SIG North Trading, ULC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), SIG North Trading, ULC reported 81 stock positions worth $571.1 million. Its top holding was Telus (TU) at 13.9% of the portfolio, followed by Rogers Communications Class B (RCI, 10.8%) and Bank of Nova Scotia (BNS, 9.9%). Compared with Q3 2025, it opened 14 new positions, sold out of 10, added to 30 and reduced 35. The biggest buy was a new position in Can Imperial BK of Commerce (CM) and the biggest sale Bank of Nova Scotia (BNS, shares −55%).
- Most Recent 13F
- Q2 2026
- Location
- Bala Cynwyd, PA
- CIK
- 0001868643
- Portfolio Value
- $571.1M (Q4 2025)
- SEC Filing
- 0001868643-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 81 stocks · $571.1M
| TU Telus Corp. | 13.94% | 6,046,656 | $79.6M | Add +86.1% |
| RCI Rogers Communications Inc. Class B | 10.79% | 1,633,547 | $61.6M | Reduce -42.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 9.88% | 765,785 | $56.4M | Reduce -55.4% |
| ENB Enbridge Inc. | 8.77% | 1,046,587 | $50.1M | Add +83.4% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 8.00% | 503,924 | $45.7M | New |
| CNQ Canadian Natural Resources | 6.28% | 1,059,826 | $35.9M | Reduce -20.4% |
| PBA Pembina Pipeline Corp. | 4.70% | 705,432 | $26.8M | Add +4.5% |
| SLF Sun Life Financial Inc. | 2.84% | 259,942 | $16.2M | Reduce -45.4% |
| MFC Manulife Financial Corp. | 2.40% | 378,243 | $13.7M | Reduce -43.8% |
| B Barrick Mining Corp. | 2.35% | 308,795 | $13.4M | Add +41.8% |
| PAAS Pan American Silver Corp. | 2.00% | 220,295 | $11.4M | Add +196.9% |
| EQX Equinox Gold Corp. | 1.92% | 780,029 | $11.0M | Reduce -50.5% |
| TD Toronto-Dominion Bank | 1.75% | 106,306 | $10.0M | Reduce -70.3% |
| SU Suncor Energy Inc. | 1.69% | 218,043 | $9.7M | Reduce -36.8% |
| AG First Majestic Silver Corp. | 1.58% | 541,959 | $9.0M | Add +27.3% |
| VET Vermilion Energy Inc. | 1.35% | 922,829 | $7.7M | Add +81.5% |
| BEP Brookfield Renewable Partner | 1.21% | 256,429 | $6.9M | Add +1868.4% |
| CNI Canadian Natl Railway Co. | 1.15% | 66,301 | $6.6M | Reduce -57.6% |
| KGC Kinross Gold Corp. | 1.04% | 211,745 | $6.0M | Add +1169.8% |
| NEM Newmont Corp. | 0.92% | 52,664 | $5.3M | Reduce -55.2% |
| TRP TC Energy Corp. | 0.90% | 93,396 | $5.1M | Reduce -69.5% |
| RY Royal Bank of Canada | 0.80% | 26,634 | $4.5M | Add +177.8% |
| TFII Tfi International Inc. | 0.79% | 43,720 | $4.5M | Add +975.3% |
| NTR Nutrien Ltd. | 0.56% | 51,628 | $3.2M | Reduce -46.3% |
| BAM Brookfield Asset Mgmt-A | 0.55% | 60,071 | $3.1M | Add +731.7% |
| EGO Eldorado Gold Corp. | 0.52% | 83,064 | $3.0M | Add +21.5% |
| WFG West Fraser Timber Co. Ltd. | 0.48% | 45,277 | $2.8M | Add +65.8% |
| BCE Bce Inc. | 0.48% | 115,745 | $2.8M | Reduce -90.9% |
| BEPC Brookfield Renewable Corp. | 0.48% | 71,629 | $2.7M | Add +227.2% |
| NXE Nexgen Energy Ltd. | 0.47% | 291,672 | $2.7M | Reduce -20.2% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.44% | 19,448 | $2.5M | New |
| SHOP Shopify Inc. Class A | 0.43% | 15,163 | $2.4M | New |
| BTE Baytex Energy Corp. | 0.40% | 709,150 | $2.3M | Add +10.3% |
| EXK Endeavour Silver Corp. | 0.39% | 237,673 | $2.2M | Add +83.3% |
| PSLV Sprott Physical Silver Trust | 0.36% | 87,186 | $2.1M | New |
| GIB Cgi Inc. | 0.36% | 21,981 | $2.0M | Add +34.8% |
