Vault-13

TELESAT CORP TSAT

CL A & CL B SHS · Common Stock · CUSIP 879512309 · ISIN CA8795123097

103 institutional holders +28 vs Q1 2026
42,913,88442.9m shares reported held*
$2.2bnreported value*
38 new 23 added 24 reduced 11 sold out net sold ≈ $38.1m (-752.2k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $50.66. Options: 6 managers hold calls ($6.4m notional), 6 hold puts ($5.5m).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 55Q4 22: 50Q1 23: 44Q2 23: 45Q3 23: 47Q4 23: 50Q1 24: 46Q2 24: 40Q3 24: 41Q4 24: 47Q1 25: 58Q2 25: 60Q3 25: 65Q4 25: 65Q1 26: 75Q2 26: 103103Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 202255
Q4 202250
Q1 202344
Q2 202345
Q3 202347
Q4 202350
Q1 202446
Q2 202440
Q3 202441
Q4 202447
Q1 202558
Q2 202560
Q3 202565
Q4 202565
Q1 202675
Q2 2026103

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q3 24: 10 bought or addedQ3 24: 16 cut or sold outQ4 24: 20 bought or addedQ4 24: 17 cut or sold outQ4 24Q1 25: 24 bought or addedQ1 25: 19 cut or sold outQ2 25: 26 bought or addedQ2 25: 27 cut or sold outQ2 25Q3 25: 30 bought or addedQ3 25: 31 cut or sold outQ4 25: 29 bought or addedQ4 25: 28 cut or sold outQ4 25Q1 26: 42 bought or addedQ1 26: 24 cut or sold outQ2 26: 61 bought or addedQ2 26: 35 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20241016
Q4 20242017
Q1 20252419
Q2 20252627
Q3 20253031
Q4 20252928
Q1 20264224
Q2 20266135

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2m$4m$6m$8mQ3 25 calls: $5.3mQ3 25 puts: $1.9mQ3 25P/C 0.36Q4 25 calls: $576.2kQ4 25 puts: $841.0kQ4 25P/C 1.46Q1 26 calls: $4.8mQ1 26 puts: $923.1kQ1 26P/C 0.19Q2 26 calls: $6.4mQ2 26 puts: $5.5mQ2 26P/C 0.86
Numbers
QuarterCallsPutsP/C
Q3 2025$5.3m$1.9m0.36
Q4 2025$576.2k$841.0k1.46
Q1 2026$4.8m$923.1k0.19
Q2 2026$6.4m$5.5m0.86

Biggest buyers

MILLENNIUM MANAGEMENT LLC Added +392,529+392.5k
Rokos Capital Management LLP New +137,737+137.7k
MACKENZIE FINANCIAL CORP New +118,830+118.8k
GUARDIAN CAPITAL LP New +107,029+107.0k
MORGAN STANLEY Added +92,879+92.9k
Pembroke Management, LTD Added +90,649+90.6k
CenterBook Partners LP New +71,500+71.5k
Quadrature Capital Ltd Added +57,295+57.3k
Qube Research & Technologies Ltd Added +42,882+42.9k
FIL Ltd New +42,100+42.1k

Biggest sellers

Rubric Capital Management LP Sold out -843,781-843.8k
Heard Capital LLC Reduced -606,200-606.2k
PenderFund Capital Management Ltd. Reduced -146,000-146.0k
LM Asset Management Inc. Reduced -116,300-116.3k
Vestcor Inc Reduced -75,000-75.0k
CITADEL ADVISORS LLC Reduced -73,225-73.2k
Walleye Capital LLC Sold out -57,017-57.0k
INTACT INVESTMENT MANAGEMENT INC. Reduced -56,100-56.1k
Militia Capital Management LLC Sold out -46,425-46.4k
GAMCO INVESTORS, INC. ET AL Reduced -45,764-45.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.5m50.3k shares
CITADEL ADVISORS LLC Added $1.9m38.4k shares
JANE STREET GROUP, LLC Added $1.3m24.9k shares
IMC-Chicago, LLC Reduced $450.5k8.9k shares
GROUP ONE TRADING LLC Reduced $207.5k4.1k shares
SIMPLEX TRADING, LLC Reduced $40.5k800 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $1.8m36.0k shares
JANE STREET GROUP, LLC Added $1.6m31.0k shares
IMC-Chicago, LLC Added $956.7k18.9k shares
CITADEL ADVISORS LLC Added $647.9k12.8k shares
GROUP ONE TRADING LLC Added $511.3k10.1k shares
SIMPLEX TRADING, LLC New $10.1k200 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
MHR FUND MANAGEMENT LLC 13D · may seek influence filed 2026-07-09
Stated purposeItem 4 is hereby amended and restated as follows. All of the Class B Shares reported on this Schedule 13D were acquired for investment purposes. The Reporting Persons intend to review their holdings in the Issuer on a continuing basis and as part of this ongoing review evaluate various alternatives that are or may become available with respect to the Issuer and its securities. Except as otherwise set forth in this Schedule 13D, neither the Reporting Persons nor, to the best of their knowledge, any of the other persons identified in response to Item 2 hereof, has any plans or proposals that relate to or would result in the occurrence of any of the transactions described in subparagraphs (b) through (j) of Item 4 of Schedule 13D. (a) The Reporting Persons may from time to time and at any t… Full filing
35.5% 18.1m≈ $916.0m 2026-07-09
GAMCO INVESTORS, INC. ET AL 13D · may seek influence -0.7 pts · filed 2026-04-02
Stated purposeThe Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the Issuer's management, filing the Schedule 13D ensures that these conversations are compliant with the reporting obligations under the Exchange Act. Full filing
11.6% -0.7 pts 1.7m≈ $86.7m 2026-04-02
Greywolf Capital Management LP 13G · passive investor filed 2025-02-12 6.2% 860.6k≈ $43.6m 2025-02-12

