Picton Mahoney Asset Management

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Picton Mahoney Asset Management reported 938 stock positions worth $7.8 billion. Its top holding was Royal Bank of Canada (RY) at 4.9% of the portfolio, followed by Toronto-Dominion Bank (TD, 3.3%) and Shopify Class A (SHOP, 3.3%). Compared with Q2 2025, it opened 240 new positions, sold out of 168, added to 200 and reduced 190. The biggest buy was Vngrd Mrngstr MD-Cap Val ETF (VOE, shares +463%) and the biggest sale an exit from Sun Life Financial (SLF).

Most Recent 13F
Q2 2026
Location
Toronto, A6
CIK
0001539041
Portfolio Value
$7.8B (Q3 2025)
SEC Filing
0001539041-25-000062 ↗ filed Nov 12, 2025

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $2.4B Q1 2024 Q2 2024: $2.3B Q2 2024 Q3 2024: $2.6B Q3 2024 Q4 2024: $2.6B Q4 2024 Q1 2025: $2.9B Q1 2025 Q2 2025: $7.1B Q2 2025 Q3 2025: $7.8B $7.8B Q3 2025 Q4 2025: $9.1B Q4 2025 Q1 2026: $9.6B Q1 2026 Q2 2026: $10.8B Q2 2026

Holdings 938 stocks · $7.8B
RY Royal Bank of Canada 4.88% 2,577,593 $379.8M Add +2.5%
TD Toronto-Dominion Bank 3.34% 3,252,129 $260.0M Reduce -10.9%
SHOP Shopify Inc. Class A 3.30% 1,731,048 $257.1M Reduce -1.6%
BN Brookfield Corp. 2.32% 2,629,023 $180.4M Add +15.3%
AEM Agnico Eagle Mines Ltd. 2.20% 1,017,406 $171.3M Reduce -9.9%
CNQ Canadian Natural Resources 2.12% 5,170,054 $165.3M Reduce -0.5%
CP Canadian Pacific Kansas City 2.05% 2,147,165 $159.9M Reduce -12.9%
MSFT Microsoft Corp. 1.77% 266,830 $138.2M Add +4.0%
NVDA Nvidia Corp. 1.76% 736,703 $137.5M Reduce -12.7%
ENB Enbridge Inc. 1.75% 2,704,498 $136.4M Reduce -7.5%
FNV Franco-Nevada Corp. 1.69% 591,206 $131.6M Add +19.9%
OR Or Royalties Inc. 1.60% 3,109,636 $124.6M Reduce -17.6%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 1.52% 1,477,258 $118.0M Add +69.1%
TRP TC Energy Corp. 1.42% 2,037,010 $110.7M Reduce -1.4%
CVE Cenovus Energy Inc. 1.39% 6,389,703 $108.5M Add +15.6%
AAPL Apple Inc. 1.37% 420,307 $107.0M Add +19.1%
HBM Hudbay Minerals Inc. 1.23% 6,350,482 $96.2M Add +9.3%
WCN Waste Connections Inc. 1.22% 540,326 $95.0M Reduce -28.7%
RCI Rogers Communications Inc. Class B 1.18% 2,673,625 $92.0M Add +0.3%
CLS Celestica Inc. 1.13% 357,341 $87.9M Reduce -38.5%
GOOGL Alphabet Inc. Class A 1.03% 330,696 $80.4M Add +21.3%
CYBR Cyberark Software Ltd./Israel 0.94% 152,257 $73.6M Add +161.8%
VOE Vngrd Mrngstr MD-Cap Val ETF 0.91% 406,324 $70.9M Add +463.1%
AVGO Broadcom Inc. 0.84% 198,249 $65.4M Reduce -3.8%
