SIG North Trading, ULC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), SIG North Trading, ULC reported 77 stock positions worth $456.1 million. Its top holding was Rogers Communications Class B (RCI) at 17.6% of the portfolio, followed by Bank of Nova Scotia (BNS, 15.9%) and Suncor Energy (SU, 8.4%). Compared with Q1 2025, it opened 14 new positions, sold out of 13, added to 25 and reduced 35. The biggest buy was Rogers Communications Class B (RCI, shares +39%) and the biggest sale Bce (BCE, shares −75%).
- Most Recent 13F
- Q2 2026
- Location
- Bala Cynwyd, PA
- CIK
- 0001868643
- Portfolio Value
- $456.1M (Q2 2025)
- SEC Filing
- 0001868643-25-000005 ↗ filed Aug 14, 2025
Holdings Value
Holdings 77 stocks · $456.1M
| RCI Rogers Communications Inc. Class B | 17.59% | 2,705,445 | $80.2M | Add +38.8% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 15.91% | 1,313,286 | $72.6M | Add +32.1% |
| SU Suncor Energy Inc. | 8.35% | 1,017,358 | $38.1M | Add +98.3% |
| CNQ Canadian Natural Resources | 6.47% | 939,275 | $29.5M | Add +31.4% |
| TU Telus Corp. | 5.60% | 1,589,599 | $25.5M | Reduce -50.6% |
| BCE Bce Inc. | 4.38% | 902,184 | $20.0M | Reduce -74.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 4.32% | 278,356 | $19.7M | Reduce -10.9% |
| MFC Manulife Financial Corp. | 3.60% | 514,251 | $16.4M | Add +3.0% |
| ENB Enbridge Inc. | 3.16% | 318,206 | $14.4M | Add +352.7% |
| PBA Pembina Pipeline Corp. | 3.06% | 371,922 | $14.0M | Add +65.0% |
| CVE Cenovus Energy Inc. | 3.00% | 1,006,017 | $13.7M | Add +202.5% |
| AEM Agnico Eagle Mines Ltd. | 2.03% | 77,854 | $9.3M | Add +1220.5% |
| CNI Canadian Natl Railway Co. | 1.96% | 85,810 | $8.9M | Add +43.5% |
| NEM Newmont Corp. | 1.78% | 139,605 | $8.1M | Reduce -14.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.33% | 54,698 | $6.1M | Reduce -71.0% |
| SLF Sun Life Financial Inc. | 1.21% | 82,713 | $5.5M | Reduce -58.1% |
| TD Toronto-Dominion Bank | 1.20% | 74,306 | $5.5M | Reduce -68.8% |
| CP Canadian Pacific Kansas City | 1.09% | 62,798 | $5.0M | New |
| TRP TC Energy Corp. | 1.07% | 100,260 | $4.9M | Reduce -35.3% |
| TECK Teck Resources Ltd.-CLS B | 0.94% | 105,992 | $4.3M | Add +111.5% |
| B Barrick Mining Corp. | 0.79% | 173,632 | $3.6M | Reduce -5.9% |
| TRI Thomson Reuters Corp. | 0.62% | 14,055 | $2.8M | Add +69.6% |
| VET Vermilion Energy Inc. | 0.58% | 362,935 | $2.6M | Reduce -2.3% |
| AG First Majestic Silver Corp. | 0.53% | 294,129 | $2.4M | Reduce -2.9% |
| NTR Nutrien Ltd. | 0.50% | 39,274 | $2.3M | Reduce -84.0% |
| OTEX Open Text Corp. | 0.47% | 72,868 | $2.1M | New |
| QSR Restaurant Brands Intern | 0.46% | 31,793 | $2.1M | Add +211.7% |
| OVV Ovintiv Inc. | 0.41% | 48,787 | $1.9M | New |
| EQX Equinox Gold Corp. | 0.40% | 314,133 | $1.8M | Reduce -25.4% |
| HUT Hut 8 Corp. | 0.39% | 96,300 | $1.8M | Reduce -10.3% |
| PAAS Pan American Silver Corp. | 0.39% | 62,400 | $1.8M | Reduce -63.2% |
| NXE Nexgen Energy Ltd. | 0.38% | 248,621 | $1.7M | Add +88.8% |
| BITO Proshares Bitcoin ETF-Usd | 0.35% | 74,687 | $1.6M | Reduce -63.4% |
| PRMB Primo Brands Corp. | 0.32% | 49,257 | $1.5M | Add +0.2% |
| TAC Transalta Corp. | 0.31% | 131,424 | $1.4M | Add +585.2% |
| BTE Baytex Energy Corp. | 0.30% | 756,298 | $1.4M | Reduce -19.7% |
| FTS Fortis Inc. | 0.29% | 27,610 | $1.3M | Reduce -1.8% |
| BTG B2GOLD Corp. | 0.29% | 362,831 | $1.3M | Add +33.9% |
| RY Royal Bank of Canada | 0.28% | 9,586 | $1.3M | Reduce -95.9% |
| GLXY Galaxy Digital Inc. Class A | 0.28% | 57,576 | $1.3M | New |
| IMO Imperial Oil Ltd. | 0.28% | 15,854 | $1.3M | New |
| UUUU Energy Fuels Inc. | 0.19% | 148,377 | $853K | Reduce -17.1% |
| FSM Fortuna Mining Corp. | 0.17% | 118,966 | $778K | Reduce -19.0% |
| AGI Alamos Gold Inc. Class A | 0.16% | 27,563 | $732K | New |
| FNV Franco-Nevada Corp. | 0.16% | 4,457 | $731K | Reduce -66.2% |
| PDS Precision Drilling Corp. | 0.16% | 15,402 | $728K | New |
| CDE Coeur Mining Inc. | 0.15% | 79,037 | $700K | Reduce -12.7% |
| AQN Algonquin Power & Utilities | 0.15% | 121,277 | $695K | Reduce -18.7% |
| CLS Celestica Inc. | 0.15% | 4,375 | $683K | New |
| BAM Brookfield Asset Mgmt-A | 0.15% | 12,093 | $669K | New |
| SA Seabridge Gold Inc. | 0.14% | 43,517 | $632K | Add +242.2% |
| GRTUF Granite Real Estate Investme | 0.14% | 12,423 | $630K | Reduce -42.3% |
| BEPC Brookfield Renewable Corp. | 0.14% | 19,176 | $629K | Add +55.9% |
| GFL GFL Environmental Inc.-Sub VT | 0.13% | 11,675 | $589K | Reduce -43.3% |
| ACB Aurora Cannabis Inc. | 0.11% | 121,147 | $514K | Add +65.4% |
| BB Blackberry Ltd. | 0.11% | 111,846 | $512K | New |
| DSGX The Descartes Systems Grp | 0.10% | 4,266 | $434K | Reduce -58.9% |
| STN Stantec Inc. | 0.09% | 3,897 | $424K | New |
| EXK Endeavour Silver Corp. | 0.09% | 84,479 | $416K | Add +214.4% |
| LSPD Lightspeed Commerce Inc. | 0.08% | 31,698 | $371K | Reduce -50.9% |
| OBE Obsidian Energy Ltd. | 0.08% | 63,860 | $354K | Reduce -32.5% |
| WCN Waste Connections Inc. | 0.07% | 1,832 | $342K | New |
| GIB Cgi Inc. | 0.07% | 3,250 | $341K | Add +44.9% |
| BHC Bausch Health Cos Inc. | 0.07% | 48,815 | $325K | New |
| SAND Sandstorm Gold Ltd. | 0.07% | 32,129 | $302K | Reduce -46.3% |
| EGO Eldorado Gold Corp. | 0.06% | 14,475 | $294K | Reduce -74.0% |
| BIP Brookfield Infrastructure Pa | 0.06% | 8,535 | $286K | No change |
| BEP Brookfield Renewable Partner | 0.06% | 10,727 | $274K | New |
| STKL Sunopta Inc. | 0.06% | 45,622 | $265K | Add +46.6% |
| SVM Silvercorp Metals Inc. | 0.06% | 62,446 | $264K | Reduce -56.8% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.03% | 13,532 | $136K | Reduce -85.7% |
| CRON Cronos Group Inc. | 0.03% | 68,968 | $132K | Add +32.2% |
| CGC Canopy Growth Corp. | 0.02% | 75,946 | $93K | No change |
| LAC Lithium Americas Corp. | 0.01% | 22,525 | $60K | Reduce -52.1% |
| TLRY Tilray Brands Inc. | 0.01% | 105,671 | $44K | Add +457.0% |
| BLDP Ballard Power Systems Inc. | 0.00% | 11,527 | $18K | Reduce -50.3% |
| VFF Village Farms International | 0.00% | 16,189 | $18K | No change |
Options reported separately and not counted above: BMO puts ($204.4M), RY calls ($196.4M), RY puts ($174.5M), TD calls ($163.3M), TD puts ($154.1M), RCI puts ($152.9M), CM puts ($152.8M), TRP puts ($146.4M), TU puts ($145.7M), BNS puts ($144.1M), BCE puts ($130.6M), SU puts ($110.6M), and 177 more.
