SIG North Trading, ULC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), SIG North Trading, ULC reported 76 stock positions worth $490.4 million. Its top holding was Bce (BCE) at 16.6% of the portfolio, followed by Rogers Communications Class B (RCI, 10.6%) and Bank of Nova Scotia (BNS, 9.6%). Compared with Q4 2024, it opened 16 new positions, sold out of 6, added to 31 and reduced 26. The biggest buy was Bank of Nova Scotia (BNS, shares +9556%) and the biggest sale Toronto-Dominion Bank (TD, shares −80%).
- Most Recent 13F
- Q2 2026
- Location
- Bala Cynwyd, PA
- CIK
- 0001868643
- Portfolio Value
- $490.4M (Q1 2025)
- SEC Filing
- 0001868643-25-000003 ↗ filed May 14, 2025
Holdings Value
Holdings 76 stocks · $490.4M
| BCE Bce Inc. | 16.58% | 3,542,016 | $81.3M | Add +9.3% |
| RCI Rogers Communications Inc. Class B | 10.62% | 1,949,107 | $52.1M | Add +94.8% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 9.62% | 994,399 | $47.2M | Add +9556.2% |
| TU Telus Corp. | 9.41% | 3,216,510 | $46.1M | Add +28.1% |
| RY Royal Bank of Canada | 5.34% | 232,479 | $26.2M | Reduce -10.6% |
| CNQ Canadian Natural Resources | 4.49% | 714,856 | $22.0M | Add +30.7% |
| SU Suncor Energy Inc. | 4.05% | 512,921 | $19.9M | Reduce -3.4% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 3.67% | 188,630 | $18.0M | Add +1425.2% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 3.59% | 312,302 | $17.6M | Reduce -5.4% |
| MFC Manulife Financial Corp. | 3.17% | 499,131 | $15.5M | Add +445.9% |
| TD Toronto-Dominion Bank | 2.91% | 238,002 | $14.3M | Reduce -80.1% |
| NTR Nutrien Ltd. | 2.48% | 244,715 | $12.2M | Reduce -36.4% |
| SLF Sun Life Financial Inc. | 2.31% | 197,434 | $11.3M | Add +40.4% |
| PBA Pembina Pipeline Corp. | 1.84% | 225,469 | $9.0M | Add +256.9% |
| NEM Newmont Corp. | 1.60% | 162,904 | $7.9M | Add +82.8% |
| TRP TC Energy Corp. | 1.49% | 155,004 | $7.3M | Reduce -72.0% |
| SOBO South Bow Corp. | 1.30% | 250,670 | $6.4M | Add +261.7% |
| CNI Canadian Natl Railway Co. | 1.19% | 59,801 | $5.8M | Reduce -13.7% |
| CVE Cenovus Energy Inc. | 0.94% | 332,592 | $4.6M | Reduce -34.8% |
| PAAS Pan American Silver Corp. | 0.89% | 169,589 | $4.4M | Add +57.4% |
| BITO Proshares Bitcoin ETF-Usd | 0.76% | 204,270 | $3.7M | Reduce -27.0% |
| B Barrick Gold Corp. | 0.73% | 184,450 | $3.6M | Reduce -16.8% |
| VRN Veren Inc. | 0.65% | 482,454 | $3.2M | Reduce -49.0% |
| TFII Tfi International Inc. | 0.64% | 40,420 | $3.1M | New |
| ENB Enbridge Inc. | 0.64% | 70,292 | $3.1M | New |
| VET Vermilion Energy Inc. | 0.61% | 371,410 | $3.0M | Reduce -2.5% |
| CCJ Cameco Corp. | 0.60% | 70,972 | $2.9M | Add +7.0% |
| EQX Equinox Gold Corp. | 0.59% | 420,887 | $2.9M | Add +32.4% |
| KGC Kinross Gold Corp. | 0.48% | 187,066 | $2.4M | Add +320.9% |
| BTE Baytex Energy Corp. | 0.43% | 941,550 | $2.1M | Reduce -20.6% |
| FNV Franco-Nevada Corp. | 0.42% | 13,189 | $2.1M | New |
| AG First Majestic Silver Corp. | 0.41% | 302,910 | $2.0M | Reduce -4.8% |
| TECK Teck Resources Ltd.-CLS B | 0.37% | 50,115 | $1.8M | Reduce -44.1% |
| PRMB Primo Brands Corp. | 0.36% | 49,157 | $1.7M | No change |
| TRI Thomson Reuters Corp. | 0.29% | 8,286 | $1.4M | New |
| FTS Fortis Inc. | 0.26% | 28,103 | $1.3M | Reduce -24.2% |
| HUT Hut 8 Corp. | 0.25% | 107,365 | $1.2M | Add +7.2% |
| MAG Mag Silver Corp. | 0.25% | 78,854 | $1.2M | Reduce -22.6% |
| DSGX The Descartes Systems Grp | 0.21% | 10,373 | $1.0M | Add +420.7% |
| GRTUF Granite Real Estate Investme | 0.21% | 21,532 | $1.0M | Add +295.3% |
| GFL GFL Environmental Inc.-Sub VT | 0.20% | 20,590 | $995K | New |
| EGO Eldorado Gold Corp. | 0.19% | 55,636 | $936K | Add +285.5% |
| FSM Fortuna Mining Corp. | 0.18% | 146,942 | $896K | Reduce -39.7% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.18% | 94,780 | $886K | New |
| BN Brookfield Corp. | 0.18% | 16,620 | $871K | New |
| MGA Magna International Inc. | 0.16% | 22,759 | $774K | Add +121.1% |
| BTG B2GOLD Corp. | 0.16% | 270,899 | $772K | Reduce -41.8% |
| AQN Algonquin Power & Utilities | 0.16% | 149,214 | $767K | Add +7.9% |
| QSR Restaurant Brands Intern | 0.14% | 10,199 | $680K | Reduce -45.8% |
| SHOP Shopify Inc. Class A | 0.14% | 7,042 | $672K | Reduce -93.7% |
| UUUU Energy Fuels Inc. | 0.14% | 178,971 | $668K | Reduce -49.0% |
| AEM Agnico Eagle Mines Ltd. | 0.13% | 5,896 | $639K | New |
| NXE Nexgen Energy Ltd. | 0.12% | 131,647 | $591K | Add +25.5% |
| LSPD Lightspeed Commerce Inc. | 0.12% | 64,575 | $565K | Add +369.3% |
| SVM Silvercorp Metals Inc. | 0.11% | 144,646 | $560K | Add +85.3% |
| RBA RB Global Inc. | 0.11% | 5,547 | $556K | New |
| OBE Obsidian Energy Ltd. | 0.11% | 94,660 | $555K | Add +49.4% |
| CDE Coeur Mining Inc. | 0.11% | 90,557 | $536K | New |
| WPM Wheaton Precious Metals Corp. | 0.11% | 6,799 | $528K | New |
| SAND Sandstorm Gold Ltd. | 0.09% | 59,829 | $452K | Add +177.9% |
| BEPC Brookfield Renewable Corp. | 0.07% | 12,298 | $343K | New |
| ACB Aurora Cannabis Inc. | 0.07% | 73,247 | $322K | Add +231.2% |
| BIP Brookfield Infrastructure Pa | 0.05% | 8,535 | $254K | New |
| HBM Hudbay Minerals Inc. | 0.05% | 32,983 | $250K | Add +48.6% |
| GIB Cgi Inc. | 0.05% | 2,243 | $224K | New |
| TAC Transalta Corp. | 0.04% | 19,180 | $179K | Reduce -69.3% |
| STKL Sunopta Inc. | 0.03% | 31,122 | $151K | Add +156.7% |
| SA Seabridge Gold Inc. | 0.03% | 12,717 | $148K | New |
| LAC Lithium Americas Corp. | 0.03% | 47,021 | $127K | Reduce -78.4% |
| SSRM SSR Mining Inc. | 0.02% | 11,579 | $116K | Reduce -60.2% |
| EXK Endeavour Silver Corp. | 0.02% | 26,867 | $115K | Reduce -38.3% |
| CRON Cronos Group Inc. | 0.02% | 52,168 | $94K | Add +3.2% |
| CGC Canopy Growth Corp. | 0.01% | 75,946 | $69K | No change |
| BLDP Ballard Power Systems Inc. | 0.01% | 23,192 | $26K | New |
| TLRY Tilray Brands Inc. | 0.00% | 18,971 | $12K | Add +40.8% |
| VFF Village Farms International | 0.00% | 16,189 | $10K | No change |
Options reported separately and not counted above: BCE puts ($169.7M), RY puts ($151.1M), CM puts ($139.6M), BMO puts ($136.8M), RCI puts ($129.7M), TU puts ($128.7M), TRP puts ($122.3M), BNS puts ($116.7M), RY calls ($115.9M), TD puts ($111.9M), TD calls ($85.9M), SU puts ($85.0M), and 169 more.
Portfolio Sells Q4 2024 → Q1 2025
| TD Toronto-Dominion Bank | Reduce -80.1% | 2.91% | −11.63 |
| TRP TC Energy Corp. | Reduce -72.0% | 1.49% | −4.39 |
| SHOP Shopify Inc. Class A | Reduce -93.7% | 0.14% | −2.56 |
| RY Royal Bank of Canada | Reduce -10.6% | 5.34% | −1.83 |
| NTR Nutrien Ltd. | Reduce -36.4% | 2.48% | −1.46 |
| CM Can Imperial BK of Commerce | Reduce -5.4% | 3.59% | −1.19 |
| CVE Cenovus Energy Inc. | Reduce -34.8% | 0.94% | −0.82 |
| BITO Proshares Bitcoin ETF-Usd | Reduce -27.0% | 0.76% | −0.70 |
| VRN Veren Inc. | Reduce -49.0% | 0.65% | −0.46 |
| TECK Teck Resources Ltd.-CLS B | Reduce -44.1% | 0.37% | −0.46 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.42 |
| CNI Canadian Natl Railway Co. | Reduce -13.7% | 1.19% | −0.42 |
| SU Suncor Energy Inc. | Reduce -3.4% | 4.05% | −0.28 |
| UUUU Energy Fuels Inc. | Reduce -49.0% | 0.14% | −0.28 |
| BTE Baytex Energy Corp. | Reduce -20.6% | 0.43% | −0.27 |
| VET Vermilion Energy Inc. | Reduce -2.5% | 0.61% | −0.21 |
| BB Blackberry Ltd. | Sold out | 0.00% | −0.20 |
| TAC Transalta Corp. | Reduce -69.3% | 0.04% | −0.17 |
| QSR Restaurant Brands Intern | Reduce -45.8% | 0.14% | −0.14 |
| SILV Silvercrest Metals Inc. | Sold out | 0.00% | −0.13 |
| LAC Lithium Americas Corp. | Reduce -78.4% | 0.03% | −0.12 |
| BTG B2GOLD Corp. | Reduce -41.8% | 0.16% | −0.10 |
| FTS Fortis Inc. | Reduce -24.2% | 0.26% | −0.09 |
| ASTL Algoma Steel Group Inc. | Sold out | 0.00% | −0.08 |
| MAG Mag Silver Corp. | Reduce -22.6% | 0.25% | −0.07 |
| FSM Fortuna Mining Corp. | Reduce -39.7% | 0.18% | −0.06 |
| B Barrick Gold Corp. | Reduce -16.8% | 0.73% | −0.06 |
| PDS Precision Drilling Corp. | Sold out | 0.00% | −0.05 |
| SSRM SSR Mining Inc. | Reduce -60.2% | 0.02% | −0.02 |
| CGAU Centerra Gold Inc. | Sold out | 0.00% | −0.02 |
| EXK Endeavour Silver Corp. | Reduce -38.3% | 0.02% | −0.01 |
| AG First Majestic Silver Corp. | Reduce -4.8% | 0.41% | +0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| BNS Bank of Nova Scotia | Add +9556.2% | 9.62% | +9.49 |
| RCI Rogers Communications Inc. Class B | Add +94.8% | 10.62% | +3.59 |
| BMO Bank of Montreal | Add +1425.2% | 3.67% | +3.40 |
| MFC Manulife Financial Corp. | Add +445.9% | 3.17% | +2.53 |
| TU Telus Corp. | Add +28.1% | 9.41% | +1.62 |
| PBA Pembina Pipeline Corp. | Add +256.9% | 1.84% | +1.31 |
| SOBO South Bow Corp. | Add +261.7% | 1.30% | +0.93 |
| NEM Newmont Corp. | Add +82.8% | 1.60% | +0.84 |
| TFII Tfi International Inc. | New | 0.64% | +0.64 |
| ENB Enbridge Inc. | New | 0.64% | +0.64 |
| CNQ Canadian Natural Resources | Add +30.7% | 4.49% | +0.63 |
| FNV Franco-Nevada Corp. | New | 0.42% | +0.42 |
| SLF Sun Life Financial Inc. | Add +40.4% | 2.31% | +0.40 |
| PAAS Pan American Silver Corp. | Add +57.4% | 0.89% | +0.39 |
| KGC Kinross Gold Corp. | Add +320.9% | 0.48% | +0.39 |
| TRI Thomson Reuters Corp. | New | 0.29% | +0.29 |
| EQX Equinox Gold Corp. | Add +32.4% | 0.59% | +0.23 |
| GFL GFL Environmental Inc.-Sub VT | New | 0.20% | +0.20 |
| ORLA Orla Mining Ltd. | New | 0.18% | +0.18 |
| BN Brookfield Corp. | New | 0.18% | +0.18 |
| DSGX The Descartes Systems Grp | Add +420.7% | 0.21% | +0.16 |
| GRTUF Granite Real Estate Investme | Add +295.3% | 0.21% | +0.15 |
| EGO Eldorado Gold Corp. | Add +285.5% | 0.19% | +0.14 |
| AEM Agnico Eagle Mines Ltd. | New | 0.13% | +0.13 |
| RBA RB Global Inc. | New | 0.11% | +0.11 |
| CDE Coeur Mining Inc. | New | 0.11% | +0.11 |
| WPM Wheaton Precious Metals Corp. | New | 0.11% | +0.11 |
| BEPC Brookfield Renewable Corp. | New | 0.07% | +0.07 |
| LSPD Lightspeed Commerce Inc. | Add +369.3% | 0.12% | +0.07 |
| SAND Sandstorm Gold Ltd. | Add +177.9% | 0.09% | +0.06 |
| SVM Silvercorp Metals Inc. | Add +85.3% | 0.11% | +0.06 |
| MGA Magna International Inc. | Add +121.1% | 0.16% | +0.06 |
| BIP Brookfield Infrastructure Pa | New | 0.05% | +0.05 |
| GIB Cgi Inc. | New | 0.05% | +0.05 |
| ACB Aurora Cannabis Inc. | Add +231.2% | 0.07% | +0.04 |
| SA Seabridge Gold Inc. | New | 0.03% | +0.03 |
| OBE Obsidian Energy Ltd. | Add +49.4% | 0.11% | +0.03 |
| AQN Algonquin Power & Utilities | Add +7.9% | 0.16% | +0.02 |
| HBM Hudbay Minerals Inc. | Add +48.6% | 0.05% | +0.01 |
| STKL Sunopta Inc. | Add +156.7% | 0.03% | +0.01 |
| BLDP Ballard Power Systems Inc. | New | 0.01% | +0.01 |
| TLRY Tilray Brands Inc. | Add +40.8% | 0.00% | −0.00 |
| CRON Cronos Group Inc. | Add +3.2% | 0.02% | −0.00 |
| NXE Nexgen Energy Ltd. | Add +25.5% | 0.12% | −0.04 |
| CCJ Cameco Corp. | Add +7.0% | 0.60% | −0.18 |
| HUT Hut 8 Corp. | Add +7.2% | 0.25% | −0.22 |
| BCE Bce Inc. | Add +9.3% | 16.58% | −0.60 |
Options Activity Q4 2024 → Q1 2025
| BCE Bce Inc. | put | Reduce -16.4% | 7,389,600 | $169.7M |
| RY Royal Bank of Canada | put | Reduce -8.6% | 1,340,300 | $151.1M |
| CM Can Imperial BK of Commerce | put | Add +2.1% | 2,479,600 | $139.6M |
| BMO Bank of Montreal | put | Reduce -20.2% | 1,432,200 | $136.8M |
| RCI Rogers Communications Inc. Class B | put | Add +22.6% | 4,852,600 | $129.7M |
| TU Telus Corp. | put | Add +0.8% | 8,971,500 | $128.7M |
| TRP TC Energy Corp. | put | Reduce -20.5% | 2,590,900 | $122.3M |
| BNS Bank of Nova Scotia | put | Add +115.2% | 2,460,400 | $116.7M |
| RY Royal Bank of Canada | call | Add +65.5% | 1,028,400 | $115.9M |
| TD Toronto-Dominion Bank | put | Reduce -15.3% | 1,866,500 | $111.9M |
| TD Toronto-Dominion Bank | call | Add +175.2% | 1,433,800 | $85.9M |
| SU Suncor Energy Inc. | put | Reduce -5.5% | 2,195,500 | $85.0M |
| CNQ Canadian Natural Resources | put | Add +3.4% | 2,501,900 | $77.1M |
| PBA Pembina Pipeline Corp. | put | Reduce -26.2% | 1,767,000 | $70.7M |
| TU Telus Corp. | call | Add +4.3% | 4,507,300 | $64.6M |
| MFC Manulife Financial Corp. | put | Add +5.4% | 1,833,600 | $57.1M |
| BCE Bce Inc. | call | Add +18.8% | 2,422,100 | $55.6M |
| ENB Enbridge Inc. | put | Add +51.5% | 1,172,600 | $52.0M |
| BMO Bank of Montreal | call | Reduce -31.6% | 540,600 | $51.6M |
| RCI Rogers Communications Inc. Class B | call | Reduce -0.7% | 1,462,300 | $39.1M |
| SLF Sun Life Financial Inc. | put | Add +21.5% | 663,400 | $38.0M |
| ENB Enbridge Inc. | call | Add +47.7% | 844,600 | $37.4M |
| CNQ Canadian Natural Resources | call | Add +111.4% | 1,173,000 | $36.1M |
| CM Can Imperial BK of Commerce | call | Add +27.3% | 588,500 | $33.1M |
| CVE Cenovus Energy Inc. | put | Reduce -2.2% | 2,064,400 | $28.7M |
| BNS Bank of Nova Scotia | call | Reduce -38.5% | 504,400 | $23.9M |
| NTR Nutrien Ltd. | call | Add +95.2% | 461,800 | $22.9M |
| TRP TC Energy Corp. | call | Add +25.9% | 469,600 | $22.2M |
| PBA Pembina Pipeline Corp. | call | Add +10.3% | 533,200 | $21.3M |
| CNI Canadian Natl Railway Co. | put | Add +75.3% | 183,900 | $17.9M |
| AEM Agnico Eagle Mines Ltd. | call | Reduce -16.6% | 157,800 | $17.1M |
| SU Suncor Energy Inc. | call | Add +21.6% | 434,900 | $16.8M |
| CP Canadian Pacific Kansas City | call | Add +57.0% | 233,300 | $16.4M |
| CCJ Cameco Corp. | call | Reduce -18.9% | 378,600 | $15.6M |
| CNI Canadian Natl Railway Co. | call | Add +15.6% | 142,100 | $13.8M |
| AEM Agnico Eagle Mines Ltd. | put | Add +10.8% | 122,400 | $13.3M |
| SHOP Shopify Inc. Class A | call | Add +14.5% | 138,300 | $13.2M |
| CCJ Cameco Corp. | put | Reduce -27.2% | 320,800 | $13.2M |
| FNV Franco-Nevada Corp. | put | Add +657.3% | 83,300 | $13.1M |
| FNV Franco-Nevada Corp. | call | Add +60.1% | 78,300 | $12.3M |
| CVE Cenovus Energy Inc. | call | Reduce -1.0% | 864,500 | $12.0M |
| B Barrick Gold Corp. | call | Reduce -12.5% | 528,100 | $10.3M |
| BN Brookfield Corp. | call | Add +17.6% | 183,000 | $9.6M |
| MFC Manulife Financial Corp. | call | Reduce -10.2% | 289,300 | $9.0M |
| CLS Celestica Inc. | call | Add +49.0% | 107,100 | $8.4M |
| FTS Fortis Inc. | put | Reduce -3.9% | 162,100 | $7.4M |
| WCN Waste Connections Inc. | call | Add +4.0% | 36,000 | $7.0M |
| MGA Magna International Inc. | call | Add +45.3% | 190,200 | $6.5M |
| SHOP Shopify Inc. Class A | put | Reduce -44.1% | 66,000 | $6.3M |
| TECK Teck Resources Ltd.-CLS B | put | Add +36.0% | 165,300 | $6.0M |
Showing the first 50 of 188.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 79 | $547.2M | BNS, CM, TU, BCE, RCI |
| Q1 2026 | 81 | $498.5M | TU, BNS, RCI, BCE, TD |
| Q4 2025 | 81 | $571.1M | TU, RCI, BNS, ENB, CM |
| Q3 2025 | 77 | $649.3M | BNS, RCI, TU, CNQ, BCE |
| Q2 2025 | 77 | $456.1M | RCI, BNS, SU, CNQ, TU |
| Q1 2025 | 76 | $490.4M | BCE, RCI, BNS, TU, RY |
| Q4 2024 | 66 | $437.2M | BCE, TD, TU, RY, RCI |
| Q3 2024 | 54 | $322.7M | TRP, BCE, CM, BNS, TU |
| Q2 2024 | 79 | $384.8M | BCE, TD, TRP, BNS, TU |
| Q1 2024 | 69 | $273.5M | RY, BNS, TD, CM, BCE |