SIG North Trading, ULC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), SIG North Trading, ULC reported 77 stock positions worth $649.3 million. Its top holding was Bank of Nova Scotia (BNS) at 17.1% of the portfolio, followed by Rogers Communications Class B (RCI, 15.0%) and Telus (TU, 7.9%). Compared with Q2 2025, it opened 11 new positions, sold out of 11, added to 45 and reduced 17. The biggest buy was Toronto-Dominion Bank (TD, shares +382%) and the biggest sale Suncor Energy (SU, shares −66%).

Most Recent 13F
Q2 2026
Location
Bala Cynwyd, PA
CIK
0001868643
Portfolio Value
$649.3M (Q3 2025)
SEC Filing
0001868643-25-000007 ↗ filed Nov 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $273.5M Q1 2024 Q2 2024: $384.8M Q2 2024 Q3 2024: $322.7M Q3 2024 Q4 2024: $437.2M Q4 2024 Q1 2025: $490.4M Q1 2025 Q2 2025: $456.1M Q2 2025 Q3 2025: $649.3M $649.3M Q3 2025 Q4 2025: $571.1M Q4 2025 Q1 2026: $498.5M Q1 2026 Q2 2026: $547.2M Q2 2026

Holdings 77 stocks · $649.3M
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 17.09% 1,716,022 $110.9M Add +30.7%
RCI Rogers Communications Inc. Class B 15.04% 2,833,868 $97.7M Add +4.8%
TU Telus Corp. 7.89% 3,248,482 $51.2M Add +104.4%
CNQ Canadian Natural Resources 6.56% 1,331,735 $42.6M Add +41.8%
BCE Bce Inc. 4.57% 1,268,850 $29.7M Add +40.6%
ENB Enbridge Inc. 4.43% 570,529 $28.8M Add +79.3%
TD Toronto-Dominion Bank 4.41% 358,488 $28.7M Add +382.4%
SLF Sun Life Financial Inc. 4.40% 476,312 $28.6M Add +475.9%
PBA Pembina Pipeline Corp. 4.21% 675,369 $27.3M Add +81.6%
MFC Manulife Financial Corp. 3.23% 673,298 $21.0M Add +30.9%
EQX Equinox Gold Corp. 2.72% 1,576,024 $17.7M Add +401.7%
TRP TC Energy Corp. 2.57% 306,753 $16.7M Add +206.0%
CNI Canadian Natl Railway Co. 2.27% 156,470 $14.8M Add +82.3%
SU Suncor Energy Inc. 2.22% 344,993 $14.4M Reduce -66.1%
CVE Cenovus Energy Inc. 2.12% 810,350 $13.8M Reduce -19.4%
NEM Newmont Corp. 1.53% 117,464 $9.9M Reduce -15.9%
BIP Brookfield Infrastructure Pa 1.34% 265,442 $8.7M Add +3010.0%
B Barrick Mining Corp. 1.10% 217,701 $7.1M Add +25.4%
IMO Imperial Oil Ltd. 0.89% 63,705 $5.8M Add +301.8%
NTR Nutrien Ltd. 0.87% 96,184 $5.6M Add +144.9%
AG First Majestic Silver Corp. 0.81% 425,639 $5.2M Add +44.7%
VET Vermilion Energy Inc. 0.61% 508,297 $4.0M Add +40.0%
TRI Thomson Reuters Corp. 0.54% 22,777 $3.5M Add +62.1%
NXE Nexgen Energy Ltd. 0.50% 365,560 $3.3M Add +47.0%
UUUU Energy Fuels Inc. 0.48% 203,593 $3.1M Add +37.2%
PAAS Pan American Silver Corp. 0.44% 74,185 $2.9M Add +18.9%
CGAU Centerra Gold Inc. 0.44% 263,567 $2.8M New
WCN Waste Connections Inc. 0.39% 14,230 $2.5M Add +676.8%
GIL Gildan Activewear Inc. 0.32% 36,404 $2.1M New
DOO BRP Inc./Ca- Sub Voting 0.31% 32,602 $2.0M New
EGO Eldorado Gold Corp. 0.30% 68,388 $2.0M Add +372.5%
WFG West Fraser Timber Co. Ltd. 0.29% 27,303 $1.9M New
