Vault-13

TELESAT CORP TSAT

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

40 institutional holders -6 vs Q1 2024
43,550,35943.6m shares reported held*
$396.9mreported value*
2 new 11 added 11 reduced 9 sold out net sold ≈ $2.7m (-293.8k 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 ($3.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $9.11. Options: 4 managers hold calls ($49.1k notional), 4 hold puts ($196.6k).

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 55Q4 22: 50Q1 23: 44Q2 23: 45Q3 23: 47Q4 23: 50Q1 24: 46Q2 24: 4040Q3 22Q1 23Q3 23Q1 24Q2 24
Numbers
QuarterHolders
Q3 202255
Q4 202250
Q1 202344
Q2 202345
Q3 202347
Q4 202350
Q1 202446
Q2 202440

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 outQ2 23: 11 bought or addedQ2 23: 18 cut or sold outQ2 23Q3 23: 23 bought or addedQ3 23: 23 cut or sold outQ4 23: 22 bought or addedQ4 23: 22 cut or sold outQ4 23Q1 24: 12 bought or addedQ1 24: 23 cut or sold outQ2 24: 13 bought or addedQ2 24: 20 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q4 20221330
Q1 20231123
Q2 20231118
Q3 20232323
Q4 20232222
Q1 20241223
Q2 20241320

Calls vs puts

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

CallsPuts
$0$1m$2m$3m$4mQ3 23 calls: $3.6mQ3 23 puts: $1.3mQ3 23P/C 0.37Q4 23 calls: $1.2mQ4 23 puts: $240.9kQ4 23P/C 0.20Q1 24 calls: $456.6kQ1 24 puts: $122.8kQ1 24P/C 0.27Q2 24 calls: $49.1kQ2 24 puts: $196.6kQ2 24P/C 4.00
Numbers
QuarterCallsPutsP/C
Q3 2023$3.6m$1.3m0.37
Q4 2023$1.2m$240.9k0.20
Q1 2024$456.6k$122.8k0.27
Q2 2024$49.1k$196.6k4.00

Biggest buyers

Simplify Asset Management Inc. Added +75,000+75.0k
Propel Bio Management, LLC Added +75,000+75.0k
Federation des caisses Desjardins du Quebec Added +25,734+25.7k
Pathstone Holdings, LLC Added +23,985+24.0k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +11,922+11.9k
CITADEL ADVISORS LLC Added +11,593+11.6k
UBS Group AG Added +8,351+8.4k
Heard Capital LLC Added +3,537+3.5k
JPMORGAN CHASE & CO Added +2,448+2.4k
ROYAL BANK OF CANADA Added +631+631

Biggest sellers

GABELLI FUNDS LLC Reduced -122,167-122.2k
GARNET EQUITY CAPITAL HOLDINGS, INC. Sold out -99,982-100.0k
NewGen Asset Management Ltd Sold out -50,000-50.0k
LANDSCAPE CAPITAL MANAGEMENT, L.L.C. Sold out -40,000-40.0k
Penserra Capital Management LLC Sold out -38,184-38.2k
GAMCO INVESTORS, INC. ET AL Reduced -34,638-34.6k
BANK OF AMERICA CORP /DE/ Reduced -33,600-33.6k
MILLENNIUM MANAGEMENT LLC Sold out -23,858-23.9k
ARS Investment Partners, LLC Reduced -21,291-21.3k
TWO SIGMA INVESTMENTS, LP Sold out -14,076-14.1k

Biggest calls

CITADEL ADVISORS LLC Reduced $31.9k3.5k shares
SIMPLEX TRADING, LLC Unchanged $10.0k1.1k shares
GROUP ONE TRADING LLC Reduced $7.3k800 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

CITADEL ADVISORS LLC Added $157.4k17.3k shares
SIMPLEX TRADING, LLC Added $21.0k2.4k shares
GROUP ONE TRADING LLC Unchanged $18.2k2.0k 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 2024

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 2024.

