Hillsdale Investment Management Inc.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 4, 2026), Hillsdale Investment Management Inc. reported 655 stock positions worth $3.7 billion. Its top holding was Royal Bank of Canada (RY) at 4.7% of the portfolio, followed by Can Imperial BK of Commerce (CM, 3.2%) and Toronto-Dominion Bank (TD, 3.1%). Compared with Q4 2025, it opened 129 new positions, sold out of 127, added to 301 and reduced 148. The biggest buy was Manulife Financial (MFC, shares +162%) and the biggest sale Shopify Class A (SHOP, shares −19%).
- Most Recent 13F
- Q2 2026
- Location
- Toronto, A6
- CIK
- 0001368465
- Portfolio Value
- $3.7B (Q1 2026)
- SEC Filing
- 0001193125-26-204083 ↗ filed May 4, 2026
Holdings Value
Holdings 655 stocks · $3.7B
| RY Royal Bank of Canada | 4.68% | 1,065,340 | $172.2M | Add +10.3% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 3.20% | 1,241,867 | $117.7M | Add +1.2% |
| TD Toronto-Dominion Bank | 3.05% | 1,201,500 | $112.2M | Add +3.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C | 2.44% | 1,293,232 | $89.7M | Add +12.1% |
| EFXT Enerflex Ltd. | 2.18% | 3,831,659 | $80.1M | Reduce -18.2% |
| AEM Agnico Eagle Mines Ltd. | 2.12% | 383,209 | $77.8M | Reduce -7.7% |
| BMO Bank of Montreal filed as BANK MONTREAL MEDIUM | 2.00% | 543,809 | $73.6M | Add +13.7% |
| MFC Manulife Financial Corp. | 1.75% | 1,866,622 | $64.3M | Add +161.9% |
| FTS Fortis Inc. | 1.65% | 1,088,628 | $60.7M | Add +39.0% |
| CGAU Centerra Gold Inc. | 1.56% | 3,227,935 | $57.4M | Reduce -8.1% |
| B Barrick Mining Corp. | 1.48% | 1,327,142 | $54.2M | Add +13.9% |
| PDS Precision Drilling Corp. | 1.30% | 487,434 | $48.0M | Add +67.0% |
| ENB Enbridge Inc. | 1.30% | 884,313 | $47.9M | Reduce -24.6% |
| NVDA Nvidia Corp. | 1.29% | 272,626 | $47.5M | Add +11.2% |
| SU Suncor Energy Inc. | 1.27% | 706,845 | $46.7M | Reduce -14.5% |
| MGA Magna International Inc. | 1.26% | 832,575 | $46.5M | Add +14.8% |
| SHOP Shopify Inc. Class A | 1.25% | 388,301 | $46.1M | Reduce -19.0% |
| KGC Kinross Gold Corp. | 1.25% | 1,501,773 | $45.9M | Add +11.3% |
| AAPL Apple Inc. | 1.12% | 162,694 | $41.3M | Add +10.4% |
| BCE Bce Inc. | 1.11% | 1,620,047 | $40.9M | Reduce -2.4% |
| RCI Rogers Communications Inc. Class B | 1.04% | 991,365 | $38.1M | Add +4.2% |
| WPM Wheaton Precious Metals Corp. | 1.04% | 290,075 | $38.1M | Reduce -23.7% |
| CNQ Canadian Natural Resources | 1.03% | 775,589 | $37.8M | Add +58.8% |
| GOOGL Alphabet Inc. Class A | 1.02% | 130,862 | $37.6M | Add +10.7% |
| IAG Iamgold Corp. | 1.02% | 1,993,050 | $37.5M | Add +86.5% |
| CLS Celestica Inc. | 1.02% | 132,579 | $37.4M | Add +171.8% |
| AG First Majestic Silver Corp. | 0.98% | 1,683,825 | $36.1M | Add +2.7% |
| EMA Emera Inc. | 0.90% | 640,280 | $33.2M | Reduce -3.2% |
| CVE Cenovus Energy Inc. | 0.90% | 1,243,918 | $33.0M | Add +8.6% |
| MSFT Microsoft Corp. | 0.84% | 83,612 | $31.0M | Add +11.2% |
| SMIN iShares MSCI India Small-Cap | 0.84% | 514,118 | $30.8M | Add +3.4% |
| QSR Restaurant Brands Intern | 0.79% | 393,580 | $29.1M | Add +4.6% |
| PAAS Pan American Silver Corp. | 0.62% | 415,270 | $22.7M | Reduce -6.0% |
| AMZN Amazon.com Inc. | 0.57% | 100,609 | $21.0M | Add +0.2% |
| ARIS Aris Mining Corp. | 0.53% | 1,039,776 | $19.3M | Reduce -48.4% |
| SSRM SSR Mining Inc. | 0.51% | 639,352 | $18.8M | Reduce -30.3% |
| ERO Ero Copper Corp. | 0.50% | 694,080 | $18.5M | Reduce -58.8% |
| BN Brookfield Corp. | 0.48% | 431,808 | $17.5M | Reduce -11.9% |
| META Meta Platforms Inc. Class A | 0.44% | 28,435 | $16.3M | Add +8.3% |
| CCJ Cameco Corp. | 0.43% | 145,643 | $15.8M | Add +118.5% |
| PBA Pembina Pipeline Corp. | 0.41% | 335,664 | $15.0M | Reduce -63.4% |
| NTR Nutrien Ltd. | 0.36% | 176,725 | $13.3M | Reduce -16.8% |
| AVGO Broadcom Inc. | 0.36% | 42,304 | $13.1M | Add +15.0% |
| FSM Fortuna Mining Corp. | 0.35% | 1,304,555 | $13.0M | Reduce -4.2% |
| PARR Par Pacific Holdings Inc. | 0.34% | 199,016 | $12.5M | Add +0.1% |
| BBIO Bridgebio Pharma Inc. | 0.34% | 167,742 | $12.5M | Add +1.9% |
| HBM Hudbay Minerals Inc. | 0.34% | 590,200 | $12.4M | Reduce -6.1% |
| RBA RB Global Inc. | 0.33% | 128,100 | $12.3M | Add +52.3% |
| GH Guardant Health Inc. | 0.31% | 124,384 | $11.5M | Add +1.6% |
| ENS Enersys | 0.31% | 64,921 | $11.3M | Add +3.5% |
| FNV Franco-Nevada Corp. | 0.31% | 45,296 | $11.2M | Add +97.5% |
| RNG Ringcentral Inc. Class A | 0.30% | 294,050 | $10.9M | Add +0.3% |
| CP Canadian Pacific Kansas City | 0.30% | 138,140 | $10.9M | Reduce -10.8% |
| GTX Garrett Motion Inc. | 0.30% | 597,457 | $10.9M | Add +3.7% |
| LAUR Laureate Education Inc. | 0.29% | 311,111 | $10.8M | Reduce -4.2% |
| ECPG Encore Capital Group Inc. | 0.27% | 142,838 | $10.0M | Add +4.2% |
| PRLB Proto Labs Inc. | 0.27% | 174,384 | $9.9M | Add +3.6% |
| CNI Canadian Natl Railway Co. | 0.27% | 96,553 | $9.9M | Add +21.1% |
| MD Pediatrix Medical Group Inc. | 0.27% | 463,340 | $9.9M | Add +2.9% |
| PHIN Phinia Inc. | 0.26% | 142,110 | $9.7M | Add +3.1% |
| DK Delek US Holdings Inc. | 0.26% | 215,390 | $9.7M | Add +60.1% |
| SANM Sanmina Corp. | 0.26% | 74,428 | $9.6M | Add +3.4% |
| BFH Bread Financial Holdings Inc. | 0.26% | 128,700 | $9.6M | No change |
| DBD Diebold Nixdorf Inc. | 0.26% | 127,680 | $9.6M | Add +3.4% |
| DGII Digi International Inc. | 0.26% | 199,635 | $9.6M | Add +3.4% |
| TRP TC Energy Corp. | 0.26% | 152,977 | $9.6M | Add +1039.5% |
| MYRG MYR Group Inc./Delaware | 0.25% | 32,890 | $9.3M | Add +4.8% |
| AMRX Amneal Pharmaceuticals Inc. | 0.25% | 743,679 | $9.2M | Add +4.1% |
| JPM JPMorgan Chase & Co. | 0.25% | 31,132 | $9.2M | Add +8.3% |
| SNDK Sandisk Corp. | 0.25% | 14,400 | $9.1M | New |
| AXSM Axsome Therapeutics Inc. | 0.25% | 53,363 | $9.0M | New |
| NTCT Netscout Systems Inc. | 0.24% | 280,495 | $8.9M | Reduce -0.1% |
| TDC Teradata Corp. | 0.24% | 344,400 | $8.8M | Add +2.0% |
| DY Dycom Industries Inc. | 0.24% | 25,975 | $8.8M | Add +4.6% |
| PLXS Plexus Corp. | 0.24% | 43,325 | $8.8M | Reduce -9.0% |
| ADPT Adaptive Biotechnologies | 0.24% | 625,217 | $8.7M | Add +1.3% |
| ZYME Zymeworks Inc. | 0.24% | 345,622 | $8.7M | Add +45.3% |
| HCSG Healthcare Services Group | 0.23% | 461,510 | $8.6M | Add +4.3% |
| PBF PBF Energy Inc. Class A | 0.23% | 179,070 | $8.5M | New |
| FTDR Frontdoor Inc. | 0.23% | 160,340 | $8.5M | Add +3.8% |
| ENVA Enova International Inc. | 0.23% | 62,211 | $8.5M | Add +3.9% |
| WTS Watts Water Technologies-A | 0.23% | 29,080 | $8.4M | Add +96833.3% |
| CTS CTS Corp. | 0.23% | 176,070 | $8.4M | Add +0.8% |
| BCPC Balchem Corp. | 0.23% | 49,100 | $8.3M | Add +1.4% |
| PLOW Douglas Dynamics Inc. | 0.22% | 195,190 | $8.2M | Add +39.9% |
| JXN Jackson Financial Inc. Class A | 0.22% | 77,480 | $8.2M | Add +4.0% |
| LOCO El Pollo Loco Holdings Inc. | 0.22% | 583,796 | $8.1M | Add +2.2% |
| TPC Tutor Perini Corp. | 0.22% | 103,330 | $8.0M | Reduce -9.8% |
| ALNT Allient Inc. | 0.22% | 134,490 | $7.9M | Reduce -6.5% |
| RSI Rush Street Interactive Inc. | 0.21% | 361,900 | $7.9M | New |
| UFCS United Fire Group Inc. | 0.21% | 211,768 | $7.8M | Add +5.0% |
| LLY Eli Lilly & Co. | 0.21% | 8,512 | $7.8M | Add +45.4% |
| NMRK Newmark Group Inc. Class A | 0.21% | 519,440 | $7.8M | Add +115331.1% |
| CSTM Constellium SE | 0.21% | 316,700 | $7.8M | New |
| TILE Interface Inc. | 0.21% | 309,013 | $7.7M | Add +0.3% |
| MCRI Monarch Casino & Resort Inc. | 0.21% | 80,500 | $7.7M | Add +6.3% |
| FET Forum Energy Technologies Inc. | 0.21% | 130,950 | $7.7M | New |
| DAKT Daktronics Inc. | 0.21% | 392,089 | $7.7M | Add +161.2% |
| FTI Technipfmc PLC | 0.21% | 110,700 | $7.7M | Reduce -16.3% |
| MA Mastercard Inc. Class A | 0.21% | 15,216 | $7.6M | Add +14.2% |
Portfolio Sells Q4 2025 → Q1 2026
| SHOP Shopify Inc. Class A | Reduce -19.0% | 1.25% | −0.88 |
| ERO Ero Copper Corp. | Reduce -58.8% | 0.50% | −0.82 |
| NGD New Gold Inc. | Sold out | 0.00% | −0.81 |
| PBA Pembina Pipeline Corp. | Reduce -63.4% | 0.41% | −0.56 |
| ARIS Aris Mining Corp. | Reduce -48.4% | 0.53% | −0.38 |
| GIL Gildan Activewear Inc. | Sold out | 0.00% | −0.36 |
| ARWR Arrowhead Pharmaceuticals Inc. | Sold out | 0.00% | −0.36 |
| RIGL Rigel Pharmaceuticals Inc. | Sold out | 0.00% | −0.33 |
| BAM Brookfield Asset Mgmt-A | Reduce -70.4% | 0.09% | −0.28 |
| REVG Rev Group Inc. | Sold out | 0.00% | −0.27 |
| DOCN Digitalocean Holdings Inc. | Sold out | 0.00% | −0.26 |
| KNSA Kiniksa Pharmaceuticals Inte | Sold out | 0.00% | −0.26 |
| ENB Enbridge Inc. | Reduce -24.6% | 1.30% | −0.25 |
| RMBS Rambus Inc. | Sold out | 0.00% | −0.23 |
| PRIM Primoris Services Corp. | Sold out | 0.00% | −0.22 |
| CSGS CSG Systems Intl Inc. | Sold out | 0.00% | −0.22 |
| EHAB Enhabit Inc. | Sold out | 0.00% | −0.21 |
| HNI Hni Corp. | Sold out | 0.00% | −0.21 |
| BBW Build-A-Bear Workshop Inc. | Sold out | 0.00% | −0.20 |
| WPM Wheaton Precious Metals Corp. | Reduce -23.7% | 1.04% | −0.20 |
| MDXG Mimedx Group Inc. | Reduce -99.9% | 0.00% | −0.20 |
| GLXY Galaxy Digital Inc. Class A | Sold out | 0.00% | −0.19 |
| TRIP Tripadvisor Inc. | Sold out | 0.00% | −0.19 |
| SLAB Silicon Laboratories Inc. | Reduce -99.8% | 0.00% | −0.19 |
| OVV Ovintiv Inc. | Reduce -93.6% | 0.02% | −0.18 |
| YEXT Yext Inc. | Sold out | 0.00% | −0.18 |
| THFF First Financial Corp. | Reduce -96.3% | 0.01% | −0.18 |
| DNOW Dnow Inc. | Sold out | 0.00% | −0.18 |
| OMCL Omnicell Inc. | Sold out | 0.00% | −0.18 |
| KE Kimball Electronics Inc. | Sold out | 0.00% | −0.18 |
| NUS Nu Skin Enterprises Inc. Class A | Sold out | 0.00% | −0.18 |
| KFY Korn Ferry | Sold out | 0.00% | −0.17 |
| NFBK Northfield Bancorp Inc. | Sold out | 0.00% | −0.17 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.17 |
| MEOH Methanex Corp. | Sold out | 0.00% | −0.17 |
| BHF Brighthouse Financial Inc. | Sold out | 0.00% | −0.16 |
| TBPH Theravance Biopharma Inc. | Sold out | 0.00% | −0.16 |
| PTCT PTC Therapeutics Inc. | Sold out | 0.00% | −0.16 |
| VC Visteon Corp. | Sold out | 0.00% | −0.15 |
| KALU Kaiser Aluminum Corp. | Sold out | 0.00% | −0.15 |
| BN Brookfield Corp. | Reduce -11.9% | 0.48% | −0.15 |
| EWCZ European Wax Center Inc. Class A | Reduce -99.9% | 0.00% | −0.14 |
| TFPM Triple Flag Precious Met | Sold out | 0.00% | −0.14 |
| GIII G-III Apparel Group Ltd. | Sold out | 0.00% | −0.13 |
| TLRY Tilray Brands Inc. | Sold out | 0.00% | −0.13 |
| AZZ Azz Inc. | Sold out | 0.00% | −0.13 |
| LXFR Luxfer Holdings PLC | Sold out | 0.00% | −0.13 |
| QCOM Qualcomm Inc. | Reduce -68.4% | 0.04% | −0.13 |
| INTU Intuit Inc. | Reduce -63.8% | 0.04% | −0.13 |
| ACA Arcosa Inc. | Reduce -93.9% | 0.01% | −0.12 |
Portfolio Buys Q4 2025 → Q1 2026
| MFC Manulife Financial Corp. | Add +161.9% | 1.75% | +1.03 |
| PDS Precision Drilling Corp. | Add +67.0% | 1.30% | +0.73 |
| CLS Celestica Inc. | Add +171.8% | 1.02% | +0.62 |
| CNQ Canadian Natural Resources | Add +58.8% | 1.03% | +0.57 |
| IAG Iamgold Corp. | Add +86.5% | 1.02% | +0.53 |
| FTS Fortis Inc. | Add +39.0% | 1.65% | +0.53 |
| CVE Cenovus Energy Inc. | Add +8.6% | 0.90% | +0.36 |
| BMO Bank of Montreal | Add +13.7% | 2.00% | +0.29 |
| CCJ Cameco Corp. | Add +118.5% | 0.43% | +0.26 |
| SNDK Sandisk Corp. | New | 0.25% | +0.25 |
| AXSM Axsome Therapeutics Inc. | New | 0.25% | +0.25 |
| TRP TC Energy Corp. | Add +1039.5% | 0.26% | +0.24 |
| PBF PBF Energy Inc. Class A | New | 0.23% | +0.23 |
| WTS Watts Water Technologies-A | Add +96833.3% | 0.23% | +0.23 |
| AG First Majestic Silver Corp. | Add +2.7% | 0.98% | +0.23 |
| RSI Rush Street Interactive Inc. | New | 0.21% | +0.21 |
| CSTM Constellium SE | New | 0.21% | +0.21 |
| NMRK Newmark Group Inc. Class A | Add +115331.1% | 0.21% | +0.21 |
| FET Forum Energy Technologies Inc. | New | 0.21% | +0.21 |
| KLIC Kulicke & Soffa Industries | New | 0.21% | +0.21 |
| BCO The Brink's Co. | New | 0.20% | +0.20 |
| SPB Spectrum Brands Holdings Inc. | New | 0.20% | +0.20 |
| FISI Financial Institutions Inc. | New | 0.20% | +0.20 |
| PLGO Pelagos Insurance Capital LT | New | 0.20% | +0.20 |
| TMP Tompkins Financial Corp. | New | 0.20% | +0.20 |
| HLIO Helios Technologies Inc. | New | 0.20% | +0.20 |
| WWW Wolverine World Wide Inc. | New | 0.20% | +0.20 |
| KGC Kinross Gold Corp. | Add +11.3% | 1.25% | +0.20 |
| MGA Magna International Inc. | Add +14.8% | 1.26% | +0.20 |
| FIGS Figs Inc. Class A | New | 0.19% | +0.19 |
| ORLA Orla Mining Ltd. | New | 0.19% | +0.19 |
| LASR Nlight Inc. | Add +40932.9% | 0.18% | +0.18 |
| FNV Franco-Nevada Corp. | Add +97.5% | 0.31% | +0.17 |
| FORM Formfactor Inc. | Add +43978.6% | 0.16% | +0.16 |
| CDE Coeur Mining Inc. | Add +62364.0% | 0.16% | +0.16 |
| OOMA Ooma Inc. | New | 0.16% | +0.16 |
| DK Delek US Holdings Inc. | Add +60.1% | 0.26% | +0.15 |
| SNX TD Synnex Corp. | New | 0.15% | +0.15 |
| AEO American Eagle Outfitters | New | 0.15% | +0.15 |
| PARR Par Pacific Holdings Inc. | Add +0.1% | 0.34% | +0.15 |
| HST Host Hotels & Resorts Inc. | New | 0.14% | +0.14 |
| RY Royal Bank of Canada | Add +10.3% | 4.68% | +0.13 |
| BHE Benchmark Electronics Inc. | New | 0.13% | +0.13 |
| THRM Gentherm Inc. | Add +639.3% | 0.16% | +0.13 |
| DAKT Daktronics Inc. | Add +161.2% | 0.21% | +0.13 |
| CM Can Imperial BK of Commerce | Add +1.2% | 3.20% | +0.13 |
| NWPX NWPX Infrastructure Inc. | New | 0.13% | +0.13 |
| GPRE Green Plains Inc. | New | 0.13% | +0.13 |
| ALTO Alto Ingredients Inc. | Add +590.1% | 0.13% | +0.12 |
| LXU LSB Industries Inc. | New | 0.12% | +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 |