LM Asset (IM) Inc.

Key Holdings and Their Significance

• Gran Tierra Energy Inc. — $12.14M (2.79M shares) — 46.62% of portfolio.
  • Largest single holding and the only position meaningfully increased this quarter (+$2.86M, +43.5% by value). Given its weight, performance of this single name will drive portfolio returns and volatility.
• PSLV (Sprott Physical Silver Trust) — $5.18M (330K shares) — 19.89% of portfolio.
  • The second-largest holding and the only asset classified in the filing under Financial Services. This position gives the portfolio direct commodity (physical silver) exposure and contributes substantial non-equity/commodity sensitivity to performance.
• Aris Mng Corp — $4.46M (455K shares) — 17.12% of portfolio.
  • Third-largest position; the filer reduced this stake ($1.30M reduction reported).
• James Hardie Industries PLC — $2.69M (140K shares) — 10.32% of portfolio.
  • New position this quarter. It is material at 10.3% of assets despite being newly initiated.
• Hycroft Mining Holding Corp — $1.57M (254K shares) — 6.05% of portfolio.
  • Smallest position, trimmed by $385K (reported −33.2% reduction).

Taken together, the portfolio is dominated by resource-exposed names (energy/mining/precious metals and one building-materials name), and one large physical-metal trust.