LM Asset Management Inc.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 11, 2026), LM Asset Management Inc. reported 9 stock positions worth $165.8 million. Its top holding was Vermilion Energy (VET) at 26.2% of the portfolio, followed by Gran Tierra Energy (GTE, 21.9%) and Lumen Technologies (LUMN, 20.8%). Compared with Q4 2025, it opened 1 new position, sold out of 2, added to 7 and reduced 1. The biggest buy was Gran Tierra Energy (GTE, shares +10%) and the biggest sale an exit from Sprott Physical Silver Trust (PSLV).

Most Recent 13F
Q2 2026
Location
VANCOUVER, A1
CIK
0002057190
Portfolio Value
$165.8M (Q1 2026)
SEC Filing
0000935836-26-000236 ↗ filed May 11, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q4 2024: $106.0M Q4 2024 Q1 2025: $97.4M Q1 2025 Q2 2025: $107.6M Q2 2025 Q3 2025: $125.9M Q3 2025 Q4 2025: $125.0M Q4 2025 Q1 2026: $165.8M $165.8M Q1 2026 Q2 2026: $144.5M Q2 2026

Holdings 9 stocks · $165.8M
VET Vermilion Energy Inc. 26.19% 3,157,600 $43.4M Reduce -16.3%
GTE Gran Tierra Energy Inc. 21.88% 4,045,420 $36.3M Add +9.6%
LUMN Lumen Technologies Inc. 20.78% 4,957,000 $34.5M Add +32.6%
TSAT Telesat Corp. 8.32% 382,650 $13.8M Add +16.1%
GT Goodyear Tire & Rubber Co. 8.16% 2,040,000 $13.5M Add +21.4%
BDN Brandywine Realty Trust 6.11% 3,740,000 $10.1M Add +39.5%
ASTL Algoma Steel Group Inc. 4.40% 1,765,000 $7.3M Add +20.1%
GPK Graphic Packaging Holding Co. 2.16% 360,000 $3.6M New
CMTG Claros Mortgage Trust Inc. 2.01% 1,400,000 $3.3M Add +162.2%

Options reported separately and not counted above: LUMN calls ($26.5M).

Portfolio Sells Q4 2025 → Q1 2026
PSLV Sprott Physical Silver Trust Sold out 0.00% −3.97
ARIS Aris Mining Corp. Sold out 0.00% −3.31
VET Vermilion Energy Inc. Reduce -16.3% 26.19% +1.03

Portfolio Buys Q4 2025 → Q1 2026
GTE Gran Tierra Energy Inc. Add +9.6% 21.88% +9.36
GPK Graphic Packaging Holding Co. New 2.16% +2.16
TSAT Telesat Corp. Add +16.1% 8.32% +0.71
CMTG Claros Mortgage Trust Inc. Add +162.2% 2.01% +0.70
BDN Brandywine Realty Trust Add +39.5% 6.11% −0.15
ASTL Algoma Steel Group Inc. Add +20.1% 4.40% −0.43
LUMN Lumen Technologies Inc. Add +32.6% 20.78% −2.46
GT Goodyear Tire & Rubber Co. Add +21.4% 8.16% −3.62

Options Activity Q4 2025 → Q1 2026
LUMN Lumen Technologies Inc. call Add +13037.9% 3,810,000 $26.5M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 9$144.5MVET, LUMN, GTE, TSAT, BDN
Q1 2026 9$165.8MVET, GTE, LUMN, TSAT, GT
Q4 2025 10$125.0MVET, LUMN, GTE, GT, TSAT
Q3 2025 9$125.9MLUMN, VET, GTE, TSAT, ARIS
Q2 2025 10$107.6MLUMN, VET, TSAT, GTE, STNG
Q1 2025 9$97.4MLUMN, VET, TSAT, GTE, AQN
Q4 2024 9$106.0MLUMN, VET, TSAT, AQN, GTE