Hillsdale Investment Management Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Hillsdale Investment Management Inc. reported 576 stock positions worth $2.0 billion. Its top holding was Royal Bank of Canada (RY) at 5.4% of the portfolio, followed by Manulife Financial (MFC, 3.9%) and Enbridge (ENB, 3.3%). Compared with Q3 2024, it opened 118 new positions, sold out of 128, added to 242 and reduced 135. The biggest buy was Royal Bank of Canada (RY, shares +361%) and the biggest sale Centerra Gold (CGAU, shares −74%).
- Most Recent 13F
- Q2 2026
- Location
- Toronto, A6
- CIK
- 0001368465
- Portfolio Value
- $2.0B (Q4 2024)
- SEC Filing
- 0000950123-25-001530 ↗ filed Feb 11, 2025
Holdings Value
Holdings 576 stocks · $2.0B
| RY Royal Bank of Canada | 5.37% | 881,128 | $106.1M | Add +360.8% |
| MFC Manulife Financial Corp. | 3.95% | 2,545,393 | $78.1M | Add +216.0% |
| ENB Enbridge Inc. | 3.31% | 1,545,283 | $65.5M | Add +1131.1% |
| SHOP Shopify Inc. Class A | 3.24% | 602,134 | $64.0M | Add +610.1% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 3.07% | 962,026 | $60.8M | Add +138.0% |
| AEM Agnico Eagle Mines Ltd. | 2.80% | 709,227 | $55.4M | Add +276.5% |
| EFXT Enerflex Ltd. | 2.46% | 4,895,901 | $48.7M | Add +3307.0% |
| PBA Pembina Pipeline Corp. | 2.41% | 1,289,706 | $47.6M | Add +338.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.40% | 883,511 | $47.4M | Add +370.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 2.04% | 415,034 | $40.2M | Add +2162.1% |
| WCN Waste Connections Inc. | 2.02% | 233,064 | $39.9M | Add +187.0% |
| MEOH Methanex Corp. | 1.94% | 767,330 | $38.3M | New |
| KGC Kinross Gold Corp. | 1.52% | 3,249,033 | $30.1M | Add +174.6% |
| DCBO Docebo Inc. | 1.38% | 611,085 | $27.4M | Add +207.6% |
| SU Suncor Energy Inc. | 1.38% | 764,308 | $27.3M | Add +111.9% |
| TD Toronto-Dominion Bank | 1.23% | 456,391 | $24.3M | Add +608.0% |
| GIL Gildan Activewear Inc. | 1.20% | 505,716 | $23.8M | Add +113.5% |
| EGO Eldorado Gold Corp. | 1.20% | 1,599,932 | $23.8M | Reduce -38.6% |
| NGD New Gold Inc. | 1.20% | 9,482,782 | $23.7M | Add +97.1% |
| TRI Thomson Reuters Corp. | 1.02% | 126,175 | $20.2M | Add +153.5% |
| RCI Rogers Communications Inc. Class B | 0.92% | 591,944 | $18.2M | Add +5526.8% |
| TRP TC Energy Corp. | 0.87% | 369,221 | $17.2M | Add +1273.1% |
| IAG Iamgold Corp. | 0.81% | 3,117,975 | $16.1M | Reduce -3.5% |
| BN Brookfield Corp. | 0.75% | 256,648 | $14.7M | Add +661.2% |
| BHC Bausch Health Cos Inc. | 0.63% | 1,548,468 | $12.5M | New |
| CLS Celestica Inc. | 0.63% | 134,333 | $12.4M | Reduce -77.9% |
| CNQ Canadian Natural Resources | 0.62% | 395,809 | $12.2M | Add +152.8% |
| OVV Ovintiv Inc. | 0.61% | 298,500 | $12.1M | Add +1577.0% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.60% | 2,159,377 | $11.9M | New |
| CP Canadian Pacific Kansas City | 0.48% | 132,066 | $9.6M | Add +312.8% |
| FSV Firstservice Corp. | 0.45% | 49,040 | $8.9M | Add +97980.0% |
| DSGX The Descartes Systems Grp | 0.44% | 77,100 | $8.8M | Add +192650.0% |
| PAAS Pan American Silver Corp. | 0.42% | 412,800 | $8.3M | Add +204.7% |
| WPM Wheaton Precious Metals Corp. | 0.42% | 147,200 | $8.3M | Add +4.9% |
| NOA North American Construction | 0.41% | 377,827 | $8.1M | New |
| CGAU Centerra Gold Inc. | 0.40% | 1,407,909 | $8.0M | Reduce -74.0% |
| LSPD Lightspeed Commerce Inc. | 0.40% | 521,265 | $7.9M | Reduce -3.4% |
| TFPM Triple Flag Precious Met | 0.40% | 523,878 | $7.9M | Add +55.2% |
| NVDA Nvidia Corp. | 0.40% | 58,516 | $7.9M | Reduce -0.0% |
| AAPL Apple Inc. | 0.39% | 30,639 | $7.7M | Reduce -3.9% |
| AGI Alamos Gold Inc. Class A | 0.38% | 404,000 | $7.4M | Reduce -45.5% |
| BAM Brookfield Asset Mgmt-A | 0.36% | 133,100 | $7.2M | Add +14688.9% |
| SLF Sun Life Financial Inc. | 0.36% | 121,544 | $7.2M | Add +2365.9% |
| BBSI Barrett Business SVCS Inc. | 0.36% | 164,780 | $7.2M | Add +0.5% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 0.34% | 67,236 | $6.8M | Reduce -20.2% |
| COOP Mr Cooper Group Inc. | 0.34% | 70,190 | $6.7M | Add +0.7% |
| ACIW Aci Worldwide Inc. | 0.33% | 126,410 | $6.6M | Reduce -4.3% |
| LYTS Lsi Industries Inc. | 0.33% | 333,753 | $6.5M | Add +0.9% |
| CRDO Credo Technology Group Holdi | 0.32% | 95,280 | $6.4M | Reduce -42.4% |
| SKYW Skywest Inc. | 0.32% | 63,890 | $6.4M | Reduce -16.6% |
| BV Brightview Holdings Inc. | 0.32% | 393,000 | $6.3M | Reduce -7.2% |
| LQDT Liquidity Services Inc. | 0.32% | 192,908 | $6.2M | Add +0.7% |
| FTDR Frontdoor Inc. | 0.31% | 112,160 | $6.1M | Add +0.7% |
| SFM Sprouts Farmers Market Inc. | 0.31% | 47,910 | $6.1M | Reduce -13.9% |
| APOG Apogee Enterprises Inc. | 0.31% | 85,136 | $6.1M | Reduce -10.5% |
| CVLT Commvault Systems Inc. | 0.30% | 39,830 | $6.0M | Reduce -5.6% |
| APPF Appfolio Inc. Class A | 0.30% | 24,218 | $6.0M | Reduce -4.0% |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 0.30% | 160,916 | $5.9M | Add +0.7% |
| CNI Canadian Natl Railway Co. | 0.30% | 57,717 | $5.9M | Add +219.1% |
| EPAC Enerpac Tool Group Corp. | 0.30% | 142,300 | $5.8M | Add +0.7% |
| UPWK Upwork Inc. | 0.29% | 349,800 | $5.7M | Add +0.8% |
| BOX Box Inc. Class A | 0.29% | 179,150 | $5.7M | Add +0.8% |
| CALM Cal-Maine Foods Inc. | 0.29% | 54,980 | $5.7M | Add +0.7% |
| SPSC SPS Commerce Inc. | 0.29% | 30,680 | $5.6M | Add +0.7% |
| MSFT Microsoft Corp. | 0.28% | 13,184 | $5.6M | Reduce -12.7% |
| ADMA Adma Biologics Inc. | 0.28% | 323,700 | $5.6M | Reduce -4.0% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.28% | 60,080 | $5.5M | Add +0.5% |
| RNG Ringcentral Inc. Class A | 0.27% | 154,350 | $5.4M | Add +1.2% |
| ANF Abercrombie & Fitch Co. Class A | 0.27% | 35,350 | $5.3M | Add +0.7% |
| TILE Interface Inc. | 0.27% | 216,313 | $5.3M | Add +0.4% |
| HIMS Hims & Hers Health Inc. | 0.26% | 214,500 | $5.2M | Reduce -18.3% |
| TDC Teradata Corp. | 0.26% | 166,300 | $5.2M | Add +920.3% |
| LAUR Laureate Education Inc. | 0.26% | 283,121 | $5.2M | Add +0.8% |
| VMEO Vimeo Inc. | 0.26% | 799,100 | $5.1M | Add +5.9% |
| PRMB Primo Brands Corp. | 0.26% | 166,050 | $5.1M | Reduce -83.2% |
| DUOL Duolingo | 0.26% | 15,700 | $5.1M | Reduce -33.6% |
| HALO Halozyme Therapeutics Inc. | 0.26% | 106,200 | $5.1M | Add +0.1% |
| PNTG The Pennant Group Inc. | 0.26% | 190,882 | $5.1M | Add +0.6% |
| HSII Heidrick & Struggles Intl | 0.26% | 114,100 | $5.1M | Add +0.7% |
| AMBA Ambarella Inc. | 0.26% | 69,390 | $5.0M | Add +1.3% |
| HSTM Healthstream Inc. | 0.25% | 156,251 | $5.0M | Reduce -14.2% |
| STN Stantec Inc. | 0.25% | 63,090 | $4.9M | Reduce -9.2% |
| CARG Cargurus Inc. | 0.25% | 133,450 | $4.9M | Add +0.4% |
| PLXS Plexus Corp. | 0.24% | 30,875 | $4.8M | Add +0.7% |
| CNO Cno Financial Group Inc. | 0.24% | 129,600 | $4.8M | Add +0.4% |
| COMP Compass Inc. Class A | 0.24% | 821,200 | $4.8M | Add +0.5% |
| YELP Yelp Inc. | 0.24% | 124,016 | $4.8M | Add +0.5% |
| GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED | 0.24% | 339,531 | $4.8M | Add +1320.6% |
| KTB Kontoor Brands Inc. | 0.24% | 55,900 | $4.8M | New |
| SMIN iShares MSCI India Small-Cap | 0.24% | 62,100 | $4.7M | Add +34.7% |
| GRTUF Granite Real Estate Investme | 0.24% | 97,790 | $4.7M | Add +624.9% |
| REZI Resideo Technologies Inc. | 0.24% | 205,540 | $4.7M | Add +0.8% |
| MWA Mueller Water Products Inc. Class A | 0.24% | 208,730 | $4.7M | Add +0.8% |
| GHM Graham Corp. | 0.24% | 104,742 | $4.7M | Add +2.4% |
| TIPT Tiptree Inc. | 0.23% | 221,977 | $4.6M | Add +0.5% |
| RELY Remitly Global Inc. | 0.23% | 202,550 | $4.6M | New |
| RAMP Liveramp Holdings Inc. | 0.23% | 150,280 | $4.6M | Add +0.9% |
| OSPN Onespan Inc. | 0.23% | 246,058 | $4.6M | Add +0.4% |
| IBEX Ibex Ltd. | 0.23% | 212,200 | $4.6M | Add +35.8% |
| AMSC American Superconductor Corp. | 0.23% | 183,800 | $4.5M | Add +0.6% |
Portfolio Sells Q3 2024 → Q4 2024
| CGAU Centerra Gold Inc. | Reduce -74.0% | 0.40% | −2.60 |
| EGO Eldorado Gold Corp. | Reduce -38.6% | 1.20% | −2.29 |
| CLS Celestica Inc. | Reduce -77.9% | 0.63% | −1.76 |
| PRMB Primo Brands Corp. | Reduce -83.2% | 0.26% | −1.66 |
| AGI Alamos Gold Inc. Class A | Reduce -45.5% | 0.38% | −0.76 |
| NEM Newmont Corp. | Sold out | 0.00% | −0.70 |
| FSM Fortuna Mining Corp. | Sold out | 0.00% | −0.68 |
| POWL Powell Industries Inc. | Reduce -99.9% | 0.00% | −0.54 |
| BCO The Brink's Co. | Sold out | 0.00% | −0.52 |
| IAG Iamgold Corp. | Reduce -3.5% | 0.81% | −0.49 |
| OSCR Oscar Health Inc. Class A | Sold out | 0.00% | −0.48 |
| IMO Imperial Oil Ltd. | Reduce -56.0% | 0.15% | −0.45 |
