PICTON MAHONEY ASSET MANAGEMENT Q4 2025 Filing

Filed February 11, 2026

Portfolio Value

$12.9B

Holdings

1,180

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (1,180 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	HYGISHARES TR	19,829,290	$1.6B	12.37%	Put
2	LQDISHARES TR	10,003,220	$1.1B	8.52%	Put
3	RYROYAL BK CDA	2,652,043	$452.0M	3.50%
4	TDTORONTO DOMINION BK ONT	3,396,972	$320.0M	2.48%
5	SHOPSHOPIFY INC	1,932,932	$311.0M	2.41%
6	IWMISHARES TR	1,200,700	$295.0M	2.28%	Put
7	IEFISHARES TR	2,517,370	$241.0M	1.87%	Put
8	CPCANADIAN PACIFIC KANSAS CITY	2,252,702	$166.0M	1.29%
9	BNBROOKFIELD CORP	3,613,638	$166.0M	1.29%
10	CRCCANADIAN NAT RES LTD	4,666,597	$158.0M	1.22%
11	CLSCELESTICA INC	525,710	$154.0M	1.19%	Call
12	BBARRICK MNG CORP	3,423,022	$149.0M	1.15%
13	NVDANVIDIA CORPORATION	802,128	$149.0M	1.15%
14	FNVFRANCO NEV CORP	630,703	$130.0M	1.01%
15	AEMAGNICO EAGLE MINES LTD	767,180	$130.0M	1.01%
16	ENBENBRIDGE INC	2,666,336	$127.0M	0.98%
17	GOOGLALPHABET INC	382,808	$119.0M	0.92%
18	CVECENOVUS ENERGY INC	6,824,438	$115.0M	0.89%
19	TRPTC ENERGY CORP	2,055,963	$113.0M	0.88%
20	OROR ROYALTIES INC	3,160,518	$112.0M	0.87%
21	AAPLAPPLE INC	413,092	$112.0M	0.87%
22	WCNWASTE CONNECTIONS INC	641,243	$112.0M	0.87%
23	MSFTMICROSOFT CORP	227,053	$109.0M	0.84%
24	RCI/BROGERS COMMUNICATIONS INC	2,797,253	$105.0M	0.81%
25	HBMHUDBAY MINERALS INC	5,034,287	$100.0M	0.77%
26	VOEVANGUARD INDEX FDS	547,312	$97.0M	0.75%
27	WPMWHEATON PRECIOUS METALS CORP	810,338	$95.0M	0.74%
28	BSXBOSTON SCIENTIFIC CORP	969,905	$92.0M	0.71%	Call
29	CMCANADIAN IMPERIAL BANK OF CO	994,736	$90.0M	0.70%
30	IMGIAMGOLD CORP	5,028,974	$83.0M	0.64%
31	BYDBOYD GROUP SERVICES INC	509,542	$81.0M	0.63%
32	AMZNAMAZON COM INC	342,697	$79.0M	0.61%
33	SNOWSNOWFLAKE INC	347,500	$75.0M	0.58%	Call
34	CYBRCYBERARK SOFTWARE LTD	158,005	$70.0M	0.54%
35	EXASEXACT SCIENCES CORP	700,000	$70.0M	0.54%	Put
36	GILGILDAN ACTIVEWEAR INC	1,126,550	$70.0M	0.54%
37	MFCMANULIFE FINL CORP	1,896,152	$68.0M	0.53%
38	BIPBROOKFIELD INFRAST PARTNERS	1,842,718	$64.0M	0.50%
39	DAYDAYFORCE INC	925,000	$63.0M	0.49%	Put
40	AVGOBROADCOM INC	181,673	$62.0M	0.48%
41	RNAAVIDITY BIOSCIENCES INC	839,400	$59.0M	0.46%	Put
42	EAELECTRONIC ARTS INC	282,500	$57.0M	0.44%
43	DASHDOORDASH INC	257,997	$57.0M	0.44%	Call
44	CIGICOLLIERS INTL GROUP INC	375,697	$55.0M	0.43%
45	ZGZILLOW GROUP INC	780,000	$53.0M	0.41%	Call
46	DOOBRP INC	700,057	$49.0M	0.38%
47	TECK/BTECK RESOURCES LTD	995,750	$47.0M	0.36%
