PICTON MAHONEY ASSET MANAGEMENT

CIK 0001539041 · Q1 2026

13F Equity AUM

$13.5B

+9.6% QoQ

Positions

973

+42 QoQ

AUM Rank

#541

Top 4%

Skill Alpha (FF)

+2.2%/yr^ns

No Clear Edge

Rank #1,118 · Top 14%

vs S&P +1.0%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 27.2%Top 10: 35.1%Top 20: 45.9%

HYG13.4%

LQD6.0%

RY3.2%

TD2.6%

SHOP2.1%

CRC1.9%

AEM1.7%

CP1.4%

SU1.4%

FNV1.4%

Others (963)64.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services41.5%

Technology12.5%

Basic Materials9.1%

Energy8.0%

Industrials6.7%

Consumer Cyclical4.7%

Healthcare4.3%

Unclassified3.6%

Other9.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 973Median: 0.01%Avg: 0.10%

0–0.5%

936(42.8%)

0.5–1%

20(14.2%)

1–3%

14(20.5%)

3–5%

1(3.2%)

5%+

2(19.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 727Unique: 246vs 20 funds

9.6%Low

973

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

JPMORGAN CHASE & CO

14%

BANK OF AMERICA CORP /DE/

13.2%

MORGAN STANLEY

11.9%

BlackRock, Inc.

14.6%

GEODE CAPITAL MANAGEMENT, LLC

15.9%

FMR LLC

18.2%

VANGUARD CAPITAL MANAGEMENT LLC

15.8%

STATE STREET CORP

15.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

16.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New272Increased348Decreased190Exited244

New Positions

EEM1.0%

+2.4M

MTUM0.9%

+520K

LIE0.6%

+1.4M

SJM0.3%

+366K

MRVL0.2%

+286K

COHR0.2%

+120K

AU0.2%

+261K

PEN0.2%

+80K

ACLX0.2%

+195K

NOW0.1%

+200K

Increased

LYV 3.125 01/15/290.1%

+7.0M(+233%)

GVA 3.25 06/15/300.1%

+6.0M(+150%)

JAZZ 3.125 09/15/300.1%

+5.0M(+125%)

HYG13.4%

+3.0M(+15%)

LQD6.0%

+2.5M(+50%)

TECK/B1.2%

+2.3M(+226%)

TLT1.3%

+2.0M(+20000%)

SU1.4%

+1.9M(+201%)

AQN0.2%

+1.4M(+39%)

TEVA0.4%

+1.2M(+212%)

Decreased

IEF0.0%

-2,500,000(-99%)

CVE0.9%

-1,957,036(-29%)

BCE0.0%

-1,932,398(-98%)

SSRM0.0%

-1,637,724(-97%)

BB0.0%

-1,602,252(-92%)

IWM0.0%

-1,200,000(-100%)

BSX0.0%

-938,690(-97%)

MFC0.3%

-837,605(-44%)

CM0.1%

-811,563(-82%)

BAC0.0%

-731,681(-99%)

Exited

-547,312

-700,000

-158,005

-925,000

-839,400

-375,697

-780,000

ORCL

-200,000

CSGP

-504,140

TPG

-440,521

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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