Silver Heights Capital Management Inc

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Silver Heights Capital Management Inc reported 4 stock positions worth $223.0 million. Its top holding was Iridium Communications (IRDM) at 40.6% of the portfolio, followed by Heico Class A (HEI.A, 35.3%) and Carmax (KMX, 18.6%). Compared with Q2 2025, it added to 2 and reduced 2. The biggest buy was Carmax (KMX, shares +40%) and the biggest sale Polaris (PII, shares −1%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001705712
Portfolio Value
$223.0M (Q3 2025)
SEC Filing
0001705712-25-000014 ↗ filed Nov 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $253.2M Q1 2024 Q2 2024: $236.9M Q2 2024 Q3 2024: $239.1M Q3 2024 Q4 2024: $224.9M Q4 2024 Q1 2025: $220.1M Q1 2025 Q2 2025: $262.2M Q2 2025 Q3 2025: $223.0M $223.0M Q3 2025 Q4 2025: $252.1M Q4 2025 Q1 2026: $260.2M Q1 2026 Q2 2026: $324.1M Q2 2026

Holdings 4 stocks · $223.0M
IRDM Iridium Communications Inc. 40.63% 5,189,703 $90.6M Add +22.7%
HEI.A Heico Corp. Class A 35.28% 309,596 $78.7M Reduce -1.7%
KMX Carmax Inc. 18.64% 926,167 $41.6M Add +39.5%
PII Polaris Inc. 5.46% 209,275 $12.2M Reduce -0.6%

Portfolio Sells Q2 2025 → Q3 2025
PII Polaris Inc. Reduce -0.6% 5.46% +2.19
HEI.A Heico Corp. Class A Reduce -1.7% 35.28% +4.21

Portfolio Buys Q2 2025 → Q3 2025
KMX Carmax Inc. Add +39.5% 18.64% +1.62
IRDM Iridium Communications Inc. Add +22.7% 40.63% −8.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 4$324.1MIRDM, HEI.A, KMX, ADBE
Q1 2026 4$260.2MIRDM, HEI.A, KMX, ADBE
Q4 2025 5$252.1MIRDM, HEI.A, KMX, ADBE, PII
Q3 2025 4$223.0MIRDM, HEI.A, KMX, PII
Q2 2025 4$262.2MIRDM, HEI.A, KMX, PII
Q1 2025 4$220.1MIRDM, HEI.A, KMX, PII
Q4 2024 4$224.9MIRDM, HEI.A, KMX, PII
Q3 2024 5$239.1MIRDM, HEI.A, KMX, PII, SRCL
Q2 2024 5$236.9MIRDM, HEI.A, KMX, SRCL, PII
Q1 2024 5$253.2MIRDM, HEI.A, KMX, SRCL, PII