Murchinson

TORONTO, A6files as Murchinson Ltd.

$204m in 53 US stocks at the end of 30 June 2026. The top 10 are 70.0% of the money. It changed about 56.6% of the portfolio this quarter.

Value

$204m

Stocks

Top 10 share

70.0%

Turnover

56.6%

What changed this quarter

New

Bought for the first time this quarter.

IsharesEWY
9.9% of the fund
New America Acquisition INWAX
7.4% of the fund
Canadian Imperial Bank of Commerce /canCM
6.2% of the fund
Marvell TechnologyMRVL
2.9% of the fund
Trulieve CannabisTRLV
1.7% of the fund
SK TelecomSKM
1.6% of the fund
TC EnergyTRP
1.2% of the fund
FortisFTS
1.0% of the fund
Starlink AI AcquisitionOTAI-U
1.0% of the fund
Boost RunBRUN
1.0% of the fund
Imperial OilIMO
1.0% of the fund
Canadian Pacific Kansas CityCP
1.0% of the fund
Canadian Natural ResourcesCNQ
0.8% of the fund
Pembina PipelinePBA
0.6% of the fund
Brookfield Asset ManagementBAM
0.4% of the fund
EnbridgeENB
0.4% of the fund
Firefly NeuroscienceAIFF
0.4% of the fund
Suncor EnergySU
0.3% of the fund
CAECAE
0.2% of the fund
Delta Air LinesDAL
0.2% of the fund
ERockEROC
0.2% of the fund
BrookfieldBN
0.2% of the fund
Exyn TechnologiesEXYNW
<0.1% of the fund
Valion BIO
<0.1% of the fund
Quantum Leap Acquisition CORQLEP-WS
<0.1% of the fund

Added

Bought more of a stock they already held.

Nano DimensionNNDM
13.4% of the fund
+21%
Warner Bros. DiscoveryWBD
4.3% of the fund
+10%
Pelthos TherapeuticsPTHS
4.2% of the fund
+3%
Brighthouse FinancialBHF
3.2% of the fund
+2674%
Advisorshares TRMSOS
3.1% of the fund
+25%

Cut

Sold some of their stake.

NutrienNTR
0.9% of the fund
-96%
USA TodayTDAY
0.8% of the fund
-38%
Canadian National RailwayCNI
0.5% of the fund
-51%
Beyond AirXAIR
<0.1% of the fund
-17%
LensarLNSR
<0.1% of the fund
-64%

Sold out

Sold their entire stake.

South BowSOBO
-100%
Royal Bank of CanadaRY
-100%
Vaneck ETF TrustGDXJ
-100%
SunococorpSUNC
-100%
Bank of Montreal /canBMO
-100%
KenvueKVUE
-100%
Ishares Silver TRSLV
-100%
AtkoreATKR
-100%
Under ArmourUA
-100%
Franco NevadaFNV
-100%
Osisko Development
-100%
Incannex HealthcareIXHL
-100%
Enhabit
-100%
Blue Foundry BancorpBLFY
-100%
Proassurance
-100%
CSG SYS Intl
-100%
On24
-100%
Onestream
-100%
Amicus Therapeutics
-100%
Great Lakes Dredge & DockGLDD
-100%
Diamond Hill Invt Group INC COM New
-100%
Air Lease
-100%
Semrush Hldgs
-100%
Sealed Air Corp New
-100%
Veris Residential INC.com
-100%

