Hillsdale Investment Management Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Hillsdale Investment Management Inc. reported 613 stock positions worth $2.7 billion. Its top holding was Royal Bank of Canada (RY) at 4.1% of the portfolio, followed by Can Imperial BK of Commerce (CM, 3.1%) and Enbridge (ENB, 2.9%). Compared with Q1 2025, it opened 135 new positions, sold out of 115, added to 250 and reduced 157. The biggest buy was a new position in Emera (EMA) and the biggest sale Enerflex (EFXT, shares −85%).
- Most Recent 13F
- Q2 2026
- Location
- Toronto, A6
- CIK
- 0001368465
- Portfolio Value
- $2.7B (Q2 2025)
- SEC Filing
- 0000950123-25-007568 ↗ filed Aug 12, 2025
Holdings Value
Holdings 613 stocks · $2.7B
| RY Royal Bank of Canada | 4.06% | 833,778 | $110.0M | Reduce -13.6% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 3.06% | 1,165,737 | $82.8M | Reduce -9.1% |
| ENB Enbridge Inc. | 2.92% | 1,741,794 | $79.0M | Add +13.8% |
| SHOP Shopify Inc. Class A | 2.36% | 554,136 | $64.0M | Reduce -10.7% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 2.26% | 552,939 | $61.3M | Reduce -13.6% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.24% | 1,096,397 | $60.7M | Add +0.3% |
| AEM Agnico Eagle Mines Ltd. | 2.11% | 480,246 | $57.3M | Reduce -6.3% |
| TD Toronto-Dominion Bank | 1.81% | 665,382 | $49.0M | Reduce -29.7% |
| EMA Emera Inc. | 1.60% | 946,507 | $43.4M | New |
| PBA Pembina Pipeline Corp. | 1.47% | 1,057,273 | $39.7M | Add +71.9% |
| FTS Fortis Inc. | 1.40% | 794,320 | $38.0M | Add +42.4% |
| NVDA Nvidia Corp. | 1.39% | 238,746 | $37.7M | Add +300.9% |
| NGD New Gold Inc. | 1.38% | 7,500,739 | $37.3M | Reduce -5.8% |
| WPM Wheaton Precious Metals Corp. | 1.32% | 397,579 | $35.8M | Add +48.0% |
| MFC Manulife Financial Corp. | 1.28% | 1,085,013 | $34.7M | Reduce -37.0% |
| KGC Kinross Gold Corp. | 1.25% | 2,158,987 | $33.8M | Add +6.1% |
| MSFT Microsoft Corp. | 1.20% | 65,564 | $32.6M | Add +407.7% |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 1.19% | 4,774,163 | $32.2M | New |
| B Barrick Mining Corp. | 1.13% | 1,470,729 | $30.6M | Add +1142.0% |
| AAPL Apple Inc. | 1.13% | 149,289 | $30.6M | Add +386.8% |
| SII Sprott Inc. | 1.04% | 409,085 | $28.3M | New |
| SLF Sun Life Financial Inc. | 1.04% | 421,138 | $28.0M | Add +525.8% |
| SMIN iShares MSCI India Small-Cap | 1.00% | 350,118 | $27.0M | Add +244.3% |
| NEM Newmont Corp. | 0.96% | 444,090 | $25.9M | Add +109.5% |
| GOOGL Alphabet Inc. Class A | 0.92% | 142,004 | $25.0M | Add +383.1% |
| FSM Fortuna Mining Corp. | 0.89% | 3,670,115 | $24.0M | Reduce -28.3% |
| BN Brookfield Corp. | 0.83% | 364,949 | $22.6M | Reduce -0.7% |