FSV Firstservice Corp. 0.81% 331,730 $63.2M Add +2.9%
GIL Gildan Activewear Inc. 0.77% 1,043,362 $60.3M Reduce -21.7%
BIP Brookfield Infrastructure Pa 0.75% 1,768,734 $58.3M Add +27.7%
CIGI Colliers Intl GR-Subord Vot 0.70% 349,231 $54.6M Add +28.1%
AMZN Amazon.com Inc. 0.68% 242,851 $53.3M Reduce -1.2%
TRI Thomson Reuters Corp. 0.68% 342,897 $53.2M Reduce -30.3%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.68% 405,969 $52.9M Reduce -43.4%
B Barrick Mining Corp. 0.67% 1,577,359 $51.8M Add +1673.9%
WPM Wheaton Precious Metals Corp. 0.66% 461,195 $51.6M Reduce -3.8%
SSRM SSR Mining Inc. 0.65% 2,081,864 $50.8M Add +115.4%
META Meta Platforms Inc. Class A 0.65% 68,595 $50.4M Reduce -1.8%
IAG Iamgold Corp. 0.65% 3,893,422 $50.3M Add +117.5%
TECK Teck Resources Ltd.-CLS B 0.63% 1,122,452 $49.2M Reduce -45.7%
MFC Manulife Financial Corp. 0.60% 1,507,847 $47.0M Reduce -24.1%
TU Telus Corp. 0.58% 2,893,312 $45.6M Reduce -9.4%
DSGX The Descartes Systems Grp 0.54% 444,774 $41.9M Reduce -7.0%
CCJ Cameco Corp. 0.49% 457,311 $38.4M Reduce -34.5%
KRE SS SPDR S&P Regional Bank 0.48% 590,874 $37.4M Add +180.3%
SCHW Schwab (charles) Corp. 0.46% 377,885 $36.1M Add +1.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.46% 694,393 $35.8M Add +5.0%
COF Capital One Financial Corp. 0.45% 165,686 $35.2M Add +41.1%
K Kellanova 0.45% 427,928 $35.1M Reduce -6.5%
BSX Boston Scientific Corp. 0.43% 340,103 $33.2M Add +2.3%
RKT Rocket Cos Inc. Class A 0.42% 1,694,838 $32.8M Add +27.2%
GTLS Chart Industries Inc. 0.41% 160,323 $32.1M Add +230.5%
MDB Mongodb Inc. 0.41% 103,255 $32.0M Add +2666.8%
KKR KKR & Co. Inc. 0.41% 243,062 $31.6M Add +7.7%
FYBR Frontier Communications Pare 0.39% 811,768 $30.3M Add +6.6%
URI United Rentals Inc. 0.37% 30,445 $29.1M Add +13.3%
HWM Howmet Aerospace Inc. 0.37% 146,977 $28.8M Reduce -17.9%
SPOT Spotify Technology SA 0.37% 40,796 $28.5M Reduce -2.6%
MS Morgan Stanley 0.36% 175,441 $27.9M Reduce -0.1%
BEP Brookfield Renewable Partner 0.35% 1,070,639 $27.6M Add +95.6%
WMT Walmart Inc. 0.35% 265,263 $27.3M Add +12.6%
CDE Coeur Mining Inc. 0.34% 1,413,982 $26.5M Add +22.1%
PWR Quanta Services Inc. 0.34% 63,775 $26.4M Reduce -16.0%
SU Suncor Energy Inc. 0.34% 627,313 $26.2M Add +314.8%
VRNA Verona Pharma Ltd. 0.34% 245,000 $26.1M New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.33% 177,443 $25.6M Reduce -8.0%
ABBV Abbvie Inc. 0.32% 108,567 $25.1M Add +41.3%
BA The Boeing Co. 0.32% 115,683 $25.0M Add +41.9%
TPG TPG Inc. 0.31% 423,584 $24.3M New