BTG B2GOLD Corp. 0.28% 365,287 $1.8M Add +0.7%
OVV Ovintiv Inc. 0.26% 41,763 $1.7M Reduce -14.4%
TAC Transalta Corp. 0.24% 115,523 $1.6M Reduce -12.1%
AGI Alamos Gold Inc. Class A 0.23% 43,685 $1.5M Add +58.5%
BTE Baytex Energy Corp. 0.23% 643,152 $1.5M Reduce -15.0%
GIB Cgi Inc. 0.22% 16,302 $1.5M Add +401.6%
RY Royal Bank of Canada 0.22% 9,586 $1.4M No change
CDE Coeur Mining Inc. 0.21% 73,597 $1.4M Reduce -6.9%
BB Blackberry Ltd. 0.19% 257,738 $1.3M Add +130.4%
CP Canadian Pacific Kansas City 0.18% 15,814 $1.2M Reduce -74.8%
PRMB Primo Brands Corp. 0.17% 49,257 $1.1M No change
EXK Endeavour Silver Corp. 0.16% 129,665 $1.0M Add +53.5%
LAC Lithium Americas Corp. 0.15% 170,109 $971K Add +655.2%
SA Seabridge Gold Inc. 0.15% 39,917 $964K Reduce -8.3%
GFL GFL Environmental Inc.-Sub VT 0.14% 19,277 $913K Add +65.1%
FSM Fortuna Mining Corp. 0.13% 91,276 $818K Reduce -23.3%
DSGX The Descartes Systems Grp 0.12% 8,421 $794K Add +97.4%
GLXY Galaxy Digital Inc. Class A 0.12% 23,191 $784K Reduce -59.7%
BEPC Brookfield Renewable Corp. 0.12% 21,892 $754K Add +14.2%
AQN Algonquin Power & Utilities 0.11% 133,363 $716K Add +10.0%
CLS Celestica Inc. 0.10% 2,654 $654K Reduce -39.3%
SSRM SSR Mining Inc. 0.10% 25,887 $632K New
OR Or Royalties Inc. 0.09% 14,395 $577K New
LSPD Lightspeed Commerce Inc. 0.08% 46,345 $535K Add +46.2%
SAND Sandstorm Gold Ltd. 0.08% 42,129 $527K Add +31.1%
CGC Canopy Growth Corp. 0.08% 354,052 $517K Add +366.2%
ASTL Algoma Steel Group Inc. 0.08% 141,917 $505K New
ACB Aurora Cannabis Inc. 0.07% 77,634 $463K Reduce -35.9%
SVM Silvercorp Metals Inc. 0.07% 66,939 $423K Add +7.2%
STN Stantec Inc. 0.06% 3,897 $420K No change
KGC Kinross Gold Corp. 0.06% 16,676 $414K New
BAM Brookfield Asset Mgmt-A 0.06% 7,223 $411K Reduce -40.3%
QSR Restaurant Brands Intern 0.06% 6,155 $395K Reduce -80.6%
STKL Sunopta Inc. 0.06% 64,922 $380K Add +42.3%
TLRY Tilray Brands Inc. 0.06% 211,176 $365K Add +99.8%
TFII Tfi International Inc. 0.06% 4,066 $358K New
BEP Brookfield Renewable Partner 0.05% 13,027 $336K Add +21.4%
OBE Obsidian Energy Ltd. 0.05% 47,991 $314K Reduce -24.9%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.04% 23,394 $253K Add +72.9%
CRON Cronos Group Inc. 0.04% 85,968 $239K Add +24.6%
IAG Iamgold Corp. 0.04% 18,394 $238K New
BHC Bausch Health Cos Inc. 0.03% 27,482 $177K Reduce -43.7%
BLDP Ballard Power Systems Inc. 0.03% 59,627 $162K Add +417.3%
NG Novagold Resources Inc. 0.02% 15,885 $140K New
VFF Village Farms International 0.01% 16,189 $51K No change

Options reported separately and not counted above: BMO puts ($276.0M), RCI puts ($260.2M), RY puts ($191.4M), TRP puts ($181.8M), RY calls ($181.4M), TU puts ($177.3M), BNS puts ($174.9M), CM puts ($171.6M), BCE puts ($157.4M), ENB puts ($147.8M), CM calls ($143.6M), SU puts ($141.3M), and 177 more.

Portfolio Sells Q2 2025 → Q3 2025
SU Suncor Energy Inc. Reduce -66.1% 2.22% −6.13
CM Can Imperial BK of Commerce Sold out 0.00% −4.32
AEM Agnico Eagle Mines Ltd. Sold out 0.00% −2.03
BMO Bank of Montreal Sold out 0.00% −1.33
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −0.94
CP Canadian Pacific Kansas City Reduce -74.8% 0.18% −0.91
CVE Cenovus Energy Inc. Reduce -19.4% 2.12% −0.88
OTEX Open Text Corp. Sold out 0.00% −0.47
QSR Restaurant Brands Intern Reduce -80.6% 0.06% −0.40
HUT Hut 8 Corp. Sold out 0.00% −0.39
BITO Proshares Bitcoin ETF-Usd Sold out 0.00% −0.35
FTS Fortis Inc. Sold out 0.00% −0.29
NEM Newmont Corp. Reduce -15.9% 1.53% −0.26
FNV Franco-Nevada Corp. Sold out 0.00% −0.16
PDS Precision Drilling Corp. Sold out 0.00% −0.16
GLXY Galaxy Digital Inc. Class A Reduce -59.7% 0.12% −0.16
OVV Ovintiv Inc. Reduce -14.4% 0.26% −0.15
GRTUF Granite Real Estate Investme Sold out 0.00% −0.14
BAM Brookfield Asset Mgmt-A Reduce -40.3% 0.06% −0.08
TAC Transalta Corp. Reduce -12.1% 0.24% −0.07
BTE Baytex Energy Corp. Reduce -15.0% 0.23% −0.07
CLS Celestica Inc. Reduce -39.3% 0.10% −0.05
FSM Fortuna Mining Corp. Reduce -23.3% 0.13% −0.04
BHC Bausch Health Cos Inc. Reduce -43.7% 0.03% −0.04
ACB Aurora Cannabis Inc. Reduce -35.9% 0.07% −0.04
OBE Obsidian Energy Ltd. Reduce -24.9% 0.05% −0.03
SA Seabridge Gold Inc. Reduce -8.3% 0.15% +0.01
CDE Coeur Mining Inc. Reduce -6.9% 0.21% +0.06

Portfolio Buys Q2 2025 → Q3 2025
TD Toronto-Dominion Bank Add +382.4% 4.41% +3.22
SLF Sun Life Financial Inc. Add +475.9% 4.40% +3.20
EQX Equinox Gold Corp. Add +401.7% 2.72% +2.33
TU Telus Corp. Add +104.4% 7.89% +2.29
TRP TC Energy Corp. Add +206.0% 2.57% +1.50
BIP Brookfield Infrastructure Pa Add +3010.0% 1.34% +1.28
ENB Enbridge Inc. Add +79.3% 4.43% +1.27
BNS Bank of Nova Scotia Add +30.7% 17.09% +1.17
PBA Pembina Pipeline Corp. Add +81.6% 4.21% +1.15
IMO Imperial Oil Ltd. Add +301.8% 0.89% +0.61
CGAU Centerra Gold Inc. New 0.44% +0.44
NTR Nutrien Ltd. Add +144.9% 0.87% +0.37
GIL Gildan Activewear Inc. New 0.32% +0.32
CNI Canadian Natl Railway Co. Add +82.3% 2.27% +0.32
WCN Waste Connections Inc. Add +676.8% 0.39% +0.31
B Barrick Mining Corp. Add +25.4% 1.10% +0.31
DOO BRP Inc./Ca- Sub Voting New 0.31% +0.31
UUUU Energy Fuels Inc. Add +37.2% 0.48% +0.29
WFG West Fraser Timber Co. Ltd. New 0.29% +0.29
AG First Majestic Silver Corp. Add +44.7% 0.81% +0.27
