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Hillsdale Investment Management Inc. — 13F Holdings & Portfolio

CIK 1368465 · latest 13F-HR filed 2026-08-12

Backtest portfolio

Hillsdale Investment Management Inc. manages $4.39B in 13F-reported U.S. long-equity assets across 647 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are RY (4.74%), CM (2.90%), TD (2.82%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 125 new positions and exited 133; 350 existing positions rose in reported value and 122 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$4.39B

Long-equity book

Holdings
647

Distinct positions

Period
2026-06-30

Filed 2026-08-12

Q/Q Activity
+125 / −133 / ↑350 / ↓122

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
RY4.7% · -6%CM2.9% · -11%TD2.8% · -15%BNS2.7% · +4%EFXT2.0% · -6%SU1.9% · +124%BMO1.9% · -15%CNQ1.7% · +150%ENB1.7% · +57%AEM1.4% · -0%CVE1.3% · +92%NVDA1.3% · +3%SHOP1.2% · +16%AAPL1.1% · +3%B1.1% · -2%PBA1.1% · +207%CLS1.0% · -10%EMA1.0% · +28%BCE1.0% · +24%GOOGL1.0% · -8%BB0.9% · newCGAU0.9% · -21%OGC0.9% · newMGA0.9% · -28%FTS0.9% · -37%PDS0.9% · +5%NTR0.8% · +231%WPM0.8% · +7%SMIN0.8% · -8%MSFT0.7% · +3%IAG0.7% · -1%SNDK0.7% · -6%AMZN0.6% · +4%AG0.5% · -17%SSRM0.5% · +22%MFC0.5% · -71%KGC0.4% · -45%BN0.4% · +4%QSR0.4% · -35%RBA0.4% · +22%IMO0.4% · newTRP0.4% · +75%META0.4% · +8%GH0.4% · -8%CP0.4% · +43%MU0.4% · -4%CNI0.4% · +47%GTX0.4% · -23%KLIC0.4% · +6%SANM0.4% · -16%ENVA0.4% · +5%PRLB0.4% · +10%ENS0.4% · +2%ARIS0.3% · -2%NWPX0.3% · +68%BFH0.3% · +6%ADPT0.3% · +9%MYRG0.3% · -11%DGII0.3% · -2%AVGO0.3% · -9%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

3 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 23.8%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Aug 19, 2026.