| CNQ Canadian Natural Resources | 0.77% | 666,405 | $21.0M | Add +68.0% |
| AAUC Allied Gold Corp. | 0.76% | 1,525,230 | $20.5M | New |
| SAND Sandstorm Gold Ltd. | 0.74% | 2,131,235 | $20.1M | New |
| AMZN Amazon.com Inc. | 0.73% | 89,957 | $19.7M | Add +383.7% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.69% | 1,871,279 | $18.8M | Reduce -56.2% |
| BCE Bce Inc. | 0.69% | 846,966 | $18.8M | Add +58676.3% |
| CLS Celestica Inc. | 0.64% | 110,990 | $17.4M | Reduce -6.4% |
| META Meta Platforms Inc. Class A | 0.62% | 22,815 | $16.8M | Add +271.0% |
| STN Stantec Inc. | 0.55% | 135,710 | $14.8M | Add +30.8% |
| WCN Waste Connections Inc. | 0.49% | 71,200 | $13.3M | Reduce -26.8% |
| CCJ Cameco Corp. | 0.46% | 169,448 | $12.6M | Add +165.1% |
| AVGO Broadcom Inc. | 0.41% | 40,744 | $11.2M | Add +435.1% |
| RBA RB Global Inc. | 0.41% | 103,600 | $11.0M | Add +7.3% |
| CAE Cae Inc. | 0.40% | 371,675 | $10.9M | Reduce -60.0% |
| PAAS Pan American Silver Corp. | 0.34% | 329,100 | $9.3M | Add +35.2% |
| FSV Firstservice Corp. | 0.34% | 53,495 | $9.3M | Reduce -1.5% |
| JPM JPMorgan Chase & Co. | 0.33% | 30,652 | $8.9M | Add +368.5% |
| FNV Franco-Nevada Corp. | 0.32% | 52,334 | $8.6M | Add +12983.5% |
| CRDO Credo Technology Group Holdi | 0.32% | 92,350 | $8.6M | Reduce -0.8% |
| BAM Brookfield Asset Mgmt-A | 0.31% | 153,499 | $8.5M | Reduce -7.7% |
| SFM Sprouts Farmers Market Inc. | 0.30% | 50,040 | $8.2M | Add +19.6% |
| BPMC Blueprint Medicines Corp. | 0.30% | 63,000 | $8.1M | Add +20.2% |
| AMSC American Superconductor Corp. | 0.30% | 220,000 | $8.1M | Add +15.6% |
| BKNG Booking Holdings Inc. | 0.30% | 1,394 | $8.1M | Add +228.8% |
| FTDR Frontdoor Inc. | 0.29% | 133,440 | $7.9M | Add +14.8% |
| MA Mastercard Inc. Class A | 0.29% | 13,856 | $7.8M | Add +731.7% |
| CVLT Commvault Systems Inc. | 0.28% | 43,600 | $7.6M | Add +13.8% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.28% | 59,710 | $7.6M | Reduce -4.0% |
| IBEX Ibex Ltd. | 0.28% | 260,500 | $7.6M | Add +18.6% |
| GIL Gildan Activewear Inc. | 0.28% | 151,100 | $7.5M | Reduce -69.5% |
| SU Suncor Energy Inc. | 0.27% | 198,120 | $7.4M | Reduce -61.9% |
| SKYW Skywest Inc. | 0.27% | 72,080 | $7.4M | Add +19.4% |
| ADBE Adobe Inc. | 0.27% | 19,088 | $7.4M | Add +369.2% |
| LAUR Laureate Education Inc. | 0.27% | 311,821 | $7.3M | Add +18.1% |
| AGX Argan Inc. | 0.27% | 33,013 | $7.3M | Add +19.1% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 0.27% | 77,736 | $7.3M | Add +11.8% |
| HIMS Hims & Hers Health Inc. | 0.27% | 145,810 | $7.3M | Add +13.9% |
| BOX Box Inc. Class A | 0.27% | 211,350 | $7.2M | Add +14.1% |
| CP Canadian Pacific Kansas City | 0.26% | 89,451 | $7.1M | Reduce -37.5% |
| GH Guardant Health Inc. | 0.26% | 136,100 | $7.1M | New |
| CALM Cal-Maine Foods Inc. | 0.26% | 70,980 | $7.1M | Add +25.0% |
| CSGS CSG Systems Intl Inc. | 0.26% | 106,700 | $7.0M | Add +24.8% |
| REVG Rev Group Inc. | 0.26% | 146,300 | $7.0M | Add +24.5% |
| FTK Flotek Industries Inc. | 0.26% | 471,420 | $7.0M | Reduce -6.3% |
| EFXT Enerflex Ltd. | 0.26% | 877,371 | $6.9M | Reduce -84.8% |
| QCOM Qualcomm Inc. | 0.25% | 43,270 | $6.9M | Add +304.0% |
| JNJ Johnson & Johnson | 0.25% | 44,762 | $6.8M | Add +1942.1% |
| OPLN Openlane Inc. | 0.25% | 279,100 | $6.8M | Add +30.1% |
| BBIO Bridgebio Pharma Inc. | 0.25% | 157,160 | $6.8M | New |
| URBN Urban Outfitters Inc. | 0.25% | 92,710 | $6.7M | Add +25.1% |
| ERO Ero Copper Corp. | 0.25% | 395,560 | $6.7M | New |
| SGHC Super Group SGHC Ltd. | 0.24% | 604,880 | $6.6M | Add +68636.4% |
| RMBS Rambus Inc. | 0.24% | 103,630 | $6.6M | Add +60.4% |
| EPAC Enerpac Tool Group Corp. | 0.24% | 163,500 | $6.6M | Add +19.1% |
| ADPT Adaptive Biotechnologies | 0.24% | 568,090 | $6.6M | New |
| V Visa Inc. Class A | 0.24% | 18,615 | $6.6M | Add +379.1% |
| RAMP Liveramp Holdings Inc. | 0.24% | 198,210 | $6.5M | Add +26.5% |
| COST Costco Wholesale Corp. | 0.24% | 6,613 | $6.5M | Add +897.4% |
| HSII Heidrick & Struggles Intl | 0.24% | 142,200 | $6.5M | Add +20.5% |
| ESE Esco Technologies Inc. | 0.24% | 33,845 | $6.5M | Add +26.6% |
| AMBA Ambarella Inc. | 0.24% | 96,890 | $6.4M | Add +32.2% |
| SANM Sanmina Corp. | 0.23% | 65,080 | $6.4M | Add +48.0% |
| IAG Iamgold Corp. | 0.23% | 862,805 | $6.4M | Reduce -50.6% |
| SLAB Silicon Laboratories Inc. | 0.23% | 42,830 | $6.3M | New |
| OIS Oil States International Inc. filed as OIL STS INTL INC | 0.23% | 1,174,300 | $6.3M | Add +46.6% |
| HURN Huron Consulting Group Inc. | 0.23% | 45,640 | $6.3M | Add +29.5% |
| CARG Cargurus Inc. | 0.23% | 185,250 | $6.2M | Add +32.3% |
| BBW Build-A-Bear Workshop Inc. | 0.23% | 120,000 | $6.2M | Add +18.1% |
| EAT Brinker International Inc. | 0.23% | 34,300 | $6.2M | Add +30.9% |
| MYRG MYR Group Inc./Delaware | 0.23% | 34,040 | $6.2M | New |
| PRLB Proto Labs Inc. | 0.23% | 153,624 | $6.2M | Add +28.4% |
| ADEA Adeia Inc. | 0.23% | 434,203 | $6.1M | Add +30.6% |
| UPWK Upwork Inc. | 0.22% | 449,400 | $6.0M | Add +24.4% |
Portfolio Sells Q1 2025 → Q2 2025
| EFXT Enerflex Ltd. | Reduce -84.8% | 0.26% | −2.02 |
| MEOH Methanex Corp. | Sold out | 0.00% | −1.88 |
| RY Royal Bank of Canada | Reduce -13.6% | 4.06% | −1.47 |
| MFC Manulife Financial Corp. | Reduce -37.0% | 1.28% | −1.45 |
| ORLA Orla Mining Ltd. | Reduce -56.2% | 0.69% | −1.34 |
| TD Toronto-Dominion Bank | Reduce -29.7% | 1.81% | −1.08 |
| VRN Veren Inc. | Sold out | 0.00% | −1.00 |
| BMO Bank of Montreal | Reduce -13.6% | 2.26% | −0.85 |
| GIL Gildan Activewear Inc. | Reduce -69.5% | 0.28% | −0.84 |
| CAE Cae Inc. | Reduce -60.0% | 0.40% | −0.76 |
| SU Suncor Energy Inc. | Reduce -61.9% | 0.27% | −0.75 |
| AEM Agnico Eagle Mines Ltd. | Reduce -6.3% | 2.11% | −0.71 |
| FSM Fortuna Mining Corp. | Reduce -28.3% | 0.89% | −0.70 |
| SHOP Shopify Inc. Class A | Reduce -10.7% | 2.36% | −0.64 |
| CM Can Imperial BK of Commerce | Reduce -9.1% | 3.06% | −0.61 |
| BHC Bausch Health Cos Inc. | Sold out | 0.00% | −0.55 |
| AGI Alamos Gold Inc. Class A | Sold out | 0.00% | −0.55 |
| WCN Waste Connections Inc. | Reduce -26.8% | 0.49% | −0.47 |
| ACB Aurora Cannabis Inc. | Sold out | 0.00% | −0.42 |
| ADMA Adma Biologics Inc. | Sold out | 0.00% | −0.33 |
| IAG Iamgold Corp. | Reduce -50.6% | 0.23% | −0.32 |
| LQDT Liquidity Services Inc. | Sold out | 0.00% | −0.31 |
| BB Blackberry Ltd. | Sold out | 0.00% | −0.31 |
| RCI Rogers Communications Inc. Class B | Sold out | 0.00% | −0.30 |
| CNO Cno Financial Group Inc. | Sold out | 0.00% | −0.28 |
| TIPT Tiptree Inc. | Sold out | 0.00% | −0.28 |
| HSTM Healthstream Inc. | Sold out | 0.00% | −0.26 |
| TRP TC Energy Corp. | Reduce -67.7% | 0.08% | −0.26 |
| TGTX TG Therapeutics Inc. | Sold out | 0.00% | −0.25 |
| DSGX The Descartes Systems Grp | Sold out | 0.00% | −0.25 |
| PNTG The Pennant Group Inc. | Sold out | 0.00% | −0.25 |
| CP Canadian Pacific Kansas City | Reduce -37.5% | 0.26% | −0.25 |
| BBSI Barrett Business SVCS Inc. | Reduce -65.6% | 0.08% | −0.24 |
| TRI Thomson Reuters Corp. | Reduce -48.1% | 0.18% | −0.23 |
| WSR Whitestone REIT | Sold out | 0.00% | −0.22 |
| PRAA Pra Group Inc. | Sold out | 0.00% | −0.22 |
| WSBC Wesbanco Inc. | Sold out | 0.00% | −0.21 |
| FARO Faro Technologies Inc. | Sold out | 0.00% | −0.20 |
| MATX Matson Inc. | Sold out | 0.00% | −0.19 |
| ENR Energizer Holdings Inc. | Sold out | 0.00% | −0.19 |
| STGW Stagwell Inc. | Sold out | 0.00% | −0.18 |
| MTX Minerals Technologies Inc. | Sold out | 0.00% | −0.17 |
| OVV Ovintiv Inc. | Sold out | 0.00% | −0.17 |
| WK Workiva Inc. | Sold out | 0.00% | −0.17 |
| SPTN Spartannash Co. | Reduce -99.7% | 0.00% | −0.17 |
| LYTS Lsi Industries Inc. | Reduce -41.6% | 0.12% | −0.17 |
| PMTS Cpi Card Group Inc. | Reduce -92.7% | 0.01% | −0.17 |
| CDNA Caredx Inc. | Reduce -99.8% | 0.00% | −0.17 |
| NOA North American Construction | Sold out | 0.00% | −0.16 |
| ALKT Alkami Technology Inc. | Sold out | 0.00% | −0.15 |
Portfolio Buys Q1 2025 → Q2 2025
| EMA Emera Inc. | New | 1.60% | +1.60 |
| ARIS Aris Mining Corp. | New | 1.19% | +1.19 |
| NVDA Nvidia Corp. | Add +300.9% | 1.39% | +1.06 |
| SII Sprott Inc. | New | 1.04% | +1.04 |
| B Barrick Mining Corp. | Add +1142.0% | 1.13% | +1.01 |
| MSFT Microsoft Corp. | Add +407.7% | 1.20% | +0.96 |
| SLF Sun Life Financial Inc. | Add +525.8% | 1.04% | +0.84 |
| AAPL Apple Inc. | Add +386.8% | 1.13% | +0.78 |
| AAUC Allied Gold Corp. | New | 0.76% | +0.76 |
| SAND Sandstorm Gold Ltd. | New | 0.74% | +0.74 |
| GOOGL Alphabet Inc. Class A | Add +383.1% | 0.92% | +0.69 |
| BCE Bce Inc. | Add +58676.3% | 0.69% | +0.69 |
| SMIN iShares MSCI India Small-Cap | Add +244.3% | 1.00% | +0.65 |
| AMZN Amazon.com Inc. | Add +383.7% | 0.73% | +0.55 |
| META Meta Platforms Inc. Class A | Add +271.0% | 0.62% | +0.44 |
| NEM Newmont Corp. | Add +109.5% | 0.96% | +0.44 |
| AVGO Broadcom Inc. | Add +435.1% | 0.41% | +0.35 |
| CCJ Cameco Corp. | Add +165.1% | 0.46% | +0.33 |
| FNV Franco-Nevada Corp. | Add +12983.5% | 0.32% | +0.31 |
| GH Guardant Health Inc. | New | 0.26% | +0.26 |
| WPM Wheaton Precious Metals Corp. | Add +48.0% | 1.32% | +0.26 |
| BBIO Bridgebio Pharma Inc. | New | 0.25% | +0.25 |
| ERO Ero Copper Corp. | New | 0.25% | +0.25 |
| JPM JPMorgan Chase & Co. | Add +368.5% | 0.33% | +0.25 |
| SGHC Super Group SGHC Ltd. | Add +68636.4% | 0.24% | +0.24 |
| ADPT Adaptive Biotechnologies | New | 0.24% | +0.24 |
| MA Mastercard Inc. Class A | Add +731.7% | 0.29% | +0.24 |
| JNJ Johnson & Johnson | Add +1942.1% | 0.25% | +0.23 |
| SLAB Silicon Laboratories Inc. | New | 0.23% | +0.23 |
| MYRG MYR Group Inc./Delaware | New | 0.23% | +0.23 |
| VC Visteon Corp. | Add +64000.0% | 0.22% | +0.22 |
| WOR Worthington Enterprises Inc. | New | 0.22% | +0.22 |
| PBA Pembina Pipeline Corp. | Add +71.9% | 1.47% | +0.22 |
| IRTC Irhythm Holdings Inc. | New | 0.21% | +0.21 |
| GTX Garrett Motion Inc. | New | 0.21% | +0.21 |
| COST Costco Wholesale Corp. | Add +897.4% | 0.24% | +0.21 |
| HNI Hni Corp. | New | 0.21% | +0.21 |
| NWBI Northwest Bancshares Inc. | New | 0.21% | +0.21 |
| KNSA Kiniksa Pharmaceuticals Inte | New | 0.20% | +0.20 |
| KRG Kite Realty Group Trust | New | 0.20% | +0.20 |
| EWCZ European Wax Center Inc. Class A | New | 0.20% | +0.20 |
| ASTE Astec Industries Inc. | Add +77508.8% | 0.20% | +0.20 |
| HCSG Healthcare Services Group | New | 0.20% | +0.20 |
| HLIT Harmonic Inc. | New | 0.20% | +0.20 |
| MD Pediatrix Medical Group Inc. | Add +75200.0% | 0.20% | +0.20 |
| BKNG Booking Holdings Inc. | Add +228.8% | 0.30% | +0.20 |
| NUS Nu Skin Enterprises Inc. Class A | New | 0.19% | +0.19 |
| ADBE Adobe Inc. | Add +369.2% | 0.27% | +0.19 |
| BHF Brighthouse Financial Inc. | New | 0.19% | +0.19 |
| YEXT Yext Inc. | New | 0.19% | +0.19 |
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 |