EGO Eldorado Gold Corp. Add +372.5% 0.30% +0.24
BCE Bce Inc. Add +40.6% 4.57% +0.19
GIB Cgi Inc. Add +401.6% 0.22% +0.15
LAC Lithium Americas Corp. Add +655.2% 0.15% +0.14
NXE Nexgen Energy Ltd. Add +47.0% 0.50% +0.13
SSRM SSR Mining Inc. New 0.10% +0.10
CNQ Canadian Natural Resources Add +41.8% 6.56% +0.09
OR Or Royalties Inc. New 0.09% +0.09
BB Blackberry Ltd. Add +130.4% 0.19% +0.08
ASTL Algoma Steel Group Inc. New 0.08% +0.08
AGI Alamos Gold Inc. Class A Add +58.5% 0.23% +0.07
EXK Endeavour Silver Corp. Add +53.5% 0.16% +0.07
KGC Kinross Gold Corp. New 0.06% +0.06
CGC Canopy Growth Corp. Add +366.2% 0.08% +0.06
TFII Tfi International Inc. New 0.06% +0.06
PAAS Pan American Silver Corp. Add +18.9% 0.44% +0.05
TLRY Tilray Brands Inc. Add +99.8% 0.06% +0.05
IAG Iamgold Corp. New 0.04% +0.04
VET Vermilion Energy Inc. Add +40.0% 0.61% +0.03
DSGX The Descartes Systems Grp Add +97.4% 0.12% +0.03
NG Novagold Resources Inc. New 0.02% +0.02
BLDP Ballard Power Systems Inc. Add +417.3% 0.03% +0.02
SAND Sandstorm Gold Ltd. Add +31.1% 0.08% +0.01
GFL GFL Environmental Inc.-Sub VT Add +65.1% 0.14% +0.01
ORLA Orla Mining Ltd. Add +72.9% 0.04% +0.01
CRON Cronos Group Inc. Add +24.6% 0.04% +0.01
SVM Silvercorp Metals Inc. Add +7.2% 0.07% +0.01
LSPD Lightspeed Commerce Inc. Add +46.2% 0.08% +0.00
STKL Sunopta Inc. Add +42.3% 0.06% +0.00
BEP Brookfield Renewable Partner Add +21.4% 0.05% −0.01

Options Activity Q2 2025 → Q3 2025
BMO Bank of Montreal put Add +14.7% 2,118,700 $276.0M
RCI Rogers Communications Inc. Class B put Add +46.5% 7,548,500 $260.2M
RY Royal Bank of Canada put Reduce -2.0% 1,299,500 $191.4M
TRP TC Energy Corp. put Add +11.3% 3,341,000 $181.8M
RY Royal Bank of Canada call Reduce -17.6% 1,231,000 $181.4M
TU Telus Corp. put Add +23.9% 11,241,600 $177.3M
BNS Bank of Nova Scotia put Add +3.7% 2,705,100 $174.9M
CM Can Imperial BK of Commerce put Reduce -0.4% 2,148,300 $171.6M
BCE Bce Inc. put Add +14.2% 6,728,200 $157.4M
ENB Enbridge Inc. put Add +121.9% 2,929,200 $147.8M
CM Can Imperial BK of Commerce call Add +25.4% 1,797,900 $143.6M
SU Suncor Energy Inc. put Add +14.4% 3,378,700 $141.3M
CNQ Canadian Natural Resources put Add +32.9% 4,409,700 $140.9M
TD Toronto-Dominion Bank put Reduce -17.2% 1,736,000 $138.8M
BNS Bank of Nova Scotia call Add +56.3% 1,917,900 $124.0M
BCE Bce Inc. call Reduce -4.0% 4,153,800 $97.2M
