Hillsdale Investment Management Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Hillsdale Investment Management Inc. reported 593 stock positions worth $2.0 billion. Its top holding was Royal Bank of Canada (RY) at 5.5% of the portfolio, followed by Can Imperial BK of Commerce (CM, 3.7%) and Enbridge (ENB, 3.4%). Compared with Q4 2024, it opened 152 new positions, sold out of 135, added to 211 and reduced 140. The biggest buy was Toronto-Dominion Bank (TD, shares +108%) and the biggest sale an exit from Docebo (DCBO).
- Most Recent 13F
- Q2 2026
- Location
- Toronto, A6
- CIK
- 0001368465
- Portfolio Value
- $2.0B (Q1 2025)
- SEC Filing
- 0000950123-25-004414 ↗ filed May 9, 2025
Holdings Value
Holdings 593 stocks · $2.0B
| RY Royal Bank of Canada | 5.53% | 965,206 | $108.8M | Add +9.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 3.67% | 1,281,826 | $72.1M | Add +33.2% |
| ENB Enbridge Inc. | 3.44% | 1,530,378 | $67.8M | Reduce -1.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 3.11% | 640,284 | $61.2M | Add +54.3% |
| SHOP Shopify Inc. Class A | 3.00% | 620,829 | $59.1M | Add +3.1% |
| TD Toronto-Dominion Bank | 2.89% | 947,018 | $56.8M | Add +107.5% |
| AEM Agnico Eagle Mines Ltd. | 2.83% | 512,779 | $55.6M | Reduce -27.7% |
| MFC Manulife Financial Corp. | 2.73% | 1,722,448 | $53.7M | Reduce -32.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.63% | 1,092,736 | $51.8M | Add +23.7% |
| EFXT Enerflex Ltd. | 2.27% | 5,783,516 | $44.7M | Add +18.1% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 2.03% | 4,276,065 | $39.9M | Add +98.0% |
| MEOH Methanex Corp. | 1.88% | 1,052,835 | $36.9M | Add +37.2% |
| FSM Fortuna Mining Corp. | 1.58% | 5,121,135 | $31.1M | New |
| NGD New Gold Inc. | 1.50% | 7,962,527 | $29.4M | Reduce -16.0% |
| KGC Kinross Gold Corp. | 1.30% | 2,035,013 | $25.6M | Reduce -37.4% |
| FTS Fortis Inc. | 1.29% | 557,973 | $25.4M | Add +3367.2% |
| PBA Pembina Pipeline Corp. | 1.25% | 614,995 | $24.6M | Reduce -52.3% |
| CAE Cae Inc. | 1.16% | 929,505 | $22.9M | Add +57994.1% |
| GIL Gildan Activewear Inc. | 1.11% | 494,666 | $21.9M | Reduce -2.2% |
| WPM Wheaton Precious Metals Corp. | 1.06% | 268,545 | $20.8M | Add +82.4% |
| SU Suncor Energy Inc. | 1.02% | 520,168 | $20.1M | Reduce -31.9% |
| VRN Veren Inc. | 1.00% | 2,978,455 | $19.7M | Add +99181.8% |
| BN Brookfield Corp. | 0.98% | 367,456 | $19.2M | Add +43.2% |
| WCN Waste Connections Inc. | 0.96% | 97,234 | $19.0M | Reduce -58.3% |
| CNQ Canadian Natural Resources | 0.62% | 396,547 | $12.2M | Add +0.2% |
| IAG Iamgold Corp. | 0.55% | 1,746,405 | $10.9M | Reduce -44.0% |
| BHC Bausch Health Cos Inc. | 0.55% | 1,670,930 | $10.8M | Add +7.9% |
| AGI Alamos Gold Inc. Class A | 0.55% | 404,000 | $10.8M | No change |
| NEM Newmont Corp. | 0.52% | 212,000 | $10.2M | New |
| CP Canadian Pacific Kansas City | 0.51% | 143,081 | $10.0M | Add +8.3% |
| RBA RB Global Inc. | 0.49% | 96,550 | $9.7M | Add +2658.6% |
| CLS Celestica Inc. | 0.48% | 118,633 | $9.4M | Reduce -11.7% |
| FSV Firstservice Corp. | 0.46% | 54,295 | $9.0M | Add +10.7% |
| STN Stantec Inc. | 0.44% | 103,790 | $8.6M | Add +64.5% |
| ACB Aurora Cannabis Inc. | 0.42% | 1,870,037 | $8.2M | New |
| TRI Thomson Reuters Corp. | 0.41% | 47,088 | $8.1M | Reduce -62.7% |
| BAM Brookfield Asset Mgmt-A | 0.41% | 166,345 | $8.1M | Add +25.0% |
| SMIN iShares MSCI India Small-Cap | 0.35% | 101,700 | $6.9M | Add +63.8% |
| AAPL Apple Inc. | 0.35% | 30,669 | $6.8M | Add +0.1% |
| TRP TC Energy Corp. | 0.34% | 141,641 | $6.7M | Reduce -61.6% |
| ACIW Aci Worldwide Inc. | 0.34% | 120,800 | $6.6M | Reduce -4.4% |
| NVDA Nvidia Corp. | 0.33% | 59,546 | $6.5M | Add +1.8% |
| BBSI Barrett Business SVCS Inc. | 0.33% | 156,280 | $6.4M | Reduce -5.2% |
| ADMA Adma Biologics Inc. | 0.33% | 322,200 | $6.4M | Reduce -0.5% |
| SFM Sprouts Farmers Market Inc. | 0.32% | 41,850 | $6.4M | Reduce -12.7% |
| PAAS Pan American Silver Corp. | 0.32% | 243,400 | $6.3M | Reduce -41.0% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.32% | 62,180 | $6.3M | Add +3.5% |
| HALO Halozyme Therapeutics Inc. | 0.32% | 98,000 | $6.3M | Reduce -7.7% |
| LQDT Liquidity Services Inc. | 0.31% | 199,308 | $6.2M | Add +3.3% |
| EPAC Enerpac Tool Group Corp. | 0.31% | 137,300 | $6.2M | Reduce -3.5% |
| BB Blackberry Ltd. | 0.31% | 1,630,300 | $6.1M | New |
| CVLT Commvault Systems Inc. | 0.31% | 38,330 | $6.0M | Reduce -3.8% |
| COMP Compass Inc. Class A | 0.30% | 683,900 | $6.0M | Reduce -16.7% |
| RCI Rogers Communications Inc. Class B | 0.30% | 220,389 | $5.9M | Reduce -62.8% |
| LYTS Lsi Industries Inc. | 0.29% | 338,953 | $5.8M | Add +1.6% |
| BOX Box Inc. Class A | 0.29% | 185,250 | $5.7M | Add +3.4% |
| EVER Everquote Inc. Class A | 0.29% | 217,100 | $5.7M | Add +3.0% |
| CNO Cno Financial Group Inc. | 0.28% | 134,100 | $5.6M | Add +3.5% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 0.28% | 69,536 | $5.6M | Add +3.4% |
| TIPT Tiptree Inc. | 0.28% | 229,777 | $5.5M | Add +3.5% |
| LAUR Laureate Education Inc. | 0.27% | 264,021 | $5.4M | Reduce -6.8% |
| IBEX Ibex Ltd. | 0.27% | 219,700 | $5.3M | Add +3.5% |
| SKYW Skywest Inc. | 0.27% | 60,380 | $5.3M | Reduce -5.5% |
| HSTM Healthstream Inc. | 0.26% | 161,651 | $5.2M | Add +3.5% |
| CSGS CSG Systems Intl Inc. | 0.26% | 85,500 | $5.2M | Add +3.5% |
