LM Asset Management Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), LM Asset Management Inc. reported 9 stock positions worth $97.4 million. Its top holding was Lumen Technologies (LUMN) at 39.5% of the portfolio, followed by Vermilion Energy (VET, 20.3%) and Telesat (TSAT, 10.2%). Compared with Q4 2024, it opened 2 new positions, sold out of 2, added to 4 and reduced 3. The biggest buy was a new position in Algoma Steel (ASTL) and the biggest sale Sprott Physical Silver Trust (PSLV, shares −58%).
- Most Recent 13F
- Q2 2026
- Location
- VANCOUVER, A1
- CIK
- 0002057190
- Portfolio Value
- $97.4M (Q1 2025)
- SEC Filing
- 0000935836-25-000337 ↗ filed May 15, 2025
Holdings Value
Holdings 9 stocks · $97.4M
| LUMN Lumen Technologies Inc. | 39.48% | 9,803,900 | $38.4M | Add +11.3% |
| VET Vermilion Energy Inc. | 20.28% | 2,440,000 | $19.7M | Add +22.0% |
| TSAT Telesat Corp. | 10.18% | 531,450 | $9.9M | Reduce -34.3% |
| GTE Gran Tierra Energy Inc. | 8.69% | 1,716,600 | $8.5M | Add +56.5% |
| AQN Algonquin Power & Utilities | 7.18% | 1,360,000 | $7.0M | Reduce -28.4% |
| ASTL Algoma Steel Group Inc. | 5.07% | 910,000 | $4.9M | New |
| PSLV Sprott Physical Silver Trust | 3.57% | 300,000 | $3.5M | Reduce -58.3% |
| STNG Scorpio Tankers Inc. | 3.09% | 80,000 | $3.0M | Add +100.0% |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 2.47% | 520,000 | $2.4M | New |
Options reported separately and not counted above: LUMN calls ($115K).
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
Options Activity Q4 2024 → Q1 2025
| LUMN Lumen Technologies Inc. | call | Reduce -2.9% | 10,000 | $115K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 9 | $144.5M | VET, LUMN, GTE, TSAT, BDN |
| Q1 2026 | 9 | $165.8M | VET, GTE, LUMN, TSAT, GT |
| Q4 2025 | 10 | $125.0M | VET, LUMN, GTE, GT, TSAT |
| Q3 2025 | 9 | $125.9M | LUMN, VET, GTE, TSAT, ARIS |
| Q2 2025 | 10 | $107.6M | LUMN, VET, TSAT, GTE, STNG |
| Q1 2025 | 9 | $97.4M | LUMN, VET, TSAT, GTE, AQN |
| Q4 2024 | 9 | $106.0M | LUMN, VET, TSAT, AQN, GTE |