| CGAU Centerra Gold Inc. | 0.35% | 139,016 | $2.0M | Reduce -47.3% |
| TAC Transalta Corp. | 0.33% | 149,915 | $1.9M | Add +29.8% |
| SVM Silvercorp Metals Inc. | 0.33% | 227,139 | $1.9M | Add +239.3% |
| FSM Fortuna Mining Corp. | 0.33% | 192,842 | $1.9M | Add +111.3% |
| CVE Cenovus Energy Inc. | 0.33% | 109,916 | $1.9M | Reduce -86.4% |
| DSGX The Descartes Systems Grp | 0.31% | 20,453 | $1.8M | Add +142.9% |
| IMO Imperial Oil Ltd. | 0.30% | 19,736 | $1.7M | Reduce -69.0% |
| AQN Algonquin Power & Utilities | 0.28% | 260,663 | $1.6M | Add +95.5% |
| BIP Brookfield Infrastructure Pa | 0.28% | 45,864 | $1.6M | Reduce -82.7% |
| GIL Gildan Activewear Inc. | 0.28% | 25,442 | $1.6M | Reduce -30.1% |
| BTG B2GOLD Corp. | 0.27% | 342,812 | $1.5M | Reduce -6.2% |
| SOBO South Bow Corp. | 0.26% | 53,498 | $1.5M | New |
| SA Seabridge Gold Inc. | 0.25% | 47,678 | $1.4M | Add +19.4% |
| UUUU Energy Fuels Inc. | 0.23% | 92,209 | $1.3M | Reduce -54.7% |
| IAG Iamgold Corp. | 0.23% | 78,889 | $1.3M | Add +328.9% |
| CDE Coeur Mining Inc. | 0.22% | 71,837 | $1.3M | Reduce -2.4% |
| CAE Cae Inc. | 0.21% | 39,498 | $1.2M | New |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.19% | 79,947 | $1.1M | Add +241.7% |
| CP Canadian Pacific Kansas City | 0.18% | 13,962 | $1.0M | Reduce -11.7% |
| GFL GFL Environmental Inc.-Sub VT | 0.16% | 21,767 | $935K | Add +12.9% |
| XLE SS Energy Select Sector | 0.15% | 18,546 | $829K | New |
| ATS Ats Corp. | 0.14% | 29,342 | $808K | New |
| PRMB Primo Brands Corp. | 0.14% | 49,257 | $805K | No change |
| PDS Precision Drilling Corp. | 0.13% | 9,948 | $715K | New |
| AGI Alamos Gold Inc. Class A | 0.11% | 15,769 | $608K | Reduce -63.9% |
| CGC Canopy Growth Corp. | 0.09% | 465,493 | $531K | Add +31.5% |
| SSRM SSR Mining Inc. | 0.09% | 22,195 | $487K | Reduce -14.3% |
| LSPD Lightspeed Commerce Inc. | 0.08% | 39,215 | $474K | Reduce -15.4% |
| TLRY Tilray Brands Inc. | 0.08% | 47,477 | $429K | Add +124.8% |
| ASTL Algoma Steel Group Inc. | 0.07% | 101,917 | $418K | Reduce -28.2% |
| MGA Magna International Inc. | 0.07% | 7,696 | $410K | New |
| OR Or Royalties Inc. | 0.07% | 11,197 | $396K | Reduce -22.2% |
| STN Stantec Inc. | 0.05% | 3,150 | $297K | Reduce -19.2% |
| HUT Hut 8 Corp. | 0.05% | 6,202 | $285K | New |
| ERO Ero Copper Corp. | 0.05% | 9,705 | $275K | New |
| CRON Cronos Group Inc. | 0.05% | 103,068 | $271K | Add +19.9% |
| ACB Aurora Cannabis Inc. | 0.05% | 61,734 | $261K | Reduce -20.5% |
| OBE Obsidian Energy Ltd. | 0.04% | 39,948 | $245K | Reduce -16.8% |
| SUNC Sunococorp LLC | 0.04% | 4,766 | $235K | New |
| MEOH Methanex Corp. | 0.04% | 5,662 | $225K | New |
| LAC Lithium Americas Corp. | 0.03% | 39,977 | $174K | Reduce -76.5% |
| STKL Sunopta Inc. | 0.03% | 39,122 | $149K | Reduce -39.7% |
| NG Novagold Resources Inc. | 0.02% | 13,494 | $126K | Reduce -15.1% |
| BLDP Ballard Power Systems Inc. | 0.02% | 46,338 | $118K | Reduce -22.3% |
| VFF Village Farms International | 0.01% | 16,189 | $59K | No change |
Options reported separately and not counted above: RCI puts ($304.8M), BMO puts ($287.4M), RY puts ($238.9M), RY calls ($218.3M), CM puts ($199.0M), BNS puts ($193.0M), TRP puts ($187.7M), TD puts ($181.3M), ENB puts ($152.8M), BNS calls ($150.5M), TU puts ($150.3M), CM calls ($149.8M), and 181 more.
