Murchinson Ltd.

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CIK 1838556

13F portfolio (2026-Q1)

$249M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

Top 5

68.7%

Top 10

83.6%

Effective N

8.1

HHI

0.124

This quarter

47 new · 0 exit →

By sector

Energy24.6%

Materials21.6%

Unclassified14.1%

Information Technology11.0%

Industrials10.9%

Financials8.2%

Health Care4.7%

Communication Services4.3%

Other0.6%

By market cap

Unknown39.4%

Mid ($2–10B)27.5%

Large ($10–200B)16.2%

Small ($300M–2B)12.3%

Micro (<$300M)4.6%

By region

North America85.9%

Other14.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Oil, Gas & Consumable Fuels	24.58%	2
Chemicals	21.06%	2
Unclassified	14.14%	25
Semiconductors & Semiconductor Equipment	10.64%	1
Machinery	10.03%	1
Banks	7.77%	5
Pharmaceuticals & Biotechnology	4.51%	4
Media & Entertainment	3.41%	2
Media & Publishing	0.91%	1
Road & Rail	0.68%	1
Metals & Mining	0.58%	2
Technology Hardware & Equipment	0.36%	1
Textiles, Apparel & Luxury Goods	0.35%	1
Capital Markets	0.20%	2
Insurance	0.19%	2
Utilities	0.18%	2
Health Care Equipment & Supplies	0.18%	2
Commercial Services & Supplies	0.14%	1
Equity Real Estate Investment Trusts (REITs)	0.08%	1
Aerospace & Defense	0.02%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	SOBO	South Bow Corp	Energy	23.13%
2	NTR	NUTRIEN LTD	Materials	20.02%
3	NNDM	Nano Dimension Ltd.	Information Technology	10.64%
4	GTLS	CHART INDUSTRIES INC	Industrials	10.03%
5	RY	ROYAL BANK OF CANADA	Financials	4.89%
6	MCGA	YORKVILLE ACQUISITION CORP.	Unclassified	4.07%
7	WBD	Warner Bros. Discovery, Inc.	Communication Services	3.31%
8	NWAX.U	New America Acquisition I Corp	Unclassified	3.15%
9	PTHS	Pelthos Therapeutics Inc.	Health Care	2.50%
10	GDXJ	VANECK ETF TRUST	Unclassified	1.81%

34/59 names classified · sector 85.9% of weight · industry 85.9% · mkt cap 60.6%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 20 quarters

UtilitiesTRP, TXNM, CEG, PAM, NWE · other

FinancialsBNS, WTW, CORZ, RY, RKT · other

Information TechnologyNNDM, CRM, PLTK, AMD, DJT · other

EnergySOBO, SUNC, IMO, YPF, COP · other

MaterialsNTR, VALE, KVUE, TECK, VZLA · other

Health CareORMP, BIIB, PTHS, PFE, LGND · other

Consumer DiscretionaryQSR, AMZN, GTX, TSLA, MCD · other

Communication ServicesGOOG, GOOGL, OPTU, WBD, NFLX · other

IndustrialsGTLS, BABA, MGRC, WEX, ASML · other

Consumer StaplesACI, ISPR, BNC, SFM, BYND

Real EstateBN, TWO, OPEN, DOUG, ILPT

UnclassifiedUNITED STATES STL CORP NEW, HESS CORP, ACTIVISION BLIZZARD INC, HUMANIGEN INC, IWM · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 85.9% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 20% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (16 classified)Murchinson Ltd. centroid (Small Core)

IndustrialsCommunication ServicesFinancialsHealth CareMaterialsUtilities

Style box summary for Murchinson Ltd.: centroid Small Core. Heaviest cells: Small Growth 10.2%, Mid Core 3.4%, Small Value 3.0%.

