Hillsdale Investment Management Inc.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Hillsdale Investment Management Inc. reported 586 stock positions worth $1.3 billion. Its top holding was Eldorado Gold (EGO) at 3.5% of the portfolio, followed by Centerra Gold (CGAU, 3.0%) and Celestica (CLS, 2.4%). Compared with Q2 2024, it opened 150 new positions, sold out of 139, added to 231 and reduced 125. The biggest buy was Centerra Gold (CGAU, shares +44%) and the biggest sale Celestica (CLS, shares −28%).

Most Recent 13F
Q2 2026
Location
Toronto, A6
CIK
0001368465
Portfolio Value
$1.3B (Q3 2024)
SEC Filing
0000950123-24-010909 ↗ filed Nov 12, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $1.3B Q1 2024 Q2 2024: $1.3B Q2 2024 Q3 2024: $1.3B $1.3B Q3 2024 Q4 2024: $2.0B Q4 2024 Q1 2025: $2.0B Q1 2025 Q2 2025: $2.7B Q2 2025 Q3 2025: $3.3B Q3 2025 Q4 2025: $3.6B Q4 2025 Q1 2026: $3.7B Q1 2026 Q2 2026: $4.4B Q2 2026

Holdings 586 stocks · $1.3B
EGO Eldorado Gold Corp. 3.49% 2,607,280 $45.3M Reduce -1.0%
CGAU Centerra Gold Inc. 3.00% 5,424,022 $38.9M Add +44.3%
CLS Celestica Inc. 2.39% 606,983 $31.0M Reduce -27.8%
PRMW Primo Water Corp. 1.92% 985,956 $24.9M Reduce -40.3%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 1.91% 404,206 $24.8M Reduce -10.1%
RY Royal Bank of Canada 1.84% 191,224 $23.9M Add +2.8%
MFC Manulife Financial Corp. 1.83% 805,540 $23.8M Add +19.0%
IAG Iamgold Corp. 1.30% 3,231,355 $16.9M Add +0.3%
AEM Agnico Eagle Mines Ltd. 1.17% 188,390 $15.2M Add +0.8%
AGI Alamos Gold Inc. Class A 1.14% 740,700 $14.8M Add +0.9%
WCN Waste Connections Inc. 1.12% 81,219 $14.5M Add +0.1%
NGD New Gold Inc. 1.07% 4,811,383 $13.9M Add +210.4%
SU Suncor Energy Inc. 1.03% 360,686 $13.3M Reduce -32.3%
PBA Pembina Pipeline Corp. 0.93% 293,971 $12.1M Add +21.9%
GIL Gildan Activewear Inc. 0.86% 236,870 $11.1M New
KGC Kinross Gold Corp. 0.85% 1,183,340 $11.1M Reduce -11.8%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.79% 187,992 $10.2M Add +3.2%
NEM Newmont Corp. 0.70% 169,400 $9.1M New
LSPD Lightspeed Commerce Inc. 0.69% 539,590 $8.9M Reduce -53.0%
FSM Fortuna Mining Corp. 0.68% 1,895,054 $8.8M Reduce -64.1%
DCBO Docebo Inc. 0.68% 198,682 $8.8M Reduce -8.0%
WPM Wheaton Precious Metals Corp. 0.66% 140,300 $8.6M No change
TRI Thomson Reuters Corp. 0.65% 49,780 $8.5M Reduce -23.4%
IMO Imperial Oil Ltd. 0.61% 112,230 $7.9M Reduce -10.4%
AAPL Apple Inc. 0.57% 31,869 $7.4M Add +41.8%
NVDA Nvidia Corp. 0.55% 58,536 $7.1M Add +60.3%
POWL Powell Industries Inc. 0.54% 31,522 $7.0M Reduce -3.8%
ZETA Zeta Global Holdings Corp. Class A 0.53% 229,950 $6.9M Reduce -6.4%
SHOP Shopify Inc. Class A 0.52% 84,795 $6.8M Add +25.5%
PNTG The Pennant Group Inc. 0.52% 189,682 $6.8M Reduce -33.9%
ADMA Adma Biologics Inc. 0.52% 337,350 $6.7M Reduce -40.5%
ACIW Aci Worldwide Inc. 0.52% 132,110 $6.7M Reduce -10.3%
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC 0.52% 84,216 $6.7M Reduce -21.0%
BCO The Brink's Co. 0.52% 58,070 $6.7M Add +0.7%