SPLV Invesco S&P 500 Low Volatili 0.31% 328,793 $24.2M Add +9457.9%
NSC Norfolk Southern Corp. 0.31% 80,000 $24.0M New
DASH DoorDash Inc. Class A 0.30% 84,503 $23.0M Reduce -28.5%
SII Sprott Inc. 0.29% 275,478 $22.9M Add +45.8%
BBU Brookfield Business PT-Unit 0.29% 696,679 $22.8M Add +74.4%
TSM Taiwan Semiconductor-SP ADR 0.29% 81,449 $22.7M Reduce -20.9%
SNOW Snowflake Inc. 0.29% 100,052 $22.6M Add +4.3%
MLI Mueller Industries Inc. 0.29% 223,048 $22.6M Add +9.1%
LLY Eli Lilly & Co. 0.29% 29,253 $22.3M Reduce -33.1%
NET Cloudflare Inc. Class A 0.28% 101,509 $21.8M Reduce -21.6%
DHI D.R. Horton Inc. 0.28% 127,386 $21.6M Add +31.5%
RBC RBC Bearings Inc. 0.28% 54,989 $21.5M Reduce -6.9%
RGA Reinsurance Group of America 0.27% 109,674 $21.1M Reduce -38.3%
AVDX Avidxchange Holdings Inc. 0.27% 2,100,000 $20.9M Add +68.0%
JPM JPMorgan Chase & Co. 0.27% 65,945 $20.8M Reduce -6.2%
KO The Coca-Cola Co. 0.26% 308,916 $20.5M Add +47.3%
PFGC Performance Food Group Co. 0.26% 194,830 $20.3M Add +33.1%
NFLX Netflix Inc. 0.26% 16,838 $20.2M Reduce -10.0%
HD Home Depot Inc. 0.26% 49,700 $20.1M Reduce -1.0%
FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III 0.26% 2,000,000 $20.1M New
PPL PPL Corp. 0.26% 539,985 $20.1M Reduce -8.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.26% 70,616 $19.9M Add +1412220.0%
ICE Intercontinental Exchange Inc. 0.26% 118,174 $19.9M Add +49.6%
GPAT GP-Act III Acquisition-A 0.26% 1,875,000 $19.9M No change
CLH Clean Harbors Inc. 0.25% 85,480 $19.9M Reduce -0.8%
AON Aon PLC Class A 0.25% 55,589 $19.8M Add +5.3%
APO Apollo Global Management Inc. 0.25% 148,713 $19.8M Reduce -2.8%
ALF Centurion Acquisition Corp. 0.25% 1,875,000 $19.8M No change
RDNT Radnet Inc. 0.25% 258,120 $19.7M Reduce -1.8%
VTR Ventas Inc. 0.25% 280,965 $19.7M Reduce -3.6%
DOO BRP Inc./Ca- Sub Voting 0.25% 323,147 $19.6M New
XPO Xpo Inc. 0.25% 151,785 $19.6M Add +155.2%
ADI Analog Devices Inc. 0.25% 77,893 $19.1M Add +34.5%
SIMA Sim Acquisition Corp. I-A 0.24% 1,800,000 $19.0M No change

Show all 938 holdings

Options reported separately and not counted above: ISHARES TR calls ($1.2B), ISHARES TR puts ($1.2B), ISHARES TR puts ($164.1M), TESLA INC puts ($106.7M), WASTE CONNECTIONS INC calls ($105.5M), THOMSON REUTERS CORP calls ($77.6M), SPOTIFY TECHNOLOGY S A calls ($41.9M), OKLO INC puts ($33.5M), GE VERNOVA INC puts ($30.7M), COREWEAVE INC calls ($27.4M), OPENDOOR TECHNOLOGIES INC puts ($27.1M), TECK RESOURCES LTD calls ($26.3M), and 11 more.

