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LM Asset Management Inc. — 13F Holdings & Portfolio

CIK 2057190 · latest 13F-HR filed 2026-08-11

Backtest portfolio

LM Asset Management Inc. manages $161.3M in 13F-reported U.S. long-equity assets across 10 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are VET (21.37%), LUMN (20.01%), GTE (16.91%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 0 new positions and exited 0; 3 existing positions rose in reported value and 5 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$161.3M

Long-equity book

Holdings
10

Distinct positions

Period
2026-06-30

Filed 2026-08-11

Q/Q Activity
+0 / −0 / ↑3 / ↓5

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
VET23.9% · +17%LUMN22.3% · -15%GTE18.9% · +8%TSAT9.3% · -30%BDN7.4% · -10%GT6.6% · -29%GPK5.7% · +118%CMTG3.0% · +32%ASTL2.8% · -42%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 100%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 24, 2026.

Assets Under Management
$6.10B
Discretionary
$6.10B
Employees
20
Accounts
38
Address
750 B STREET
SUITE 3010
SAN DIEGO, CA 92101
Phone
(619) 814-1401
Website
Name Title / Status Ownership Type
CHALKER, JOHN, EDWARD ControlOWNER/PARTNER
since Sep 1988
Less than 5%Individual
GORODZINSKY, TOBIAS ControlCHIEF FINANCIAL OFFICER
since Oct 1996
Less than 5%Individual
LM CAPITAL MANAGEMENT INC ControlHOLDING COMPANY
since Apr 2002
75% or moreDomestic Entity
MAIZEL, LUIS ControlSENIOR MANAGING DIRECTOR
since Sep 1988
Less than 5%Individual
MODIANO, MARIO ControlPORTFOLIO MANAGER
since Oct 2004
Less than 5%Individual
CHALKER, MICHAELPORTFOLIO MANAGER
since May 2022
Less than 5%Individual
FRANKEL, JEFFREY, MARCCHIEF COMPLIANCE OFFICER
since Jan 2010
Less than 5%Individual
CHALKER, JOHN, EDWARD Control
Indirect owner via LM CAPITAL MANAGEMENT INC
SHAREHOLDER
since Sep 1988
25–50%Individual
MAIZEL, LUIS Control
Indirect owner via LM CAPITAL MANAGEMENT INC
SHAREHOLDER
since Sep 1988
25–50%Individual
Ownership & leadership changes · 6 filings with changes since Mar 21, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 24, 2026 filing
  • ChangedCHALKER, JOHN, EDWARD · title MANAGING DIRECTOR → OWNER/PARTNER
Mar 18, 2025 filing
  • ChangedCHALKER, MICHAEL · ownership 5–10% → Less than 5%
Mar 22, 2023 filing
  • AddedCHALKER, MICHAEL · PORTFOLIO MANAGER · 5–10%
  • ChangedGORODZINSKY, TOBIAS · title COMPTROLLER → CHIEF FINANCIAL OFFICER
  • ChangedLM CAPITAL MANAGEMENT INC · title MANAGER → HOLDING COMPANY
Mar 30, 2021 filing
  • ChangedCHALKER, JOHN, EDWARD · ownership 25–50% → Less than 5%
  • ChangedGORODZINSKY, TOBIAS · ownership 5–10% → Less than 5%
  • ChangedMAIZEL, LUIS · ownership 25–50% → Less than 5%
  • ChangedMODIANO, MARIO · ownership 5–10% → Less than 5%
Mar 31, 2015 filing
  • ChangedGORODZINSKY, TOBIAS · ownership Less than 5% → 5–10%
  • ChangedMODIANO, MARIO · ownership Less than 5% → 5–10%
Mar 25, 2013 filing
  • ChangedLM CAPITAL MANAGEMENT INC · ownership 50–75% → 75% or more
Mar 21, 2012 filing (earliest on record)
  • ListedCHALKER, JOHN, EDWARD · SHAREHOLDER · 25–50% · indirect via LM CAPITAL MANAGEMENT INC · control person
  • ListedCHALKER, JOHN, EDWARD · MANAGING DIRECTOR · 25–50% · control person
  • ListedFRANKEL, JEFFREY, MARC · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ListedGORODZINSKY, TOBIAS · COMPTROLLER · Less than 5% · control person
  • ListedLM CAPITAL MANAGEMENT INC · MANAGER · 50–75% · control person
  • ListedMAIZEL, LUIS · SHAREHOLDER · 25–50% · indirect via LM CAPITAL MANAGEMENT INC · control person
  • ListedMAIZEL, LUIS · SENIOR MANAGING DIRECTOR · 25–50% · control person
  • ListedMODIANO, MARIO · PORTFOLIO MANAGER · Less than 5% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 3 →

Top Trims

Show all 5 →

New Positions

  • No new positions this quarter.
Show all 0 →

Exited Positions

  • No exits this quarter.
Show all 0 →

LM Asset Management Inc. Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 VERMILION ENERGY INC VET 923725105 $34.5M 21.37% 3,691,000 SH
2 LUMEN TECHNOLOGIES INC LUMN 550241103 $32.3M 20.01% 4,202,000 SH
3 GRAN TIERRA ENERGY INC GTE 38500T200 $27.3M 16.91% 4,365,420 SH
4 LUMEN TECHNOLOGIES INC Call LUMN 550241103 $16.8M 10.43% 2,190,000 SH
5 TELESAT CORP TSAT 879512309 $13.5M 8.36% 266,350 SH
6 BRANDYWINE RLTY TR BDN 105368203 $10.7M 6.62% 3,369,000 SH
7 GOODYEAR TIRE & RUBR CO GT 382550101 $9.6M 5.93% 1,450,000 SH
8 GRAPHIC PACKAGING HLDG CO GPK 388689101 $8.3M 5.13% 783,000 SH
9 CLAROS MTG TR INC CMTG 18270D106 $4.3M 2.69% 1,846,000 SH
10 ALGOMA STL GROUP INC ASTL 015658107 $4.1M 2.55% 1,016,000 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-11 $161.3M 10 0000935836-26-000383
2026-03-31 2026-05-11 $192.3M 10 0000935836-26-000236
2025-12-31 2026-02-13 $126.4M 11 0000935836-26-000089
2025-09-30 2025-11-14 $132.2M 11 0000935836-25-000670
Filer Information
Address
1640 - 1055 W. HASTINGS STREET
VANCOUVER V6E 2E9
Phone
(778) 688-3813
Filing Manager
LM Asset Management Inc.
VANCOUVER, A1
Signatory
Daniel Lau
Director