DUOL Duolingo 0.51% 23,650 $6.7M Reduce -9.8%
BV Brightview Holdings Inc. 0.51% 423,300 $6.7M Reduce -5.7%
APOG Apogee Enterprises Inc. 0.51% 95,136 $6.7M Add +0.7%
NMIH Nmi Holdings Inc. filed as NMI HLDGS INC 0.51% 159,816 $6.6M Reduce -13.6%
SKYW Skywest Inc. 0.50% 76,650 $6.5M Reduce -0.5%
USAP Universal Stainless & Alloy 0.50% 168,400 $6.5M Reduce -13.8%
MSFT Microsoft Corp. 0.50% 15,108 $6.5M Add +36.7%
CVLT Commvault Systems Inc. 0.50% 42,180 $6.5M Reduce -18.3%
COOP Mr Cooper Group Inc. 0.49% 69,710 $6.4M Reduce -7.6%
OSCR Oscar Health Inc. Class A 0.48% 296,660 $6.3M Add +0.0%
BBSI Barrett Business SVCS Inc. 0.47% 163,980 $6.2M Add +0.2%
SFM Sprouts Farmers Market Inc. 0.47% 55,680 $6.1M Add +0.5%
HALO Halozyme Therapeutics Inc. 0.47% 106,100 $6.1M Reduce -2.1%
RBA RB Global Inc. 0.46% 74,000 $6.0M Reduce -44.0%
APPF Appfolio Inc. Class A 0.46% 25,218 $5.9M Reduce -3.0%
EPAC Enerpac Tool Group Corp. 0.46% 141,350 $5.9M Add +0.5%
SPSC SPS Commerce Inc. 0.46% 30,480 $5.9M Add +0.8%
BOX Box Inc. Class A 0.45% 177,750 $5.8M Add +0.6%
STN Stantec Inc. 0.43% 69,490 $5.6M Reduce -46.8%
SPNS Sapiens International Corp. 0.43% 148,300 $5.5M Add +0.7%
TFPM Triple Flag Precious Met 0.42% 337,600 $5.5M Reduce -13.2%
NGVC Natural Grocers BY Vitamin C 0.42% 183,218 $5.4M Add +0.5%
BLBD Blue Bird Corp. 0.41% 112,300 $5.4M Add +0.1%
VERX Vertex Inc. Class A 0.41% 139,082 $5.4M Add +0.8%
FTDR Frontdoor Inc. 0.41% 111,410 $5.3M Add +0.6%
LYTS Lsi Industries Inc. 0.41% 330,753 $5.3M Add +0.2%
KBH KB Home 0.41% 62,300 $5.3M Add +0.3%
PI Impinj Inc. 0.41% 24,590 $5.3M New
LOCO El Pollo Loco Holdings Inc. 0.41% 384,296 $5.3M Add +0.6%
HSTM Healthstream Inc. 0.40% 182,181 $5.3M Add +0.7%
CNQ Canadian Natural Resources 0.40% 156,553 $5.2M Reduce -51.8%
GOOGL Alphabet Inc. Class A 0.40% 31,184 $5.2M Add +42.8%
ENB Enbridge Inc. 0.39% 125,517 $5.1M Add +4.0%
CRDO Credo Technology Group Holdi 0.39% 165,520 $5.1M Add +1.1%
COMP Compass Inc. Class A 0.38% 816,900 $5.0M New
ANF Abercrombie & Fitch Co. Class A 0.38% 35,100 $4.9M Add +0.8%
MMS Maximus Inc. 0.37% 52,170 $4.9M Add +0.6%
HIMS Hims & Hers Health Inc. 0.37% 262,600 $4.8M Reduce -0.3%
RNG Ringcentral Inc. Class A 0.37% 152,550 $4.8M Add +749.9%
VITL Vital Farms Inc. 0.37% 136,980 $4.8M Add +0.3%
CVE Cenovus Energy Inc. 0.37% 285,060 $4.8M Reduce -37.4%
EEMS iShares MSCI Emerging MKT SM 0.36% 73,640 $4.7M Add +8.9%
BPMC Blueprint Medicines Corp. 0.36% 50,520 $4.7M Add +0.5%
LAUR Laureate Education Inc. 0.36% 280,821 $4.7M Reduce -15.6%
SHOE Shoe Station Group Inc. filed as SHOE CARNIVAL INC 0.36% 106,200 $4.7M Add +0.9%
HNI Hni Corp. 0.36% 86,340 $4.6M Add +0.8%
JXN Jackson Financial Inc. Class A 0.35% 49,900 $4.6M New
CNO Cno Financial Group Inc. 0.35% 129,100 $4.5M Add +0.7%
CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC 0.35% 59,800 $4.5M Add +0.8%
TPH Tri Pointe Homes Inc. 0.35% 99,460 $4.5M Add +0.8%
MWA Mueller Water Products Inc. Class A 0.35% 207,030 $4.5M Add +0.7%
ARLO Arlo Technologies Inc. 0.35% 369,982 $4.5M Add +0.6%
COLL Collegium Pharmaceutical Inc. 0.34% 115,100 $4.4M Add +0.3%
HSII Heidrick & Struggles Intl 0.34% 113,300 $4.4M Add +0.7%
LQDT Liquidity Services Inc. 0.34% 191,508 $4.4M Add +0.8%
CWEN.A Clearway Energy Inc. Class A 0.33% 152,204 $4.3M New
YELP Yelp Inc. 0.33% 123,416 $4.3M Add +0.6%
TIPT Tiptree Inc. 0.33% 220,777 $4.3M Add +0.7%
AMSC American Superconductor Corp. 0.33% 182,650 $4.3M Reduce -4.0%
CDNA Caredx Inc. 0.33% 136,830 $4.3M New
FC Franklin Covey Co. 0.33% 103,350 $4.3M Reduce -0.2%
VRNS Varonis Systems Inc. 0.33% 74,840 $4.2M Add +0.1%
SWIM Latham Group Inc. 0.33% 621,563 $4.2M Add +862.2%
AEO American Eagle Outfitters 0.33% 188,700 $4.2M Add +0.2%
CPF Central Pacific Financial Co. 0.33% 143,011 $4.2M New
AZZ Azz Inc. 0.32% 50,900 $4.2M Add +0.6%

Show all 586 holdings

Portfolio Sells Q2 2024 → Q3 2024
CLS Celestica Inc. Reduce -27.8% 2.39% −1.40
TASEKO MINES LTD Sold out 0.00% −1.40
FSM Fortuna Mining Corp. Reduce -64.1% 0.68% −1.36
SILV Silvercrest Metals Inc. Sold out 0.00% −1.08
PRMW Primo Water Corp. Reduce -40.3% 1.92% −0.93
HBM Hudbay Minerals Inc. Sold out 0.00% −0.90
GTE Gran Tierra Energy Inc. Reduce -97.7% 0.01% −0.70
SU Suncor Energy Inc. Reduce -32.3% 1.03% −0.57
LSPD Lightspeed Commerce Inc. Reduce -53.0% 0.69% −0.55
CNQ Canadian Natural Resources Reduce -51.8% 0.40% −0.51
MEDP Medpace Holdings Inc. Sold out 0.00% −0.49
STN Stantec Inc. Reduce -46.8% 0.43% −0.43
OVV Ovintiv Inc. Reduce -85.9% 0.05% −0.41
LNTH Lantheus Holdings Inc. Sold out 0.00% −0.41
URBN Urban Outfitters Inc. Sold out 0.00% −0.41
JILL J. Jill Inc. Reduce -95.7% 0.01% −0.39
VCEL Vericel Corp. Sold out 0.00% −0.38
ADUS Addus Homecare Corp. Reduce -99.8% 0.00% −0.36
ABM Abm Industries Inc. Sold out 0.00% −0.35
VRN Veren Inc. Sold out 0.00% −0.34
BECN Beacon Roofing Supply Inc. Reduce -99.9% 0.00% −0.34
CVE Cenovus Energy Inc. Reduce -37.4% 0.37% −0.34
RBA RB Global Inc. Reduce -44.0% 0.46% −0.34
TNK Teekay Tankers Ltd. Class A Sold out 0.00% −0.32
TENB Tenable Holdings Inc. Sold out 0.00% −0.30
KRYS Krystal Biotech Inc. Sold out 0.00% −0.30
DBD Diebold Nixdorf Inc. Sold out 0.00% −0.30
CLW Clearwater Paper Corp. Sold out 0.00% −0.30
INTA Intapp Inc. Sold out 0.00% −0.30
KALU Kaiser Aluminum Corp. Sold out 0.00% −0.28
SGC Superior Group of Cos Inc. Reduce -95.0% 0.01% −0.26
BHC Bausch Health Cos Inc. Sold out 0.00% −0.25
MAMA Mama's Creations Inc. Sold out 0.00% −0.25
MBWM Mercantile Bank Corp. Sold out 0.00% −0.23
BFS Saul Centers Inc. Sold out 0.00% −0.23
AGYS Agilysys Inc. Reduce -49.8% 0.24% −0.22
MLR Miller Industries Inc. Reduce -95.9% 0.01% −0.22
ODC Oil-Dri Corp. of America Sold out 0.00% −0.22
BXC Bluelinx Holdings Inc. Sold out 0.00% −0.22
DXPE DXP Enterprises Inc. Sold out 0.00% −0.21
TRI Thomson Reuters Corp. Reduce -23.4% 0.65% −0.21
CUBI Customers Bancorp Inc. Sold out 0.00% −0.20
PLGO Pelagos Insurance Capital LT Sold out 0.00% −0.20