Other holdings (108): bonds, preferreds, convertibles and warrants · $52.9M (not counted above)
SecurityClassShares / PrincipalValueChange
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 10,000,000$16.2MNew
GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) NOTE 3.750% 5/1 · principal 4,000,000$9.6MNew
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal 10,000,000$9.4MNew
ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) NOTE 2.250% 9/0 · principal 4,000,000$5.6MNew
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 2,000,000$2.2MNew
GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 510,000$913KNo change
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 362,500$443KReduce -29.3%
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 59,282$355KReduce -89.5%
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 750,000$330KNew
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 912,500$310KNo change
HDRNW GIGCAPITAL7 Corp.-A - 29 *W EXP 08/29/202 582,500$262KReduce -18.8%
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 700,000$258KNo change
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 1,000,000$250KNo change
GPATW GP-Act III Acq Class A -CW27 *W EXP 05/13/202 937,500$243KNo change
TVACW Texas Ventures Acq -31 *W EXP 04/23/203 200,000$220KReduce -20.0%
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 375,000$204KNo change
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 750,000$191KNo change
EQV VENTURES ACQUISITION *W EXP 07/01/203 349,999$174KNo change
OYSER Oyster Enterprises II Acquis RIGHT 05/22/2030 1,000,000$170KNo change
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 734,878$169KNo change
CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 215,625$168KNo change
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 502,140$165KNo change
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 250,000$163KNew
INFQ.WS Churchill Capital Corp. X *W EXP 05/14/203 45,000$159KReduce -64.0%
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 200,000$152KNo change
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 500,000$150KNo change
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 650,000$144KNew
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 333,333$143KNew
FERAR Fifth Era Acquisition Corp. I RIGHT 02/21/2030 500,000$133KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 350,000$130KNo change
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 250,000$122KNo change
FIGXW Figx Capital Acquisition Cor *W EXP 06/17/203 500,000$119KNo change
HCMAW HCM III Acquisition Corp. -30 *W EXP 07/23/203 166,665$118KNew
AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 500,000$116KNo change
SDHIR Siddhi Acquisition Corp. RIGHT 09/15/2029 500,000$110KNew
POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 550,000$109KNo change
JACKSON ACQUISITION CO II RIGHT 99/99/9999 400,000$103KNo change
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 550,000$100KNo change
JENA ACQUISITION CORP II-RTS RIGHT 03/31/2030 500,000$100KNo change
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 162,500$97KNew
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 100,000$95KNo change
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 500,000$95KNew
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 500,000$90KNew
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 203,326$89KReduce -30.2%
PAII.WS Pyrophyte Acquisition Corp. I *W EXP 07/30/203 250,000$87KNew
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 125,000$85KNo change
