In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), LM Asset Management Inc. reported 10 stock positions worth $107.6 million . Its top holding was Lumen Technologies (LUMN) at 42.2% of the portfolio, followed by Vermilion Energy (VET, 18.9% ) and Telesat (TSAT, 10.5% ). Compared with Q1 2025, it opened 2 new positions, sold out of 1, added to 5 and reduced 3. The biggest buy was Scorpio Tankers (STNG, shares +113% ) and the biggest sale an exit from Algonquin Power & Utilities (AQN).
Location VANCOUVER, A1
CIK 0002057190
Portfolio Value $107.6M (Q2 2025) Holdings 10 stocks · $107.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 LUMN Lumen Technologies Inc. 10,367,000 $45.4M Add +5.7% VET Vermilion Energy Inc. 2,790,000 $20.3M Add +14.3% TSAT Telesat Corp. 466,450 $11.3M Reduce -12.2% GTE Gran Tierra Energy Inc. 1,945,800 $9.3M Add +13.3% STNG Scorpio Tankers Inc. 170,000 $6.7M Add +112.5% ASTL Algoma Steel Group Inc. 890,000 $6.1M Reduce -2.2% PSLV Sprott Physical Silver Trust 330,000 $4.0M Add +10.0% ARIS Aris Mining Corp. filed as ARIS MNG CORP 470,000 $3.2M Reduce -9.6% HYMC Hycroft Mining Holding Co. Class A 380,000 $1.2M New OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC 6,000 $43K New
Options reported separately and not counted above: LUMN calls ($157K).
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ AQN Algonquin Power & Utilities Sold out 0.00% −7.18 TSAT Telesat Corp. Reduce -12.2% 10.53% +0.35 ARIS Aris Mining Corp. Reduce -9.6% 2.94% +0.47 ASTL Algoma Steel Group Inc. Reduce -2.2% 5.70% +0.64
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ STNG Scorpio Tankers Inc. Add +112.5% 6.19% +3.10 LUMN Lumen Technologies Inc. Add +5.7% 42.22% +2.74 HYMC Hycroft Mining Holding Co. Class A New 1.11% +1.11 PSLV Sprott Physical Silver Trust Add +10.0% 3.76% +0.18 OSG Octave Specialty Group Inc. New 0.04% +0.04 GTE Gran Tierra Energy Inc. Add +13.3% 8.63% −0.06 VET Vermilion Energy Inc. Add +14.3% 18.90% −1.38
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ LUMN Lumen Technologies Inc. call Add +22.0% 12,200 $157K
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