Managers / Q3 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 $132M in U.S.-listed holdings across 11 positions for Q3 2025.
The portfolio is heavily concentrated: LUMN alone accounts for 47.1% of reported value.
Compared with Q2 2025, the fund opened 2 new positions and exited 2.
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 · 94.0% · $124M
- Closed-End Fund · 3.9% · $5M
- Other · 2.0% · $3M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| GTGOODYEAR TIRE & RUBR CO | NEW | +510.0K | 510.0K | +$4M | $4M |
| JAMES HARDIE INDS PLC | NEW | +140.0K | 140.0K | +$3M | $3M |
| SCORPIO TANKERS INC | SOLD OUT | −170.0K | 0 | −$7M | $0 |
| OSGAMBAC FINL GROUP INC | SOLD OUT | −6.0K | 0 | −$42,600 | $0 |
| GTEGRAN TIERRA ENERGY INC | ADDED | +846.0K | 2.79M | +$3M | $12M |
| HYMCUSDHYCROFT MINING HOLDING CORP | TRIMMED | −126.0K | 254.0K | +$385,400 | $2M |
| ASTLALGOMA STL GROUP INC | ADDED | +260.0K | 1.15M | −$2M | $4M |
| VETVERMILION ENERGY INC | ADDED | +152.0K | 2.94M | +$3M | $23M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | LUMNLUMEN TECHNOLOGIES INChistory → | COM | 47.14% | $62M | 10.19M |
| 2 | VETVERMILION ENERGY INChistory → | COM | 17.37% | $23M | 2.94M |
| 3 | GTEGRAN TIERRA ENERGY INChistory → | COM | 9.18% | $12M | 2.79M |
| 4 | TSATTELESAT CORPhistory → | CL A & CL B SHS | 8.94% | $12M | 452.4K |
| 5 | ARISARIS MNG CORPhistory → | COM | 3.37% | $4M | 455.0K |
| 6 | ASTLALGOMA STL GROUP INChistory → | COM | 3.09% | $4M | 1.15M |
| 7 | GTGOODYEAR TIRE & RUBR COhistory → | COM | 2.88% | $4M | 510.0K |
| 8 | JAMES HARDIE INDS PLC | ORD SHS | 2.03% | $3M | 140.0K |
| 9 | HYMCUSDHYCROFT MINING HOLDING CORPhistory → | CL A NEW | 1.19% | $2M | 254.0K |
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 ↗.