Holdings

Nano DimensionNNDM
Share
13.4%
Value
$27m
Shares
18,836,276
+21%
Chart Inds
Share
12.4%
Value
$25m
Shares
120,539
Held
IsharesEWY
Share
9.9%
Value
$20m
Shares
100,000
New
New America Acquisition INWAX
Share
7.4%
Value
$15m
Shares
1,475,000
New
Canadian Imperial Bank of Commerce /canCM
Share
6.2%
Value
$13m
Shares
110,062
New
Yorkville AcquisitionMCGA
Share
5.0%
Value
$10m
Shares
1,000,400
Held
Warner Bros. DiscoveryWBD
Share
4.3%
Value
$9m
Shares
330,000
+10%
Pelthos TherapeuticsPTHS
Share
4.2%
Value
$9m
Shares
304,302
+3%
New Amer Acquisition INWAX-U
Share
3.9%
Value
$8m
Shares
755,100
Held
Brighthouse FinancialBHF
Share
3.2%
Value
$7m
Shares
103,740
+2674%
Advisorshares TRMSOS
Share
3.1%
Value
$6m
Shares
1,249,895
+25%
Oramed PharmaceuticalsORMP
Share
3.0%
Value
$6m
Shares
1,290,294
Held
Marvell TechnologyMRVL
Share
2.9%
Value
$6m
Shares
20,000
New
Atlantic Union BanksharesAUB
Share
2.2%
Value
$5m
Shares
106,874
Held
Trulieve CannabisTRLV
Share
1.7%
Value
$3m
Shares
355,200
New
SK TelecomSKM
Share
1.6%
Value
$3m
Shares
100,000
New
TC EnergyTRP
Share
1.2%
Value
$3m
Shares
38,367
New
FortisFTS
Share
1.0%
Value
$2m
Shares
35,433
New
Starlink AI AcquisitionOTAI-U
Share
1.0%
Value
$2m
Shares
200,000
New
Boost RunBRUN
Share
1.0%
Value
$2m
Shares
52,000
New
Spdr Series TrustBIL
Share
1.0%
Value
$2m
Shares
21,844
Held
Ishares TRSGOV
Share
1.0%
Value
$2m
Shares
19,881
Held
Imperial OilIMO
Share
1.0%
Value
$2m
Shares
17,512
New
Canadian Pacific Kansas CityCP
Share
1.0%
Value
$2m
Shares
22,357
New
NutrienNTR
Share
0.9%
Value
$2m
Shares
27,631
-96%
USA TodayTDAY
Share
0.8%
Value
$2m
Shares
200,000
-38%
Canadian Natural ResourcesCNQ
Share
0.8%
Value
$2m
Shares
40,635
New
Pembina PipelinePBA
Share
0.6%
Value
$1m
Shares
25,038
New
Canadian National RailwayCNI
Share
0.5%
Value
$970,017
Shares
8,135
-51%
Brookfield Asset ManagementBAM
Share
0.4%
Value
$848,741
Shares
18,924
New
EnbridgeENB
Share
0.4%
Value
$820,794
Shares
15,141
New
Firefly NeuroscienceAIFF
Share
0.4%
Value
$786,500
Shares
650,000
New
Suncor EnergySU
Share
0.3%
Value
$701,920
Shares
13,076
New
Northwest BancsharesNWBI
Share
0.2%
Value
$454,800
Shares
30,000
Held
CAECAE
Share
0.2%
Value
$376,426
Shares
15,021
New
Delta Air LinesDAL
Share
0.2%
Value
$374,640
Shares
4,000
New
ERockEROC
Share
0.2%
Value
$362,500
Shares
25,000
New
BrookfieldBN
Share
0.2%
Value
$325,302
Shares
7,638
New
International Money ExpressIMXI
Share
0.2%
Value
$313,565
Shares
21,700
Held
Janus Henderson Group
Share
0.1%
Value
$259,750
Shares
5,000
Held
DigitalBridge GroupDBRG
Share
0.1%
Value
$252,480
Shares
16,000
Held
NorthWestern Energy GroupNWE
Share
0.1%
Value
$250,670
Shares
3,500
Held
Stellar Bancorp
Share
0.1%
Value
$247,716
Shares
6,300
Held
Clear Channel Outdoor HoldingsCCO
Share
0.1%
Value
$243,936
Shares
100,800
Held
Edison InternationalEIX
Share
0.1%
Value
$223,350
Shares
3,000
Held
TWO Harbors InvestmentTWO
Share
0.1%
Value
$210,970
Shares
17,000
Held
Exyn TechnologiesEXYNW
Share
<0.1%
Value
$171,570
Shares
129,000
New
Gen DigitalGENVR
Share
<0.1%
Value
$141,135
Shares
111,569
Held
Beyond AirXAIR
Share
<0.1%
Value
$122,269
Shares
274,208
-17%
LensarLNSR
Share
<0.1%
Value
$75,503
Shares
13,223
-64%
CPI AerostructuresCVU
Share
<0.1%
Value
$73,584
Shares
14,178
Held
Valion BIO
Share
<0.1%
Value
$59,789
Shares
115,000
New
Quantum Leap Acquisition CORQLEP-WS
Share
<0.1%
Value
$13,000
Shares
100,000
New

