Managers / Q4 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 $126M in U.S.-listed holdings across 11 positions for Q4 2025.
The portfolio is heavily concentrated: VET alone accounts for 24.9% of reported value.
Compared with Q3 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 · 89.9% · $114M
- REIT · 6.2% · $8M
- Closed-End Fund · 3.9% · $5M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| BDNBRANDYWINE RLTY TR | NEW | +2.68M | 2.68M | +$8M | $8M |
| CMTGEURCLAROS MTG TR INC | NEW | +534.0K | 534.0K | +$2M | $2M |
| GTGOODYEAR TIRE & RUBR CO | ADDED | +1.17M | 1.68M | +$11M | $15M |
| JAMES HARDIE INDS PLC | SOLD OUT | −140.0K | 0 | −$3M | $0 |
| HYMCUSDHYCROFT MINING HOLDING CORP | SOLD OUT | −254.0K | 0 | −$2M | $0 |
| LUMNLUMEN TECHNOLOGIES INC | TRIMMED | −6.44M | 3.77M | −$33M | $30M |
| ARISARIS MNG CORP | TRIMMED | −200.0K | 255.0K | −$316,686 | $4M |
| SPROTT ASSET MANAGEMENT LP | TRIMMED | −120.0K | 210.0K | −$214,500 | $5M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | VETVERMILION ENERGY INChistory → | COM | 24.87% | $31M | 3.77M |
| 2 | LUMNLUMEN TECHNOLOGIES INChistory → | COM | 22.97% | $29M | 3.74M |
| 3 | GTEGRAN TIERRA ENERGY INChistory → | ORD SHS | 12.38% | $16M | 3.69M |
| 4 | GTGOODYEAR TIRE & RUBR COhistory → | COM | 11.64% | $15M | 1.68M |
| 5 | TSATTELESAT CORPhistory → | CL A & CL B SHS | 7.53% | $10M | 329.4K |
| 6 | BDNBRANDYWINE RLTY TRhistory → | SH BEN INT NEW | 6.19% | $8M | 2.68M |
| 7 | ASTLALGOMA STL GROUP INChistory → | COM | 4.77% | $6M | 1.47M |
| 8 | SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 3.93% | $5M | 210.0K |
| 9 | ARISARIS MNG CORPhistory → | COM | 3.28% | $4M | 255.0K |
| 10 | CMTGEURCLAROS MTG TR INChistory → | COMMON STOCK | 1.29% | $2M | 534.0K |
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 ↗.