Vault-13

TELESAT CORP TSAT

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

45 institutional holders +1 vs Q1 2023
44,606,38144.6m shares reported held*
$420.7mreported value*
3 new 8 added 15 reduced 3 sold out net bought ≈ $956.4k (+101.5k 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 ≈ $9.43. Options: 4 managers hold calls ($112.2k notional), 3 hold puts ($47.0k).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 55Q4 22: 50Q1 23: 44Q2 23: 4545Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202255
Q4 202250
Q1 202344
Q2 202345

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 13 bought or addedQ4 22: 30 cut or sold outQ4 22Q1 23: 11 bought or addedQ1 23: 23 cut or sold outQ1 23Q2 23: 11 bought or addedQ2 23: 18 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221330
Q1 20231123
Q2 20231118

Calls vs puts

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

CallsPuts
$0$50k$100k$150k$200kQ3 22 calls: $170.0kQ3 22 puts: $0Q3 22P/C 0.00Q4 22 calls: $93.2kQ4 22 puts: $49.5kQ4 22P/C 0.53Q1 23 calls: $113.1kQ1 23 puts: $47.4kQ1 23P/C 0.42Q2 23 calls: $112.2kQ2 23 puts: $47.0kQ2 23P/C 0.42
Numbers
QuarterCallsPutsP/C
Q3 2022$170.0k$00.00
Q4 2022$93.2k$49.5k0.53
Q1 2023$113.1k$47.4k0.42
Q2 2023$112.2k$47.0k0.42

Biggest buyers

GAMCO INVESTORS, INC. ET AL Added +249,260+249.3k
Simplify Asset Management Inc. New +160,781+160.8k
GABELLI FUNDS LLC Added +33,273+33.3k
GABELLI & Co INVESTMENT ADVISERS, INC. Added +31,660+31.7k
Cubist Systematic Strategies, LLC New +17,911+17.9k
RENAISSANCE TECHNOLOGIES LLC New +10,700+10.7k
Heard Capital LLC Added +9,710+9.7k
BANK OF AMERICA CORP /DE/ Added +2,430+2.4k
NATIONAL BANK OF CANADA /FI/ Added +1,003+1.0k
JPMORGAN CHASE & CO Added +224+224

Biggest sellers

PATHSTONE FAMILY OFFICE, LLC Sold out -160,781-160.8k
Rubric Capital Management LP Reduced -142,935-142.9k
Philosophy Capital Management LLC Reduced -28,147-28.1k
WITTENBERG INVESTMENT MANAGEMENT, INC. Reduced -20,838-20.8k
DIMENSIONAL FUND ADVISORS LP Reduced -20,192-20.2k
MORGAN STANLEY Reduced -17,973-18.0k
Tejara Capital Ltd Reduced -8,596-8.6k
Trexquant Investment LP Reduced -5,116-5.1k
MILLENNIUM MANAGEMENT LLC Reduced -3,944-3.9k
ARS Investment Partners, LLC Reduced -3,513-3.5k

Biggest calls

GROUP ONE TRADING LLC Unchanged $75.4k8.0k shares
CITADEL ADVISORS LLC Reduced $35.8k3.8k shares
SIMPLEX TRADING, LLC Reduced $1.0k200 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SIMPLEX TRADING, LLC Added $30.0k3.2k shares
CITADEL ADVISORS LLC Reduced $17.0k1.8k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 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 in Q2 2023

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 in Q2 2023.