Company	Share of fund	Value	Shares	Change
Nano DimensionNNDM	13.4%	$27m	18,836,276	+21%
Chart Inds	12.4%	$25m	120,539	Held
IsharesEWY	9.9%	$20m	100,000	New
New America Acquisition INWAX	7.4%	$15m	1,475,000	New
Canadian Imperial Bank of Commerce /canCM	6.2%	$13m	110,062	New
Yorkville AcquisitionMCGA	5.0%	$10m	1,000,400	Held
Warner Bros. DiscoveryWBD	4.3%	$9m	330,000	+10%
Pelthos TherapeuticsPTHS	4.2%	$9m	304,302	+3%
New Amer Acquisition INWAX-U	3.9%	$8m	755,100	Held
Brighthouse FinancialBHF	3.2%	$7m	103,740	+2674%
Advisorshares TRMSOS	3.1%	$6m	1,249,895	+25%
Oramed PharmaceuticalsORMP	3.0%	$6m	1,290,294	Held
Marvell TechnologyMRVL	2.9%	$6m	20,000	New
Atlantic Union BanksharesAUB	2.2%	$5m	106,874	Held
Trulieve CannabisTRLV	1.7%	$3m	355,200	New
SK TelecomSKM	1.6%	$3m	100,000	New
TC EnergyTRP	1.2%	$3m	38,367	New
FortisFTS	1.0%	$2m	35,433	New
Starlink AI AcquisitionOTAI-U	1.0%	$2m	200,000	New
Boost RunBRUN	1.0%	$2m	52,000	New
Spdr Series TrustBIL	1.0%	$2m	21,844	Held
Ishares TRSGOV	1.0%	$2m	19,881	Held
Imperial OilIMO	1.0%	$2m	17,512	New
Canadian Pacific Kansas CityCP	1.0%	$2m	22,357	New
NutrienNTR	0.9%	$2m	27,631	-96%
USA TodayTDAY	0.8%	$2m	200,000	-38%
Canadian Natural ResourcesCNQ	0.8%	$2m	40,635	New
Pembina PipelinePBA	0.6%	$1m	25,038	New
Canadian National RailwayCNI	0.5%	$970,017	8,135	-51%
Brookfield Asset ManagementBAM	0.4%	$848,741	18,924	New
EnbridgeENB	0.4%	$820,794	15,141	New
Firefly NeuroscienceAIFF	0.4%	$786,500	650,000	New
Suncor EnergySU	0.3%	$701,920	13,076	New
Northwest BancsharesNWBI	0.2%	$454,800	30,000	Held
CAECAE	0.2%	$376,426	15,021	New
Delta Air LinesDAL	0.2%	$374,640	4,000	New
ERockEROC	0.2%	$362,500	25,000	New
BrookfieldBN	0.2%	$325,302	7,638	New
International Money ExpressIMXI	0.2%	$313,565	21,700	Held
Janus Henderson Group	0.1%	$259,750	5,000	Held
DigitalBridge GroupDBRG	0.1%	$252,480	16,000	Held
NorthWestern Energy GroupNWE	0.1%	$250,670	3,500	Held
Stellar Bancorp	0.1%	$247,716	6,300	Held
Clear Channel Outdoor HoldingsCCO	0.1%	$243,936	100,800	Held
Edison InternationalEIX	0.1%	$223,350	3,000	Held
TWO Harbors InvestmentTWO	0.1%	$210,970	17,000	Held
Exyn TechnologiesEXYNW	<0.1%	$171,570	129,000	New
Gen DigitalGENVR	<0.1%	$141,135	111,569	Held
Beyond AirXAIR	<0.1%	$122,269	274,208	-17%
LensarLNSR	<0.1%	$75,503	13,223	-64%
CPI AerostructuresCVU	<0.1%	$73,584	14,178	Held
Valion BIO	<0.1%	$59,789	115,000	New
Quantum Leap Acquisition CORQLEP-WS	<0.1%	$13,000	100,000	New

