PICTON MAHONEY ASSET MANAGEMENT Q3 2025 Filing

Filed November 12, 2025

Portfolio Value

$11.1B

Holdings

1,069

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (1,069 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	AQLTISHARES TR	15,000,000	$1.2B	10.99%	Call
2	AQLTISHARES TR	15,000,000	$1.2B	10.99%	Put
3	RYROYAL BK CDA	2,577,593	$379.8M	3.43%
4	—INFLECTION PT ACQUISITION CO	750,000	$330.0M	2.98%
5	ALFCENTURION ACQUISITION CORP	912,500	$310.0M	2.80%
6	GIGGIGCAPITAL7 CORP	582,500	$262.0M	2.36%
7	TDTORONTO DOMINION BK ONT	3,252,129	$260.0M	2.35%
8	SIMASIM ACQUISITION CORP. I	700,000	$258.0M	2.33%
9	SHOPSHOPIFY INC	1,731,048	$257.1M	2.32%
10	CGCTCARTESIAN GROWTH CORP III	1,000,000	$250.0M	2.26%
11	GPATGP-ACT III ACQUISITION CORP	937,500	$243.0M	2.19%
12	—LIONHEART HOLDINGS	750,000	$191.0M	1.72%
13	BNBROOKFIELD CORP	2,629,023	$180.4M	1.63%
14	EVACEQV VENTURES ACQUISITION COR	349,999	$174.0M	1.57%
15	AEMAGNICO EAGLE MINES LTD	1,017,406	$171.3M	1.55%
16	OYSEOYSTER ENTERPRISES II ACQUIS	1,000,000	$170.0M	1.53%
17	LPAALAUNCH ONE ACQUISITION CORP	734,878	$169.0M	1.52%
18	CRCCANADIAN NAT RES LTD	5,170,054	$165.3M	1.49%
19	GRAFGRAF GLOBAL CORP	502,140	$165.0M	1.49%
20	AQLTISHARES TR	640,000	$164.1M	1.48%	Put
21	CPCANADIAN PACIFIC KANSAS CITY	2,147,165	$159.9M	1.44%
22	TACHTITAN ACQUISITION CORP	500,000	$150.0M	1.35%
23	CRAQCAL REDWOOD ACQUISITION CORP	650,000	$144.0M	1.30%
24	NPACNEW PROVIDENCE ACQUISITION C	333,333	$143.0M	1.29%
25	MSFTMICROSOFT CORP	266,830	$138.2M	1.25%
26	NVDANVIDIA CORPORATION	736,703	$137.5M	1.24%
27	ENBENBRIDGE INC	2,704,498	$136.4M	1.23%
28	FERAFIFTH ERA ACQUISITION CORP I	500,000	$133.0M	1.20%
29	FNVFRANCO NEV CORP	591,206	$131.6M	1.19%
30	LPBBLAUNCH TWO ACQUISITION CORP	350,000	$130.0M	1.17%
31	OROR ROYALTIES INC	3,109,636	$124.6M	1.12%
32	LOBLIVE OAK ACQUISITION CORP V	250,000	$122.0M	1.10%
33	FIGXFIGX CAP ACQUISITION CORP	500,000	$119.0M	1.07%
34	CMCANADIAN IMPERIAL BANK OF CO	1,477,258	$118.0M	1.06%
35	AACBARTIUS II ACQUISITION INC	500,000	$116.0M	1.05%
36	TRPTC ENERGY CORP	2,037,010	$110.7M	1.00%
37	SDHISIDDHI ACQUISITION CORP	500,000	$110.0M	0.99%
38	POLEANDRETTI ACQUISITION CORP II	550,000	$109.0M	0.98%
39	CVECENOVUS ENERGY INC	6,389,703	$108.5M	0.98%
40	AAPLAPPLE INC	420,307	$107.0M	0.97%
41	TSLATESLA INC	240,000	$106.7M	0.96%	Put
42	WCNWASTE CONNECTIONS INC	600,000	$105.5M	0.95%	Call
43	JACSJACKSON ACQUISITION CO II	400,000	$103.0M	0.93%
44	JENAJENA ACQUISITION CORP II	500,000	$100.0M	0.90%
45	ISRLFISRAEL ACQUISITIONS CORP	550,000	$100.0M	0.90%
46	HBMHUDBAY MINERALS INC	6,350,482	$96.2M	0.87%
47	SOULSOULPOWER ACQUISITION CORP	500,000	$95.0M	0.86%