| CALM Cal-Maine Foods Inc. | 0.26% | 56,780 | $5.2M | Add +3.3% |
| HURN Huron Consulting Group Inc. | 0.26% | 35,250 | $5.1M | Add +3.5% |
| HSII Heidrick & Struggles Intl | 0.26% | 118,000 | $5.1M | Add +3.4% |
| TGTX TG Therapeutics Inc. | 0.25% | 127,000 | $5.0M | Reduce -15.4% |
| DSGX The Descartes Systems Grp | 0.25% | 49,255 | $5.0M | Reduce -36.1% |
| PNTG The Pennant Group Inc. | 0.25% | 196,442 | $4.9M | Add +2.9% |
| MSFT Microsoft Corp. | 0.25% | 12,914 | $4.8M | Reduce -2.0% |
| CPRX Catalyst Pharmaceuticals Inc. | 0.24% | 197,100 | $4.8M | Add +3.7% |
| YELP Yelp Inc. | 0.24% | 128,316 | $4.8M | Add +3.5% |
| BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA | 0.24% | 129,164 | $4.7M | Add +3.4% |
| UPWK Upwork Inc. | 0.24% | 361,400 | $4.7M | Add +3.3% |
| EXLS Exlservice Holdings Inc. | 0.24% | 99,280 | $4.7M | Add +6.3% |
| BPMC Blueprint Medicines Corp. | 0.24% | 52,400 | $4.6M | Add +3.1% |
| GOOGL Alphabet Inc. Class A | 0.23% | 29,394 | $4.5M | Add +30.1% |
| UFCS United Fire Group Inc. | 0.23% | 153,468 | $4.5M | Add +91.2% |
| FTDR Frontdoor Inc. | 0.23% | 116,240 | $4.5M | Add +3.6% |
| TILE Interface Inc. | 0.23% | 223,813 | $4.4M | Add +3.5% |
| WSR Whitestone REIT | 0.22% | 303,100 | $4.4M | Add +3.4% |
| RELY Remitly Global Inc. | 0.22% | 212,150 | $4.4M | Add +4.7% |
| ADEA Adeia Inc. | 0.22% | 332,533 | $4.4M | Add +3.5% |
| TBRG Trubridge Inc. | 0.22% | 159,684 | $4.4M | New |
| GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED | 0.22% | 345,331 | $4.4M | Add +1.7% |
| PRAA Pra Group Inc. | 0.22% | 210,350 | $4.3M | Add +3.4% |
| TGNA Tegna Inc. | 0.22% | 237,600 | $4.3M | Add +4.6% |
| ESE Esco Technologies Inc. | 0.22% | 26,745 | $4.3M | New |
| GFF Griffon Corp. | 0.22% | 59,320 | $4.2M | Add +5.0% |
| DNOW Dnow Inc. | 0.21% | 247,200 | $4.2M | New |
| SPSC SPS Commerce Inc. | 0.21% | 31,600 | $4.2M | Add +3.0% |
| PRLB Proto Labs Inc. | 0.21% | 119,624 | $4.2M | Add +3.4% |
| FTK Flotek Industries Inc. | 0.21% | 503,190 | $4.2M | Add +8.5% |
| PLXS Plexus Corp. | 0.21% | 32,625 | $4.2M | Add +5.7% |
| OPLN Openlane Inc. | 0.21% | 214,600 | $4.1M | Add +3.5% |
| OIS Oil States International Inc. filed as OIL STS INTL INC | 0.21% | 800,800 | $4.1M | New |
| TDC Teradata Corp. | 0.21% | 183,300 | $4.1M | Add +10.2% |
| PGNY Progyny Inc. | 0.21% | 183,800 | $4.1M | New |
Portfolio Sells Q4 2024 → Q1 2025
| DCBO Docebo Inc. | Sold out | 0.00% | −1.38 |
| MFC Manulife Financial Corp. | Reduce -32.3% | 2.73% | −1.22 |
| EGO Eldorado Gold Corp. | Sold out | 0.00% | −1.20 |
| PBA Pembina Pipeline Corp. | Reduce -52.3% | 1.25% | −1.16 |
| WCN Waste Connections Inc. | Reduce -58.3% | 0.96% | −1.06 |