OBAWW Oxley Bridge Acq Ltd. -30 *W EXP 06/17/203 500,000$85KNo change
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 333,332$80KNew
DYNCW Dynamix Corp. - 29 *W EXP 10/25/202 37,500$79KReduce -40.0%
KDKRW Ares Acquisition Corp. II-28 *W EXP 09/25/203 73,880$78KNew
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 312,500$78KNo change
KOYNW CSLM Digital Asset Acquisiti *W EXP 08/28/203 175,000$76KNew
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 200,000$75KNo change
SPKWF Spark I Acquisition Corp.-28 *W EXP 10/01/203 125,000$75KNo change
WENNW Wen Acquisition Corp.-A -31 *W EXP 99/99/999 125,000$72KNo change
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 25,000$70KReduce -90.0%
BACQR Inflection Point Acquisition RIGHT 11/04/2026 100,000$68KReduce -50.0%
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 250,000$68KNo change
RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 99,999$64KNo change
RAAQW REAL ASSET AQC Corp -30 *W EXP 04/24/203 125,000$57KNo change
CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 262,500$56KNew
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 150,000$55KNo change
PACHW Pioneer Acquisition I Corp. *W EXP 06/16/203 250,000$55KNo change
TVAIR Thayer Ventures Acquisition RIGHT 05/15/2030 300,000$51KNo change
ATIIW Archimedes Tech-30 *W EXP 10/15/202 125,000$47KNo change
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 87,500$46KNo change
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 100,000$45KNo change
ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 300,000$44KNo change
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 150,000$42KNo change
BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 250,000$41KNo change
MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 250,000$39KNo change
GSHRW Gesher Acquisition Corp. I-30 *W EXP 10/31/203 112,500$37KNo change
TDACW Translational Dev -A -CW26 *W EXP 12/18/202 125,000$36KNo change
BLUWW Blue Water Acquisition-CW26 *W EXP 05/23/203 250,000$35KNo change
SVCCW Stellar V Capital Corp.-Class-29 *W EXP 10/15/202 100,000$35KNo change
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 250,000$34KNo change
MCGAW Yorkville Acquisition - 30 *W EXP 06/06/203 28,332$34KNew
PCAPW Procap Acq Corp. A -30 *W EXP 05/16/203 49,998$32KNo change
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 100,000$31KNew
VACHW Voyager Acquisition Corp. -CW *W EXP 05/16/203 175,000$29KNo change
ZOOZW Zooz Strategy Ltd.-29 *W EXP 04/02/202 162,500$29KNo change
AXINR Axiom Intelligence Acquisiti RIGHT 06/10/2030 175,000$28KNo change
BOWNR Bowen Acquisition Corp.-RTS RIGHT 99/99/9999 125,000$28KNo change
RTACW Renatus Tactical Acqu - 30 *W EXP 05/15/203 22,500$27KNew
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 100,000$26KNo change
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 162,088$26KReduce -0.3%
ONCHW 1RT Acquisition Corp.-A -31 *W EXP 06/26/203 25,000$22KNew
PLMKW Plum Acquisition Corp. IV-30 *W EXP 08/19/202 75,000$21KNo change
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 25,000$19KNew
LWACW Lightwave Acquisition Corp. *W EXP 06/06/203 100,000$18KNo change
NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 50,000$13KNo change
AMODW Insight Acquisition Co. -CW23 *W EXP 12/13/202 150,000$12KNo change
OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 15,000$11KNo change
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 175,000$9KNo change
EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 40,000$9KNo change
RFAIR RF Acquisition Corp. II RIGHT 05/01/2026 100,000$8KNo change