Portfolio Sells Q3 2025 → Q4 2025
| BNS Bank of Nova Scotia | Reduce -55.4% | 9.88% | −7.20 |
| RCI Rogers Communications Inc. Class B | Reduce -42.4% | 10.79% | −4.25 |
| BCE Bce Inc. | Reduce -90.9% | 0.48% | −4.09 |
| TD Toronto-Dominion Bank | Reduce -70.3% | 1.75% | −2.66 |
| CVE Cenovus Energy Inc. | Reduce -86.4% | 0.33% | −1.79 |
| TRP TC Energy Corp. | Reduce -69.5% | 0.90% | −1.67 |
| SLF Sun Life Financial Inc. | Reduce -45.4% | 2.84% | −1.56 |
| CNI Canadian Natl Railway Co. | Reduce -57.6% | 1.15% | −1.12 |
| BIP Brookfield Infrastructure Pa | Reduce -82.7% | 0.28% | −1.07 |
| MFC Manulife Financial Corp. | Reduce -43.8% | 2.40% | −0.83 |
| EQX Equinox Gold Corp. | Reduce -50.5% | 1.92% | −0.81 |
| NEM Newmont Corp. | Reduce -55.2% | 0.92% | −0.60 |
| IMO Imperial Oil Ltd. | Reduce -69.0% | 0.30% | −0.59 |
| TRI Thomson Reuters Corp. | Sold out | 0.00% | −0.54 |
| SU Suncor Energy Inc. | Reduce -36.8% | 1.69% | −0.53 |
| WCN Waste Connections Inc. | Sold out | 0.00% | −0.39 |
| NTR Nutrien Ltd. | Reduce -46.3% | 0.56% | −0.31 |
| DOO BRP Inc./Ca- Sub Voting | Sold out | 0.00% | −0.31 |
| CNQ Canadian Natural Resources | Reduce -20.4% | 6.28% | −0.27 |
| OVV Ovintiv Inc. | Sold out | 0.00% | −0.26 |
| UUUU Energy Fuels Inc. | Reduce -54.7% | 0.23% | −0.25 |
| BB Blackberry Ltd. | Sold out | 0.00% | −0.19 |
| AGI Alamos Gold Inc. Class A | Reduce -63.9% | 0.11% | −0.13 |
| GLXY Galaxy Digital Inc. Class A | Sold out | 0.00% | −0.12 |
| LAC Lithium Americas Corp. | Reduce -76.5% | 0.03% | −0.12 |
| CLS Celestica Inc. | Sold out | 0.00% | −0.10 |
| CGAU Centerra Gold Inc. | Reduce -47.3% | 0.35% | −0.09 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.08 |
| QSR Restaurant Brands Intern | Sold out | 0.00% | −0.06 |
| GIL Gildan Activewear Inc. | Reduce -30.1% | 0.28% | −0.05 |
| NXE Nexgen Energy Ltd. | Reduce -20.2% | 0.47% | −0.03 |
| STKL Sunopta Inc. | Reduce -39.7% | 0.03% | −0.03 |
| BHC Bausch Health Cos Inc. | Sold out | 0.00% | −0.03 |
| ACB Aurora Cannabis Inc. | Reduce -20.5% | 0.05% | −0.03 |
| OR Or Royalties Inc. | Reduce -22.2% | 0.07% | −0.02 |
| STN Stantec Inc. | Reduce -19.2% | 0.05% | −0.01 |
| SSRM SSR Mining Inc. | Reduce -14.3% | 0.09% | −0.01 |
| BTG B2GOLD Corp. | Reduce -6.2% | 0.27% | −0.01 |
| OBE Obsidian Energy Ltd. | Reduce -16.8% | 0.04% | −0.01 |
| ASTL Algoma Steel Group Inc. | Reduce -28.2% | 0.07% | −0.00 |
| BLDP Ballard Power Systems Inc. | Reduce -22.3% | 0.02% | −0.00 |
| CP Canadian Pacific Kansas City | Reduce -11.7% | 0.18% | −0.00 |
| LSPD Lightspeed Commerce Inc. | Reduce -15.4% | 0.08% | +0.00 |
| NG Novagold Resources Inc. | Reduce -15.1% | 0.02% | +0.00 |
| CDE Coeur Mining Inc. | Reduce -2.4% | 0.22% | +0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| CM Can Imperial BK of Commerce | New | 8.00% | +8.00 |
| TU Telus Corp. | Add +86.1% | 13.94% | +6.05 |
| ENB Enbridge Inc. | Add +83.4% | 8.77% | +4.33 |
| PAAS Pan American Silver Corp. | Add +196.9% | 2.00% | +1.56 |
| B Barrick Mining Corp. | Add +41.8% | 2.35% | +1.26 |
| BEP Brookfield Renewable Partner | Add +1868.4% | 1.21% | +1.16 |
| KGC Kinross Gold Corp. | Add +1169.8% | 1.04% | +0.98 |
| AG First Majestic Silver Corp. | Add +27.3% | 1.58% | +0.78 |
| TFII Tfi International Inc. | Add +975.3% | 0.79% | +0.74 |
| VET Vermilion Energy Inc. | Add +81.5% | 1.35% | +0.74 |
| RY Royal Bank of Canada | Add +177.8% | 0.80% | +0.58 |
| PBA Pembina Pipeline Corp. | Add +4.5% | 4.70% | +0.49 |
| BAM Brookfield Asset Mgmt-A | Add +731.7% | 0.55% | +0.49 |
| BMO Bank of Montreal | New | 0.44% | +0.44 |
| SHOP Shopify Inc. Class A | New | 0.43% | +0.43 |
| BEPC Brookfield Renewable Corp. | Add +227.2% | 0.48% | +0.36 |
| PSLV Sprott Physical Silver Trust | New | 0.36% | +0.36 |
| SVM Silvercorp Metals Inc. | Add +239.3% | 0.33% | +0.27 |
| SOBO South Bow Corp. | New | 0.26% | +0.26 |
| EXK Endeavour Silver Corp. | Add +83.3% | 0.39% | +0.23 |
| EGO Eldorado Gold Corp. | Add +21.5% | 0.52% | +0.22 |
| CAE Cae Inc. | New | 0.21% | +0.21 |
| FSM Fortuna Mining Corp. | Add +111.3% | 0.33% | +0.21 |
| WFG West Fraser Timber Co. Ltd. | Add +65.8% | 0.48% | +0.20 |
| DSGX The Descartes Systems Grp | Add +142.9% | 0.31% | +0.19 |
| IAG Iamgold Corp. | Add +328.9% | 0.23% | +0.19 |
| AQN Algonquin Power & Utilities | Add +95.5% | 0.28% | +0.17 |
| BTE Baytex Energy Corp. | Add +10.3% | 0.40% | +0.17 |
| ORLA Orla Mining Ltd. | Add +241.7% | 0.19% | +0.15 |
| XLE SS Energy Select Sector | New | 0.15% | +0.15 |
| ATS Ats Corp. | New | 0.14% | +0.14 |
| GIB Cgi Inc. | Add +34.8% | 0.36% | +0.13 |
| PDS Precision Drilling Corp. | New | 0.13% | +0.13 |
| SA Seabridge Gold Inc. | Add +19.4% | 0.25% | +0.10 |
| TAC Transalta Corp. | Add +29.8% | 0.33% | +0.09 |
| MGA Magna International Inc. | New | 0.07% | +0.07 |
| HUT Hut 8 Corp. | New | 0.05% | +0.05 |
| ERO Ero Copper Corp. | New | 0.05% | +0.05 |
| SUNC Sunococorp LLC | New | 0.04% | +0.04 |
| MEOH Methanex Corp. | New | 0.04% | +0.04 |
| GFL GFL Environmental Inc.-Sub VT | Add +12.9% | 0.16% | +0.02 |
| TLRY Tilray Brands Inc. | Add +124.8% | 0.08% | +0.02 |
| CGC Canopy Growth Corp. | Add +31.5% | 0.09% | +0.01 |
| CRON Cronos Group Inc. | Add +19.9% | 0.05% | +0.01 |
Options Activity Q3 2025 → Q4 2025
| RCI Rogers Communications Inc. Class B | put | Add +7.0% | 8,078,800 | $304.8M |
| BMO Bank of Montreal | put | Add +4.5% | 2,214,400 | $287.4M |
| RY Royal Bank of Canada | put | Add +7.8% | 1,401,100 | $238.9M |
| RY Royal Bank of Canada | call | Add +4.0% | 1,280,300 | $218.3M |
| CM Can Imperial BK of Commerce | put | Add +2.2% | 2,195,900 | $199.0M |
| BNS Bank of Nova Scotia | put | Reduce -3.2% | 2,618,500 | $193.0M |
| TRP TC Energy Corp. | put | Add +2.1% | 3,412,600 | $187.7M |
| TD Toronto-Dominion Bank | put | Add +10.9% | 1,925,000 | $181.3M |
| ENB Enbridge Inc. | put | Add +9.1% | 3,194,900 | $152.8M |
