TELESAT CORP TSAT
CL A & CL B SHS · Common Stock · CUSIP 879512309 · ISIN CA8795123097
- SectorCommunication
- IndustryCommunications Services, NEC
- FilingsSEC EDGAR
* 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
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 55 |
| Q4 2022 | 50 |
| Q1 2023 | 44 |
| Q2 2023 | 45 |
| Q3 2023 | 47 |
| Q4 2023 | 50 |
| Q1 2024 | 46 |
| Q2 2024 | 40 |
| Q3 2024 | 41 |
| Q4 2024 | 47 |
| Q1 2025 | 58 |
| Q2 2025 | 60 |
| Q3 2025 | 65 |
| Q4 2025 | 65 |
| Q1 2026 | 75 |
| Q2 2026 | 103 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 10 | 16 |
| Q4 2024 | 20 | 17 |
| Q1 2025 | 24 | 19 |
| Q2 2025 | 26 | 27 |
| Q3 2025 | 30 | 31 |
| Q4 2025 | 29 | 28 |
| Q1 2026 | 42 | 24 |
| Q2 2026 | 61 | 35 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $5.3m | $1.9m | 0.36 |
| Q4 2025 | $576.2k | $841.0k | 1.46 |
| Q1 2026 | $4.8m | $923.1k | 0.19 |
| Q2 2026 | $6.4m | $5.5m | 0.86 |
Biggest buyers
| MILLENNIUM MANAGEMENT LLC | Added | +392.5k |
| Rokos Capital Management LLP | New | +137.7k |
| MACKENZIE FINANCIAL CORP | New | +118.8k |
| GUARDIAN CAPITAL LP | New | +107.0k |
| MORGAN STANLEY | Added | +92.9k |
| Pembroke Management, LTD | Added | +90.6k |
| CenterBook Partners LP | New | +71.5k |
| Quadrature Capital Ltd | Added | +57.3k |
| Qube Research & Technologies Ltd | Added | +42.9k |
| FIL Ltd | New | +42.1k |
Biggest sellers
| Rubric Capital Management LP | Sold out | -843.8k |
| Heard Capital LLC | Reduced | -606.2k |
| PenderFund Capital Management Ltd. | Reduced | -146.0k |
| LM Asset Management Inc. | Reduced | -116.3k |
| Vestcor Inc | Reduced | -75.0k |
| CITADEL ADVISORS LLC | Reduced | -73.2k |
| Walleye Capital LLC | Sold out | -57.0k |
| INTACT INVESTMENT MANAGEMENT INC. | Reduced | -56.1k |
| Militia Capital Management LLC | Sold out | -46.4k |
| GAMCO INVESTORS, INC. ET AL | Reduced | -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.
| Holder | Stake |
|---|---|
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% |
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% |
| Greywolf Capital Management LP 13G · passive investor filed 2025-02-12 | 6.2% |
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
| Manager | Shares | Change |
|---|---|---|
| Public Sector Pension Investment Board 2.42% of their portfolio | 18.2m $921.9m | Unchanged |
| MHR FUND MANAGEMENT LLC 47.56% of their portfolio | 18.0m $912.9m | Unchanged |
| GAMCO INVESTORS, INC. ET AL 0.78% of their portfolio | 1.7m $87.2m | Reduced -45.8k |
| GABELLI FUNDS LLC 0.23% of their portfolio | 716.3k $36.3m | Added +2.2k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 544.3k $27.6m | Added +392.5k |
| NEXPOINT ASSET MANAGEMENT, L.P. 1.34% of their portfolio | 396.6k $20.1m | Unchanged |
| LM Asset Management Inc. 9.33% of their portfolio | 266.4k $13.5m | Reduced -116.3k |
| MORGAN STANLEY 0.00% of their portfolio | 256.2k $13.0m | Added +92.9k |
| PenderFund Capital Management Ltd. 1.41% of their portfolio | 225.2k $11.0m | Reduced -146.0k |
| Pembroke Management, LTD 0.66% of their portfolio | 183.5k $9.3m | Added +90.6k |
| Vestcor Inc 0.22% of their portfolio | 175.0k $8.9m | Reduced -75.0k |
| OSAIC HOLDINGS, INC. 0.01% of their portfolio | 156.8k $7.9m | Added +19.8k |
| AYAL Capital Advisors Ltd 3.93% of their portfolio | 151.5k $7.7m | Added +3.5k |
| Rokos Capital Management LLP 0.09% of their portfolio | 137.7k $7.0m | New |