SCAGW Scage Future -30 *W EXP 05/15/203 150,000$8KNo change
BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 75,000$6KNo change
OPTXW Omnilit Acquisition Class A -23 *W EXP 99/99/999 75,000$6KNo change
BDMDW Baird Medical Investment -28 *W EXP 10/01/202 96,794$6KNo change
RDZNW Vahanna Tech Edge -CW24 *W EXP 11/30/202 75,000$5KNo change
TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 75,000$4KNo change
ABPWW Atlantic Coast Acq -CW23 *W EXP 11/12/202 125,000$3KNo change
CPTWF Captivision Inc.-28 *W EXP 11/15/202 75,000$3KNo change
CEROW Phoenix Biotech Acq -CW26 *W EXP 02/13/202 75,000$1KNo change
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 50,000$1KNo change
XBPEW CF Acquisition Viii A -CW27 *W EXP 11/30/202 50,000$1KNo change
SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 57,175$1KNo change

Total filed on the 13F, all lines: $7.8B.

Portfolio Sells Q2 2025 → Q3 2025
SLF Sun Life Financial Inc. Sold out 0.00% −1.24
WCN Waste Connections Inc. Reduce -28.7% 1.22% −0.77
TRI Thomson Reuters Corp. Reduce -30.3% 0.68% −0.71
CP Canadian Pacific Kansas City Reduce -12.9% 2.05% −0.70
TECK Teck Resources Ltd.-CLS B Reduce -45.7% 0.63% −0.54
DNB Dun & Bradstreet Holdings Inc. Sold out 0.00% −0.50
AZEK The Azek Co. Inc. Sold out 0.00% −0.45
BMO Bank of Montreal Reduce -43.4% 0.68% −0.44
TD Toronto-Dominion Bank Reduce -10.9% 3.34% −0.44
SKX Skechers USA Inc. Class A Sold out 0.00% −0.43
LPLA LPL Financial Holdings Inc. Reduce -97.3% 0.01% −0.43
MET Metlife Inc. Sold out 0.00% −0.40
EWG iShares MSCI Germany ETF Sold out 0.00% −0.38
WFC Wells Fargo & Co. Reduce -85.1% 0.06% −0.37
HES Hess Corp. Sold out 0.00% −0.36
TWLO Twilio Inc. Class A Reduce -100.0% 0.00% −0.34
BPMC Blueprint Medicines Corp. Sold out 0.00% −0.31
GIB Cgi Inc. Reduce -96.1% 0.01% −0.29
MFC Manulife Financial Corp. Reduce -24.1% 0.60% −0.29
PNFP Pinnacle Financial Partners Sold out 0.00% −0.29
ESGR Enstar Group Ltd. Sold out 0.00% −0.29
UNM Unum Group Sold out 0.00% −0.28
QSR Restaurant Brands Intern Reduce -96.0% 0.01% −0.26
DDOG Datadog Inc. Class A Sold out 0.00% −0.25
MTB M & T Bank Corp. Sold out 0.00% −0.25
CCJ Cameco Corp. Reduce -34.5% 0.49% −0.24
SNPS Synopsys Inc. Sold out 0.00% −0.23
RGA Reinsurance Group of America Reduce -38.3% 0.27% −0.23
ARES ACQUISITION CORP II Sold out 0.00% −0.22
IT Gartner Inc. Sold out 0.00% −0.20
CME Cme Group Inc. Sold out 0.00% −0.20
LLY Eli Lilly & Co. Reduce -33.1% 0.29% −0.19
FICO Fair Isaac Corp. Sold out 0.00% −0.19
MAG Mag Silver Corp. Sold out 0.00% −0.18
CAH Cardinal Health Inc. Reduce -59.6% 0.09% −0.18
HIG Hartford Insurance Group Inc. Reduce -93.8% 0.01% −0.18
CNQ Canadian Natural Resources Reduce -0.5% 2.12% −0.17
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) Sold out 0.00% −0.16
QCOM Qualcomm Inc. Sold out 0.00% −0.16
ROP Roper Technologies Inc. Sold out 0.00% −0.15
PINS Pinterest Inc. Class A Reduce -99.9% 0.00% −0.15
GIL Gildan Activewear Inc. Reduce -21.7% 0.77% −0.15
NPACU New Providence Acquisition C Reduce -100.0% 0.00% −0.15
TTWO Take-Two Interactive Softwre Reduce -83.5% 0.03% −0.15
CLS Celestica Inc. Reduce -38.5% 1.13% −0.15
DSGX The Descartes Systems Grp Reduce -7.0% 0.54% −0.14
NETD Nabors Energy Transition C-A Sold out 0.00% −0.14
INTU Intuit Inc. Reduce -24.0% 0.21% −0.14
DRI Darden Restaurants Inc. Reduce -63.9% 0.06% −0.14
IMSR Terrestrial Energy Inc. Reduce -95.5% 0.01% −0.14

Portfolio Buys Q2 2025 → Q3 2025
VOE Vngrd Mrngstr MD-Cap Val ETF Add +463.1% 0.91% +0.74
CM Can Imperial BK of Commerce Add +69.1% 1.52% +0.64