Portfolio Sells Q1 2025 → Q2 2025
| BCE Bce Inc. | Reduce -74.5% | 4.38% | −12.20 |
| RY Royal Bank of Canada | Reduce -95.9% | 0.28% | −5.07 |
| TU Telus Corp. | Reduce -50.6% | 5.60% | −3.81 |
| BMO Bank of Montreal | Reduce -71.0% | 1.33% | −2.35 |
| NTR Nutrien Ltd. | Reduce -84.0% | 0.50% | −1.98 |
| TD Toronto-Dominion Bank | Reduce -68.8% | 1.20% | −1.71 |
| SOBO South Bow Corp. | Sold out | 0.00% | −1.30 |
| SLF Sun Life Financial Inc. | Reduce -58.1% | 1.21% | −1.10 |
| VRN Veren Inc. | Sold out | 0.00% | −0.65 |
| TFII Tfi International Inc. | Sold out | 0.00% | −0.64 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.60 |
| PAAS Pan American Silver Corp. | Reduce -63.2% | 0.39% | −0.50 |
| KGC Kinross Gold Corp. | Sold out | 0.00% | −0.48 |
| TRP TC Energy Corp. | Reduce -35.3% | 1.07% | −0.42 |
| BITO Proshares Bitcoin ETF-Usd | Reduce -63.4% | 0.35% | −0.41 |
| FNV Franco-Nevada Corp. | Reduce -66.2% | 0.16% | −0.26 |
| MAG Mag Silver Corp. | Sold out | 0.00% | −0.25 |
| EQX Equinox Gold Corp. | Reduce -25.4% | 0.40% | −0.19 |
| BN Brookfield Corp. | Sold out | 0.00% | −0.18 |
| MGA Magna International Inc. | Sold out | 0.00% | −0.16 |
| ORLA Orla Mining Ltd. | Reduce -85.7% | 0.03% | −0.15 |
| SHOP Shopify Inc. Class A | Sold out | 0.00% | −0.14 |
| BTE Baytex Energy Corp. | Reduce -19.7% | 0.30% | −0.13 |
| EGO Eldorado Gold Corp. | Reduce -74.0% | 0.06% | −0.13 |
| DSGX The Descartes Systems Grp | Reduce -58.9% | 0.10% | −0.12 |
| RBA RB Global Inc. | Sold out | 0.00% | −0.11 |
| WPM Wheaton Precious Metals Corp. | Sold out | 0.00% | −0.11 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -43.3% | 0.13% | −0.07 |
| GRTUF Granite Real Estate Investme | Reduce -42.3% | 0.14% | −0.07 |
| SVM Silvercorp Metals Inc. | Reduce -56.8% | 0.06% | −0.06 |
| HBM Hudbay Minerals Inc. | Sold out | 0.00% | −0.05 |
| OBE Obsidian Energy Ltd. | Reduce -32.5% | 0.08% | −0.04 |
| VET Vermilion Energy Inc. | Reduce -2.3% | 0.58% | −0.03 |
| LSPD Lightspeed Commerce Inc. | Reduce -50.9% | 0.08% | −0.03 |
| SAND Sandstorm Gold Ltd. | Reduce -46.3% | 0.07% | −0.03 |
| SSRM SSR Mining Inc. | Sold out | 0.00% | −0.02 |
| LAC Lithium Americas Corp. | Reduce -52.1% | 0.01% | −0.01 |
| FSM Fortuna Mining Corp. | Reduce -19.0% | 0.17% | −0.01 |
| AQN Algonquin Power & Utilities | Reduce -18.7% | 0.15% | −0.00 |
| BLDP Ballard Power Systems Inc. | Reduce -50.3% | 0.00% | −0.00 |
| FTS Fortis Inc. | Reduce -1.8% | 0.29% | +0.03 |
| CDE Coeur Mining Inc. | Reduce -12.7% | 0.15% | +0.04 |
| UUUU Energy Fuels Inc. | Reduce -17.1% | 0.19% | +0.05 |
| B Barrick Mining Corp. | Reduce -5.9% | 0.79% | +0.06 |
| AG First Majestic Silver Corp. | Reduce -2.9% | 0.53% | +0.12 |
| HUT Hut 8 Corp. | Reduce -10.3% | 0.39% | +0.14 |
| NEM Newmont Corp. | Reduce -14.3% | 1.78% | +0.18 |
| CM Can Imperial BK of Commerce | Reduce -10.9% | 4.32% | +0.74 |
Portfolio Buys Q1 2025 → Q2 2025
| RCI Rogers Communications Inc. Class B | Add +38.8% | 17.59% | +6.97 |
| BNS Bank of Nova Scotia | Add +32.1% | 15.91% | +6.30 |
| SU Suncor Energy Inc. | Add +98.3% | 8.35% | +4.30 |
| ENB Enbridge Inc. | Add +352.7% | 3.16% | +2.53 |
| CVE Cenovus Energy Inc. | Add +202.5% | 3.00% | +2.06 |
| CNQ Canadian Natural Resources | Add +31.4% | 6.47% | +1.98 |
| AEM Agnico Eagle Mines Ltd. | Add +1220.5% | 2.03% | +1.90 |
| PBA Pembina Pipeline Corp. | Add +65.0% | 3.06% | +1.22 |
| CP Canadian Pacific Kansas City | New | 1.09% | +1.09 |
| CNI Canadian Natl Railway Co. | Add +43.5% | 1.96% | +0.77 |
| TECK Teck Resources Ltd.-CLS B | Add +111.5% | 0.94% | +0.57 |
| OTEX Open Text Corp. | New | 0.47% | +0.47 |
| MFC Manulife Financial Corp. | Add +3.0% | 3.60% | +0.43 |
| OVV Ovintiv Inc. | New | 0.41% | +0.41 |
| TRI Thomson Reuters Corp. | Add +69.6% | 0.62% | +0.33 |
| QSR Restaurant Brands Intern | Add +211.7% | 0.46% | +0.32 |
| GLXY Galaxy Digital Inc. Class A | New | 0.28% | +0.28 |
| IMO Imperial Oil Ltd. | New | 0.28% | +0.28 |
| TAC Transalta Corp. | Add +585.2% | 0.31% | +0.27 |
| NXE Nexgen Energy Ltd. | Add +88.8% | 0.38% | +0.26 |
| AGI Alamos Gold Inc. Class A | New | 0.16% | +0.16 |
| PDS Precision Drilling Corp. | New | 0.16% | +0.16 |
| CLS Celestica Inc. | New | 0.15% | +0.15 |
| BAM Brookfield Asset Mgmt-A | New | 0.15% | +0.15 |
| BTG B2GOLD Corp. | Add +33.9% | 0.29% | +0.13 |
| BB Blackberry Ltd. | New | 0.11% | +0.11 |
| SA Seabridge Gold Inc. | Add +242.2% | 0.14% | +0.11 |
| STN Stantec Inc. | New | 0.09% | +0.09 |
| WCN Waste Connections Inc. | New | 0.07% | +0.07 |
| BHC Bausch Health Cos Inc. | New | 0.07% | +0.07 |
| BEPC Brookfield Renewable Corp. | Add +55.9% | 0.14% | +0.07 |
| EXK Endeavour Silver Corp. | Add +214.4% | 0.09% | +0.07 |
| BEP Brookfield Renewable Partner | New | 0.06% | +0.06 |
| ACB Aurora Cannabis Inc. | Add +65.4% | 0.11% | +0.05 |
| GIB Cgi Inc. | Add +44.9% | 0.07% | +0.03 |
| STKL Sunopta Inc. | Add +46.6% | 0.06% | +0.03 |
| CRON Cronos Group Inc. | Add +32.2% | 0.03% | +0.01 |
| TLRY Tilray Brands Inc. | Add +457.0% | 0.01% | +0.01 |
| PRMB Primo Brands Corp. | Add +0.2% | 0.32% | −0.04 |
Options Activity Q1 2025 → Q2 2025
| BMO Bank of Montreal | put | Add +29.0% | 1,847,900 | $204.4M |
| RY Royal Bank of Canada | call | Add +45.2% | 1,493,000 | $196.4M |
| RY Royal Bank of Canada | put | Reduce -1.0% | 1,326,600 | $174.5M |
| TD Toronto-Dominion Bank | call | Add +55.1% | 2,223,200 | $163.3M |
| TD Toronto-Dominion Bank | put | Add +12.4% | 2,097,400 | $154.1M |
| RCI Rogers Communications Inc. Class B | put | Add +6.2% | 5,154,300 | $152.9M |
| CM Can Imperial BK of Commerce | put | Reduce -13.0% | 2,156,800 | $152.8M |
| TRP TC Energy Corp. | put | Add +15.8% | 3,001,300 | $146.4M |
| TU Telus Corp. | put | Add +1.1% | 9,072,600 | $145.7M |
| BNS Bank of Nova Scotia | put | Add +6.0% | 2,607,700 | $144.1M |
| BCE Bce Inc. | put | Reduce -20.3% | 5,892,600 | $130.6M |
| SU Suncor Energy Inc. | put | Add +34.6% | 2,954,200 | $110.6M |
| CNQ Canadian Natural Resources | put | Add +32.6% | 3,318,300 | $104.2M |
| CM Can Imperial BK of Commerce | call | Add +143.5% | 1,433,200 | $101.5M |
| TU Telus Corp. | call | Add +35.9% | 6,125,700 | $98.4M |
| BCE Bce Inc. | call | Add +78.7% | 4,328,500 | $96.0M |
| BMO Bank of Montreal | call | Add +33.3% | 720,800 | $79.7M |
| PBA Pembina Pipeline Corp. | put | Add +12.8% | 1,993,700 | $74.8M |
| BNS Bank of Nova Scotia | call | Add +143.3% | 1,227,300 | $67.8M |
| MFC Manulife Financial Corp. | put | Add +8.6% | 1,992,100 | $63.7M |
| ENB Enbridge Inc. | call | Add +61.4% | 1,363,200 | $61.8M |
| ENB Enbridge Inc. | put | Add +12.6% | 1,319,900 | $59.8M |
| SLF Sun Life Financial Inc. | put | Add +22.7% | 813,800 | $54.1M |
| RCI Rogers Communications Inc. Class B | call | Add +14.9% | 1,680,300 | $49.8M |
| CNQ Canadian Natural Resources | call | Add +28.9% | 1,511,800 | $47.5M |
| CCJ Cameco Corp. | call | Add +52.4% | 576,900 | $42.8M |
| CVE Cenovus Energy Inc. | put | Add +21.9% | 2,515,800 | $34.2M |
| CP Canadian Pacific Kansas City | call | Add +46.5% | 341,800 | $27.1M |
| NTR Nutrien Ltd. | call | Add +0.4% | 463,500 | $27.0M |
| AEM Agnico Eagle Mines Ltd. | put | Add +72.6% | 211,300 | $25.1M |
| AEM Agnico Eagle Mines Ltd. | call | Add +33.1% | 210,000 | $25.0M |
| TRP TC Energy Corp. | call | Add +5.6% | 495,800 | $24.2M |
| PBA Pembina Pipeline Corp. | call | Add +10.7% | 590,100 | $22.1M |
| CNI Canadian Natl Railway Co. | put | Add +14.4% | 210,400 | $21.9M |
| BN Brookfield Corp. | call | Add +85.0% | 338,500 | $20.9M |
| SHOP Shopify Inc. Class A | call | Add +25.3% | 173,300 | $20.0M |
| MFC Manulife Financial Corp. | call | Add +89.2% | 547,300 | $17.5M |
| EMA Emera Inc. | put | New | 380,100 | $17.4M |
| CCJ Cameco Corp. | put | Reduce -27.9% | 231,300 | $17.2M |
| CLS Celestica Inc. | call | Reduce -6.9% | 99,700 | $15.6M |
| WPM Wheaton Precious Metals Corp. | call | Add +303.0% | 159,200 | $14.3M |
| EMA Emera Inc. | call | New | 308,200 | $14.1M |
| CNI Canadian Natl Railway Co. | call | Reduce -12.2% | 124,700 | $13.0M |
| FNV Franco-Nevada Corp. | put | Reduce -5.9% | 78,400 | $12.9M |
| B Barrick Mining Corp. | call | Add +11.9% | 591,200 | $12.3M |
| SU Suncor Energy Inc. | call | Reduce -25.0% | 326,100 | $12.2M |
| FTS Fortis Inc. | put | Add +51.3% | 245,300 | $11.7M |
| BIP Brookfield Infrastructure Pa | call | Add +77.0% | 329,900 | $11.1M |
| FNV Franco-Nevada Corp. | call | Reduce -15.6% | 66,100 | $10.8M |
| SHOP Shopify Inc. Class A | put | Add +39.7% | 92,200 | $10.6M |
Showing the first 50 of 193.
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 |