Bastion Asset Management Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Bastion Asset Management Inc. reported 35 stock positions worth $181.1 million. Its top holding was Viatris (VTRS) at 7.9% of the portfolio, followed by Angiodynamics (ANGO, 7.1%) and North American Construction (NOA, 5.5%). Compared with Q3 2025, it opened 15 new positions, sold out of 28, added to 14 and reduced 6. The biggest buy was a new position in North American Construction (NOA) and the biggest sale PayPal (PYPL, shares −75%).
- Most Recent 13F
- Q2 2026
- Location
- Montreal, Z4
- CIK
- 0001977794
- Portfolio Value
- $181.1M (Q4 2025)
- SEC Filing
- 0001977794-26-000003 ↗ filed Feb 6, 2026
Holdings Value
Holdings 35 stocks · $181.1M
| VTRS Viatris Inc. | 7.92% | 1,239,892 | $14.3M | Add +96.6% |
| ANGO Angiodynamics Inc. | 7.11% | 1,118,180 | $12.9M | Reduce -11.5% |
| NOA North American Construction | 5.49% | 589,794 | $9.9M | New |
| KD Kyndryl Holdings Inc. | 4.99% | 334,884 | $9.0M | Add +41.9% |
| AIOT Powerfleet Inc. | 4.89% | 1,712,883 | $8.9M | Add +78.4% |
| VVX V2X Inc. | 4.54% | 149,670 | $8.2M | Add +25.4% |
| GT Goodyear Tire & Rubber Co. | 4.46% | 963,938 | $8.1M | Add +72.9% |
| PSN Parsons Corp. | 4.44% | 128,186 | $8.0M | New |
| APEI American Public Education | 4.32% | 212,964 | $7.8M | Add +39.2% |
| BEN Franklin Templeton Inc. | 4.17% | 321,511 | $7.5M | New |
| ICFI Icf International Inc. | 4.13% | 88,659 | $7.5M | Add +271.2% |
| TMDX Transmedics Group Inc. | 3.99% | 57,596 | $7.2M | Add +28.3% |
| RRX Regal Rexnord Corp. | 3.68% | 46,982 | $6.7M | New |
| VPG Vishay Precision Group | 3.36% | 171,094 | $6.1M | Add +9.8% |
| MCS Marcus Corporation | 3.16% | 374,612 | $5.7M | Add +70.1% |
| STRA Strategic Education Inc. | 3.12% | 71,209 | $5.6M | Add +409.3% |
| AHCO Adapthealth Corp. | 2.89% | 530,013 | $5.2M | Add +17.5% |
| RNG Ringcentral Inc. Class A | 2.43% | 153,978 | $4.4M | Reduce -31.7% |
| UA Under Armour Inc. Class C | 2.01% | 753,518 | $3.6M | Add +86.9% |
| GRO Brazil Potash Corp. | 1.87% | 1,752,790 | $3.4M | New |
| EXP Eagle Materials Inc. | 1.86% | 16,350 | $3.4M | Reduce -40.9% |
| ZD Ziff Davis Inc. | 1.82% | 94,009 | $3.3M | Add +47.0% |
| GXO Gxo Logistics Inc. | 1.65% | 57,871 | $3.0M | Reduce -71.4% |
| PYPL PayPal Holdings Inc. | 1.41% | 42,842 | $2.6M | Reduce -74.9% |
| NKE Nike Inc. Class B | 1.41% | 40,751 | $2.6M | New |
| ADBE Adobe Inc. | 1.40% | 7,182 | $2.5M | New |
| TRIP Tripadvisor Inc. | 1.39% | 167,887 | $2.5M | New |
| LULU Lululemon Athletica Inc. | 1.13% | 9,721 | $2.0M | New |
| LOVE The Lovesac Co. | 0.98% | 121,285 | $1.8M | New |
| NEOG Neogen Corp. | 0.96% | 246,729 | $1.7M | New |
| PACK Ranpak Holdings Corp. | 0.92% | 313,432 | $1.7M | Reduce -45.9% |
| EFXT Enerflex Ltd. | 0.85% | 87,890 | $1.5M | New |
| CALM Cal-Maine Foods Inc. | 0.81% | 17,264 | $1.5M | New |
| CERT Certara Inc. | 0.27% | 55,811 | $488K | New |
| PRSU Pursuit Attractions and Hosp | 0.16% | 8,298 | $289K | New |
Portfolio Sells Q3 2025 → Q4 2025
| PYPL PayPal Holdings Inc. | Reduce -74.9% | 1.41% | −5.29 |
| IAG Iamgold Corp. | Sold out | 0.00% | −4.84 |
| GXO Gxo Logistics Inc. | Reduce -71.4% | 1.65% | −4.38 |
| COO The Cooper Cos Inc. | Sold out | 0.00% | −2.70 |
| MOS The Mosaic Co. | Sold out | 0.00% | −2.64 |
| OXM Oxford Industries Inc. | Sold out | 0.00% | −2.42 |
| ARCB Arcbest Corp. | Sold out | 0.00% | −2.18 |
| FLR Fluor Corp. | Sold out | 0.00% | −2.07 |
