Silver Heights Capital Management Inc

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Silver Heights Capital Management Inc reported 5 stock positions worth $252.1 million. Its top holding was Iridium Communications (IRDM) at 36.2% of the portfolio, followed by Heico Class A (HEI.A, 30.7%) and Carmax (KMX, 14.3%). Compared with Q3 2025, it opened 1 new position, added to 3 and reduced 1. The biggest buy was a new position in Adobe (ADBE) and the biggest sale Heico Class A (HEI.A, shares −1%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001705712
Portfolio Value
$252.1M (Q4 2025)
SEC Filing
0001705712-26-000002 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $252.1M $252.1M Q4 2025 Q1 2026: $260.2M Q1 2026 Q2 2026: $324.1M Q2 2026

Holdings 5 stocks · $252.1M
IRDM Iridium Communications Inc. 36.21% 5,251,133 $91.3M Add +1.2%
HEI.A Heico Corp. Class A 30.66% 306,110 $77.3M Reduce -1.1%
KMX Carmax Inc. 14.27% 931,168 $36.0M Add +0.5%
ADBE Adobe Inc. 13.59% 97,837 $34.2M New
PII Polaris Inc. 5.28% 210,272 $13.3M Add +0.5%

Portfolio Sells Q3 2025 → Q4 2025
HEI.A Heico Corp. Class A Reduce -1.1% 30.66% −4.62

Portfolio Buys Q3 2025 → Q4 2025
ADBE Adobe Inc. New 13.59% +13.59
PII Polaris Inc. Add +0.5% 5.28% −0.18
KMX Carmax Inc. Add +0.5% 14.27% −4.36
IRDM Iridium Communications Inc. Add +1.2% 36.21% −4.43

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