48	WCNWASTE CONNECTIONS INC	540,326	$95.0M	0.86%
49	RCI/BROGERS COMMUNICATIONS INC	2,673,625	$92.0M	0.83%
50	SZZLSIZZLE ACQUISITION CORP. II	500,000	$90.0M	0.81%
51	SBXDSILVERBOX CORP IV	203,326	$89.0M	0.80%
52	CLSCELESTICA INC	357,341	$87.9M	0.79%
53	PAIIPYROPHYTE ACQUISITION CORP	250,000	$87.0M	0.78%
54	OBAOXLEY BRIDGE ACQ LTD	500,000	$85.0M	0.77%
55	GOOGLALPHABET INC	330,696	$80.4M	0.73%
56	FTWEQV VENTURES AC CORP. II	333,332	$80.0M	0.72%
57	—NEWBURY STR II ACQUISITION C	312,500	$78.0M	0.70%
58	TRITHOMSON REUTERS CORP	500,000	$77.6M	0.70%	Call
59	—CSLM DIGITA ASSET ACQ CORP I	175,000	$76.0M	0.69%
60	LEGTLEGATO MERGER CORP III	200,000	$75.0M	0.68%
61	CYBRCYBERARK SOFTWARE LTD	152,257	$73.6M	0.66%
62	VOEVANGUARD INDEX FDS	406,324	$70.9M	0.64%
63	HVIIUHENNESSY CAP INVT CORP VII	250,000	$68.0M	0.61%
64	AVGOBROADCOM INC	198,249	$65.4M	0.59%
65	FSVFIRSTSERVICE CORP NEW	331,730	$63.2M	0.57%
66	GILGILDAN ACTIVEWEAR INC	1,043,362	$60.3M	0.54%
67	BIPBROOKFIELD INFRAST PARTNERS	1,768,734	$58.3M	0.53%
68	RAAQREAL ASSET ACQUISITION CORP	125,000	$57.0M	0.51%
69	IPODDUNE ACQUISITION CORP II	262,500	$56.0M	0.51%
70	—NEWHOLD INVT CORP III	150,000	$55.0M	0.50%
71	PACHPIONEER ACQUISITION I CORP	250,000	$55.0M	0.50%
72	CIGICOLLIERS INTL GROUP INC	349,231	$54.6M	0.49%
73	AMZNAMAZON COM INC	242,851	$53.3M	0.48%
74	TRITHOMSON REUTERS CORP	342,897	$53.2M	0.48%
75	BMOBANK MONTREAL QUE	405,969	$52.9M	0.48%
76	BBARRICK MNG CORP	1,577,359	$51.8M	0.47%
77	WPMWHEATON PRECIOUS METALS CORP	461,195	$51.6M	0.47%
78	TVAITHAYER VENTURES ACQ CORP II	300,000	$51.0M	0.46%
79	SSRMSSR MINING IN	2,081,864	$50.8M	0.46%
80	METAMETA PLATFORMS INC	68,595	$50.4M	0.45%
81	IMGIAMGOLD CORP	3,893,422	$50.3M	0.45%
82	TECK/BTECK RESOURCES LTD	1,122,452	$49.2M	0.44%
83	ATIIARCHIMEDES TECH SPAC PARTNER	125,000	$47.0M	0.42%
84	MFCMANULIFE FINL CORP	1,507,847	$47.0M	0.42%
85	TTELUS CORPORATION	2,893,312	$45.6M	0.41%
86	HYACHAYMAKER ACQUISITION CORP IV	100,000	$45.0M	0.41%
87	—ALCHEMY INVTS ACQUISITN CORP	300,000	$44.0M	0.40%
88	FACTFACT II ACQUISITION CORP	150,000	$42.0M	0.38%
89	SPOTSPOTIFY TECHNOLOGY S A	60,000	$41.9M	0.38%	Call
90	DSGDESCARTES SYS GROUP INC	444,774	$41.9M	0.38%
91	BACCBLUE ACQUISITION CORP	250,000	$41.0M	0.37%
92	MLACMOUNTAIN LAKE ACQUISITION CO	250,000	$39.0M	0.35%
93	CCOCAMECO CORP	457,311	$38.4M	0.35%
94	LVLNSPDR SERIES TRUST	590,874	$37.4M	0.34%
95	GSHRGESHER ACQUISITION CORP. II	112,500	$37.0M	0.33%
96	SCHWSCHWAB CHARLES CORP	377,885	$36.1M	0.33%
97	—TRANSLATIONAL DEV ACQUISITIO	125,000	$36.0M	0.32%
98	BACBANK AMERICA CORP	694,393	$35.8M	0.32%
99	COFCAPITAL ONE FINL CORP	165,686	$35.2M	0.32%
100	KELKELLANOVA	427,928	$35.1M	0.32%

Page 1 of 11Next