| Senvest Management, LLC 0.20% of their portfolio | 137.7k $7.0m | Unchanged |
| MACKENZIE FINANCIAL CORP 0.01% of their portfolio | 118.8k $8.5m | New |
| GUARDIAN CAPITAL LP 0.13% of their portfolio | 107.0k $5.4m | New |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 93.9k $4.8m | Reduced -29.3k |
| Penserra Capital Management LLC 0.03% of their portfolio | 84.3k $4.3m | Added +10.7k |
| Van Berkom & Associates Inc. 0.13% of their portfolio | 77.4k $3.9m | Added +22.4k |
| CenterBook Partners LP 0.18% of their portfolio | 71.5k $3.6m | New |
| Quadrature Capital Ltd 0.03% of their portfolio | 69.8k $3.5m | Added +57.3k |
| K.J. Harrison & Partners Inc 0.47% of their portfolio | 66.0k $3.3m | Reduced -4.0k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 63.4k $3.2m | Reduced -73.2k |
| GABELLI & Co INVESTMENT ADVISERS, INC. 0.41% of their portfolio | 55.9k $2.8m | Added +2.6k |
| TD Waterhouse Canada Inc. 0.01% of their portfolio | 53.7k $2.5m | Added +30.1k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 50.9k $2.6m | Added +42.9k |
| FIL Ltd 0.00% of their portfolio | 42.1k $2.1m | New |
| National Philanthropic Trust 0.03% of their portfolio | 40.0k $2.0m | Unchanged |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 33.4k $1.7m | Added +8.0k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 31.2k $1.6m | Added +23.9k |
| PCJ Investment Counsel Ltd. 0.45% of their portfolio | 31.2k $1.6m | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 30.9k $1.6m | Reduced -3.9k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 30.6k $1.6m | Reduced -11.8k |
| FORMULA GROWTH LTD 0.41% of their portfolio | 22.9k $1.2m | New |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 22.8k $1.2m | New |
| TD Asset Management Inc 0.00% of their portfolio | 22.7k $1.2m | New |
| Voleon Capital Management LP 0.02% of their portfolio | 21.5k $1.1m | New |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 21.5k $1.1m | Reduced -2.9k |
| XTX Topco Ltd 0.01% of their portfolio | 18.3k $925.6k | Added +8.7k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 18.1k $918.4k | New |
| INTACT INVESTMENT MANAGEMENT INC. 0.03% of their portfolio | 17.6k $892.6k | Reduced -56.1k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 17.3k $875.4k | New |
| Investment Management Corp of Ontario 0.01% of their portfolio | 15.2k $766.9k | New |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 15.0k $758.0k | Reduced -1.9k |
| Trexquant Investment LP 0.00% of their portfolio | 14.6k $739.8k | Added +2.8k |
| PEAPACK GLADSTONE FINANCIAL CORP 0.01% of their portfolio | 13.9k $703.0k | Unchanged |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 12.8k $588.2k | Added +1.6k |
| IMC-Chicago, LLC 0.01% of their portfolio | 12.1k $614.3k | New |
| Engineers Gate Manager LP 0.01% of their portfolio | 11.7k $591.3k | New |
| BARCLAYS PLC 0.00% of their portfolio | 11.5k $581.0k | New |
| Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio | 10.5k $532.0k | New |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 9.7k $489.7k | Unchanged |
| Point72 Asset Management, L.P. 0.00% of their portfolio | 9.1k $458.7k | New |
| UBS Group AG 0.00% of their portfolio | 8.0k $406.2k | Reduced -3.7k |
| Federation des caisses Desjardins du Quebec 0.00% of their portfolio | 8.0k $403.6k | Reduced -13.4k |
| MANGROVE PARTNERS IM, LLC 0.03% of their portfolio | 7.7k $392.0k | Unchanged |
| HRT FINANCIAL LP 0.00% of their portfolio | 7.6k $384.0k | Reduced -3.9k |
| PDT Partners, LLC 0.02% of their portfolio | 7.1k $356.9k | Reduced -3.6k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 7.0k $356.0k | Added +1.2k |
| Pathstone Holdings, LLC 0.00% of their portfolio | 7.0k $355.3k | Reduced -4.0k |
| Asset Management One Co., Ltd. 0.00% of their portfolio | 6.9k $347.0k | Unchanged |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 6.7k $337.6k | New |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 6.4k $324.0k | Reduced -19.4k |
| Black Maple Capital Management LP 0.19% of their portfolio | 5.5k $279.2k | New |
| SG Americas Securities, LLC 0.00% of their portfolio | 5.0k $252.0k | New |
| LMR Partners LLP 0.00% of their portfolio | 4.7k $237.9k | New |
| Platform Technology Partners 0.04% of their portfolio | 4.6k $230.4k | Reduced -4.0k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 4.5k $227.1k | New |
| Central Pacific Bank - Trust Division 0.02% of their portfolio | 4.5k $227.1k | Unchanged |
| Heard Capital LLC 0.01% of their portfolio | 4.4k $221.2k | Reduced -606.2k |
| Rossby Financial, LCC 0.04% of their portfolio | 4.1k $207.5k | New |
| SageView Advisory Group, LLC 0.01% of their portfolio | 4.0k $202.8k | New |
| CITIGROUP INC 0.00% of their portfolio | 2.1k $105.5k | Added +811 |
| SIMPLEX TRADING, LLC 0.00% of their portfolio | 1.4k $69.6k | Reduced -4.0k |
| HORIZON BANCORP INC /IN/ 0.02% of their portfolio | 1.0k $51.0k | New |
| Rockefeller Capital Management L.P. 0.00% of their portfolio | 1.0k $50.6k | New |
| Allied Private Wealth LLC 0.03% of their portfolio | 1.0k $45.1k | First filing |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 889 $45.0k | New |
| NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio | 842 $41.5k | Reduced -30 |
| Wilmington Savings Fund Society, FSB 0.00% of their portfolio | 500 $25.3k | Unchanged |
| SUMMIT SECURITIES GROUP LLC 0.00% of their portfolio | 500 $25.3k | New |
| IFP Advisors, Inc 0.00% of their portfolio | 500 $25.3k | Unchanged |
| Smartleaf Asset Management LLC 0.00% of their portfolio | 500 $23.0k | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 478 $24.2k | Unchanged |
| Ancora Advisors LLC 0.00% of their portfolio | 400 $20.2k | Unchanged |
| Elequin Capital, LP 0.00% of their portfolio | 297 $15.0k | Reduced -153 |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 240 $10.1k | Added +100 |
| Cassaday & Co Wealth Management LLC 0.00% of their portfolio | 205 $10.4k | Unchanged |
| Arax Advisory Partners 0.00% of their portfolio | 200 $10.1k | New |
| Cape Investment Advisory, Inc. 0.00% of their portfolio | 200 $10.1k | New |
| Private Wealth Management Group, LLC 0.00% of their portfolio | 176 $8.9k | New |
| MTM Investment Management, LLC 0.00% of their portfolio | 133 $6.7k | New |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 100 $5.1k | Reduced -4.0k |
| Steward Partners Investment Advisory, LLC 0.00% of their portfolio | 97 $4.9k | Added +52 |
| Quarry LP 0.00% of their portfolio | 62 $3.1k | New |
| SBI Securities Co., Ltd. 0.00% of their portfolio | 47 $2.4k | Added +1 |
| Covestor Ltd 0.00% of their portfolio | 37 $2.0k | Unchanged |
| EverSource Wealth Advisors, LLC 0.00% of their portfolio | 31 $1.6k | New |
| Concord Wealth Partners 0.00% of their portfolio | 15 $759 | New |