| ANGI Angi Inc. | Sold out | 0.00% | −2.06 |
| EXP Eagle Materials Inc. | Reduce -40.9% | 1.86% | −1.84 |
| WLY Wiley (john) & Sons Class A | Sold out | 0.00% | −1.67 |
| PFE Pfizer Inc. | Sold out | 0.00% | −1.37 |
| THRM Gentherm Inc. | Sold out | 0.00% | −1.33 |
| SOLV Solventum Corp. | Sold out | 0.00% | −1.26 |
| RNG Ringcentral Inc. Class A | Reduce -31.7% | 2.43% | −1.25 |
| AZ A2Z CUST2MATE Solutions Corp. | Sold out | 0.00% | −1.12 |
| ATS Ats Corp. | Sold out | 0.00% | −1.10 |
| VIRC Virco MFG Corporation | Sold out | 0.00% | −0.98 |
| PACK Ranpak Holdings Corp. | Reduce -45.9% | 0.92% | −0.92 |
| ACVA Acv Auctions Inc. Class A | Sold out | 0.00% | −0.91 |
| NEXN Nexxen International Ltd. | Sold out | 0.00% | −0.82 |
| MAN Manpowergroup Inc. | Sold out | 0.00% | −0.81 |
| OUST Ouster Inc. | Sold out | 0.00% | −0.80 |
| HIVE Hive Digital Technologies LT | Sold out | 0.00% | −0.68 |
| ANGO Angiodynamics Inc. | Reduce -11.5% | 7.11% | −0.62 |
| EEFT Euronet Worldwide Inc. | Sold out | 0.00% | −0.54 |
| DDD 3D Systems Corp. | Sold out | 0.00% | −0.52 |
| DAC Danaos Corp. | Sold out | 0.00% | −0.51 |
| OFIX Orthofix Medical Inc. | Sold out | 0.00% | −0.47 |
| GDYN Grid Dynamics Holdings Inc. | Sold out | 0.00% | −0.47 |
| ASTH Astrana Health Inc. | Sold out | 0.00% | −0.35 |
| AEC Anfield Energy Inc. | Sold out | 0.00% | −0.34 |
| BW Babcock & Wilcox Enterpr | Sold out | 0.00% | −0.26 |
| OSISKO DEVELOPMENT CORP | Sold out | 0.00% | −0.16 |
Portfolio Buys Q3 2025 → Q4 2025
| NOA North American Construction | New | 5.49% | +5.49 |
| PSN Parsons Corp. | New | 4.44% | +4.44 |
| VTRS Viatris Inc. | Add +96.6% | 7.92% | +4.31 |
| BEN Franklin Templeton Inc. | New | 4.17% | +4.17 |
| RRX Regal Rexnord Corp. | New | 3.68% | +3.68 |
| ICFI Icf International Inc. | Add +271.2% | 4.13% | +2.81 |
| STRA Strategic Education Inc. | Add +409.3% | 3.12% | +2.44 |
| AIOT Powerfleet Inc. | Add +78.4% | 4.89% | +2.14 |
| GRO Brazil Potash Corp. | New | 1.87% | +1.87 |
| GT Goodyear Tire & Rubber Co. | Add +72.9% | 4.46% | +1.77 |
| NKE Nike Inc. Class B | New | 1.41% | +1.41 |
| ADBE Adobe Inc. | New | 1.40% | +1.40 |
| TRIP Tripadvisor Inc. | New | 1.39% | +1.39 |
| APEI American Public Education | Add +39.2% | 4.32% | +1.27 |
| MCS Marcus Corporation | Add +70.1% | 3.16% | +1.20 |
| LULU Lululemon Athletica Inc. | New | 1.13% | +1.13 |
| TMDX Transmedics Group Inc. | Add +28.3% | 3.99% | +1.04 |
| LOVE The Lovesac Co. | New | 0.98% | +0.98 |
| NEOG Neogen Corp. | New | 0.96% | +0.96 |
| UA Under Armour Inc. Class C | Add +86.9% | 2.01% | +0.89 |
| EFXT Enerflex Ltd. | New | 0.85% | +0.85 |
| CALM Cal-Maine Foods Inc. | New | 0.81% | +0.81 |
| KD Kyndryl Holdings Inc. | Add +41.9% | 4.99% | +0.77 |
| VVX V2X Inc. | Add +25.4% | 4.54% | +0.62 |
| VPG Vishay Precision Group | Add +9.8% | 3.36% | +0.53 |
| AHCO Adapthealth Corp. | Add +17.5% | 2.89% | +0.48 |
| ZD Ziff Davis Inc. | Add +47.0% | 1.82% | +0.42 |
| CERT Certara Inc. | New | 0.27% | +0.27 |
| PRSU Pursuit Attractions and Hosp | New | 0.16% | +0.16 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 54 | $294.8M | HPE, VTRS, RNG, IAG, JBTM |
| Q1 2026 | 65 | $328.0M | VTRS, GPC, ANGO, RRX, VPG |
| Q4 2025 | 35 | $181.1M | VTRS, ANGO, NOA, KD, AIOT |
| Q3 2025 | 48 | $173.7M | ANGO, PYPL, GXO, IAG, KD |
| Q2 2025 | 54 | $213.5M | PYPL, IAG, ANGO, COO, APEI |
| Q1 2025 | 53 | $185.7M | APEI, FARO, RNG, ANGO, CGAU |
| Q4 2024 | 46 | $150.8M | VTRS, KD, APEI, WCC, JAKK |