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Public Sector Pension Investment Board 1.23% of their portfolio MONTREAL, A8 18,211,20318.2m $172.0m $172.0m 1.23% Unchanged
2 MHR FUND MANAGEMENT LLC 23.89% of their portfolio NEW YORK, NY 18,035,09218.0m $169.9m $169.9m 23.89% Unchanged
3 GAMCO INVESTORS, INC. ET AL 0.18% of their portfolio GREENWICH, CT 1,796,9781.8m $16.9m $16.9m 0.18% Added +249.3k +249,260
4 Heard Capital LLC 1.30% of their portfolio Chicago, IL 1,793,2311.8m $16.9m $16.9m 1.30% Added +9.7k +9,710
5 Rubric Capital Management LP 0.51% of their portfolio NEW YORK, NY 1,267,0651.3m $11.9m $11.9m 0.51% Reduced -142.9k -142,935
6 GABELLI FUNDS LLC 0.07% of their portfolio Rye, NY 1,038,9401.0m $9.8m $9.8m 0.07% Added +33.3k +33,273
7 Philosophy Capital Management LLC 1.81% of their portfolio Alamo, CA 862,486862.5k $8.1m $8.1m 1.81% Reduced -28.1k -28,147
8 NEXPOINT ASSET MANAGEMENT, L.P. 0.84% of their portfolio Dallas, TX 590,923590.9k $5.6m $5.6m 0.84% Unchanged
9 Simplify Asset Management Inc. 0.27% of their portfolio Las Vegas, NV 160,781160.8k $1.5m $1.5m 0.27% New
10 Tejara Capital Ltd 0.64% of their portfolio London, X0 137,718137.7k $1.3m $1.3m 0.64% Reduced -8.6k -8,596
11 ARS Investment Partners, LLC 0.14% of their portfolio New York, NY 131,541131.5k $1.2m $1.2m 0.14% Reduced -3.5k -3,513
12 GABELLI & Co INVESTMENT ADVISERS, INC. 0.16% of their portfolio Rye, NY 101,811101.8k $959.1k $959.1k 0.16% Added +31.7k +31,660
13 GARNET EQUITY CAPITAL HOLDINGS, INC. 0.80% of their portfolio NEW YORK, NY 79,31479.3k $747.1k $747.1k 0.80% Unchanged
14 FAIRFAX FINANCIAL HOLDINGS LTD/ CAN 0.04% of their portfolio TORONTO, A6 76,00076.0k $717.4k $717.4k 0.04% Unchanged
15 Platform Technology Partners 0.25% of their portfolio NEW YORK, NY 54,31754.3k $529.0k $529.0k 0.25% Reduced -375 -375
16 WITTENBERG INVESTMENT MANAGEMENT, INC. 0.18% of their portfolio CARLISLE, MA 51,49051.5k $485.0k $485.0k 0.18% Reduced -20.8k -20,838
17 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 33,67933.7k $317.3k $317.3k 0.00% Reduced -3.9k -3,944
18 BOOTHBAY FUND MANAGEMENT, LLC 0.01% of their portfolio NEW YORK, NY 30,55730.6k $287.8k $287.8k 0.01% Unchanged
19 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 19,03419.0k $179.3k $179.3k 0.00% Reduced -20.2k -20,192
20 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 18,03218.0k $169.9k $169.9k 0.00% Reduced -772 -772
21 Cubist Systematic Strategies, LLC 0.00% of their portfolio STAMFORD, CT 17,91117.9k $168.7k $168.7k 0.00% New
22 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 16,73416.7k $157.8k $157.8k 0.00% Unchanged
23 PEAPACK GLADSTONE FINANCIAL CORP 0.00% of their portfolio BEDMINSTER, NJ 13,88513.9k $131.0k $131.0k 0.00% Unchanged
24 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 10,70010.7k $101.0k $101.0k 0.00% New
25 Trexquant Investment LP 0.00% of their portfolio STAMFORD, CT 10,51010.5k $99.0k $99.0k 0.00% Reduced -5.1k -5,116
26 Asset Management One Co., Ltd. 0.00% of their portfolio TOKYO, M0 10,33110.3k $97.3k $97.3k 0.00% Unchanged
27 Stokes Family Office, LLC 0.01% of their portfolio NEW ORLEANS, LA 10,00010.0k $94.2k $94.2k 0.01% Unchanged
28 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 9,7309.7k $91.7k $91.7k 0.00% Unchanged
29 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 6,6136.6k $62.3k $62.3k 0.00% Reduced -18.0k -17,973
30 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 4,8504.8k $45.7k $45.7k 0.00% Added +2.4k +2,430
31 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,2201.2k $11.5k $11.5k 0.00% Added +224 +224
32 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 1,1031.1k $10.4k $10.4k 0.00% Added +1.0k +1,003
33 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 847847 $8.0k $8.0k 0.00% Reduced -10 -10
34 UBS Group AG 0.00% of their portfolio ZURICH, V8 505505 $4.8k $4.8k 0.00% Reduced -846 -846
35 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 288288 $2.0k $2.0k 0.00% Reduced -106 -106
36 WHITTIER TRUST CO 0.00% of their portfolio SOUTH PASADENA, CA 165165 $1.6k $1.6k 0.00% Unchanged
37 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 159159 $1.5k $1.5k 0.00% Unchanged
38 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 150150 $1.4k $1.4k 0.00% Unchanged
39 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 122122 $2.0k $2.0k 0.00% Added +84 +84
40 Beacon Capital Management, LLC 0.00% of their portfolio FRANKLIN, TN 100100 $942 $942 0.00% Unchanged
41 Glass Jacobson Investment Advisors llc 0.00% of their portfolio OWINGS MILLS, MD 100100 $942 $942 0.00% First filing
42 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 8080 $754 $754 0.00% Unchanged
43 Leonteq Securities AG 0.00% of their portfolio ZURICH, V8 7777 $725 $725 0.00% Reduced -662 -662
44 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 99 $85 $85 0.00% Unchanged
45 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged