc-b | Stock-Other | 0.85% | — | +6.97% | |
| 23 | B | Barrick Mining CORP | Stock-Materials | 0.84% | -0.32% | -18.48% | |
| 24 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 0.78% | — | -0.58% | |
| 25 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 0.76% | +0.76% | +93325.00% | |
| 26 | AAPL | Apple INC | Stock-Tech | 0.76% | — | -1.87% | |
| 27 | HBM | Hudbay Minerals INC | Stock-Other | 0.74% | — | -5.47% | |
| 28 | CLS | Celestica INC | Stock-Tech | 0.69% | -0.51% | -37.09% | |
| 29 | IAG | Iamgold CORP | Stock-Other | 0.66% | — | -5.37% | |
| 30 | SLF | Sun Life Financial INC | Stock-Financials | 0.64% | +0.64% | NEW | |
| 31 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.56% | — | +5.65% | |
| 32 | MSFT | Microsoft CORP | Stock-Tech | 0.54% | -0.31% | -12.20% | |
| 33 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 0.54% | +0.30% | +133.07% | |
| 34 | HO1 | Hologic INC | Stock-Other | 0.53% | +0.24% | +89.64% | |
| 35 | WCN | Waste Connections INC | Stock-Industrials | 0.53% | -0.34% | -31.52% | |
| 36 | BGSI | THE Boyd Group INC | Stock-Other | 0.52% | — | +8.03% | |
| 37 | SPLV | Invesco S&p 500 Low Volatili | ETF-Large Cap & Growth | 0.51% | +0.42% | +488.79% | |
| 38 | CCJ | Cameco CORP | Stock-Energy | 0.48% | — | +23.98% | |
| 39 | MU | Micron Technology INC | Stock-Tech | 0.47% | +0.40% | +464.60% | |
| 40 | INTU | Intuit INC | Stock-Tech | 0.47% | +0.37% | +635.38% | |
| 41 | BEP | Brookfield Renewable Partners L.P. | Stock-Other | 0.45% | — | +11.88% | |
| 42 | AVGO | Broadcom INC | Stock-Tech | 0.44% | — | +5.77% | |
| 43 | KKR | Kkr & Co INC | Stock-Financials | 0.41% | — | +119.26% | |
| 44 | GIL | Gildan Activewear INC | Stock-Consumer Disc | 0.41% | — | -11.98% | |
| 45 | TEVA | Teva Pharmaceutical-sp Adr | Stock-Healthcare | 0.40% | +0.26% | +211.70% | |
| 46 | MDB | Mongodb INC | Stock-Tech | 0.40% | — | +203.33% | |
| 47 | MGA | Magna International INC | Stock-Consumer Disc | 0.40% | — | +28.47% | |
| 48 | KRE | Ss Spdr S&p Regional Bank | ETF-Other | 0.38% | — | +49.77% | |
| 49 | LITE 1.5 12-15-29 | Lumentum Holdings INC | Stock-Tech | 0.37% | +0.21% | +25.00% | |
| 50 | CGNX | Cognex CORP | Stock-Tech | 0.34% | +0.30% | +523.33% |
Performance for Q3 2026
+0.7%
Performance Last 4 Quarters
+16%
Based on 73% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1238 | $13.5B | 55 | |
| 2025-12-31 | 1198 | $12.9B | 91 | |
| 2025-09-30 | 1069 | $11.1B | 96 | |
| 2025-06-30 | 963 | $9.7B | 0 | |
| 2025-03-31 | 931 | $5.8B | 88 | |
| 2024-12-31 | 852 | $4.9B | 100 | |
| 2024-09-30 | 840 | $3.1B | 0 | |
| 2024-06-30 | 598 | $2.6B | 0 | |
| 2024-03-31 | 375 | $3.3B | 0 | |
| 2023-12-31 | 440 | $3.7B | 0 | |
| 2023-09-30 | 424 | $3.3B | 0 | |
| 2023-06-30 | 437 | $2.3B | 0 | |
| 2023-03-31 | 501 | $2.3B | 0 | |
| 2022-12-31 | 680 | $2.1B | 0 | |
| 2022-09-30 | 752 | $2.8B | 0 | |
| 2022-06-30 | 860 | $2.6B | 0 | |
| 2022-03-31 | 956 | $2.8B | 0 | |
| 2021-12-31 | 960 | $4.1B | 0 | |
| 2021-09-30 | 897 | $2.7B | 0 | |
| 2021-06-30 | 885 | $3.4B | 100 | |
| 2021-03-31 | 339 | $2.1B | 96 | |
| 2020-12-31 | 339 | $2.1B | 78 | |
| 2020-09-30 | 339 | $1.8B | 66 | |
| 2020-06-30 | 315 | $1.7B | 75 | |
| 2020-03-31 | 290 | $1.8B | 91 | |
| 2019-12-31 | 288 | $1.5B | 51 | |
| 2019-09-30 | 194 | $1.4B | 38 | |
| 2019-06-30 | 192 | $1.5B | 41 | |
| 2019-03-31 | 186 | $1.3B | 36 | |
| 2018-12-31 | 173 | $1.1B | 53 | |
| 2018-09-30 | 180 | $1.4B | 31 | |
| 2018-06-30 | 182 | $1.4B | 41 | |
| 2018-03-31 | 194 | $1.4B | 56 | |
| 2017-12-31 | 171 | $1.4B | 55 | |
| 2017-09-30 | 183 | $1.3B | 48 | |
| 2017-06-30 | 192 | $1.4B | 55 | |
| 2017-03-31 | 187 | $1.5B | 71 | |
| 2016-12-31 | 184 | $1.2B | 65 | |
| 2016-09-30 | 302 | $1.5B | 61 | |
| 2016-06-30 | 315 | $1.6B | 74 | |
| 2016-03-31 | 303 | $1.6B | 70 | |
| 2015-12-31 | 304 | $1.7B | 67 | |
| 2015-09-30 | 286 | $1.7B | 79 | |
| 2015-06-30 | 288 | $2.0B | 68 | |
| 2015-03-31 | 284 | $2.6B | 81 | |
| 2014-12-31 | 332 | $2.1B | 89 | |
| 2014-09-30 | 305 | $1.9B | 64 | |
| 2014-06-30 | 298 | $1.7B | 66 | |
| 2014-03-31 | 334 | $1.7B | 76 | |
| 2013-12-31 | 336 | $1.7B | 65 | |
| 2013-09-30 | 323 | $1.5B | 69 | |
| 2013-06-30 | 252 | $1.4B | — |
Picton Mahoney Asset Management's most significant position changes for 2026-03-31: New buy: Ishares Msci Emerging Market (EEM); New buy: Ishares Msci USA Momentum Fa (MTUM); Sold out: Vanguard Mid-cap Value ETF (VOE); New buy: Sun Life Financial INC (SLF); Sold out: Exact Sciences CORP (EXK).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TLT | Ishares 20+ Year Treasury Bd | +1.3% | +20000.00% | Add |
| 2 | SU | Suncor Energy INC | +1.1% | +201.08% | Add |
| 3 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | +1% | +15.01% | Add |
| 4 | TECK | Teck Resources Ltd-cls B | +0.9% | +226.39% | Add |
| 5 | GDX | Vaneck Gold Miners ETF | +0.8% | +93325.00% | Add |
| 6 | CNQ | Canadian Natural Resources | +0.7% | +15.32% | Add |
| 7 | AEM | Agnico Eagle Mines LTD | +0.7% | +49.76% | Add |
| 8 | SPLV | Invesco S&p 500 Low Volatili | +0.4% | +488.79% | Add |
| 9 | MU | Micron Technology INC | +0.4% | +464.60% | Add |
| 10 | FNV | Franco-nevada CORP | +0.4% | +20.39% | Add |
| 11 | INTU | Intuit INC | +0.4% | +635.38% | Add |
| 12 | PAAS | Pan American Silver CORP | +0.3% | +5990.29% | Add |
| 13 | RSP | Invesco S&p 500 Equal Weight | +0.3% | +133.07% | Add |
| 14 | CGNX | Cognex CORP | +0.3% | +523.33% | Add |
| 15 | TEVA | Teva Pharmaceutical-sp Adr | +0.3% | +211.70% | Add |
| 16 | HO1 | Hologic INC | +0.2% | +89.64% | Add |
| 17 | BMO | Bank Of Montreal | +0.2% | +1732.67% | Add |
| 18 | OR | Or Royalties INC | +0.2% | +21.51% | Add |
| 19 | LITE 1.5 12-15-29 | Lumentum Holdings INC | +0.2% | +25.00% | Add |
| 20 | CP | Canadian Pacific Kansas City | +0.2% | +10.06% | Add |
| 21 | TD | Toronto-dominion Bank | +0.1% | +10.30% | Add |
| 22 | MFC | Manulife Financial CORP | -0.3% | -44.17% | Trim |
| 23 | SSRM | Ssr Mining INC | -0.3% | -96.54% | Trim |
| 24 | MSFT | Microsoft CORP | -0.3% | -12.20% | Trim |
| 25 | BAC | Bank Of America CORP | -0.3% | -98.86% | Trim |
| 26 | B | Barrick Mining CORP | -0.3% | -18.48% | Trim |
| 27 | DASH | Doordash INC - A | -0.3% | -58.84% | Trim |
| 28 | WCN | Waste Connections INC | -0.3% | -31.52% | Trim |
| 29 | BCE | Bce INC | -0.4% | -98.39% | Trim |
| 30 | SHOP | Shopify INC - Class A | -0.4% | +21.35% | Add |
| 31 | SNOW | Snowflake INC | -0.5% | -69.09% | Trim |
| 32 | CLS | Celestica INC | -0.5% | -37.09% | Trim |
| 33 | CM | Can Imperial Bk Of Commerce | -0.6% | -81.59% | Trim |
| 34 | BSX | Boston Scientific CORP | -0.7% | -96.78% | Trim |
| 35 | IEF | Ishares 7-10 Year Treasury B | -1.9% | -99.31% | Trim |
| 36 | IWM | Ishares Russell 2000 ETF | -2.3% | -99.94% | Trim |
| 37 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | -2.5% | -25.00% | Trim |