Fell to 5% or below in the last year: Rubric Capital Management LP (0.0%, 2026-08-14), Heard Capital LLC (4.2%, 2026-05-15)

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Public Sector Pension Investment Board 2.42% of their portfolio MONTREAL, A8 18,211,20318.2m $921.9m $921.9m 2.42% Unchanged
2 MHR FUND MANAGEMENT LLC 47.56% of their portfolio NEW YORK, NY 18,035,09218.0m $912.9m $912.9m 47.56% Unchanged
3 GAMCO INVESTORS, INC. ET AL 0.78% of their portfolio GREENWICH, CT 1,723,3851.7m $87.2m $87.2m 0.78% Reduced -45.8k -45,764
4 GABELLI FUNDS LLC 0.23% of their portfolio Rye, NY 716,281716.3k $36.3m $36.3m 0.23% Added +2.2k +2,152
5 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 544,272544.3k $27.6m $27.6m 0.02% Added +392.5k +392,529
6 NEXPOINT ASSET MANAGEMENT, L.P. 1.34% of their portfolio Dallas, TX 396,623396.6k $20.1m $20.1m 1.34% Unchanged
7 LM Asset Management Inc. 9.33% of their portfolio VANCOUVER, A1 266,350266.4k $13.5m $13.5m 9.33% Reduced -116.3k -116,300
8 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 256,183256.2k $13.0m $13.0m 0.00% Added +92.9k +92,879
9 PenderFund Capital Management Ltd. 1.41% of their portfolio VANCOUVER, A1 225,153225.2k $11.0m $11.0m 1.41% Reduced -146.0k -146,000
10 Pembroke Management, LTD 0.66% of their portfolio Montreal, A8 183,478183.5k $9.3m $9.3m 0.66% Added +90.6k +90,649
11 Vestcor Inc 0.22% of their portfolio FREDERICTON, A3 175,000175.0k $8.9m $8.9m 0.22% Reduced -75.0k -75,000
12 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 156,844156.8k $7.9m $7.9m 0.01% Added +19.8k +19,809
13 AYAL Capital Advisors Ltd 3.93% of their portfolio Toronto, A6 151,500151.5k $7.7m $7.7m 3.93% Added +3.5k +3,500
14 Rokos Capital Management LLP 0.09% of their portfolio LONDON, X0 137,737137.7k $7.0m $7.0m 0.09% New
15 Senvest Management, LLC 0.20% of their portfolio New York, NY 137,668137.7k $7.0m $7.0m 0.20% Unchanged
16 MACKENZIE FINANCIAL CORP 0.01% of their portfolio TORONTO ONTARIO, A6 118,830118.8k $8.5m $8.5m 0.01% New
17 GUARDIAN CAPITAL LP 0.13% of their portfolio TORONTO, A6 107,029107.0k $5.4m $5.4m 0.13% New
18 Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio VANCOUVER, A1 93,93293.9k $4.8m $4.8m 0.01% Reduced -29.3k -29,335
19 Penserra Capital Management LLC 0.03% of their portfolio ORINDA, CA 84,30984.3k $4.3m $4.3m 0.03% Added +10.7k +10,659
20 Van Berkom & Associates Inc. 0.13% of their portfolio MONTREAL, A8 77,38277.4k $3.9m $3.9m 0.13% Added +22.4k +22,398
21 CenterBook Partners LP 0.18% of their portfolio GREENWICH, CT 71,50071.5k $3.6m $3.6m 0.18% New
22 Quadrature Capital Ltd 0.03% of their portfolio LONDON, X0 69,76669.8k $3.5m $3.5m 0.03% Added +57.3k +57,295
23 K.J. Harrison & Partners Inc 0.47% of their portfolio TORONTO, A6 66,00066.0k $3.3m $3.3m 0.47% Reduced -4.0k -4,000
24 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 63,35763.4k $3.2m $3.2m 0.00% Reduced -73.2k -73,225
25 GABELLI & Co INVESTMENT ADVISERS, INC. 0.41% of their portfolio Rye, NY 55,91155.9k $2.8m $2.8m 0.41% Added +2.6k +2,600
26 TD Waterhouse Canada Inc. 0.01% of their portfolio TORONTO, A6 53,70853.7k $2.5m $2.5m 0.01% Added +30.1k +30,076
27 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 50,92550.9k $2.6m $2.6m 0.00% Added +42.9k +42,882
28 FIL Ltd 0.00% of their portfolio HAMILTON, D0 42,10042.1k $2.1m $2.1m 0.00% New
29 National Philanthropic Trust 0.03% of their portfolio Jenkintown, PA 40,00040.0k $2.0m $2.0m 0.03% Unchanged
30 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 33,36533.4k $1.7m $1.7m 0.00% Added +8.0k +7,972