SLF Sun Life Financial Inc. put Add +97.1% 1,603,900 $96.3M
PBA Pembina Pipeline Corp. put Add +17.7% 2,347,100 $95.0M
ENB Enbridge Inc. call Add +22.2% 1,666,200 $84.1M
TU Telus Corp. call Reduce -15.6% 5,169,300 $81.5M
BN Brookfield Corp. call Add +236.2% 1,138,100 $78.1M
BMO Bank of Montreal call Reduce -22.3% 560,000 $72.9M
MFC Manulife Financial Corp. put Add +17.1% 2,332,700 $72.7M
CCJ Cameco Corp. call Add +44.3% 832,500 $69.8M
TD Toronto-Dominion Bank call Reduce -60.9% 868,400 $69.4M
RCI Rogers Communications Inc. Class B call Add +14.5% 1,923,900 $66.3M
CNQ Canadian Natural Resources call Add +7.9% 1,631,300 $52.1M
AEM Agnico Eagle Mines Ltd. call Add +14.7% 240,900 $40.6M
AEM Agnico Eagle Mines Ltd. put Add +8.9% 230,200 $38.8M
CVE Cenovus Energy Inc. put Reduce -13.9% 2,166,300 $36.8M
SLF Sun Life Financial Inc. call Add +690.8% 582,800 $35.0M
B Barrick Mining Corp. call Add +56.1% 922,900 $30.2M
CNI Canadian Natl Railway Co. put Add +40.0% 294,500 $27.8M
BIP Brookfield Infrastructure Pa put Add +302.9% 824,300 $27.1M
PBA Pembina Pipeline Corp. call Add +8.9% 642,400 $26.0M
CLS Celestica Inc. call Reduce -4.5% 95,200 $23.5M
SHOP Shopify Inc. Class A call Reduce -9.1% 157,500 $23.4M
SU Suncor Energy Inc. call Add +65.3% 538,900 $22.5M
NTR Nutrien Ltd. call Reduce -17.4% 382,900 $22.5M
TRP TC Energy Corp. call Reduce -17.0% 411,700 $22.4M
CLS Celestica Inc. put Add +86.7% 88,700 $21.9M
CCJ Cameco Corp. put Add +2.6% 237,400 $19.9M
FNV Franco-Nevada Corp. call Add +28.3% 84,800 $18.9M
CVE Cenovus Energy Inc. call Add +76.3% 961,300 $16.3M
EMA Emera Inc. call Add +2.0% 314,500 $15.1M
CP Canadian Pacific Kansas City call Reduce -42.9% 195,100 $14.5M
TECK Teck Resources Ltd.-CLS B call Add +128.6% 322,600 $14.2M
MFC Manulife Financial Corp. call Reduce -17.7% 450,300 $14.0M
SHOP Shopify Inc. Class A put Reduce -1.2% 91,100 $13.5M
EMA Emera Inc. put Reduce -26.0% 281,300 $13.5M

Showing the first 50 of 196.

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 79$547.2MBNS, CM, TU, BCE, RCI
Q1 2026 81$498.5MTU, BNS, RCI, BCE, TD
Q4 2025 81$571.1MTU, RCI, BNS, ENB, CM
Q3 2025 77$649.3MBNS, RCI, TU, CNQ, BCE
Q2 2025 77$456.1MRCI, BNS, SU, CNQ, TU
Q1 2025 76$490.4MBCE, RCI, BNS, TU, RY
Q4 2024 66$437.2MBCE, TD, TU, RY, RCI
Q3 2024 54$322.7MTRP, BCE, CM, BNS, TU
Q2 2024 79$384.8MBCE, TD, TRP, BNS, TU
Q1 2024 69$273.5MRY, BNS, TD, CM, BCE