B Barrick Mining Corp. Add +1673.9% 0.67% +0.64
CYBR Cyberark Software Ltd./Israel Add +161.8% 0.94% +0.61
FNV Franco-Nevada Corp. Add +19.9% 1.69% +0.55
SSRM SSR Mining Inc. Add +115.4% 0.65% +0.48
IAG Iamgold Corp. Add +117.5% 0.65% +0.46
MDB Mongodb Inc. Add +2666.8% 0.41% +0.40
HBM Hudbay Minerals Inc. Add +9.3% 1.23% +0.37
GOOGL Alphabet Inc. Class A Add +21.3% 1.03% +0.35
AAPL Apple Inc. Add +19.1% 1.37% +0.35
CVE Cenovus Energy Inc. Add +15.6% 1.39% +0.34
VRNA Verona Pharma Ltd. New 0.34% +0.34
BN Brookfield Corp. Add +15.3% 2.32% +0.33
TPG TPG Inc. New 0.31% +0.31
NSC Norfolk Southern Corp. New 0.31% +0.31
SPLV Invesco S&P 500 Low Volatili Add +9457.9% 0.31% +0.31
KRE SS SPDR S&P Regional Bank Add +180.3% 0.48% +0.30
GTLS Chart Industries Inc. Add +230.5% 0.41% +0.30
FAC Factorial Energy Inc. New 0.26% +0.26
SU Suncor Energy Inc. Add +314.8% 0.34% +0.26
IBM Intl Business Machines Corp. Add +1412220.0% 0.26% +0.26
DOO BRP Inc./Ca- Sub Voting New 0.25% +0.25
RY Royal Bank of Canada Add +2.5% 4.88% +0.22
TMO Thermo Fisher Scientific Inc. New 0.22% +0.22
GFI Gold Fields Ltd.-Spons ADR New 0.20% +0.20
SF Stifel Financial Corp. New 0.20% +0.20
CIGI Colliers Intl GR-Subord Vot Add +28.1% 0.70% +0.20
WNS WNS Holdings Ltd. Add +6998.2% 0.20% +0.20
CDE Coeur Mining Inc. Add +22.1% 0.34% +0.20
EA Electronic Arts Inc. Add +4322.2% 0.19% +0.19
C Citigroup Inc. New 0.18% +0.18
LBRDK Liberty Broadband-C New 0.18% +0.18
TGNA Tegna Inc. New 0.18% +0.18
BNS Bank of Nova Scotia New 0.17% +0.17
BCE Bce Inc. Add +2287.8% 0.18% +0.17
AL Sumisho Air Lease Corp. New 0.16% +0.16
ERO Ero Copper Corp. New 0.16% +0.16
RBLX Roblox Corp. Class A Add +277.8% 0.20% +0.16
BEP Brookfield Renewable Partner Add +95.6% 0.35% +0.16
RKT Rocket Cos Inc. Class A Add +27.2% 0.42% +0.16
SAND Sandstorm Gold Ltd. New 0.15% +0.15
VBTX Veritex Holdings Inc. New 0.15% +0.15
OTEX Open Text Corp. New 0.15% +0.15
BBU Brookfield Business PT-Unit Add +74.4% 0.29% +0.15
XPO Xpo Inc. Add +155.2% 0.25% +0.15
MBVIU M3-Brigade Acquisition Vi Co. New 0.14% +0.14
SVACU Spring Valley Acquisition Co. New 0.14% +0.14
NCNO Ncino Inc. New 0.14% +0.14
SAIA Saia Inc. New 0.14% +0.14

Options Activity Q2 2025 → Q3 2025
ISHARES TR call Add +50.0% 15,000,000 $1.2B
ISHARES TR put Add +50.0% 15,000,000 $1.2B
ISHARES TR call Sold out 1,234,000 $266.3Mbefore exit
ISHARES TR put New 640,000 $164.1M
TESLA INC put Reduce -36.3% 240,000 $106.7M
WASTE CONNECTIONS INC call New 600,000 $105.5M
THOMSON REUTERS CORP call New 500,000 $77.6M
UNITEDHEALTH GROUP INC call Sold out 234,000 $73.0Mbefore exit
COREWEAVE INC put Sold out 332,100 $54.2Mbefore exit
DATADOG INC call Sold out 350,000 $47.0Mbefore exit
BROOKFIELD ASSET MANAGMT LTD call Sold out 800,000 $44.1Mbefore exit
SPOTIFY TECHNOLOGY S A call New 60,000 $41.9M
STRATEGY INC put Sold out 100,000 $40.4Mbefore exit
HIMS & HERS HEALTH INC put Sold out 800,000 $39.9Mbefore exit
MAPLEBEAR INC put Sold out 800,000 $36.2Mbefore exit
DOORDASH INC call Sold out 136,000 $33.5Mbefore exit
OKLO INC put Reduce -79.0% 300,000 $33.5M
GE VERNOVA INC put New 50,000 $30.7M
MARVELL TECHNOLOGY INC call Sold out 390,000 $30.2Mbefore exit
COREWEAVE INC call New 200,000 $27.4M
OPENDOOR TECHNOLOGIES INC put New 3,400,000 $27.1M
ISHARES TR put Sold out 125,000 $27.0Mbefore exit
TECK RESOURCES LTD call New 600,000 $26.3M
HUBSPOT INC put Add +150.0% 50,000 $23.4M
REINSURANCE GRP OF AMERICA I call New 100,000 $19.2M
CONFLUENT INC call New 750,000 $14.8M
SYNOPSYS INC call New 29,500 $14.6M
DIGITALOCEAN HLDGS INC call New 400,000 $13.7M
BELLRING BRANDS INC call Reduce -40.0% 360,000 $13.1M
