In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), LM Asset Management Inc. reported 10 stock positions worth $125.0 million . Its top holding was Vermilion Energy (VET) at 25.2% of the portfolio, followed by Lumen Technologies (LUMN, 23.2% ) and Gran Tierra Energy (GTE, 12.5% ). Compared with Q3 2025, it opened 3 new positions, sold out of 2, added to 4 and reduced 3. The biggest buy was Goodyear Tire & Rubber (GT, shares +229% ) and the biggest sale Lumen Technologies (LUMN, shares −63% ).
Location VANCOUVER, A1
CIK 0002057190
Portfolio Value $125.0M (Q4 2025) Holdings 10 stocks · $125.0M 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 Q3 2025 VET Vermilion Energy Inc. 3,772,600 $31.4M Add +28.2% LUMN Lumen Technologies Inc. 3,737,000 $29.0M Reduce -63.3% GTE Gran Tierra Energy Inc. 3,691,420 $15.7M Add +32.2% GT Goodyear Tire & Rubber Co. 1,680,000 $14.7M Add +229.4% TSAT Telesat Corp. 329,450 $9.5M Reduce -27.2% BDN Brandywine Realty Trust 2,680,000 $7.8M New ASTL Algoma Steel Group Inc. 1,470,000 $6.0M Add +27.8% PSLV Sprott Physical Silver Trust 210,000 $5.0M New ARIS Aris Mining Corp. filed as ARIS MNG CORP 255,000 $4.1M Reduce -44.0% CMTG Claros Mortgage Trust Inc. 534,000 $1.6M New
Options reported separately and not counted above: LUMN calls ($1.5M).
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ LUMN Lumen Technologies Inc. Reduce -63.3% 23.24% −26.28 JHX James Hardie Ind PLC Sold out 0.00% −2.14 TSAT Telesat Corp. Reduce -27.2% 7.62% −1.77 HYMC Hycroft Mining Holding Co. Class A Sold out 0.00% −1.25 ARIS Aris Mining Corp. Reduce -44.0% 3.31% −0.23
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ GT Goodyear Tire & Rubber Co. Add +229.4% 11.78% +8.75 VET Vermilion Energy Inc. Add +28.2% 25.16% +6.91 BDN Brandywine Realty Trust New 6.26% +6.26 PSLV Sprott Physical Silver Trust New 3.97% +3.97 GTE Gran Tierra Energy Inc. Add +32.2% 12.53% +2.88 ASTL Algoma Steel Group Inc. Add +27.8% 4.82% +1.58 CMTG Claros Mortgage Trust Inc. New 1.31% +1.31
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ PSLV Sprott Physical Silver Trust call Sold out 330,000 $5.2Mbefore exit LUMN Lumen Technologies Inc. call Add +22.9% 29,000 $1.5M
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