In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), LM Asset Management Inc. reported 9 stock positions worth $125.9 million . Its top holding was Lumen Technologies (LUMN) at 49.5% of the portfolio, followed by Vermilion Energy (VET, 18.2% ) and Gran Tierra Energy (GTE, 9.6% ). Compared with Q2 2025, it opened 2 new positions, sold out of 3, added to 3 and reduced 4. The biggest buy was a new position in Goodyear Tire & Rubber (GT) and the biggest sale an exit from Scorpio Tankers (STNG).
Location VANCOUVER, A1
CIK 0002057190
Portfolio Value $125.9M (Q3 2025) Holdings 9 stocks · $125.9M 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 Q2 2025 LUMN Lumen Technologies Inc. 10,187,000 $62.3M Reduce -1.7% VET Vermilion Energy Inc. 2,942,000 $23.0M Add +5.5% GTE Gran Tierra Energy Inc. 2,791,800 $12.1M Add +43.5% TSAT Telesat Corp. 452,450 $11.8M Reduce -3.0% ARIS Aris Mining Corp. filed as ARIS MNG CORP 455,000 $4.5M Reduce -3.2% ASTL Algoma Steel Group Inc. 1,150,000 $4.1M Add +29.2% GT Goodyear Tire & Rubber Co. 510,000 $3.8M New JHX James Hardie Ind PLC 140,000 $2.7M New HYMC Hycroft Mining Holding Co. Class A 254,000 $1.6M Reduce -33.2%
Options reported separately and not counted above: PSLV calls ($5.2M), LUMN calls ($1.2M).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ STNG Scorpio Tankers Inc. Sold out 0.00% −6.19 PSLV Sprott Physical Silver Trust Sold out 0.00% −3.76 TSAT Telesat Corp. Reduce -3.0% 9.39% −1.14 OSG Octave Specialty Group Inc. Sold out 0.00% −0.04 HYMC Hycroft Mining Holding Co. Class A Reduce -33.2% 1.25% +0.14 ARIS Aris Mining Corp. Reduce -3.2% 3.54% +0.60 LUMN Lumen Technologies Inc. Reduce -1.7% 49.52% +7.30
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ GT Goodyear Tire & Rubber Co. New 3.03% +3.03 JHX James Hardie Ind PLC New 2.14% +2.14 GTE Gran Tierra Energy Inc. Add +43.5% 9.65% +1.02 VET Vermilion Energy Inc. Add +5.5% 18.25% −0.66 ASTL Algoma Steel Group Inc. Add +29.2% 3.25% −2.45
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ PSLV Sprott Physical Silver Trust call New 330,000 $5.2M LUMN Lumen Technologies Inc. call Add +93.4% 23,600 $1.2M
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