ADMA BIOLOGICS INC call New 780,000 $11.4M
LEMONADE INC put New 200,000 $10.7M
AES CORP call Sold out 1,000,000 $10.5Mbefore exit
IAMGOLD CORP call Sold out 1,000,000 $7.3Mbefore exit
APPLIED DIGITAL CORP put Sold out 550,000 $5.5Mbefore exit
JUNIPER NETWORKS INC put Sold out 100,000 $4.0Mbefore exit
D-WAVE QUANTUM INC put Sold out 200,000 $2.9Mbefore exit
LIQUIDIA CORPORATION put New 3,500 $80K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal New 10,000,000 $16.2M
GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) NOTE 3.750% 5/1 · principal New 4,000,000 $9.6M
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal New 10,000,000 $9.4M
ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) NOTE 2.250% 9/0 · principal New 4,000,000 $5.6M
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal New 2,000,000 $2.2M
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 Reduce -29.3% 362,500 $443K
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 Reduce -89.5% 59,282 $355K
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 New 750,000 $330K
HDRNW GIGCAPITAL7 Corp.-A - 29 *W EXP 08/29/202 Reduce -18.8% 582,500 $262K
KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 Sold out 225,000 $248Kbefore exit
TVACW Texas Ventures Acq -31 *W EXP 04/23/203 Reduce -20.0% 200,000 $220K
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 New 250,000 $163K
INFQ.WS Churchill Capital Corp. X *W EXP 05/14/203 Reduce -64.0% 45,000 $159K
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 New 650,000 $144K
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 New 333,333 $143K
HCMAW HCM III Acquisition Corp. -30 *W EXP 07/23/203 New 166,665 $118K
SDHIR Siddhi Acquisition Corp. RIGHT 09/15/2029 New 500,000 $110K
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 New 162,500 $97K
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 New 500,000 $95K
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 New 500,000 $90K
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 Reduce -30.2% 203,326 $89K
PAII.WS Pyrophyte Acquisition Corp. I *W EXP 07/30/203 New 250,000 $87K
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 New 333,332 $80K
DYNCW Dynamix Corp. - 29 *W EXP 10/25/202 Reduce -40.0% 37,500 $79K
KDKRW Ares Acquisition Corp. II-28 *W EXP 09/25/203 New 73,880 $78K
KOYNW CSLM Digital Asset Acquisiti *W EXP 08/28/203 New 175,000 $76K
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 Reduce -90.0% 25,000 $70K
BACQR Inflection Point Acquisition RIGHT 11/04/2026 Reduce -50.0% 100,000 $68K
CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 New 262,500 $56K
MCGAW Yorkville Acquisition - 30 *W EXP 06/06/203 New 28,332 $34K
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 New 100,000 $31K
RTACW Renatus Tactical Acqu - 30 *W EXP 05/15/203 New 22,500 $27K
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 Reduce -0.3% 162,088 $26K
ONCHW 1RT Acquisition Corp.-A -31 *W EXP 06/26/203 New 25,000 $22K
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 New 25,000 $19K
CHEB.WS Chenghe Acquisition II - 29 *W EXP 05/30/203 Sold out 100,000 $9Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1,185$10.8BRY, TD, SHOP, CP, BN
Q1 2026 1,067$9.6BRY, TD, CNQ, SHOP, AEM
Q4 2025 1,060$9.1BRY, TD, SHOP, BN, CP
Q3 2025 938$7.8BRY, TD, SHOP, BN, AEM
Q2 2025 870$7.1BRY, TD, SHOP, CP, CNQ
Q1 2025 841$2.9BNVDA, MSFT, AAPL, ITCI, AMZN
Q4 2024Amended 765$2.6BNVDA, MSFT, AMZN, K, SMAR
Q3 2024 765$2.6BNVDA, AAPL, MSFT, K, SMAR
Q2 2024 530$2.3BNVDA, AAPL, MSFT, AMZN, LLY
Q1 2024 299$2.4BPXD, MSFT, NVDA, AMZN, IWN