13F Insight
DOSSIER · 13F-HR · Q1 2026

Murchinson Ltd.

$791M in tracked AUM across 95 positions as of Q1 2026.

ML
CIK 0001838556 · last filed Mar 31, 2026
Total AUM
$791M
as of Q1 2026
Holdings
95
—
positions
Whale Score
64
64
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026
Comprehensive Analysis of Murchinson Ltd. SEC 13F Filing (Q3 2025)
1. Portfolio Overview

Murchinson Ltd. has executed a dramatic transformation of its investment portfolio during the quarter ending September 30, 2025. The firm experienced a massive expansion in Assets Under Management (AUM), with the total portfolio value surging by 124.4% from $282.42 million to $633.67 million. This growth is attributed not merely to market appreciation, but to a significant restructuring str...

The portfolio composition shifted from a previously diversified set of holdings to a highly concentrated structure. The number of holdings reported is 49, but the turnover was exceptionally high: the manager exited 40 positions and initiated 32 new ones. This indicates a complete overhaul of the fund's strategy. The portfolio is now top-heavy, with the top three positions accounting for approximately 72% of the total value, suggesting a high-conviction, "barbell" approach that blends large-cap defensives with speculative growth.

2. Key Holdings

The portfolio is dominated by three new, substantial positions that form the core of the fund's strategy:

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
NTR
NUTRIEN LTD
$259M3.4M32.7%02
RY
ROYAL BK CDA
$120M742K15.2%03
SOBO
SOUTH BOW CORP
$57M1.7M7.3%04
TD
TORONTO DOMINION BK ONT
$48M510K6.0%05
BMO
BANK MONTREAL MEDIUM
$43M320K5.5%06
NNDM
NANO DIMENSION LTD
$26M15.6M3.3%07
GTLS
CHART INDS INC
$25M121K3.2%08
TRP
TC ENERGY CORP
$22M351K2.8%09
BNS
BANK NOVA SCOTIA B C
$20M295K2.6%10
CM
CANADIAN IMPERIAL BANK OF CO
$20M213K2.6%

Filing history

2026Q1Mar 31
$791M▲ 27.3%
95 positionsView →2025Q4Dec 31
$622M▼ 1.9%
75 positionsView →2025Q3Sep 30
$634M▲ 124.4%
49 positionsView →2025Q2Jun 30
$282M▼ 70.6%
62 positionsLocked2025Q1Mar 31
$962M▲ 311.4%
68 positionsLocked2024Q4Dec 31
$234M▼ 36.5%
55 positionsLocked2024Q3Sep 30
$368M▼ 43.2%
81 positionsLocked2024Q2Jun 30
$649M▼ 45.2%
67 positionsLocked2024Q1Mar 31
$1.2B▲ 106.3%
88 positionsLocked2023Q4Dec 31
$574M▼ 26.4%
35 positionsLocked2023Q3Sep 30
$780M▼ 1.0%
58 positionsLocked2023Q2Jun 30
$788M▲ 12.1%
93 positionsLocked
Showing 12 of 20