48	FSVFIRSTSERVICE CORP NEW	307,346	$47.0M	0.36%
49	BCEBCE INC	1,963,939	$46.0M	0.36%
50	BEPBROOKFIELD RENEWABLE PARTNER	1,678,827	$45.0M	0.35%
51	LLYELI LILLY & CO	41,372	$44.0M	0.34%
52	CCOCAMECO CORP	481,834	$44.0M	0.34%
53	DSGDESCARTES SYS GROUP INC	496,483	$43.0M	0.33%
54	METAMETA PLATFORMS INC	64,020	$42.0M	0.33%
55	SUSUNCOR ENERGY INC NEW	954,786	$42.0M	0.33%
56	COFCAPITAL ONE FINL CORP	170,385	$41.0M	0.32%
57	ALAIR LEASE CORP	642,725	$41.0M	0.32%
58	BACBANK AMERICA CORP	740,139	$40.0M	0.31%
59	MGAMAGNA INTL INC	745,714	$39.0M	0.30%
60	ORCLORACLE CORP	200,000	$38.0M	0.29%	Call
61	RKTROCKET COS INC	1,916,932	$37.0M	0.29%
62	HOLXHOLOGIC INC	501,214	$37.0M	0.29%
63	SSRMSSR MINING IN	1,696,496	$37.0M	0.29%
64	DWDMORGAN STANLEY	205,008	$36.0M	0.28%
65	RDNTRADNET INC	517,665	$36.0M	0.28%	Call
66	SCHWSCHWAB CHARLES CORP	358,351	$35.0M	0.27%
67	KKRKKR & CO INC	274,575	$35.0M	0.27%
68	LVLNSPDR SERIES TRUST	534,159	$34.0M	0.26%
69	CNRCANADIAN NATL RY CO	344,448	$34.0M	0.26%
70	CSGPCOSTAR GROUP INC	504,140	$33.0M	0.26%	Call
71	GTLSCHART INDS INC	157,979	$32.0M	0.25%
72	SEESEALED AIR CORP NEW	771,800	$31.0M	0.24%
73	WMTWALMART INC	274,867	$30.0M	0.23%
74	RSPINVESCO EXCHANGE TRADED FD T	163,728	$30.0M	0.23%	Call
75	MDBMONGODB INC	72,421	$30.0M	0.23%
76	CAECAE INC	957,687	$29.0M	0.22%
77	TRITHOMSON REUTERS CORP	218,799	$28.0M	0.22%
78	TPGTPG INC	440,521	$28.0M	0.22%
79	TJXTJX COS INC NEW	182,795	$28.0M	0.22%
80	TSMTAIWAN SEMICONDUCTOR MFG LTD	92,634	$28.0M	0.22%
81	ISRGINTUITIVE SURGICAL INC	48,586	$27.0M	0.21%
82	RBCRBC BEARINGS INC	60,433	$27.0M	0.21%
83	CDTXCIDARA THERAPEUTICS INC	125,000	$27.0M	0.21%	Put
84	SPOTSPOTIFY TECHNOLOGY S A	46,680	$27.0M	0.21%
85	HWMHOWMET AEROSPACE INC	132,595	$27.0M	0.21%
86	TMOTHERMO FISHER SCIENTIFIC INC	45,459	$26.0M	0.20%
87	SIISPROTT INC	274,262	$26.0M	0.20%
88	MLIMUELLER INDS INC	228,022	$26.0M	0.20%
89	URIUNITED RENTALS INC	31,360	$25.0M	0.19%
90	NSCNORFOLK SOUTHN CORP	90,000	$25.0M	0.19%
91	XPOXPO INC	183,573	$24.0M	0.19%
92	APOAPOLLO GLOBAL MGMT INC	168,254	$24.0M	0.19%
93	BABOEING CO	112,582	$24.0M	0.19%
94	SFSTIFEL FINL CORP	188,987	$23.0M	0.18%
95	MAMASTERCARD INCORPORATED	41,753	$23.0M	0.18%
96	TRVCCITIGROUP INC	190,038	$22.0M	0.17%
97	BBUBROOKFIELD BUSINESS PARTNERS	627,777	$22.0M	0.17%
98	AIZASSURANT INC	91,405	$22.0M	0.17%
99	VENVENTAS INC	284,851	$22.0M	0.17%
100	AQN.TOALGONQUIN PWR UTILS CORP	3,519,080	$21.0M	0.16%

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