Options (50)

Canadian Imperial Bank of Commerce /canCM
Type
Put
Value
$47m
Contracts
412,500
Bank of Montreal /canBMO
Type
Call
Value
$41m
Contracts
234,700
Bank of Montreal /canBMO
Type
Put
Value
$41m
Contracts
234,700
Canadian Imperial Bank of Commerce /canCM
Type
Call
Value
$35m
Contracts
302,500
Toronto Dominion BankTD
Type
Call
Value
$31m
Contracts
255,600
Toronto Dominion BankTD
Type
Put
Value
$31m
Contracts
255,600
Royal Bank of CanadaRY
Type
Call
Value
$28m
Contracts
133,200
Royal Bank of CanadaRY
Type
Put
Value
$28m
Contracts
133,200
Suncor EnergySU
Type
Call
Value
$15m
Contracts
275,000
Canadian National RailwayCNI
Type
Call
Value
$14m
Contracts
115,000
Canadian Pacific Kansas CityCP
Type
Call
Value
$12m
Contracts
137,000
Canadian Pacific Kansas CityCP
Type
Put
Value
$12m
Contracts
137,000
Vaneck ETF TrustSMH
Type
Put
Value
$10m
Contracts
15,000
Suncor EnergySU
Type
Put
Value
$9m
Contracts
170,000
Ishares TRIGV
Type
Put
Value
$9m
Contracts
100,000
Canadian National RailwayCNI
Type
Put
Value
$9m
Contracts
75,000
TC EnergyTRP
Type
Call
Value
$7m
Contracts
113,000
Canadian Natural ResourcesCNQ
Type
Call
Value
$7m
Contracts
178,900
TC EnergyTRP
Type
Put
Value
$7m
Contracts
103,000
Imperial OilIMO
Type
Call
Value
$6m
Contracts
57,700
Brighthouse FinancialBHF
Type
Put
Value
$6m
Contracts
100,000
Ishares TRMTUM
Type
Put
Value
$6m
Contracts
17,500
Brookfield Asset ManagementBAM
Type
Call
Value
$6m
Contracts
127,500
Sun Life FinancialSLF
Type
Call
Value
$5m
Contracts
65,000
Sun Life FinancialSLF
Type
Put
Value
$5m
Contracts
65,000
Brookfield Asset ManagementBAM
Type
Put
Value
$5m
Contracts
112,500
Take TWO Interactive SoftwareTTWO
Type
Call
Value
$5m
Contracts
20,000
Canadian Natural ResourcesCNQ
Type
Put
Value
$5m
Contracts
123,900
BrookfieldBN
Type
Call
Value
$5m
Contracts
112,600
BrookfieldBN
Type
Put
Value
$4m
Contracts
105,100
NutrienNTR
Type
Call
Value
$4m
Contracts
67,600
NutrienNTR
Type
Put
Value
$4m
Contracts
65,000
Pg&ePCG
Type
Call
Value
$3m
Contracts
200,000
FortisFTS
Type
Call
Value
$3m
Contracts
58,000
EnbridgeENB
Type
Call
Value
$3m
Contracts
53,000
EchoStarECHO
Type
Call
Value
$3m
Contracts
25,000
FortisFTS
Type
Put
Value
$2m
Contracts
43,500
Waste ConnectionsWCN
Type
Call
Value
$2m
Contracts
14,400
Waste ConnectionsWCN
Type
Put
Value
$2m
Contracts
14,400
Barrick MiningB
Type
Call
Value
$2m
Contracts
62,600
Barrick MiningB
Type
Put
Value
$2m
Contracts
62,600
Wheaton Precious MetalsWPM
Type
Call
Value
$2m
Contracts
20,000
Wheaton Precious MetalsWPM
Type
Put
Value
$2m
Contracts
20,000
Bank of Nova ScotiaBNS
Type
Call
Value
$2m
Contracts
25,000
Bank of Nova ScotiaBNS
Type
Put
Value
$2m
Contracts
25,000
Rogers CommunicationsRCI
Type
Call
Value
$2m
Contracts
65,000
Teck ResourcesTECK
Type
Call
Value
$2m
Contracts
35,000
Teck ResourcesTECK
Type
Put
Value
$2m
Contracts
35,000
EnbridgeENB
Type
Put
Value
$2m
Contracts
38,000
NikeNKE
Type
Call
Value
$2m
Contracts
50,000