REX Rex American Resources Corp. Sold out 0.00% −0.20
SII Sprott Inc. Sold out 0.00% −0.20
IOSP Innospec Inc. Sold out 0.00% −0.18
DXLG Destination XL Group Inc. Sold out 0.00% −0.16
SANG Sangoma Technologies Corp. Reduce -92.9% 0.01% −0.14
LWAY Lifeway Foods Inc. Reduce -80.0% 0.08% −0.13
FSTR Foster (lb) Co. Class A Sold out 0.00% −0.12

Portfolio Buys Q2 2024 → Q3 2024
CGAU Centerra Gold Inc. Add +44.3% 3.00% +1.01
GIL Gildan Activewear Inc. New 0.86% +0.86
NGD New Gold Inc. Add +210.4% 1.07% +0.83
NEM Newmont Corp. New 0.70% +0.70
MFC Manulife Financial Corp. Add +19.0% 1.83% +0.41
PI Impinj Inc. New 0.41% +0.41
COMP Compass Inc. Class A New 0.38% +0.38
IAG Iamgold Corp. Add +0.3% 1.30% +0.35
JXN Jackson Financial Inc. Class A New 0.35% +0.35
CWEN.A Clearway Energy Inc. Class A New 0.33% +0.33
RNG Ringcentral Inc. Class A Add +749.9% 0.37% +0.33
CDNA Caredx Inc. New 0.33% +0.33
CPF Central Pacific Financial Co. New 0.33% +0.33
PLXS Plexus Corp. New 0.32% +0.32
AVNT Avient Corp. Add +58428.6% 0.32% +0.32
QNST Quinstreet Inc. New 0.31% +0.31
OSPN Onespan Inc. New 0.31% +0.31
CALM Cal-Maine Foods Inc. New 0.31% +0.31
OMCL Omnicell Inc. New 0.31% +0.31
SWIM Latham Group Inc. Add +862.2% 0.33% +0.31
KFY Korn Ferry Add +53300.0% 0.31% +0.31
MATX Matson Inc. New 0.31% +0.31
HG Hamilton Insurance Grou Class B New 0.31% +0.31
CARG Cargurus Inc. New 0.31% +0.31
CDP Copt Defense Properties New 0.30% +0.30
AVNS Avanos Medical Inc. New 0.30% +0.30
OFG Ofg Bancorp Add +43635.0% 0.30% +0.30
BCPC Balchem Corp. New 0.30% +0.30
AMBA Ambarella Inc. New 0.30% +0.30
AMAL Amalgamated Financial Corp. New 0.30% +0.30
PDS Precision Drilling Corp. New 0.29% +0.29
SCS Steelcase Inc. Class A Add +62855.6% 0.29% +0.29
VMEO Vimeo Inc. New 0.29% +0.29
CPRX Catalyst Pharmaceuticals Inc. New 0.29% +0.29
RY Royal Bank of Canada Add +2.8% 1.84% +0.28
CMPR Cimpress PLC New 0.27% +0.27
TILE Interface Inc. Add +431.6% 0.31% +0.27
IBEX Ibex Ltd. New 0.24% +0.24
AGI Alamos Gold Inc. Class A Add +0.9% 1.14% +0.23
PBA Pembina Pipeline Corp. Add +21.9% 0.93% +0.23
TCBX Third Coast Bancshares Inc. New 0.23% +0.23
GIII G-III Apparel Group Ltd. Add +307.2% 0.29% +0.23
PAAS Pan American Silver Corp. New 0.22% +0.22
AGX Argan Inc. New 0.21% +0.21
AEM Agnico Eagle Mines Ltd. Add +0.8% 1.17% +0.21
AAPL Apple Inc. Add +41.8% 0.57% +0.20
NVDA Nvidia Corp. Add +60.3% 0.55% +0.19
SHOP Shopify Inc. Class A Add +25.5% 0.52% +0.17
CCSI Consensus Cloud Solution New 0.13% +0.13
BNS Bank of Nova Scotia Add +3.2% 0.79% +0.13

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 647$4.4BRY, CM, TD, BNS, EFXT
Q1 2026 655$3.7BRY, CM, TD, BNS, EFXT
Q4 2025 653$3.6BRY, CM, TD, BNS, SHOP
Q3 2025 636$3.3BRY, CM, TD, SHOP, BNS
Q2 2025 613$2.7BRY, CM, ENB, SHOP, BMO
Q1 2025 593$2.0BRY, CM, ENB, BMO, SHOP
Q4 2024 576$2.0BRY, MFC, ENB, SHOP, CM
Q3 2024 586$1.3BEGO, CGAU, CLS, PRMW, CM
Q2 2024 575$1.3BCLS, EGO, PRMW, FSM, CGAU
Q1 2024 584$1.3BCLS, BHC, DCBO, EGO, MFC