Classified: 19.7% of book weight (16/45 names) · unclassified 80.3%: SOBO, NTR, NNDM, RY, MCGA, NWAX.U, PTHS, GDXJ, SUNC, +19 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 59 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	SOBOSOUTH BOW CORP	1,725,100	$57M	23.1%	NEW
2	NTRNUTRIEN LTD	659,531	$50M	20.0%	NEW
3	NNDMNANO DIMENSION LTD	15,550,000	$26M	10.6%	HOLD
4	GTLSCHART INDS INC	120,539	$25M	10.0%	NEW
5	RYROYAL BK CDA	75,192	$12M	4.9%	NEW
6	MCGAYORKVILLE ACQUISITION CORP.	1,000,400	$10M	4.1%	HOLD
7	WBDWARNER BROS DISCOVERY INC	300,000	$8M	3.3%	NEW
8	NWAX.UNew America Acquisition I Corp	755,100	$8M	3.2%	NEW
9	PTHSPELTHOS THERAPEUTICS INC	296,314	$6M	2.5%	ADD 2%
10	GDXJVANECK ETF TRUST	37,500	$5M	1.8%	NEW
11	ORMPORAMED PHARMACEUTICALS INC	1,315,294	$4M	1.8%	HOLD
12	AUBATLANTIC UN BANKSHARES CORP	106,874	$4M	1.5%	HOLD
13	SUNCSUNOCOCORP LLC	58,527	$4M	1.5%	TRIM −82%
14	MSOSADVISORSHARES TR	999,895	$4M	1.4%	NEW
15	BMOBANK MONTREAL MEDIUM	20,046	$3M	1.1%	ADD 50%
16	KVUEKENVUE INC	150,000	$3M	1.0%	HOLD
17	TDAYUSA TODAY CO INC	320,000	$2M	0.9%	TRIM −24%
18	BILSPDR SERIES TRUST	21,844	$2M	0.8%	NEW
19	SGOVISHARES TR	19,881	$2M	0.8%	NEW
20	CNICANADIAN NATL RY CO	16,435	$2M	0.7%	NEW
21	SLVISHARES SILVER TR	15,000	$1M	0.4%	NEW
22	ATKRATKORE INC	15,000	$883,650	0.4%	NEW
23	UAUNDER ARMOUR INC	150,000	$868,500	0.3%	NEW
24	FNVFRANCO NEV CORP	3,164	$781,666	0.3%	NEW
25	ODVOSISKO DEVELOPMENT CORP	200,000	$650,000	0.3%	NEW
26	NWBINORTHWEST BANCSHARES INC MD	30,000	$380,700	0.2%	HOLD
27	IMXIINTERNATIONAL MONEY EXPRESS	21,700	$342,860	0.1%	NEW
28	IXHLINCANNEX HEALTHCARE INC	104,113	$312,339	0.1%	NEW
29	JHGJANUS HENDERSON GROUP PLC	5,000	$256,850	0.1%	NEW
30	ENHABIT INC	17,700	$249,393	0.1%	NEW
31	BLFYBLUE FOUNDRY BANCORP	18,800	$248,912	0.1%	NEW
32	DBRGDIGITALBRIDGE GROUP INC	16,000	$246,720	0.1%	NEW
33	PRAPROASSURANCE CORP	9,900	$244,728	0.1%	NEW
34	CSG SYS INTL INC	3,060	$244,616	0.1%	NEW
35	ON24 INC	30,100	$243,810	0.1%	NEW
36	ONESTREAM INC	10,100	$242,400	0.1%	NEW
37	AMICUS THERAPEUTICS INC	16,700	$241,482	0.1%	NEW
38	GLDDGREAT LAKES DREDGE & DOCK CO	14,200	$241,400	0.1%	NEW
39	DIAMOND HILL INVT GROUP INC	1,400	$240,940	0.1%	NEW
40	AIR LEASE CORP	3,700	$240,278	0.1%	NEW
41	SEMRUSH HLDGS INC	20,100	$239,994	0.1%	NEW
42	SEALED AIR CORP NEW	5,700	$239,685	0.1%	NEW
43	MACK CALI RLTY CORP	12,700	$239,649	0.1%	NEW
44	CANTALOUPE INC	22,100	$238,901	0.1%	NEW
45	CCOCLEAR CHANNEL OUTDOOR HLDGS	100,800	$238,896	0.1%	NEW
46	CLEARWATER ANALYTICS HLDGS I	10,000	$236,500	0.1%	NEW
47	TRI POINTE HOMES INC	5,000	$233,650	0.1%	NEW
48	HERITAGE COMM CORP	18,600	$232,128	0.1%	NEW
49	NWENORTHWESTERN ENERGY GROUP IN	3,500	$230,790	0.1%	NEW
50	STELSTELLAR BANCORP INC	6,300	$230,643	0.1%	NEW
51	XAIRBEYOND AIR INC	329,987	$227,757	0.1%	NEW
52	BHFBRIGHTHOUSE FINL INC	3,740	$223,951	0.1%	NEW
53	EIXEDISON INTL	3,000	$219,540	0.1%	NEW
54	UDEMY INC	47,500	$219,450	0.1%	NEW
55	LNSRLENSAR INC	36,560	$217,898	0.1%	ADD 18%
56	VNDAVANDA PHARMACEUTICALS INC	30,000	$207,300	0.1%	NEW
57	TWOTWO HBRS INVT CORP	17,000	$194,140	0.1%	NEW
58	CVUCPI AEROSTRUCTURES INC	14,178	$55,578	0.0%	NEW
59	GENVRGEN DIGITAL INC	111,569	$52,549	0.0%	HOLD

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

SOBOSOUTH BOW CORP

—

5.3M

1.2M

—

1.7M

$57M

NTRNUTRIEN LTD

—

1.5M

—

660K

$50M

NNDMNANO DIMENSION LTD

15.6M

$26M

GTLSCHART INDS INC

—

121K

$25M

RYROYAL BK CDA

—

75K

$12M

MCGAYORKVILLE ACQUISITION CORP.

—

1.0M

$10M

WBDWARNER BROS DISCOVERY INC

—

300K

$8M

NWAX/UNew America Acquisition I Corp

—

755K

$8M

PTHSPELTHOS THERAPEUTICS INC

—

280K

289K

296K

$6M

GDXJVANECK ETF TRUST

—

38K

$5M

ORMPORAMED PHARMACEUTICALS INC

1.8M

1.3M

$4M

AUBATLANTIC UN BANKSHARES CORP

—

107K

$4M

SUNCSUNOCOCORP LLC

—

318K

59K

$4M

MSOSADVISORSHARES TR

1.9M

671K

—

1000K

$4M

BMOBANK MONTREAL MEDIUM

—

13K

20K

$3M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Murchinson Ltd.