Assets Under Management
$7.77B
Discretionary
$7.77B
Employees
46
Accounts
230
Address
1 FIRST CANADIAN PLACE, 100 KING STREET WEST
SUITE 5900
TORONTO M5X 1E4
Canada
Phone
(416) 913-3900
Website
This firm reports 1 disclosure item on its registration.
Name Title / Status Ownership Type
CHEN, THEODORE (TAI-CHUN) ControlCO-CHIEF INVESTMENT OFFICER
since Aug 2022
Less than 5%Individual
CLIFFORD, JOHN, FREDERICK ControlDIRECTOR
since Jan 1996
Less than 5%Individual
DESAI, RAISHABH ControlSVP INSTITUTIONAL INVESTMENT SERVICES
since Jan 2024
Less than 5%Individual
DESANTIS, CHIRSTOPHER, JAMES ControlSVP INSTITUTIONAL INVESTMENT SERVICES
since Nov 2021
Less than 5%Individual
GUTHMORE HOLDINGS LIMITED ControlSHAREHOLDER
since Jul 2000
25–50%Foreign Entity
GUTHRIE, ALBERT, CHRISTOPHER ControlCHIEF EXECUTIVE OFFICER
since Jan 1996
10–25%Individual
MARMER, HARRY, SAMUEL ControlEXECUTIVE VICE-PRESIDENT
since Feb 2008
10–25%Individual
RHODEN, IAN, DWAIN ControlSENIOR VICE-PRESIDENT FINANCE
since Dec 2017
Less than 5%Individual
Reynolds, Kelly, Lynne ControlCHIEF OPERATING OFFICER, CHIEF COMPLIANCE OFFICER
since Mar 2023
Less than 5%Individual
Spinney, Jonathan, Elliott ControlDIRECTOR
since Nov 2021
Less than 5%Individual
WEIDER, ERIC ControlDIRECTOR
since Jan 1996
Less than 5%Individual
VESTCOR INVESTMENTS PRIVATE EQUITY, L.P.SHAREHOLDER
since Aug 2021
25–50%Foreign Entity
NEW BRUNSWICK PUBLIC SERVICE PENSION PLAN Control
Indirect owner via VESTCOR CORP.
SHAREHOLDER
since Aug 2016
50–75%Foreign Entity
NEW BRUNSWICK TEACHERS PENSION PLAN Control
Indirect owner via VESTCOR CORP.
SHAREHOLDER
since Aug 2016
50–75%Foreign Entity
VESTCOR CORP. Control
Indirect owner via VESTCOR INC.
SHAREHOLDER
since Oct 2016
75% or moreForeign Entity
VESTCOR INC. Control
Indirect owner via VESTCOR INVESTMENTS GENERAL PARTNER, INC.
SHAREHOLDER
since Dec 2016
75% or moreForeign Entity
VESTCOR INVESTMENTS GENERAL PARTNER, INC. Control
Indirect owner via VESTCOR INVESTMENTS PRIVATE EQUITY, L.P.
GENERAL PARTNER
since Dec 2016
General partner, trustee or managerForeign Entity
Ownership & leadership changes · 8 filings with changes since Mar 29, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Aug 19, 2026 filing
  • No longer listedE.U.L.C. HOLDINGS COMPANY · SHAREHOLDER · 50–75% · indirect via MLE HOLDINGS COMPANY · control person · listed since Mar 2009
  • No longer listedMLE HOLDINGS COMPANY · SHAREHOLDER · 75% or more · indirect via WEIDER HEALTH & FITNESS · control person · listed since Oct 2003
  • No longer listedWEIDER HEALTH & FITNESS · SHAREHOLDER · 10–25% · control person · listed since Dec 1997
  • No longer listedWEIDER, ERIC · PRESIDENT AND SHAREHOLDER · 75% or more · indirect via E.U.L.C. HOLDINGS COMPANY · control person · listed since Mar 2009
  • No longer listedWEIDER, ERIC · PRESIDENT AND SHAREHOLDER · 50–75% · indirect via MLE HOLDINGS COMPANY · control person · listed since Mar 2009
  • ChangedVESTCOR INVESTMENTS PRIVATE EQUITY, L.P. · ownership 10–25% → 25–50%
Mar 30, 2025 filing
  • AddedDESAI, RAISHABH · SVP INSTITUTIONAL INVESTMENT SERVICES · Less than 5% · control person
  • AddedDESANTIS, CHIRSTOPHER, JAMES · SVP INSTITUTIONAL INVESTMENT SERVICES · Less than 5% · control person
Mar 27, 2024 filing
  • ChangedRHODEN, IAN, DWAIN · title SENIOR VICE-PRESIDENT FINANCE AND COMPLIANCE → SENIOR VICE-PRESIDENT FINANCE
