The Canadian fund manager Canso Investment Counsel Ltd. has become the third largest investor in BlackBerry. This came after the company converted $300 million of the smartphone maker’s debt into stock.

This has positioned Canso’s stake in BlackBerry to 5.4 percent of common shares, according to a SEC filing on Thursday. Canso now sits behind Primecap Management Co. and Fairfax Financial Holdings Ltd.

Canso was one of the participants in the $1 billion convertible-bond sale in November 2013. The sale helped BlackBerry ease its finances after a plan by Fairfax to take the company private fell apart.

Since John Chen took control as CEO, BlackBerry’s shares have risen 87 percent in Canadian trading, and is expected to continue rising as the company returns to profitability.

*UPDATE* – The original report from Bloomberg has been corrected to reflect that Canso holds only a passive stake.