| BNS Bank of Nova Scotia | call | Add +6.5% | 2,042,800 | $150.5M |
| TU Telus Corp. | put | Add +1.5% | 11,409,100 | $150.3M |
| CM Can Imperial BK of Commerce | call | Reduce -8.0% | 1,653,400 | $149.8M |
| SU Suncor Energy Inc. | put | Reduce -1.4% | 3,330,700 | $147.7M |
| BCE Bce Inc. | call | Add +42.0% | 5,898,100 | $140.5M |
| BCE Bce Inc. | put | Reduce -24.3% | 5,091,600 | $121.3M |
| BMO Bank of Montreal | call | Add +65.2% | 925,300 | $120.1M |
| CNQ Canadian Natural Resources | put | Reduce -25.6% | 3,280,100 | $111.0M |
| MFC Manulife Financial Corp. | put | Add +18.0% | 2,752,000 | $99.8M |
| SLF Sun Life Financial Inc. | put | Reduce -0.4% | 1,597,400 | $99.7M |
| TD Toronto-Dominion Bank | call | Add +11.1% | 965,000 | $90.9M |
| ENB Enbridge Inc. | call | Add +10.0% | 1,832,900 | $87.7M |
| PBA Pembina Pipeline Corp. | put | Reduce -12.2% | 2,060,300 | $78.4M |
| TU Telus Corp. | call | Add +12.0% | 5,787,900 | $76.2M |
| RCI Rogers Communications Inc. Class B | call | Add +3.8% | 1,996,500 | $75.3M |
| AEM Agnico Eagle Mines Ltd. | call | Add +50.9% | 363,600 | $61.6M |
| TRP TC Energy Corp. | call | Add +122.4% | 915,700 | $50.4M |
| AEM Agnico Eagle Mines Ltd. | put | Add +25.7% | 289,300 | $49.0M |
| CVE Cenovus Energy Inc. | put | Add +27.6% | 2,763,300 | $46.8M |
| CCJ Cameco Corp. | call | Reduce -40.5% | 495,000 | $45.3M |
| B Barrick Mining Corp. | call | Add +0.8% | 930,500 | $40.5M |
| CNQ Canadian Natural Resources | call | Reduce -27.1% | 1,188,900 | $40.2M |
| CNI Canadian Natl Railway Co. | call | Add +207.8% | 392,800 | $38.8M |
| BN Brookfield Corp. | call | Reduce -55.1% | 766,500 | $35.2M |
| SLF Sun Life Financial Inc. | call | Reduce -4.4% | 557,300 | $34.8M |
| CVE Cenovus Energy Inc. | call | Add +72.4% | 1,657,700 | $28.0M |
| BIP Brookfield Infrastructure Pa | put | Reduce -3.3% | 797,100 | $27.7M |
| FNV Franco-Nevada Corp. | call | Add +40.0% | 118,700 | $24.6M |
| BIP Brookfield Infrastructure Pa | call | Add +85.2% | 705,400 | $24.5M |
| VET Vermilion Energy Inc. | put | Add +480.6% | 2,898,000 | $24.2M |
| NTR Nutrien Ltd. | call | Reduce -4.9% | 364,300 | $22.5M |
| CCJ Cameco Corp. | put | Add +1.0% | 239,700 | $21.9M |
| B Barrick Mining Corp. | put | Add +101.0% | 487,300 | $21.2M |
| SHOP Shopify Inc. Class A | call | Reduce -17.2% | 130,400 | $21.0M |
| CLS Celestica Inc. | call | Reduce -26.2% | 70,300 | $20.8M |
| FTS Fortis Inc. | call | Add +46.0% | 376,100 | $19.5M |
| BEP Brookfield Renewable Partner | put | Add +999.9% | 714,900 | $19.3M |
| SU Suncor Energy Inc. | call | Reduce -21.1% | 424,900 | $18.8M |
| CP Canadian Pacific Kansas City | call | Add +28.6% | 251,000 | $18.5M |
| EMA Emera Inc. | call | Add +14.3% | 359,600 | $17.7M |
| KGC Kinross Gold Corp. | call | Add +89.8% | 620,100 | $17.5M |
Showing the first 50 of 199.
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 |