Hillsdale Investment Management Inc.
Long book
$3.68B
Q1 2026
Positions
655
Top-10 weight
25%
concentration
Last quarter
+12.6%
SPY +14.8%
Turnover
33%
of book per quarter
Strategy in plain words
auto-generated from filingsHillsdale Investment Management Inc. is an institutional manager, running a $3.68B US long book across 655 positions.
The portfolio is broadly diversified across 655 positions (top 10 only 25%). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ROYAL BANK OF CANADA, CAN IMPERIAL BK OF COMMERCE, TORONTO-DOMINION BANK, BANK OF NOVA SCOTIA, ENERFLEX LTD.
Over the last 9 quarters its long book ran on average 1.1pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.3%
Q2 2024
+7.7%
Q3 2024
+1.8%
Q4 2024
-2.7%
Q1 2025
+11.3%
Q2 2025
+14.5%
Q3 2025
+6.8%
Q4 2025
+1.0%
Q1 2026
+12.6%
Sector allocation
Financials 24%
Technology 18%
Materials 14%
Industrials 12%
Energy 8%
Healthcare 6%
Consumer discretionary 4%
Services media 4%
Long book by quarter
What does Hillsdale Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RY ROYAL BANK OF CANADA | Financials | 1.1M | $172.2M | 4.7% | +10.3% |
| CM CAN IMPERIAL BK OF COMMERCE | Financials | 1.2M | $117.7M | 3.2% | +1.2% |
| TD TORONTO-DOMINION BANK | Financials | 1.2M | $112.2M | 3.1% | +3.0% |
| BNS BANK OF NOVA SCOTIA | Financials | 1.3M | $89.7M | 2.4% | +12.1% |
| EFXT ENERFLEX LTD | Industrials | 3.8M | $80.1M | 2.2% | -18.2% |
| AEM AGNICO EAGLE MINES LTD | Materials | 383.2K | $77.8M | 2.1% | -7.6% |
| BMO BANK OF MONTREAL | Financials | 543.8K | $73.6M | 2.0% | +13.7% |
| MFC MANULIFE FINANCIAL CORP | Financials | 1.9M | $64.3M | 1.7% | +161.9% |
| FTS FORTIS INC | Utilities | 1.1M | $60.7M | 1.7% | +39.0% |
| CGAU CENTERRA GOLD INC | Materials | 3.2M | $57.4M | 1.6% | -8.1% |
| B BARRICK MINING CORP | Materials | 1.3M | $54.2M | 1.5% | +13.9% |
| PDS PRECISION DRILLING CORP | Energy | 487.4K | $48.0M | 1.3% | +67.0% |
| ENB ENBRIDGE INC | Energy | 884.3K | $47.9M | 1.3% | -24.6% |
| NVDA NVIDIA CORP | Technology | 272.6K | $47.5M | 1.3% | +11.2% |
| SU SUNCOR ENERGY INC | Energy | 706.8K | $46.7M | 1.3% | -14.5% |
| MGA MAGNA INTERNATIONAL INC | Industrials | 832.6K | $46.5M | 1.3% | +14.8% |
| SHOP SHOPIFY INC - CLASS A | Technology | 388.3K | $46.1M | 1.3% | -19.0% |
| KGC KINROSS GOLD CORP | Materials | 1.5M | $45.9M | 1.2% | +11.3% |
| AAPL APPLE INC | Technology | 162.7K | $41.3M | 1.1% | +10.4% |
| BCE BCE INC | Communications | 1.6M | $40.9M | 1.1% | -2.4% |
| RCI ROGERS COMMUNICATIONS INC-B | Communications | 991.4K | $38.1M | 1.0% | +4.2% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 290.1K | $38.1M | 1.0% | -23.7% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 775.6K | $37.8M | 1.0% | +58.8% |
| GOOGL ALPHABET INC-CL A | Technology | 130.9K | $37.6M | 1.0% | +10.7% |
| IAG IAMGOLD CORP | Materials | 2.0M | $37.5M | 1.0% | +86.5% |
| CLS CELESTICA INC | Technology | 132.6K | $37.4M | 1.0% | +171.8% |
| AG FIRST MAJESTIC SILVER CORP | Materials | 1.7M | $36.1M | 1.0% | +2.7% |
| EMA EMERA INC | Utilities | 640.3K | $33.2M | 0.9% | -3.2% |
| CVE CENOVUS ENERGY INC | Energy | 1.2M | $33.0M | 0.9% | +8.6% |
| MSFT MICROSOFT CORP | Technology | 83.6K | $31.0M | 0.8% | +11.2% |
| QSR RESTAURANT BRANDS INTERN | Consumer discretionary | 393.6K | $29.1M | 0.8% | +4.6% |
| PAAS PAN AMERICAN SILVER CORP | Materials | 415.3K | $22.7M | 0.6% | -6.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 100.6K | $21.0M | 0.6% | +0.2% |
| ARIS ARIS MINING CORP | Materials | 1.0M | $19.3M | 0.5% | -48.4% |
| SSRM SSR MINING INC | Financials | 639.4K | $18.8M | 0.5% | -30.3% |
| ERO ERO COPPER CORP | Materials | 694.1K | $18.5M | 0.5% | -58.8% |
| BN BROOKFIELD CORP | Real estate | 431.8K | $17.5M | 0.5% | -11.9% |
| META META PLATFORMS INC-CLASS A | Technology | 28.4K | $16.3M | 0.4% | +8.3% |
| CCJ CAMECO CORP | Materials | 145.6K | $15.8M | 0.4% | +118.5% |
| PBA PEMBINA PIPELINE CORP | Energy | 335.7K | $15.0M | 0.4% | -63.4% |
| NTR NUTRIEN LTD | Other | 176.7K | $13.3M | 0.4% | -16.8% |
| AVGO BROADCOM INC | Technology | 42.3K | $13.1M | 0.4% | +15.0% |
| FSM FORTUNA MINING CORP | Materials | 1.3M | $13.0M | 0.4% | -4.2% |
| PARR PAR PACIFIC HOLDINGS INC | Energy | 199.0K | $12.5M | 0.3% | +0.1% |
| BBIO BRIDGEBIO PHARMA INC | Healthcare | 167.7K | $12.5M | 0.3% | +1.9% |
| HBM HUDBAY MINERALS INC | Materials | 590.2K | $12.4M | 0.3% | -6.1% |
| RBA RB GLOBAL INC | Services media | 128.1K | $12.3M | 0.3% | +52.3% |
| GH GUARDANT HEALTH INC | Healthcare | 124.4K | $11.5M | 0.3% | +1.6% |
| ENS ENERSYS | Technology | 64.9K | $11.3M | 0.3% | +3.5% |
| FNV FRANCO-NEVADA CORP | Materials | 45.3K | $11.2M | 0.3% | +97.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 4, 2026 | 655 | $3.68B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 653 | $3.62B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 636 | $3.31B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 613 | $2.71B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 598 | $1.97B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 2108 | $1.98B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 1903 | $1.30B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 1922 | $1.27B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 1809 | $1.26B | canonical | SEC ↗ |
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