Holders, Q2 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Public Sector Pension Investment Board 1.06% of their portfolio MONTREAL, A8 18,211,20318.2m $166.4m $166.4m 1.06% Unchanged
2 MHR FUND MANAGEMENT LLC 20.00% of their portfolio NEW YORK, NY 18,035,09218.0m $164.1m $164.1m 20.00% Unchanged
3 GAMCO INVESTORS, INC. ET AL 0.21% of their portfolio GREENWICH, CT 2,104,8412.1m $19.2m $19.2m 0.21% Reduced -34.6k -34,638
4 Heard Capital LLC 0.98% of their portfolio Chicago, IL 1,768,4001.8m $16.1m $16.1m 0.98% Added +3.5k +3,537
5 Rubric Capital Management LP 0.23% of their portfolio NEW YORK, NY 959,764959.8k $8.7m $8.7m 0.23% Unchanged
6 GABELLI FUNDS LLC 0.06% of their portfolio Rye, NY 902,353902.4k $8.2m $8.2m 0.06% Reduced -122.2k -122,167
7 NEXPOINT ASSET MANAGEMENT, L.P. 0.71% of their portfolio Dallas, TX 590,923590.9k $5.4m $5.4m 0.71% Unchanged
8 Simplify Asset Management Inc. 0.29% of their portfolio Las Vegas, NV 365,781365.8k $3.3m $3.3m 0.29% Added +75.0k +75,000
9 Propel Bio Management, LLC 2.16% of their portfolio Los Angeles, CA 365,781365.8k $3.3m $3.3m 2.16% Added +75.0k +75,000
10 Tejara Capital Ltd 0.52% of their portfolio London, X0 158,235158.2k $1.4m $1.4m 0.52% Reduced -10.0k -10,000
11 GABELLI & Co INVESTMENT ADVISERS, INC. 0.15% of their portfolio Rye, NY 100,811100.8k $917.4k $917.4k 0.15% Reduced -1.0k -1,000
12 Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio VANCOUVER, A1 50,53350.5k $459.9k $459.9k 0.00% Reduced -5.5k -5,494
13 Pathstone Holdings, LLC 0.00% of their portfolio ENGLEWOOD, NJ 48,98549.0k $445.8k $445.8k 0.00% Added +24.0k +23,985
14 National Philanthropic Trust 0.01% of their portfolio Jenkintown, PA 40,00040.0k $364.0k $364.0k 0.01% Unchanged
15 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 39,46839.5k $334.3k $334.3k 0.00% Added +25.7k +25,734
16 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 28,70028.7k $261.2k $261.2k 0.00% Reduced -2.8k -2,800
17 Platform Technology Partners 0.09% of their portfolio NEW YORK, NY 27,66427.7k $251.7k $251.7k 0.09% First filing
18 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 24,84924.8k $226.1k $226.1k 0.00% Added +11.9k +11,922
19 ARS Investment Partners, LLC 0.01% of their portfolio New York, NY 15,56815.6k $141.7k $141.7k 0.01% Reduced -21.3k -21,291
20 PEAPACK GLADSTONE FINANCIAL CORP 0.00% of their portfolio BEDMINSTER, NJ 13,88513.9k $126.0k $126.0k 0.00% Unchanged
21 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 12,36712.4k $112.5k $112.5k 0.00% Added +11.6k +11,593
22 Asset Management One Co., Ltd. 0.00% of their portfolio TOKYO, M0 8,8308.8k $80.4k $80.4k 0.00% Unchanged
23 UBS Group AG 0.00% of their portfolio ZURICH, V8 8,4808.5k $77.2k $77.2k 0.00% Added +8.4k +8,351
24 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 7,4217.4k $67.5k $67.5k 0.00% Reduced -33.6k -33,600
25 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 6,7726.8k $56.9k $56.9k 0.00% Added +40 +40
26 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 6,4006.4k $58.2k $58.2k 0.00% Unchanged
27 Central Pacific Bank - Trust Division 0.00% of their portfolio HONOLULU, HI 4,4864.5k $40.8k $40.8k 0.00% Reduced -1.7k -1,700
28 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3,4283.4k $31.2k $31.2k 0.00% Added +2.4k +2,448
29 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3,1263.1k $28.4k $28.4k 0.00% Reduced -13.6k -13,638
30 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,0121.0k $9.0k $9.0k 0.00% Added +631 +631
31 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 212212 $1.9k $1.9k 0.00% New
32 WealthCollab, LLC 0.00% of their portfolio BELLEVUE, WA 195195 $1.7k $1.7k 0.00% Unchanged
33 WHITTIER TRUST CO 0.00% of their portfolio SOUTH PASADENA, CA 165165 $1.5k $1.5k 0.00% Unchanged
34 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 125125 $1.1k $1.1k 0.00% New
35 Glass Jacobson Investment Advisors llc 0.00% of their portfolio OWINGS MILLS, MD 100100 $910 $910 0.00% Unchanged
36 Beacon Capital Management, LLC 0.00% of their portfolio FRANKLIN, TN 9595 $865 $865 0.00% Reduced -3 -3
37 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 8080 $728 $728 0.00% Unchanged
38 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 99 $76 $76 0.00% Unchanged
39 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 11 $9 $9 0.00% Unchanged
40 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged