Hillsdale Investment Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Hillsdale Investment Management Inc. reported 636 stock positions worth $3.3 billion. Its top holding was Royal Bank of Canada (RY) at 3.8% of the portfolio, followed by Can Imperial BK of Commerce (CM, 2.9%) and Toronto-Dominion Bank (TD, 2.6%). Compared with Q2 2025, it opened 139 new positions, sold out of 116, added to 282 and reduced 137. The biggest buy was SSR Mining (SSRM, shares +267512%) and the biggest sale Pembina Pipeline (PBA, shares −70%).
- Most Recent 13F
- Q2 2026
- Location
- Toronto, A6
- CIK
- 0001368465
- Portfolio Value
- $3.3B (Q3 2025)
- SEC Filing
- 0001193125-25-273370 ↗ filed Nov 10, 2025
Holdings Value
Holdings 636 stocks · $3.3B
| RY Royal Bank of Canada | 3.80% | 854,537 | $125.9M | Add +2.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 2.86% | 1,184,871 | $94.7M | Add +1.6% |
| TD Toronto-Dominion Bank | 2.63% | 1,087,695 | $87.0M | Add +63.5% |
| SHOP Shopify Inc. Class A | 2.41% | 536,813 | $79.7M | Reduce -3.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.14% | 1,094,741 | $70.8M | Reduce -0.1% |
| AEM Agnico Eagle Mines Ltd. | 2.08% | 408,221 | $68.7M | Reduce -15.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 2.07% | 525,022 | $68.4M | Reduce -5.0% |
| ENB Enbridge Inc. | 1.96% | 1,285,885 | $64.9M | Reduce -26.2% |
| EFXT Enerflex Ltd. | 1.53% | 4,701,464 | $50.7M | Add +435.9% |
| NVDA Nvidia Corp. | 1.33% | 236,441 | $44.1M | Reduce -1.0% |
| SSRM SSR Mining Inc. | 1.28% | 1,739,475 | $42.5M | Add +267511.5% |
| KGC Kinross Gold Corp. | 1.28% | 1,704,212 | $42.3M | Reduce -21.1% |
| WPM Wheaton Precious Metals Corp. | 1.27% | 374,759 | $41.9M | Reduce -5.7% |
| FTS Fortis Inc. | 1.25% | 813,216 | $41.2M | Add +2.4% |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 1.20% | 4,063,578 | $39.8M | Reduce -14.9% |
| NGD New Gold Inc. | 1.20% | 5,535,228 | $39.6M | Reduce -26.2% |
| BCE Bce Inc. | 1.19% | 1,692,927 | $39.5M | Add +99.9% |
| MSFT Microsoft Corp. | 1.16% | 74,372 | $38.5M | Add +13.4% |
| B Barrick Mining Corp. | 1.08% | 1,086,751 | $35.7M | Reduce -26.1% |
| AAPL Apple Inc. | 1.08% | 140,024 | $35.7M | Reduce -6.2% |
| SMIN iShares MSCI India Small-Cap | 1.08% | 497,118 | $35.7M | Add +42.0% |
| BN Brookfield Corp. | 1.04% | 501,374 | $34.4M | Add +37.4% |
| EMA Emera Inc. | 1.04% | 716,803 | $34.4M | Reduce -24.3% |
| MGA Magna International Inc. | 1.01% | 709,170 | $33.6M | New |
| AG First Majestic Silver Corp. | 0.99% | 2,671,305 | $32.8M | New |
| GOOGL Alphabet Inc. Class A | 0.89% | 120,774 | $29.4M | Reduce -14.9% |
| PAAS Pan American Silver Corp. | 0.76% | 646,400 | $25.0M | Add +96.4% |
| FSM Fortuna Mining Corp. | 0.75% | 2,766,440 | $24.8M | Reduce -24.6% |
| AMZN Amazon.com Inc. | 0.70% | 105,287 | $23.1M | Add +17.0% |
| CGAU Centerra Gold Inc. | 0.70% | 2,157,215 | $23.1M | New |
| RCI Rogers Communications Inc. Class B | 0.63% | 606,717 | $20.9M | New |
| META Meta Platforms Inc. Class A | 0.61% | 27,618 | $20.3M | Add +21.1% |
| CCJ Cameco Corp. | 0.61% | 241,383 | $20.3M | Add +42.5% |
| HBM Hudbay Minerals Inc. | 0.47% | 1,023,100 | $15.5M | New |
| CLS Celestica Inc. | 0.46% | 61,900 | $15.2M | Reduce -44.2% |
| BAM Brookfield Asset Mgmt-A | 0.44% | 254,212 | $14.5M | Add +65.6% |
| CNQ Canadian Natural Resources | 0.42% | 436,734 | $14.0M | Reduce -34.5% |
| STN Stantec Inc. | 0.42% | 128,500 | $13.9M | Reduce -5.3% |
| PBA Pembina Pipeline Corp. | 0.39% | 319,154 | $12.9M | Reduce -69.8% |
| GIL Gildan Activewear Inc. | 0.37% | 213,620 | $12.3M | Add +41.4% |
| RMBS Rambus Inc. | 0.35% | 112,700 | $11.7M | Add +8.8% |
| GAU Galiano Gold Inc. | 0.35% | 5,290,195 | $11.5M | New |
| CRDO Credo Technology Group Holdi | 0.34% | 78,310 | $11.4M | Reduce -15.2% |
| MFC Manulife Financial Corp. | 0.34% | 362,991 | $11.3M | Reduce -66.5% |
| RBA RB Global Inc. | 0.34% | 103,810 | $11.2M | Add +0.2% |
| AVGO Broadcom Inc. | 0.34% | 33,794 | $11.1M | Reduce -17.1% |
| IAG Iamgold Corp. | 0.34% | 862,155 | $11.1M | Reduce -0.1% |
| V Visa Inc. Class A | 0.33% | 32,250 | $11.0M | Add +73.3% |
| SU Suncor Energy Inc. | 0.33% | 260,422 | $10.9M | Add +31.4% |
| PRIM Primoris Services Corp. | 0.33% | 78,780 | $10.8M | Add +3.7% |
| IBEX Ibex Ltd. | 0.32% | 259,500 | $10.5M | Reduce -0.4% |
| LAUR Laureate Education Inc. | 0.31% | 327,221 | $10.3M | Add +4.9% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.31% | 66,660 | $10.3M | Add +11.6% |
| FSV Firstservice Corp. | 0.30% | 52,250 | $10.0M | Reduce -2.3% |
| GH Guardant Health Inc. | 0.29% | 155,900 | $9.7M | Add +14.6% |
| FTDR Frontdoor Inc. | 0.29% | 144,240 | $9.7M | Add +8.1% |
| CP Canadian Pacific Kansas City | 0.29% | 127,886 | $9.5M | Add +43.0% |
| CVE Cenovus Energy Inc. | 0.29% | 558,600 | $9.5M | New |
| UPWK Upwork Inc. | 0.28% | 505,300 | $9.4M | Add +12.4% |
| ADPT Adaptive Biotechnologies | 0.28% | 621,790 | $9.3M | Add +9.4% |
| MA Mastercard Inc. Class A | 0.27% | 15,776 | $9.0M | Add +13.9% |
| TILE Interface Inc. | 0.27% | 309,913 | $9.0M | Add +10.6% |
| REVG Rev Group Inc. | 0.27% | 156,400 | $8.9M | Add +6.9% |
| KNSA Kiniksa Pharmaceuticals Inte | 0.26% | 225,374 | $8.8M | Add +12.4% |
| JPM JPMorgan Chase & Co. | 0.26% | 27,592 | $8.7M | Reduce -10.0% |
| NUS Nu Skin Enterprises Inc. Class A | 0.26% | 708,060 | $8.6M | Add +7.2% |
| OPLN Openlane Inc. | 0.26% | 298,800 | $8.6M | Add +7.1% |
| BBIO Bridgebio Pharma Inc. | 0.26% | 165,260 | $8.6M | Add +5.2% |
| PRLB Proto Labs Inc. | 0.26% | 169,584 | $8.5M | Add +10.4% |
| SGHC Super Group SGHC Ltd. | 0.25% | 638,730 | $8.4M | Add +5.6% |
| NFLX Netflix Inc. | 0.25% | 6,974 | $8.4M | Add +69.1% |
| SANM Sanmina Corp. | 0.25% | 72,280 | $8.3M | Add +11.1% |
| AMBA Ambarella Inc. | 0.25% | 100,080 | $8.3M | Add +3.3% |
| ADEA Adeia Inc. | 0.25% | 488,103 | $8.2M | Add +12.4% |
| BBW Build-A-Bear Workshop Inc. | 0.25% | 125,400 | $8.2M | Add +4.5% |
| VC Visteon Corp. | 0.25% | 67,900 | $8.1M | Add +5.9% |
| RIGL Rigel Pharmaceuticals Inc. | 0.24% | 284,394 | $8.1M | Add +8.5% |
| BOX Box Inc. Class A | 0.24% | 249,350 | $8.0M | Add +18.0% |
| ODP The Odp Corp. filed as THE ODP CORP | 0.24% | 288,902 | $8.0M | Add +22.8% |
| HITI High Tide Inc. | 0.24% | 2,199,565 | $8.0M | New |
| SBH Sally Beauty Holdings Inc. | 0.24% | 492,076 | $8.0M | Add +2.0% |
| FNV Franco-Nevada Corp. | 0.24% | 35,893 | $8.0M | Reduce -31.4% |
| WWW Wolverine World Wide Inc. | 0.24% | 290,550 | $8.0M | Add +2.6% |
| BKNG Booking Holdings Inc. | 0.24% | 1,474 | $8.0M | Add +5.7% |
| AVAH Aveanna Healthcare Holdings | 0.24% | 893,130 | $7.9M | New |
| RNG Ringcentral Inc. Class A | 0.24% | 277,650 | $7.9M | Add +31.3% |
| DXC DXC Technology Co. | 0.24% | 574,800 | $7.8M | Add +51.5% |
| GTX Garrett Motion Inc. | 0.23% | 571,450 | $7.8M | Add +4.8% |
| NTR Nutrien Ltd. | 0.23% | 131,955 | $7.7M | Add +219825.0% |
| CSGS CSG Systems Intl Inc. | 0.23% | 120,300 | $7.7M | Add +12.8% |
| PRM Perimeter Solutions Inc. | 0.23% | 344,840 | $7.7M | Add +1.9% |
| OIS Oil States International Inc. filed as OIL STS INTL INC | 0.23% | 1,266,500 | $7.7M | Add +7.8% |
| EXLS Exlservice Holdings Inc. | 0.23% | 174,200 | $7.7M | Add +26.4% |
| MYRG MYR Group Inc./Delaware | 0.23% | 36,640 | $7.6M | Add +7.6% |
| KTB Kontoor Brands Inc. | 0.23% | 95,400 | $7.6M | Add +17.2% |
| SKYW Skywest Inc. | 0.23% | 75,580 | $7.6M | Add +4.9% |
| CVLT Commvault Systems Inc. | 0.23% | 40,200 | $7.6M | Reduce -7.8% |
| CARG Cargurus Inc. | 0.23% | 203,700 | $7.6M | Add +10.0% |
| MD Pediatrix Medical Group Inc. | 0.23% | 452,200 | $7.6M | Add +20.1% |
| JXN Jackson Financial Inc. Class A | 0.23% | 74,700 | $7.6M | Add +23.1% |
Portfolio Sells Q2 2025 → Q3 2025
| PBA Pembina Pipeline Corp. | Reduce -69.8% | 0.39% | −1.08 |
| SII Sprott Inc. | Reduce -98.6% | 0.01% | −1.03 |
| SLF Sun Life Financial Inc. | Reduce -99.2% | 0.01% | −1.03 |
| ENB Enbridge Inc. | Reduce -26.2% | 1.96% | −0.96 |
| NEM Newmont Corp. | Sold out | 0.00% | −0.96 |
| MFC Manulife Financial Corp. | Reduce -66.5% | 0.34% | −0.94 |
| AAUC Allied Gold Corp. | Sold out | 0.00% | −0.76 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.74 |
| ORLA Orla Mining Ltd. | Sold out | 0.00% | −0.69 |
| EMA Emera Inc. | Reduce -24.3% | 1.04% | −0.56 |
| WCN Waste Connections Inc. | Reduce -94.6% | 0.02% | −0.47 |
| CNQ Canadian Natural Resources | Reduce -34.5% | 0.42% | −0.35 |
| CAE Cae Inc. | Reduce -81.3% | 0.06% | −0.34 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −0.30 |
| AMSC American Superconductor Corp. | Reduce -99.9% | 0.00% | −0.30 |
| AGX Argan Inc. | Sold out | 0.00% | −0.27 |
| HIMS Hims & Hers Health Inc. | Sold out | 0.00% | −0.27 |
| FTK Flotek Industries Inc. | Reduce -95.8% | 0.01% | −0.25 |
| ADBE Adobe Inc. | Reduce -78.0% | 0.04% | −0.23 |
| QCOM Qualcomm Inc. | Reduce -81.7% | 0.04% | −0.21 |
| CWEN.A Clearway Energy Inc. Class A | Sold out | 0.00% | −0.21 |
| GFF Griffon Corp. | Reduce -99.9% | 0.00% | −0.21 |
| KRG Kite Realty Group Trust | Sold out | 0.00% | −0.20 |
| RELY Remitly Global Inc. | Reduce -99.9% | 0.00% | −0.20 |
| VBTX Veritex Holdings Inc. | Sold out | 0.00% | −0.20 |
| BMO Bank of Montreal | Reduce -5.0% | 2.07% | −0.20 |
| TGNA Tegna Inc. | Sold out | 0.00% | −0.20 |
| APEI American Public Education | Sold out | 0.00% | −0.19 |
| EE Excelerate Energy Inc. Class A | Sold out | 0.00% | −0.19 |
| CLS Celestica Inc. | Reduce -44.2% | 0.46% | −0.18 |
| NGD New Gold Inc. | Reduce -26.2% | 1.20% | −0.18 |
| MMS Maximus Inc. | Reduce -99.8% | 0.00% | −0.17 |
| GRSD Grandstand Ltd. | Sold out | 0.00% | −0.16 |
| CWAN Clearwater Analytics HDS-A | Sold out | 0.00% | −0.15 |
| UNH Unitedhealth Group Inc. | Reduce -98.0% | 0.00% | −0.15 |
| REZI Resideo Technologies Inc. | Reduce -99.6% | 0.00% | −0.15 |
| SCS Steelcase Inc. Class A | Sold out | 0.00% | −0.15 |
| MAX Mediaalpha Inc. Class A | Sold out | 0.00% | −0.15 |
| FSM Fortuna Mining Corp. | Reduce -24.6% | 0.75% | −0.14 |
| DMC Del Monte Corp. | Sold out | 0.00% | −0.13 |
| STN Stantec Inc. | Reduce -5.3% | 0.42% | −0.13 |
| RKLB Rocket Lab Corp. | Sold out | 0.00% | −0.12 |
| DORM Dorman Products Inc. | Reduce -59.2% | 0.09% | −0.12 |
| TWST Twist Bioscience Corp. | Sold out | 0.00% | −0.11 |
| JNJ Johnson & Johnson | Reduce -41.3% | 0.15% | −0.11 |
| BNS Bank of Nova Scotia | Reduce -0.1% | 2.14% | −0.10 |
| TPH Tri Pointe Homes Inc. | Sold out | 0.00% | −0.10 |
| ERO Ero Copper Corp. | Reduce -39.4% | 0.15% | −0.10 |
| TRI Thomson Reuters Corp. | Reduce -27.6% | 0.08% | −0.10 |
| QNST Quinstreet Inc. | Reduce -48.0% | 0.07% | −0.10 |
Portfolio Buys Q2 2025 → Q3 2025
| SSRM SSR Mining Inc. | Add +267511.5% | 1.28% | +1.28 |
| EFXT Enerflex Ltd. | Add +435.9% | 1.53% | +1.27 |
| MGA Magna International Inc. | New | 1.01% | +1.01 |
| AG First Majestic Silver Corp. | New | 0.99% | +0.99 |
| TD Toronto-Dominion Bank | Add +63.5% | 2.63% | +0.82 |
| CGAU Centerra Gold Inc. | New | 0.70% | +0.70 |
| RCI Rogers Communications Inc. Class B | New | 0.63% | +0.63 |
| BCE Bce Inc. | Add +99.9% | 1.19% | +0.50 |
| HBM Hudbay Minerals Inc. | New | 0.47% | +0.47 |
| PAAS Pan American Silver Corp. | Add +96.4% | 0.76% | +0.41 |
| GAU Galiano Gold Inc. | New | 0.35% | +0.35 |
| CVE Cenovus Energy Inc. | New | 0.29% | +0.29 |
| HITI High Tide Inc. | New | 0.24% | +0.24 |
| AVAH Aveanna Healthcare Holdings | New | 0.24% | +0.24 |
| NTR Nutrien Ltd. | Add +219825.0% | 0.23% | +0.23 |
| MEOH Methanex Corp. | New | 0.22% | +0.22 |
| FELE Franklin Electric Co. Inc. | New | 0.22% | +0.22 |
| AMRX Amneal Pharmaceuticals Inc. | Add +89403.6% | 0.22% | +0.22 |
| DBD Diebold Nixdorf Inc. | New | 0.21% | +0.21 |
| AZZ Azz Inc. | New | 0.21% | +0.21 |
| CXM Sprinklr Inc. Class A | New | 0.21% | +0.21 |
| GIC Global Industrial Co. | New | 0.21% | +0.21 |
| EXTR Extreme Networks Inc. | Add +73806.7% | 0.21% | +0.21 |
| KE Kimball Electronics Inc. | New | 0.21% | +0.21 |
| JBI Janus International Group Inc. | New | 0.21% | +0.21 |
| BN Brookfield Corp. | Add +37.4% | 1.04% | +0.20 |
| ALNT Allient Inc. | New | 0.20% | +0.20 |
| BFH Bread Financial Holdings Inc. | New | 0.20% | +0.20 |
| SFNC Simmons First Natl Corp. Class A | New | 0.19% | +0.19 |
| TRIP Tripadvisor Inc. | New | 0.19% | +0.19 |
| UBER Uber Technologies Inc. | New | 0.16% | +0.16 |
| CCJ Cameco Corp. | Add +42.5% | 0.61% | +0.15 |
| CIEN Ciena Corp. | Add +253.9% | 0.18% | +0.14 |
| INFU Infusystem Holdings Inc. | New | 0.14% | +0.14 |
| IONS Ionis Pharmaceuticals Inc. | New | 0.14% | +0.14 |
| GS Goldman Sachs Group Inc. | Add +545.0% | 0.17% | +0.14 |
| TBPH Theravance Biopharma Inc. | New | 0.14% | +0.14 |
| SONO Sonos Inc. | New | 0.13% | +0.13 |
| TPC Tutor Perini Corp. | Add +39576.5% | 0.13% | +0.13 |
| RYTM Rhythm Pharmaceuticals Inc. | New | 0.13% | +0.13 |
| VRNS Varonis Systems Inc. | New | 0.13% | +0.13 |
| EFOR Everforth Inc. | New | 0.13% | +0.13 |
| BWFG Bankwell Financial Group Inc. | New | 0.13% | +0.13 |
| CALX Calix Inc. | Add +43250.0% | 0.13% | +0.13 |
| FTI Technipfmc PLC | Add +367.8% | 0.16% | +0.13 |
| TRS Trimas Corp. | New | 0.13% | +0.13 |
| DOCN Digitalocean Holdings Inc. | Add +158.9% | 0.21% | +0.12 |
| BAM Brookfield Asset Mgmt-A | Add +65.6% | 0.44% | +0.12 |
| ROKU Roku Inc. | New | 0.12% | +0.12 |
| CENTA Central Garden and Pet Co. Class A | Add +237.5% | 0.19% | +0.12 |
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 |