Mar 30, 2023 filing
  • AddedCHEN, THEODORE (TAI-CHUN) · CO-CHIEF INVESTMENT OFFICER · Less than 5% · control person
  • AddedNEW BRUNSWICK PUBLIC SERVICE PENSION PLAN · SHAREHOLDER · 50–75% · indirect via VESTCOR CORP. · control person
  • AddedNEW BRUNSWICK TEACHERS PENSION PLAN · SHAREHOLDER · 50–75% · indirect via VESTCOR CORP. · control person
  • AddedVESTCOR CORP. · SHAREHOLDER · 75% or more · indirect via VESTCOR INC. · control person
  • AddedVESTCOR INC. · SHAREHOLDER · 75% or more · indirect via VESTCOR INVESTMENTS GENERAL PARTNER, INC. · control person
  • AddedVESTCOR INVESTMENTS GENERAL PARTNER, INC. · GENERAL PARTNER · General partner, trustee or manager · indirect via VESTCOR INVESTMENTS PRIVATE EQUITY, L.P. · control person
  • AddedVESTCOR INVESTMENTS PRIVATE EQUITY, L.P. · SHAREHOLDER · 10–25%
  • ChangedRHODEN, IAN, DWAIN · title SENIOR VICE-PRESIDENT FINANCE AND COMPLIANCE, CHIEF COMPLIANCE OFFICER → SENIOR VICE-PRESIDENT FINANCE AND COMPLIANCE
  • ChangedReynolds, Kelly, Lynne · title SENIOR VICE-PRESIDENT TRADING AND OPERATIONS → CHIEF OPERATING OFFICER, CHIEF COMPLIANCE OFFICER
Mar 29, 2022 filing
  • AddedSpinney, Jonathan, Elliott · DIRECTOR · Less than 5% · control person
Mar 26, 2018 filing
  • No longer listedPEMBER, IAN, DOUGLAS · COO, SVP ADMINISTRATION & COMPLIANCE, CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Mar 2003
  • AddedRHODEN, IAN, DWAIN · SENIOR VICE-PRESIDENT FINANCE AND COMPLIANCE, CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • AddedReynolds, Kelly, Lynne · SENIOR VICE-PRESIDENT TRADING AND OPERATIONS · Less than 5% · control person
  • ChangedMARMER, HARRY, SAMUEL · ownership 5–10% → 10–25%
Mar 22, 2017 filing
  • ChangedMARMER, HARRY, SAMUEL · ownership Less than 5% → 5–10%
Mar 18, 2015 filing
  • No longer listedKAUL, ARUN · SHAREHOLDER · 5–10% · listed since Dec 1996
Mar 29, 2012 filing (earliest on record)
  • ListedCLIFFORD, JOHN, FREDERICK · DIRECTOR · Less than 5% · control person
  • ListedE.U.L.C. HOLDINGS COMPANY · SHAREHOLDER · 50–75% · indirect via MLE HOLDINGS COMPANY · control person
  • ListedGUTHMORE HOLDINGS LIMITED · SHAREHOLDER · 25–50% · control person
  • ListedGUTHRIE, ALBERT, CHRISTOPHER · CHIEF EXECUTIVE OFFICER · 10–25% · control person
  • ListedKAUL, ARUN · SHAREHOLDER · 5–10%
  • ListedMARMER, HARRY, SAMUEL · EXECUTIVE VICE-PRESIDENT · Less than 5% · control person
  • ListedMLE HOLDINGS COMPANY · SHAREHOLDER · 75% or more · indirect via WEIDER HEALTH & FITNESS · control person
  • ListedPEMBER, IAN, DOUGLAS · COO, SVP ADMINISTRATION & COMPLIANCE, CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ListedWEIDER HEALTH & FITNESS · SHAREHOLDER · 10–25% · control person
  • ListedWEIDER, ERIC · DIRECTOR · Less than 5% · control person
  • ListedWEIDER, ERIC · PRESIDENT AND SHAREHOLDER · 75% or more · indirect via E.U.L.C. HOLDINGS COMPANY · control person
  • ListedWEIDER, ERIC · PRESIDENT AND SHAREHOLDER · 50–75% · indirect via MLE HOLDINGS COMPANY · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Hillsdale Investment Management Inc. Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 Royal Bank of Canada RY 780087102 $207.9M 4.74% 1,005,143 SH
2 Canadian Imperial Bank of Commerce CM 136069101 $127.3M 2.90% 1,106,970 SH
3 Toronto-Dominion Bank (The) TD 891160509 $123.8M 2.82% 1,019,172 SH
