Murchinson Ltd.

CIK

1838556

Location

TORONTO, A6

Portfolio Value

Small $259,944,873

Diversification

Moderately concentrated

Filing Date

Global Rank

#2,063 / 8,586 ▲ 367

Top Industry

Agricultural Inputs 33.6%

3Y Alpha vs SPY

-1.9%

Period ended 3 months ago

Filed May 15, 2026 · 32d

20 quarters · since Jun 2021

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+70.0%

SPY

+78.1%

Annualised alpha

-1.9%

Max drawdown

−28.7%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

69 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

33.6%

+5.9 pts

Top 5

68.4%

+6.9 pts

Top 10

83.2%

+5.5 pts

HHI

1,557

Moderately concentrated+403

Portfolio Trend

20 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	34.8%	$267,866,020	16
Basic Materials	33.8%	$259,944,873	3
Energy	15.0%	$115,441,138	8
Technology	6.4%	$49,097,981	11
Industrials	5.5%	$42,247,231	7
Communication Services	1.8%	$13,659,646	4
Healthcare	1.6%	$12,328,028	9
Utilities	0.6%	$4,703,740	4
Consumer Defensive	0.4%	$2,805,450	2
Unclassified	0.1%	$1,022,100	1
Consumer Cyclical	0.1%	$473,335	2
Real Estate	0.1%	$433,789	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
NTR	Nutrien Ltd.	+2,478,231	3,425,831	$258,513,207
RY	Royal Bank Of Canada	+626,792	742,392	$120,104,177
TD	Toronto Dominion Bank	+330,000	510,000	$47,588,100
SOBO	South Bow Corp	+257,700	1,725,100	$57,480,332
BMO	Bank Of Montreal /Can/	+221,699	320,046	$43,315,025
CM	Canadian Imperial Bank Of Commerce /Can/	+207,800	213,200	$20,200,700
PTHS	Pelthos Therapeutics Inc.	+6,835	296,314	$6,225,557
LNSR	LENSAR, Inc.	+5,450	36,560	$217,897
ENB	Enbridge Inc	+4,856	90,000	$4,872,600
No positions match the current search.

Trimmed

Positions the filer reduced

4 positions

Ticker	Company	Δ Shares	Shares	Value
TRP	Tc Energy Corp	−2,616,868	351,200	$21,985,120
SUNC	SunocoCorp LLC	−259,241	58,527	$3,608,189
TDAY	USA TODAY Co., Inc.	−100,000	320,000	$2,256,000
ORMP	Oramed Pharmaceuticals Inc.	−24,953	1,315,294	$4,471,999
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
GTLS	Chart Industries Inc	120,539	$24,921,438
BNS	Bank Of Nova Scotia	294,600	$20,418,726
SU	Suncor Energy Inc	225,600	$14,914,416
CNQ	Canadian Natural Resources Ltd	210,000	$10,233,300
CP	Canadian Pacific Kansas City Ltd/Cn	115,400	$9,077,364
WBD	Warner Bros. Discovery, Inc.	300,000	$8,238,000
CNI	Canadian National Railway Co	66,435	$6,827,524
NN	Nextnav Inc.	200,000	$3,204,000
FSLR	First Solar, Inc.	15,000	$2,958,900
SATS	EchoStar CORP	25,000	$2,926,750
PCG	PG&E Corp	150,000	$2,635,500
IMO	Imperial Oil Ltd	17,800	$2,328,596
FTS	Fortis Inc.	29,000	$1,617,910
SLV	iShares Silver Trust	15,000	$1,022,100
ATKR	Atkore Inc.	15,000	$883,650
FNV	FRANCO NEVADA Corp	3,164	$781,666
ODV	Osisko Development Corp.	200,000	$650,000
IMXI	International Money Express, Inc.	21,700	$342,860
IXHL	Incannex Healthcare Inc.	104,113	$312,339
JHG	Janus Henderson Group PLC	5,000	$256,850
EHAB	Enhabit, Inc.	17,700	$249,393
BLFY	Blue Foundry Bancorp	18,800	$248,912
DBRG	DigitalBridge Group, Inc.	16,000	$246,720
PRA	Proassurance Corp	9,900	$244,728
CSGS	Csg Systems International Inc	3,060	$244,616
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
WOLF	Wolfspeed, Inc.	3,884,353	$67,626,585
SPY	Spdr S&P 500 ETF Trust	50,000	$34,096,000
MSTR	Strategy Inc	100,000	$15,195,000
RKT	Rocket Companies, Inc.	600,015	$11,616,290
BARK	Bark, Inc.	490,043	$5,909,918
MRNA	Moderna, Inc.	200,000	$5,898,000
PYPL	PayPal Holdings, Inc.	100,000	$5,838,000
AEM	Agnico Eagle Mines Ltd	30,000	$5,085,900
NFLX	Netflix Inc	50,000	$4,688,000
FLR	Fluor Corp	100,000	$3,963,000
B	Barrick Mining Corp	86,400	$3,762,720
PFE	Pfizer Inc	150,000	$3,735,000
GIL	Gildan Activewear Inc.	51,012	$3,186,209
ABUS	Arbutus Biopharma Corp	497,900	$2,394,899
RICK	Rci Hospitality Holdings, Inc.	100,000	$2,384,000
TASK	TaskUs, Inc.	168,798	$1,990,128
BCE	Bce Inc	75,000	$1,786,500
RVPH	Reviva Pharmaceuticals Holdings, Inc.	250,000	$1,400,000
NGD	New Gold Inc. /FI	100,000	$871,000
BYND	Beyond Meat, Inc.	432,301	$354,486
SPIR	Spire Global, Inc.	40,008	$300,060
CWH	Camping World Holdings, Inc.	30,000	$291,900
APRE	Aprea Therapeutics, Inc.	340,139	$290,138
TVA	Texas Ventures Acquisition III Corp	25,000	$266,250
RPT	Rithm Property Trust Inc.	11,981	$198,644
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

3 positions · $259,944,873 total · Basic Materials only · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NTR	Nutrien Ltd. Basic Materials	Added	3,425,831	+2,478,231	$258,513,207	+342.0%	99.45%
FNV	FRANCO NEVADA Corp Basic Materials	NEW	3,164	NEW	$781,666	NEW	0.30%
ODV	Osisko Development Corp. Basic Materials	NEW	200,000	NEW	$650,000	NEW	0.25%