| RCI Rogers Communications Inc. Class B | Reduce -62.8% | 0.30% | −0.62 |
| TRI Thomson Reuters Corp. | Reduce -62.7% | 0.41% | −0.61 |
| TRP TC Energy Corp. | Reduce -61.6% | 0.34% | −0.53 |
| OVV Ovintiv Inc. | Reduce -73.7% | 0.17% | −0.44 |
| CGAU Centerra Gold Inc. | Sold out | 0.00% | −0.40 |
| LSPD Lightspeed Commerce Inc. | Sold out | 0.00% | −0.40 |
| TFPM Triple Flag Precious Met | Sold out | 0.00% | −0.40 |
| SU Suncor Energy Inc. | Reduce -31.9% | 1.02% | −0.35 |
| COOP Mr Cooper Group Inc. | Reduce -99.9% | 0.00% | −0.34 |
| BV Brightview Holdings Inc. | Sold out | 0.00% | −0.32 |
| APOG Apogee Enterprises Inc. | Sold out | 0.00% | −0.31 |
| APPF Appfolio Inc. Class A | Sold out | 0.00% | −0.30 |
| NMIH Nmi Holdings Inc. | Sold out | 0.00% | −0.30 |
| IAG Iamgold Corp. | Reduce -44.0% | 0.55% | −0.26 |
| VMEO Vimeo Inc. | Sold out | 0.00% | −0.26 |
| PRMB Primo Brands Corp. | Sold out | 0.00% | −0.26 |
| DUOL Duolingo | Sold out | 0.00% | −0.26 |
| NOA North American Construction | Reduce -45.8% | 0.16% | −0.25 |
| GRTUF Granite Real Estate Investme | Reduce -99.9% | 0.00% | −0.24 |
| MWA Mueller Water Products Inc. Class A | Reduce -99.9% | 0.00% | −0.24 |
| GHM Graham Corp. | Sold out | 0.00% | −0.24 |
| KGC Kinross Gold Corp. | Reduce -37.4% | 1.30% | −0.22 |
| USAP Universal Stainless & Alloy | Sold out | 0.00% | −0.21 |
| KBH KB Home | Sold out | 0.00% | −0.21 |
| AMAL Amalgamated Financial Corp. | Sold out | 0.00% | −0.21 |
| CDP Copt Defense Properties | Sold out | 0.00% | −0.20 |
| FC Franklin Covey Co. | Sold out | 0.00% | −0.20 |
| ASB Associated Banc-Corp. | Sold out | 0.00% | −0.20 |
| SM SM Energy Co. | Sold out | 0.00% | −0.19 |
| DSGX The Descartes Systems Grp | Reduce -36.1% | 0.25% | −0.19 |
| ICFI Icf International Inc. | Sold out | 0.00% | −0.18 |
| ACA Arcosa Inc. | Sold out | 0.00% | −0.18 |
| SLF Sun Life Financial Inc. | Reduce -44.6% | 0.20% | −0.17 |
| SMPL The Simply Good Foods Co. | Sold out | 0.00% | −0.16 |
| MUR Murphy Oil Corp. | Sold out | 0.00% | −0.16 |
| IMO Imperial Oil Ltd. | Sold out | 0.00% | −0.15 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −0.15 |
| CLS Celestica Inc. | Reduce -11.7% | 0.48% | −0.15 |
| HCSG Healthcare Services Group | Sold out | 0.00% | −0.15 |
| BL Blackline Inc. | Sold out | 0.00% | −0.14 |
| ACAD Acadia Pharmaceuticals Inc. | Sold out | 0.00% | −0.14 |
| ANF Abercrombie & Fitch Co. Class A | Reduce -8.9% | 0.13% | −0.14 |
| AVNS Avanos Medical Inc. | Reduce -99.8% | 0.00% | −0.14 |
| SCSC Scansource Inc. | Sold out | 0.00% | −0.13 |
| CRDO Credo Technology Group Holdi | Reduce -2.3% | 0.19% | −0.13 |
Portfolio Buys Q4 2024 → Q1 2025
