Hillsdale Investment Management Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Hillsdale Investment Management Inc. reported 653 stock positions worth $3.6 billion. Its top holding was Royal Bank of Canada (RY) at 4.6% of the portfolio, followed by Can Imperial BK of Commerce (CM, 3.1%) and Toronto-Dominion Bank (TD, 3.0%). Compared with Q3 2025, it opened 140 new positions, sold out of 123, added to 188 and reduced 218. The biggest buy was Ero Copper (ERO, shares +603%) and the biggest sale SSR Mining (SSRM, shares −47%).
- Most Recent 13F
- Q2 2026
- Location
- Toronto, A6
- CIK
- 0001368465
- Portfolio Value
- $3.6B (Q4 2025)
- SEC Filing
- 0001193125-26-043773 ↗ filed Feb 10, 2026
Holdings Value
Holdings 653 stocks · $3.6B
| RY Royal Bank of Canada | 4.55% | 965,757 | $164.9M | Add +13.0% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 3.08% | 1,226,951 | $111.4M | Add +3.5% |
| TD Toronto-Dominion Bank | 3.04% | 1,166,579 | $110.1M | Add +7.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.35% | 1,153,861 | $85.3M | Add +5.4% |
| SHOP Shopify Inc. Class A | 2.13% | 479,434 | $77.3M | Reduce -10.7% |
| EFXT Enerflex Ltd. | 2.00% | 4,686,254 | $72.4M | Reduce -0.3% |
| AEM Agnico Eagle Mines Ltd. | 1.95% | 414,943 | $70.5M | Add +1.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.72% | 478,120 | $62.2M | Reduce -8.9% |
| ENB Enbridge Inc. | 1.55% | 1,173,067 | $56.2M | Reduce -8.8% |
| B Barrick Mining Corp. | 1.40% | 1,165,501 | $50.9M | Add +7.3% |
| CGAU Centerra Gold Inc. | 1.40% | 3,513,875 | $50.7M | Add +62.9% |
| ERO Ero Copper Corp. | 1.32% | 1,685,445 | $47.8M | Add +602.9% |
| NVDA Nvidia Corp. | 1.26% | 245,106 | $45.7M | Add +3.7% |
| WPM Wheaton Precious Metals Corp. | 1.24% | 380,264 | $44.8M | Add +1.5% |
| FTS Fortis Inc. | 1.13% | 783,178 | $40.8M | Reduce -3.7% |
| AAPL Apple Inc. | 1.11% | 147,332 | $40.1M | Add +5.2% |
| BCE Bce Inc. | 1.09% | 1,659,910 | $39.7M | Reduce -1.9% |
| MGA Magna International Inc. | 1.07% | 725,425 | $38.7M | Add +2.3% |
| KGC Kinross Gold Corp. | 1.05% | 1,349,802 | $38.1M | Reduce -20.8% |
| GOOGL Alphabet Inc. Class A | 1.02% | 118,182 | $37.0M | Reduce -2.1% |
| SU Suncor Energy Inc. | 1.01% | 826,617 | $36.8M | Add +217.4% |
| MSFT Microsoft Corp. | 1.00% | 75,162 | $36.3M | Add +1.1% |
| RCI Rogers Communications Inc. Class B | 0.99% | 951,727 | $36.0M | Add +56.9% |
| PBA Pembina Pipeline Corp. | 0.97% | 917,125 | $35.0M | Add +187.4% |
| SMIN iShares MSCI India Small-Cap | 0.96% | 497,118 | $34.8M | No change |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 0.90% | 2,015,741 | $32.7M | Reduce -50.4% |
| EMA Emera Inc. | 0.90% | 661,160 | $32.6M | Reduce -7.8% |
| NGD New Gold Inc. | 0.81% | 3,378,411 | $29.5M | Reduce -39.0% |
| AG First Majestic Silver Corp. | 0.76% | 1,639,690 | $27.4M | Reduce -38.6% |
| MFC Manulife Financial Corp. | 0.72% | 712,830 | $25.9M | Add +96.4% |
| QSR Restaurant Brands Intern | 0.71% | 376,147 | $25.7M | Add +851.5% |
| AMZN Amazon.com Inc. | 0.64% | 100,429 | $23.2M | Reduce -4.6% |
| PAAS Pan American Silver Corp. | 0.63% | 441,590 | $22.9M | Reduce -31.7% |
| BN Brookfield Corp. | 0.62% | 490,364 | $22.6M | Reduce -34.8% |
| PDS Precision Drilling Corp. | 0.58% | 291,836 | $21.0M | New |
| SSRM SSR Mining Inc. | 0.56% | 917,012 | $20.1M | Reduce -47.3% |
| CVE Cenovus Energy Inc. | 0.54% | 1,145,115 | $19.4M | Add +105.0% |
| IAG Iamgold Corp. | 0.49% | 1,068,910 | $17.7M | Add +24.0% |
| META Meta Platforms Inc. Class A | 0.48% | 26,245 | $17.3M | Reduce -5.0% |
| CNQ Canadian Natural Resources | 0.46% | 488,289 | $16.6M | Add +11.8% |
| CLS Celestica Inc. | 0.40% | 48,780 | $14.5M | Reduce -21.2% |
| BAM Brookfield Asset Mgmt-A | 0.37% | 256,295 | $13.4M | Add +0.8% |
| FSM Fortuna Mining Corp. | 0.37% | 1,361,635 | $13.4M | Reduce -50.8% |
| NTR Nutrien Ltd. | 0.36% | 212,320 | $13.1M | Add +60.9% |
| GIL Gildan Activewear Inc. | 0.36% | 209,150 | $13.1M | Reduce -2.1% |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.36% | 193,850 | $12.9M | New |
| AVGO Broadcom Inc. | 0.35% | 36,774 | $12.7M | Add +8.8% |
| BBIO Bridgebio Pharma Inc. | 0.35% | 164,540 | $12.6M | Reduce -0.4% |
| HBM Hudbay Minerals Inc. | 0.34% | 628,600 | $12.5M | Reduce -38.6% |
| GH Guardant Health Inc. | 0.34% | 122,380 | $12.5M | Reduce -21.5% |
| RIGL Rigel Pharmaceuticals Inc. | 0.33% | 282,584 | $12.1M | Reduce -0.6% |
| CP Canadian Pacific Kansas City | 0.32% | 154,946 | $11.4M | Add +21.2% |
| LAUR Laureate Education Inc. | 0.30% | 324,821 | $10.9M | Reduce -0.7% |
| SANM Sanmina Corp. | 0.30% | 72,010 | $10.8M | Reduce -0.4% |
| TDC Teradata Corp. | 0.28% | 337,500 | $10.3M | Reduce -0.1% |
| GTX Garrett Motion Inc. | 0.28% | 575,950 | $10.0M | Add +0.8% |
| ADPT Adaptive Biotechnologies | 0.28% | 616,950 | $10.0M | Reduce -0.8% |
| UPWK Upwork Inc. | 0.27% | 502,500 | $10.0M | Reduce -0.6% |
| IBEX Ibex Ltd. | 0.27% | 256,900 | $9.8M | Reduce -1.0% |
| REVG Rev Group Inc. | 0.27% | 158,600 | $9.6M | Add +1.4% |
| MD Pediatrix Medical Group Inc. | 0.27% | 450,410 | $9.6M | Reduce -0.4% |
| DOCN Digitalocean Holdings Inc. | 0.26% | 198,900 | $9.6M | Reduce -0.3% |
| COLL Collegium Pharmaceutical Inc. | 0.26% | 206,600 | $9.6M | Add +1.8% |
| BFH Bread Financial Holdings Inc. | 0.26% | 128,700 | $9.5M | Add +9.6% |
| ENVA Enova International Inc. | 0.26% | 59,860 | $9.4M | Add +1.8% |
| JPM JPMorgan Chase & Co. | 0.26% | 28,735 | $9.3M | Add +4.1% |
| KNSA Kiniksa Pharmaceuticals Inte | 0.26% | 224,074 | $9.2M | Reduce -0.6% |
| ENS Enersys | 0.25% | 62,720 | $9.2M | Reduce -0.2% |
| V Visa Inc. Class A | 0.25% | 26,195 | $9.2M | Reduce -18.8% |
| AMRX Amneal Pharmaceuticals Inc. | 0.25% | 714,529 | $9.0M | Reduce -0.2% |
| FTDR Frontdoor Inc. | 0.25% | 154,540 | $8.9M | Add +7.1% |
| OPLN Openlane Inc. | 0.24% | 292,000 | $8.7M | Reduce -2.3% |
| RBA RB Global Inc. | 0.24% | 84,125 | $8.7M | Reduce -19.0% |
| PHIN Phinia Inc. | 0.24% | 137,800 | $8.6M | New |
| ANF Abercrombie & Fitch Co. Class A | 0.24% | 68,500 | $8.6M | Add +130.6% |
| TILE Interface Inc. | 0.24% | 308,213 | $8.6M | Reduce -0.6% |
| DXC DXC Technology Co. | 0.24% | 587,300 | $8.6M | Add +2.2% |
| PRLB Proto Labs Inc. | 0.23% | 168,284 | $8.5M | Reduce -0.8% |
| RNG Ringcentral Inc. Class A | 0.23% | 293,250 | $8.5M | Add +5.6% |
| HCSG Healthcare Services Group | 0.23% | 442,610 | $8.5M | Reduce -0.2% |
| HURN Huron Consulting Group Inc. | 0.23% | 48,850 | $8.4M | Reduce -1.1% |
| DY Dycom Industries Inc. | 0.23% | 24,830 | $8.4M | Add +82666.7% |
| DBD Diebold Nixdorf Inc. | 0.23% | 123,490 | $8.4M | Reduce -0.0% |
| DGII Digi International Inc. | 0.23% | 193,155 | $8.4M | Add +6.6% |
| RMBS Rambus Inc. | 0.23% | 88,990 | $8.2M | Reduce -21.0% |
| LCII Lci Industries | 0.22% | 66,820 | $8.1M | New |
| TSLA Tesla Inc. | 0.22% | 17,961 | $8.1M | Add +23.9% |
| CARG Cargurus Inc. | 0.22% | 208,800 | $8.0M | Add +2.5% |
| PRIM Primoris Services Corp. | 0.22% | 64,370 | $8.0M | Reduce -18.3% |
| PCRX Pacira Biosciences Inc. | 0.22% | 308,200 | $8.0M | New |
| ACIW Aci Worldwide Inc. | 0.22% | 166,400 | $8.0M | Add +27.3% |
| CSGS CSG Systems Intl Inc. | 0.22% | 103,700 | $8.0M | Reduce -13.8% |
| JXN Jackson Financial Inc. Class A | 0.22% | 74,480 | $7.9M | Reduce -0.3% |
| SONO Sonos Inc. | 0.22% | 450,170 | $7.9M | Add +60.0% |
| CNI Canadian Natl Railway Co. | 0.22% | 79,697 | $7.9M | Add +157.3% |
| HLLY Holley Inc. | 0.22% | 1,910,561 | $7.9M | Add +76322.4% |
| SGHC Super Group SGHC Ltd. | 0.21% | 650,030 | $7.8M | Add +1.8% |
| ALNT Allient Inc. | 0.21% | 143,890 | $7.7M | Reduce -3.3% |
| BLKB Blackbaud Inc. | 0.21% | 121,900 | $7.7M | New |
| TPC Tutor Perini Corp. | 0.21% | 114,550 | $7.7M | Add +69.8% |
Portfolio Sells Q3 2025 → Q4 2025
| SSRM SSR Mining Inc. | Reduce -47.3% | 0.56% | −0.73 |
| CCJ Cameco Corp. | Reduce -72.4% | 0.17% | −0.44 |
| STN Stantec Inc. | Reduce -100.0% | 0.00% | −0.42 |
| BN Brookfield Corp. | Reduce -34.8% | 0.62% | −0.42 |
| ENB Enbridge Inc. | Reduce -8.8% | 1.55% | −0.41 |
| NGD New Gold Inc. | Reduce -39.0% | 0.81% | −0.38 |
| FSM Fortuna Mining Corp. | Reduce -50.8% | 0.37% | −0.38 |
| BMO Bank of Montreal | Reduce -8.9% | 1.72% | −0.35 |
| GAU Galiano Gold Inc. | Sold out | 0.00% | −0.35 |
| FSV Firstservice Corp. | Sold out | 0.00% | −0.30 |
| ARIS Aris Mining Corp. | Reduce -50.4% | 0.90% | −0.30 |
| SHOP Shopify Inc. Class A | Reduce -10.7% | 2.13% | −0.27 |
| ADEA Adeia Inc. | Sold out | 0.00% | −0.25 |
| ODP The Odp Corp. | Sold out | 0.00% | −0.24 |
| WWW Wolverine World Wide Inc. | Sold out | 0.00% | −0.24 |
| AG First Majestic Silver Corp. | Reduce -38.6% | 0.76% | −0.23 |
| PRM Perimeter Solutions Inc. | Reduce -99.9% | 0.00% | −0.23 |
| CVLT Commvault Systems Inc. | Sold out | 0.00% | −0.23 |
| KGC Kinross Gold Corp. | Reduce -20.8% | 1.05% | −0.23 |
| HSII Heidrick & Struggles Intl | Sold out | 0.00% | −0.23 |
| OIS Oil States International Inc. | Reduce -95.8% | 0.01% | −0.22 |
| SFM Sprouts Farmers Market Inc. | Sold out | 0.00% | −0.22 |
| ASTE Astec Industries Inc. | Reduce -99.7% | 0.00% | −0.22 |
| CTBI Community Trust Bancorp Inc. | Sold out | 0.00% | −0.21 |
| HBNC Horizon Bancorp Inc. | Sold out | 0.00% | −0.20 |
| BKNG Booking Holdings Inc. | Reduce -81.1% | 0.04% | −0.20 |
| ACN Accenture PLC Class A | Reduce -90.2% | 0.02% | −0.20 |
| SFNC Simmons First Natl Corp. Class A | Sold out | 0.00% | −0.19 |
| INSM Insmed Inc. | Sold out | 0.00% | −0.19 |
| CRDO Credo Technology Group Holdi | Reduce -48.5% | 0.16% | −0.18 |
| EFSC Enterprise Financial Service | Sold out | 0.00% | −0.18 |
| OSPN Onespan Inc. | Sold out | 0.00% | −0.17 |
| WRBY Warby Parker Inc. Class A | Sold out | 0.00% | −0.17 |
| MGRC McGrath Rentcorp | Sold out | 0.00% | −0.16 |
| HITI High Tide Inc. | Reduce -46.2% | 0.09% | −0.15 |
| NFLX Netflix Inc. | Reduce -44.9% | 0.10% | −0.15 |
| UPST Upstart Holdings Inc. | Sold out | 0.00% | −0.15 |
| TPR Tapestry Inc. | Reduce -81.1% | 0.04% | −0.15 |
| CPRX Catalyst Pharmaceuticals Inc. | Sold out | 0.00% | −0.14 |
| LYTS Lsi Industries Inc. | Sold out | 0.00% | −0.14 |
| CIEN Ciena Corp. | Reduce -86.2% | 0.04% | −0.14 |
| SHBI Shore Bancshares Inc. | Sold out | 0.00% | −0.14 |
| EMA Emera Inc. | Reduce -7.8% | 0.90% | −0.14 |
| NWBI Northwest Bancshares Inc. | Sold out | 0.00% | −0.14 |
| META Meta Platforms Inc. Class A | Reduce -5.0% | 0.48% | −0.13 |
| CVSA Covista Inc. | Reduce -5.2% | 0.18% | −0.13 |
| VRNS Varonis Systems Inc. | Sold out | 0.00% | −0.13 |
| RMBS Rambus Inc. | Reduce -21.0% | 0.23% | −0.13 |
| FRSH Freshworks Inc. Class A | Reduce -72.9% | 0.04% | −0.13 |
| NOW ServiceNow Inc. | Reduce -55.0% | 0.07% | −0.13 |
Portfolio Buys Q3 2025 → Q4 2025
| ERO Ero Copper Corp. | Add +602.9% | 1.32% | +1.17 |
| RY Royal Bank of Canada | Add +13.0% | 4.55% | +0.75 |
| CGAU Centerra Gold Inc. | Add +62.9% | 1.40% | +0.70 |
| SU Suncor Energy Inc. | Add +217.4% | 1.01% | +0.69 |
| QSR Restaurant Brands Intern | Add +851.5% | 0.71% | +0.63 |
| PDS Precision Drilling Corp. | New | 0.58% | +0.58 |
| PBA Pembina Pipeline Corp. | Add +187.4% | 0.97% | +0.58 |
| TD Toronto-Dominion Bank | Add +7.3% | 3.04% | +0.41 |
| MFC Manulife Financial Corp. | Add +96.4% | 0.72% | +0.37 |
| RCI Rogers Communications Inc. Class B | Add +56.9% | 0.99% | +0.36 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.36% | +0.36 |
| B Barrick Mining Corp. | Add +7.3% | 1.40% | +0.33 |
| CVE Cenovus Energy Inc. | Add +105.0% | 0.54% | +0.25 |
| PHIN Phinia Inc. | New | 0.24% | +0.24 |
| DY Dycom Industries Inc. | Add +82666.7% | 0.23% | +0.23 |
| LCII Lci Industries | New | 0.22% | +0.22 |
| PCRX Pacira Biosciences Inc. | New | 0.22% | +0.22 |
| HLLY Holley Inc. | Add +76322.4% | 0.22% | +0.22 |
| CM Can Imperial BK of Commerce | Add +3.5% | 3.08% | +0.22 |
| BNS Bank of Nova Scotia | Add +5.4% | 2.35% | +0.22 |
| BLKB Blackbaud Inc. | New | 0.21% | +0.21 |
| EHAB Enhabit Inc. | New | 0.21% | +0.21 |
| ECPG Encore Capital Group Inc. | New | 0.21% | +0.21 |
| ZUMZ Zumiez Inc. | New | 0.21% | +0.21 |
| HAFC Hanmi Financial Corporation | New | 0.20% | +0.20 |
| MCRI Monarch Casino & Resort Inc. | New | 0.20% | +0.20 |
| RUN Sunrun Inc. | New | 0.20% | +0.20 |
| MDXG Mimedx Group Inc. | New | 0.20% | +0.20 |
| PARR Par Pacific Holdings Inc. | New | 0.19% | +0.19 |
| GLXY Galaxy Digital Inc. Class A | New | 0.19% | +0.19 |
| ENTA Enanta Pharmaceuticals Inc. | New | 0.18% | +0.18 |
| CMCO Columbus McKinnon Corp. | New | 0.18% | +0.18 |
| LMND Lemonade Inc. | New | 0.16% | +0.16 |
| ANF Abercrombie & Fitch Co. Class A | Add +130.6% | 0.24% | +0.16 |
| IAG Iamgold Corp. | Add +24.0% | 0.49% | +0.15 |
| KALU Kaiser Aluminum Corp. | New | 0.15% | +0.15 |
| OVV Ovintiv Inc. | Add +317.3% | 0.20% | +0.15 |
| WGO Winnebago Industries | New | 0.14% | +0.14 |
| ARQT Arcutis Biotherapeutics Inc. | New | 0.14% | +0.14 |
| BAC Bank of America Corp. | Add +587.1% | 0.16% | +0.14 |
| TEX Terex Corp. | New | 0.14% | +0.14 |
| GPOR Gulfport Energy Corp. | Add +60000.0% | 0.14% | +0.14 |
| TLRY Tilray Brands Inc. | New | 0.13% | +0.13 |
| TCBI Texas Capital Bancshares Inc. | Add +57777.8% | 0.13% | +0.13 |
| CNI Canadian Natl Railway Co. | Add +157.3% | 0.22% | +0.13 |
| ACA Arcosa Inc. | New | 0.13% | +0.13 |
| NTR Nutrien Ltd. | Add +60.9% | 0.36% | +0.13 |
| QCOM Qualcomm Inc. | Add +341.9% | 0.17% | +0.13 |
| RNR Renaissancere Holdings Ltd. | New | 0.11% | +0.11 |
| QCRH QCR Holdings Inc. | New | 0.11% | +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 |