Company	Type	Value	Contracts
Canadian Imperial Bank of Commerce /canCM	Put	$47m	412,500
Bank of Montreal /canBMO	Call	$41m	234,700
Bank of Montreal /canBMO	Put	$41m	234,700
Canadian Imperial Bank of Commerce /canCM	Call	$35m	302,500
Toronto Dominion BankTD	Call	$31m	255,600
Toronto Dominion BankTD	Put	$31m	255,600
Royal Bank of CanadaRY	Call	$28m	133,200
Royal Bank of CanadaRY	Put	$28m	133,200
Suncor EnergySU	Call	$15m	275,000
Canadian National RailwayCNI	Call	$14m	115,000
Canadian Pacific Kansas CityCP	Call	$12m	137,000
Canadian Pacific Kansas CityCP	Put	$12m	137,000
Vaneck ETF TrustSMH	Put	$10m	15,000
Suncor EnergySU	Put	$9m	170,000
Ishares TRIGV	Put	$9m	100,000
Canadian National RailwayCNI	Put	$9m	75,000
TC EnergyTRP	Call	$7m	113,000
Canadian Natural ResourcesCNQ	Call	$7m	178,900
TC EnergyTRP	Put	$7m	103,000
Imperial OilIMO	Call	$6m	57,700
Brighthouse FinancialBHF	Put	$6m	100,000
Ishares TRMTUM	Put	$6m	17,500
Brookfield Asset ManagementBAM	Call	$6m	127,500
Sun Life FinancialSLF	Call	$5m	65,000
Sun Life FinancialSLF	Put	$5m	65,000
Brookfield Asset ManagementBAM	Put	$5m	112,500
Take TWO Interactive SoftwareTTWO	Call	$5m	20,000
Canadian Natural ResourcesCNQ	Put	$5m	123,900
BrookfieldBN	Call	$5m	112,600
BrookfieldBN	Put	$4m	105,100
NutrienNTR	Call	$4m	67,600
NutrienNTR	Put	$4m	65,000
Pg&ePCG	Call	$3m	200,000
FortisFTS	Call	$3m	58,000
EnbridgeENB	Call	$3m	53,000
EchoStarECHO	Call	$3m	25,000
FortisFTS	Put	$2m	43,500
Waste ConnectionsWCN	Call	$2m	14,400
Waste ConnectionsWCN	Put	$2m	14,400
Barrick MiningB	Call	$2m	62,600
Barrick MiningB	Put	$2m	62,600
Wheaton Precious MetalsWPM	Call	$2m	20,000
Wheaton Precious MetalsWPM	Put	$2m	20,000
Bank of Nova ScotiaBNS	Call	$2m	25,000
Bank of Nova ScotiaBNS	Put	$2m	25,000
Rogers CommunicationsRCI	Call	$2m	65,000
Teck ResourcesTECK	Call	$2m	35,000
Teck ResourcesTECK	Put	$2m	35,000
EnbridgeENB	Put	$2m	38,000
NikeNKE	Call	$2m	50,000

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 14.2% since 30 June 2025.

Where the money is

Financial services24.8%

Health care9.1%

Media & telecom6.9%

Technology4.9%

Energy3.1%

Utilities2.5%

Industrials1.6%

Materials0.9%

Real estate0.3%

Other46.0%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.