| TD Toronto-Dominion Bank | Add +107.5% | 2.89% | +1.66 |
| FSM Fortuna Mining Corp. | New | 1.58% | +1.58 |
| ORLA Orla Mining Ltd. | Add +98.0% | 2.03% | +1.43 |
| FTS Fortis Inc. | Add +3367.2% | 1.29% | +1.26 |
| CAE Cae Inc. | Add +57994.1% | 1.16% | +1.16 |
| BMO Bank of Montreal | Add +54.3% | 3.11% | +1.07 |
| VRN Veren Inc. | Add +99181.8% | 1.00% | +1.00 |
| WPM Wheaton Precious Metals Corp. | Add +82.4% | 1.06% | +0.64 |
| CM Can Imperial BK of Commerce | Add +33.2% | 3.67% | +0.59 |
| NEM Newmont Corp. | New | 0.52% | +0.52 |
| RBA RB Global Inc. | Add +2658.6% | 0.49% | +0.48 |
| ACB Aurora Cannabis Inc. | New | 0.42% | +0.42 |
| BB Blackberry Ltd. | New | 0.31% | +0.31 |
| BNS Bank of Nova Scotia | Add +23.7% | 2.63% | +0.24 |
| BN Brookfield Corp. | Add +43.2% | 0.98% | +0.23 |
| TBRG Trubridge Inc. | New | 0.22% | +0.22 |
| ESE Esco Technologies Inc. | New | 0.22% | +0.22 |
| DNOW Dnow Inc. | New | 0.21% | +0.21 |
| OIS Oil States International Inc. | New | 0.21% | +0.21 |
| PGNY Progyny Inc. | New | 0.21% | +0.21 |
| WSBC Wesbanco Inc. | New | 0.21% | +0.21 |
| DORM Dorman Products Inc. | Add +55500.0% | 0.20% | +0.20 |
| CWAN Clearwater Analytics HDS-A | New | 0.20% | +0.20 |
| EAT Brinker International Inc. | New | 0.20% | +0.20 |
| URBN Urban Outfitters Inc. | New | 0.20% | +0.20 |
| BBW Build-A-Bear Workshop Inc. | New | 0.19% | +0.19 |
| ENVA Enova International Inc. | Add +48875.0% | 0.19% | +0.19 |
| BDC Belden Inc. | New | 0.19% | +0.19 |
| ACEL Accel Entertainment Inc. | New | 0.19% | +0.19 |
| REVG Rev Group Inc. | New | 0.19% | +0.19 |
| EE Excelerate Energy Inc. Class A | New | 0.19% | +0.19 |
| STN Stantec Inc. | Add +64.5% | 0.44% | +0.19 |
| CTS CTS Corp. | New | 0.19% | +0.19 |
| MGRC McGrath Rentcorp | New | 0.19% | +0.19 |
| MITK Mitek Systems Inc. | New | 0.18% | +0.18 |
| FRSH Freshworks Inc. Class A | New | 0.18% | +0.18 |
| PTCT PTC Therapeutics Inc. | Add +39932.9% | 0.18% | +0.18 |
| ADTN Adtran Holdings Inc. | New | 0.17% | +0.17 |
| SPTN Spartannash Co. | New | 0.17% | +0.17 |
| WK Workiva Inc. | New | 0.17% | +0.17 |
| PRIM Primoris Services Corp. | New | 0.17% | +0.17 |
| RY Royal Bank of Canada | Add +9.5% | 5.53% | +0.16 |
| EGHT 8X8 Inc. | New | 0.15% | +0.15 |
| CARS Cars.com Inc. | New | 0.14% | +0.14 |
| CBAN Colony Bankcorp | Add +298.9% | 0.18% | +0.13 |
| CCJ Cameco Corp. | New | 0.13% | +0.13 |
| GIB Cgi Inc. | Add +1124.8% | 0.14% | +0.13 |
| NVCR Novocure Ltd. | New | 0.12% | +0.12 |
| B Barrick Gold Corp. | New | 0.12% | +0.12 |
| UFCS United Fire Group Inc. | Add +91.2% | 0.23% | +0.11 |
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 |