31 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 31,24231.2k $1.6m $1.6m 0.00% Added +23.9k +23,897
32 PCJ Investment Counsel Ltd. 0.45% of their portfolio TORONTO, A6 31,18031.2k $1.6m $1.6m 0.45% New
33 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 30,86030.9k $1.6m $1.6m 0.00% Reduced -3.9k -3,934
34 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 30,63530.6k $1.6m $1.6m 0.00% Reduced -11.8k -11,800
35 FORMULA GROWTH LTD 0.41% of their portfolio MONTREAL, A8 22,87322.9k $1.2m $1.2m 0.41% New
36 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 22,77922.8k $1.2m $1.2m 0.00% New
37 TD Asset Management Inc 0.00% of their portfolio Toronto, A6 22,72222.7k $1.2m $1.2m 0.00% New
38 Voleon Capital Management LP 0.02% of their portfolio BERKELEY, CA 21,50521.5k $1.1m $1.1m 0.02% New
39 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 21,45721.5k $1.1m $1.1m 0.00% Reduced -2.9k -2,949
40 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 18,28618.3k $925.6k $925.6k 0.01% Added +8.7k +8,691
41 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 18,10818.1k $918.4k $918.4k 0.00% New
42 INTACT INVESTMENT MANAGEMENT INC. 0.03% of their portfolio MONTREAL, A8 17,60017.6k $892.6k $892.6k 0.03% Reduced -56.1k -56,100
43 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 17,29417.3k $875.4k $875.4k 0.00% New
44 Investment Management Corp of Ontario 0.01% of their portfolio Toronto, Z4 15,15015.2k $766.9k $766.9k 0.01% New
45 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 14,97515.0k $758.0k $758.0k 0.00% Reduced -1.9k -1,856
46 Trexquant Investment LP 0.00% of their portfolio STAMFORD, CT 14,61414.6k $739.8k $739.8k 0.00% Added +2.8k +2,769
47 PEAPACK GLADSTONE FINANCIAL CORP 0.01% of their portfolio BEDMINSTER, NJ 13,88513.9k $703.0k $703.0k 0.01% Unchanged
48 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 12,78612.8k $588.2k $588.2k 0.00% Added +1.6k +1,582
49 IMC-Chicago, LLC 0.01% of their portfolio CHICAGO, IL 12,13512.1k $614.3k $614.3k 0.01% New
50 Engineers Gate Manager LP 0.01% of their portfolio NEW YORK, NY 11,68011.7k $591.3k $591.3k 0.01% New
51 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 11,47711.5k $581.0k $581.0k 0.00% New
52 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 10,50010.5k $532.0k $532.0k 0.00% New
53 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 9,6749.7k $489.7k $489.7k 0.00% Unchanged
54 Point72 Asset Management, L.P. 0.00% of their portfolio STAMFORD, CT 9,0669.1k $458.7k $458.7k 0.00% New
55 UBS Group AG 0.00% of their portfolio ZURICH, V8 8,0258.0k $406.2k $406.2k 0.00% Reduced -3.7k -3,665
56 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 8,0088.0k $403.6k $403.6k 0.00% Reduced -13.4k -13,410
57 MANGROVE PARTNERS IM, LLC 0.03% of their portfolio Greenwich, CT 7,7437.7k $392.0k $392.0k 0.03% Unchanged
58 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 7,6017.6k $384.0k $384.0k 0.00% Reduced -3.9k -3,937
59 PDT Partners, LLC 0.02% of their portfolio New York, NY 7,0517.1k $356.9k $356.9k 0.02% Reduced -3.6k -3,562
60 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 7,0257.0k $356.0k $356.0k 0.00% Added +1.2k +1,175
61 Pathstone Holdings, LLC 0.00% of their portfolio ENGLEWOOD, NJ 7,0197.0k $355.3k $355.3k 0.00% Reduced -4.0k -4,000
62 Asset Management One Co., Ltd. 0.00% of their portfolio TOKYO, M0 6,8556.9k $347.0k $347.0k 0.00% Unchanged
63 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 6,6836.7k $337.6k $337.6k 0.00% New
64 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 6,4006.4k $324.0k $324.0k 0.00% Reduced -19.4k -19,363