| RBA RB Global Inc. | Reduce -95.3% | 0.02% | −0.44 |
| SPNS Sapiens International Corp. | Sold out | 0.00% | −0.43 |
| VERX Vertex Inc. Class A | Sold out | 0.00% | −0.41 |
| VITL Vital Farms Inc. | Sold out | 0.00% | −0.37 |
| CVE Cenovus Energy Inc. | Sold out | 0.00% | −0.37 |
| EEMS iShares MSCI Emerging MKT SM | Sold out | 0.00% | −0.36 |
| SHOE Shoe Station Group Inc. | Sold out | 0.00% | −0.36 |
| HNI Hni Corp. | Sold out | 0.00% | −0.36 |
| ZETA Zeta Global Holdings Corp. Class A | Reduce -10.7% | 0.19% | −0.34 |
| CPF Central Pacific Financial Co. | Reduce -99.9% | 0.00% | −0.32 |
| AZZ Azz Inc. | Sold out | 0.00% | −0.32 |
| CVEO Civeo Corp. | Sold out | 0.00% | −0.32 |
| SWIM Latham Group Inc. | Reduce -94.9% | 0.01% | −0.31 |
| HG Hamilton Insurance Grou Class B | Sold out | 0.00% | −0.31 |
| OFG Ofg Bancorp | Reduce -99.8% | 0.00% | −0.30 |
| ASC Ardmore Shipping Corp. | Sold out | 0.00% | −0.30 |
| FOLD Amicus Therapeutics Inc. | Sold out | 0.00% | −0.30 |
| PDS Precision Drilling Corp. | Sold out | 0.00% | −0.29 |
| USAP Universal Stainless & Alloy | Reduce -44.2% | 0.21% | −0.29 |
| NGVC Natural Grocers BY Vitamin C | Reduce -64.3% | 0.13% | −0.29 |
| LSPD Lightspeed Commerce Inc. | Reduce -3.4% | 0.40% | −0.28 |
| ZIMV Zimvie Inc. | Sold out | 0.00% | −0.28 |
| ASPN Aspen Aerogels Inc. | Sold out | 0.00% | −0.28 |
| RXST Rxsight Inc. | Sold out | 0.00% | −0.27 |
| PCRX Pacira Biosciences Inc. | Sold out | 0.00% | −0.27 |
| BLBD Blue Bird Corp. | Reduce -27.8% | 0.16% | −0.26 |
| DUOL Duolingo | Reduce -33.6% | 0.26% | −0.26 |
| DNOW Dnow Inc. | Sold out | 0.00% | −0.24 |
| HBB Hamilton Beach Brand-A | Reduce -77.0% | 0.02% | −0.24 |
| ADMA Adma Biologics Inc. | Reduce -4.0% | 0.28% | −0.24 |
| AGYS Agilysys Inc. | Sold out | 0.00% | −0.24 |
| TNET Trinet Group Inc. | Sold out | 0.00% | −0.23 |
| MSFT Microsoft Corp. | Reduce -12.7% | 0.28% | −0.22 |
| STRA Strategic Education Inc. | Sold out | 0.00% | −0.22 |
| AEO American Eagle Outfitters | Reduce -28.0% | 0.11% | −0.21 |
| APOG Apogee Enterprises Inc. | Reduce -10.5% | 0.31% | −0.21 |
| BLKB Blackbaud Inc. | Sold out | 0.00% | −0.20 |
| ARLO Arlo Technologies Inc. | Reduce -32.1% | 0.14% | −0.20 |
Portfolio Buys Q3 2024 → Q4 2024
| RY Royal Bank of Canada | Add +360.8% | 5.37% | +3.53 |
| ENB Enbridge Inc. | Add +1131.1% | 3.31% | +2.92 |
| SHOP Shopify Inc. Class A | Add +610.1% | 3.24% | +2.71 |
| EFXT Enerflex Ltd. | Add +3307.0% | 2.46% | +2.40 |
| MFC Manulife Financial Corp. | Add +216.0% | 3.95% | +2.12 |
| MEOH Methanex Corp. | New | 1.94% | +1.94 |
| BMO Bank of Montreal | Add +2162.1% | 2.04% | +1.91 |
| AEM Agnico Eagle Mines Ltd. | Add +276.5% | 2.80% | +1.63 |
| BNS Bank of Nova Scotia | Add +370.0% | 2.40% | +1.61 |
| PBA Pembina Pipeline Corp. | Add +338.7% | 2.41% | +1.47 |