4 The Bank of Nova Scotia BNS 064149107 $117.1M 2.67% 1,349,041 SH
5 Enerflex Ltd EFXT 29269R105 $88.7M 2.02% 3,615,379 SH
6 Suncor Energy Inc. SU 867224107 $85.0M 1.94% 1,582,117 SH
7 Bank of Montreal BMO 063671101 $81.3M 1.85% 460,739 SH
8 Canadian Natural Resources Ltd CNQ 136385101 $76.6M 1.75% 1,938,131 SH
9 Enbridge Inc ENB 29250N105 $75.0M 1.71% 1,384,813 SH
10 Agnico Eagle Mines Ltd AEM 008474108 $59.2M 1.35% 381,603 SH
11 Cenovus Energy Inc CVE 15135U109 $59.2M 1.35% 2,387,412 SH
12 NVIDIA Corporation NVDA 67066G104 $56.2M 1.28% 280,626 SH
13 SHOPIFY INC SHOP 82509L107 $51.6M 1.18% 451,724 SH
14 APPLE INC AAPL 037833100 $48.6M 1.11% 168,004 SH
15 Barrick Mining Corporation B 06849F108 $47.9M 1.09% 1,304,301 SH
16 Pembina Pipeline Corp PBA 706327103 $47.6M 1.09% 1,030,460 SH
17 Celestica Inc CLS 15101Q207 $43.6M 0.99% 119,713 SH
18 Emera Inc EMA 290876101 $43.5M 0.99% 821,776 SH
19 BCE Inc. BCE 05534B760 $43.2M 0.98% 2,007,737 SH
20 Alphabet Inc GOOGL 02079K305 $42.9M 0.98% 120,162 SH
21 BlackBerry Ltd BB 09228F103 $41.0M 0.93% 3,246,381 SH
22 Centerra Gold Inc CGAU 152006102 $40.5M 0.92% 2,554,340 SH
23 OceanaGold Corp OGC 675222400 $39.7M 0.91% 1,586,525 SH
24 Magna International Inc MGA 559222401 $39.5M 0.90% 601,904 SH
25 FORTIS INC FTS 349553107 $39.4M 0.90% 689,039 SH
26 Precision Drilling Corp PDS 74022D407 $39.3M 0.90% 512,747 SH
27 Nutrien Ltd NTR 67077M108 $36.9M 0.84% 585,713 SH
28 Wheaton Precious Metals Corp WPM 962879102 $34.9M 0.79% 310,136 SH
29 iShares MSCI India Small-Cap ETF SMIN 46429B614 $33.4M 0.76% 471,671 SH
30 MICROSOFT CORP MSFT 594918104 $32.0M 0.73% 85,782 SH
31 IAMGold Corp IAG 450913108 $31.4M 0.72% 1,980,950 SH
32 Sandisk Corp SNDK 80004C200 $30.9M 0.70% 13,570 SH
33 Amazon.com Inc AMZN 023135106 $25.0M 0.57% 104,909 SH
34 First Majestic Silver Corp AG 32076V103 $23.7M 0.54% 1,399,725 SH
35 SSR Mining Inc SSRM 784730103 $22.1M 0.50% 781,157 SH
36 Manulife Financial Corp MFC 56501R106 $21.9M 0.50% 540,838 SH
37 Kinross Gold Corp KGC 496902404 $19.4M 0.44% 820,650 SH
38 Brookfield Corp BN 11271J107 $19.0M 0.43% 446,735 SH
39 Restaurant Brands International Inc QSR 76131D103 $18.4M 0.42% 254,553 SH
40 RB Global Inc RBA 74935Q107 $18.1M 0.41% 155,900 SH
41 Imperial Oil Ltd IMO 453038408 $18.0M 0.41% 160,774 SH
42 TC ENERGY CORP TRP 87807B107 $17.7M 0.40% 267,708 SH
43 Meta Platforms Inc META 30303M102 $17.3M 0.39% 30,715 SH
44 Guardant Health Inc GH 40131M109 $17.2M 0.39% 114,384 SH
45 Canadian Pacific Kansas City Ltd CP 13646K108 $17.1M 0.39% 197,670 SH
46 Micron Technology Inc. MU 595112103 $17.1M 0.39% 14,810 SH
47 Canadian National Railway Co CNI 136375102 $16.9M 0.38% 141,546 SH
48 Garrett Motion Inc GTX 366505105 $16.6M 0.38% 457,397 SH
49 Kulicke and Soffa Industries Inc KLIC 501242101 $16.3M 0.37% 122,200 SH
50 Sanmina Corp SANM 801056102 $15.9M 0.36% 62,863 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-12 $4.39B 647 0001193125-26-346602
2026-03-31 2026-05-04 $3.68B 655 0001193125-26-204083
2025-12-31 2026-02-10 $3.62B 653 0001193125-26-043773
Filer Information
Address
1 FIRST CANADIAN PLACE
100 KING ST WEST, SUITE 5900 P.O. 477
TORONTO, A6 M5X 1E4
Phone
(416) 913-3900
Filing Manager
Hillsdale Investment Management Inc.
Toronto, A6
Signatory
Kelly Reynolds
Chief Operating Officer, Chief Compliance Officer