65 Black Maple Capital Management LP 0.19% of their portfolio MILWAUKEE, WI 5,5165.5k $279.2k $279.2k 0.19% New
66 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 4,9715.0k $252.0k $252.0k 0.00% New
67 LMR Partners LLP 0.00% of their portfolio LONDON, X0 4,7004.7k $237.9k $237.9k 0.00% New
68 Platform Technology Partners 0.04% of their portfolio NEW YORK, NY 4,5514.6k $230.4k $230.4k 0.04% Reduced -4.0k -4,000
69 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 4,4864.5k $227.1k $227.1k 0.00% New
70 Central Pacific Bank - Trust Division 0.02% of their portfolio HONOLULU, HI 4,4864.5k $227.1k $227.1k 0.02% Unchanged
71 Heard Capital LLC 0.01% of their portfolio Chicago, IL 4,3704.4k $221.2k $221.2k 0.01% Reduced -606.2k -606,200
72 Rossby Financial, LCC 0.04% of their portfolio MELBOURNE, FL 4,1004.1k $207.5k $207.5k 0.04% New
73 SageView Advisory Group, LLC 0.01% of their portfolio Newport Beach, CA 4,0004.0k $202.8k $202.8k 0.01% New
74 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 2,0802.1k $105.5k $105.5k 0.00% Added +811 +811
75 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 1,3741.4k $69.6k $69.6k 0.00% Reduced -4.0k -3,986
76 HORIZON BANCORP INC /IN/ 0.02% of their portfolio MICHIGAN CITY, IN 1,0001.0k $51.0k $51.0k 0.02% New
77 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 1,0001.0k $50.6k $50.6k 0.00% New
78 Allied Private Wealth LLC 0.03% of their portfolio BOCA RATON, FL 1,0001.0k $45.1k $45.1k 0.03% First filing
79 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 889889 $45.0k $45.0k 0.00% New
80 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 842842 $41.5k $41.5k 0.00% Reduced -30 -30
81 Wilmington Savings Fund Society, FSB 0.00% of their portfolio WILMINGTON, DE 500500 $25.3k $25.3k 0.00% Unchanged
82 SUMMIT SECURITIES GROUP LLC 0.00% of their portfolio NEW YORK, NY 500500 $25.3k $25.3k 0.00% New
83 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 500500 $25.3k $25.3k 0.00% Unchanged
84 Smartleaf Asset Management LLC 0.00% of their portfolio BOSTON, MA 500500 $23.0k $23.0k 0.00% Unchanged
85 BlackRock, Inc. 0.00% of their portfolio New York, NY 478478 $24.2k $24.2k 0.00% Unchanged
86 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 400400 $20.2k $20.2k 0.00% Unchanged
87 Elequin Capital, LP 0.00% of their portfolio NEW YORK, NY 297297 $15.0k $15.0k 0.00% Reduced -153 -153
88 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 240240 $10.1k $10.1k 0.00% Added +100 +100
89 Cassaday & Co Wealth Management LLC 0.00% of their portfolio MCLEAN, VA 205205 $10.4k $10.4k 0.00% Unchanged
90 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 200200 $10.1k $10.1k 0.00% New
91 Cape Investment Advisory, Inc. 0.00% of their portfolio MCDONOUGH, GA 200200 $10.1k $10.1k 0.00% New
92 Private Wealth Management Group, LLC 0.00% of their portfolio PRINCETON, NJ 176176 $8.9k $8.9k 0.00% New
93 MTM Investment Management, LLC 0.00% of their portfolio SPARTANBURG, SC 133133 $6.7k $6.7k 0.00% New
94 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 100100 $5.1k $5.1k 0.00% Reduced -4.0k -3,966
95 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 9797 $4.9k $4.9k 0.00% Added +52 +52
96 Quarry LP 0.00% of their portfolio NEW YORK, NY 6262 $3.1k $3.1k 0.00% New
97 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 4747 $2.4k $2.4k 0.00% Added +1 +1
98 Covestor Ltd 0.00% of their portfolio LONDON, X0 3737 $2.0k $2.0k 0.00% Unchanged
99 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 3131 $1.6k $1.6k 0.00% New
100 Concord Wealth Partners 0.00% of their portfolio ABINGDON, VA 1515 $759 $759 0.00% New