| 38 | EEM | Ishares Msci Emerging Market | — | NEW | New buy |
| 39 | MTUM | Ishares Msci USA Momentum Fa | — | NEW | New buy |
| 40 | VOE | Vanguard Mid-cap Value ETF | — | EXIT | Sold out |
| 41 | SLF | Sun Life Financial INC | — | NEW | New buy |
| 42 | EXK | Exact Sciences CORP | — | EXIT | Sold out |
| 43 | ✓ | Cyberark Software LTD | — | EXIT | Sold out |
| 44 | DAY | Dayforce INC | — | EXIT | Sold out |
| 45 | RNAGBP | Avidity Biosciences INC | — | EXIT | Sold out |
| 46 | CIGI | Colliers Intl Gr-subord Vot | — | EXIT | Sold out |
| 47 | ZG | Zillow Group INC - A | — | EXIT | Sold out |
| 48 | ORCL | Oracle CORP | — | EXIT | Sold out |
| 49 | SJM | Jm Smucker Co/the | — | NEW | New buy |
| 50 | CSGP | Costar Group INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-12 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-07 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-04-02 | Amendment | View on EDGAR |
| 2024-12-31 | 2025-02-10 | Amendment | View on EDGAR |
| 2024-12-31 | 2025-02-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-04 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-31 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-09 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-06 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-06 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-03 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-08 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-09 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-08 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-11 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-15 | Amendment | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-09 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | Amendment | View on EDGAR |
| 2021-03-31 | 2021-05-04 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-02 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-05 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-06 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-10 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-01 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-06 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-02 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-05 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-05 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-01 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-04 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-02 | Amendment | View on EDGAR |
| 2017-12-31 | 2018-02-01 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-09 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-15 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-15 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-11 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-28 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-11 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-29 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-23 | Amendment | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-12 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-05 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-10 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-12 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-15 | 13F-HR | View on EDGAR |
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