LM Asset Management Inc.
Long book
$165.8M
Q1 2026
Positions
9
Top-10 weight
100%
concentration
Last quarter
-14.5%
SPY +14.8%
Turnover
27%
of book per quarter
Strategy in plain words
auto-generated from filingsLM Asset Management Inc. is a concentrated fundamental stock-picker, running a $165.8M US long book across 9 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: VERMILION ENERGY INC, GRAN TIERRA ENERGY INC, LUMEN TECHNOLOGIES INC, TELESAT CORP, GOODYEAR TIRE & RUBBER CO.
Over the last 6 quarters its long book ran on average 4.4pp per quarter ahead of the S&P 500, beating the index in 3 of 6 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2024
-12.3%
Q1 2025
+9.4%
Q2 2025
+21.8%
Q3 2025
+22.3%
Q4 2025
+27.3%
Q1 2026
-14.5%
Sector allocation
Energy 52%
Communications 32%
Other 11%
Industrials 5%
Long book by quarter
What does LM Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| VET VERMILION ENERGY INC | Energy | 3.2M | $43.4M | 26.2% | -16.3% |
| GTE GRAN TIERRA ENERGY INC | Energy | 4.0M | $36.3M | 21.9% | +9.6% |
| LUMN LUMEN TECHNOLOGIES INC | Communications | 5.0M | $34.5M | 20.8% | +32.6% |
| TSAT TELESAT CORP | Communications | 382.6K | $13.8M | 8.3% | +16.1% |
| GT GOODYEAR TIRE & RUBBER CO | Other | 2.0M | $13.5M | 8.2% | +21.4% |
| ASTL ALGOMA STEEL GROUP INC | Industrials | 1.8M | $7.3M | 4.4% | +20.1% |
| GPK GRAPHIC PACKAGING HOLDING CO | Other | 360.0K | $3.6M | 2.2% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 10 | $192.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 11 | $126.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 11 | $132.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 11 | $107.7M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 10 | $97.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 20, 2025 | 10 | $109.1M | canonical | SEC ↗ |
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