Managers / Q2 2025 · view latest →
LM Asset Management Inc.
CIK 0002057190 · 1640 - 1055 W. HASTINGS STREET, VANCOUVER, V6E 2E9 · 778-688-3813
Summary
Lm Asset Management Inc. reported $108M in U.S.-listed holdings across 11 positions for Q2 2025.
The portfolio is heavily concentrated: LUMN alone accounts for 42.2% of reported value.
Compared with Q1 2025, the fund opened 2 new positions and exited 1.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 90.1% · $97M
- Other · 6.2% · $7M
- Closed-End Fund · 3.8% · $4M
Quarter-over-Quarter Changes full breakdown →
vs Q1 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| HYMCUSDHYCROFT MINING HOLDING CORP | NEW | +380.0K | 380.0K | +$1M | $1M |
| OSGAMBAC FINL GROUP INC | NEW | +6.0K | 6.0K | +$42,600 | $42,600 |
| SCORPIO TANKERS INC | ADDED | +90.0K | 170.0K | +$4M | $7M |
| AQNALGONQUIN PWR UTILS CORP | SOLD OUT | −1.36M | 0 | −$7M | $0 |
| VETVERMILION ENERGY INC | ADDED | +350.0K | 2.79M | +$588,059 | $20M |
| GTEGRAN TIERRA ENERGY INC | ADDED | +229.2K | 1.95M | +$818,628 | $9M |
| TSATTELESAT CORP | TRIMMED | −65.0K | 466.4K | +$1M | $11M |
| SPROTT PHYSICAL SILVER TR | ADDED | +30.0K | 330.0K | +$559,200 | $4M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | LUMNLUMEN TECHNOLOGIES INChistory → | COM | 42.16% | $45M | 10.37M |
| 2 | VETVERMILION ENERGY INChistory → | COM | 18.87% | $20M | 2.79M |
| 3 | TSATTELESAT CORPhistory → | CL A & CL B SHS | 10.51% | $11M | 466.4K |
| 4 | GTEGRAN TIERRA ENERGY INChistory → | COM | 8.62% | $9M | 1.95M |
| 5 | SCORPIO TANKERS INC | SHS | 6.18% | $7M | 170.0K |
| 6 | ASTLALGOMA STL GROUP INChistory → | COM | 5.69% | $6M | 890.0K |
| 7 | SPROTT PHYSICAL SILVER TR | TR UNIT | 3.75% | $4M | 330.0K |
| 8 | ARISARIS MNG CORPhistory → | COM | 2.93% | $3M | 470.0K |
| 9 | HYMCUSDHYCROFT MINING HOLDING CORPhistory → | CL A NEW | 1.10% | $1M | 380.0K |
| 10 | OSGAMBAC FINL GROUP INC | COM NEW | 0.04% | $42,600 | 6.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $192M | 10 | May 11, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $126M | 11 | Feb 13, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $132M | 11 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $108M | 11 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $97M | 10 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $109M | 10 | Feb 20, 2025 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.