| CM Can Imperial BK of Commerce | Add +138.0% | 3.07% | +1.16 |
| TD Toronto-Dominion Bank | Add +608.0% | 1.23% | +0.91 |
| WCN Waste Connections Inc. | Add +187.0% | 2.02% | +0.90 |
| RCI Rogers Communications Inc. Class B | Add +5526.8% | 0.92% | +0.89 |
| TRP TC Energy Corp. | Add +1273.1% | 0.87% | +0.77 |
| DCBO Docebo Inc. | Add +207.6% | 1.38% | +0.71 |
| KGC Kinross Gold Corp. | Add +174.6% | 1.52% | +0.67 |
| BHC Bausch Health Cos Inc. | New | 0.63% | +0.63 |
| BN Brookfield Corp. | Add +661.2% | 0.75% | +0.61 |
| ORLA Orla Mining Ltd. | New | 0.60% | +0.60 |
| OVV Ovintiv Inc. | Add +1577.0% | 0.61% | +0.56 |
| FSV Firstservice Corp. | Add +97980.0% | 0.45% | +0.45 |
| DSGX The Descartes Systems Grp | Add +192650.0% | 0.44% | +0.44 |
| NOA North American Construction | New | 0.41% | +0.41 |
| TRI Thomson Reuters Corp. | Add +153.5% | 1.02% | +0.37 |
| BAM Brookfield Asset Mgmt-A | Add +14688.9% | 0.36% | +0.36 |
| SU Suncor Energy Inc. | Add +111.9% | 1.38% | +0.35 |
| GIL Gildan Activewear Inc. | Add +113.5% | 1.20% | +0.34 |
| SLF Sun Life Financial Inc. | Add +2365.9% | 0.36% | +0.34 |
| CP Canadian Pacific Kansas City | Add +312.8% | 0.48% | +0.27 |
| KTB Kontoor Brands Inc. | New | 0.24% | +0.24 |
| RELY Remitly Global Inc. | New | 0.23% | +0.23 |
| TGTX TG Therapeutics Inc. | New | 0.23% | +0.23 |
| NTGR Netgear Inc. | New | 0.23% | +0.23 |
| TDC Teradata Corp. | Add +920.3% | 0.26% | +0.22 |
| FTK Flotek Industries Inc. | New | 0.22% | +0.22 |
| GRSD Grandstand Ltd. | Add +1320.6% | 0.24% | +0.22 |
| WWW Wolverine World Wide Inc. | New | 0.22% | +0.22 |
| CNQ Canadian Natural Resources | Add +152.8% | 0.62% | +0.22 |
| PRAA Pra Group Inc. | Add +75251.9% | 0.21% | +0.21 |
| CSGS CSG Systems Intl Inc. | New | 0.21% | +0.21 |
| WSR Whitestone REIT | New | 0.21% | +0.21 |
| EXLS Exlservice Holdings Inc. | Add +51777.8% | 0.21% | +0.21 |
| OPLN Openlane Inc. | New | 0.21% | +0.21 |
| TGNA Tegna Inc. | Add +13258.8% | 0.21% | +0.21 |
| DMC Del Monte Corp. | New | 0.21% | +0.21 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +65213.3% | 0.21% | +0.21 |
| ALKT Alkami Technology Inc. | Add +46158.3% | 0.21% | +0.21 |
| PAAS Pan American Silver Corp. | Add +204.7% | 0.42% | +0.20 |
| PRGS Progress Software Corp. | New | 0.20% | +0.20 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 647 | $4.4B | RY, CM, TD, BNS, EFXT |
| Q1 2026 | 655 | $3.7B | RY, CM, TD, BNS, EFXT |
| Q4 2025 | 653 | $3.6B | RY, CM, TD, BNS, SHOP |
| Q3 2025 | 636 | $3.3B | RY, CM, TD, SHOP, BNS |
| Q2 2025 | 613 | $2.7B | RY, CM, ENB, SHOP, BMO |
| Q1 2025 | 593 | $2.0B | RY, CM, ENB, BMO, SHOP |
| Q4 2024 | 576 | $2.0B | RY, MFC, ENB, SHOP, CM |
| Q3 2024 | 586 | $1.3B | EGO, CGAU, CLS, PRMW, CM |
| Q2 2024 | 575 | $1.3B | CLS, EGO, PRMW, FSM, CGAU |
| Q1 2024 | 584 | $1.3B | CLS, BHC, DCBO, EGO, MFC |