SIG North Trading, ULC
Long book
$498.5M
Q1 2026
Positions
81
Top-10 weight
72%
concentration
Last quarter
-2.4%
SPY +14.8%
Turnover
22%
of book per quarter
Strategy in plain words
auto-generated from filingsSIG North Trading, ULC is a diversified fundamental manager, running a $498.5M US long book across 81 positions.
The portfolio is concentrated: the top 10 names carry 72% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: TELUS CORP, BANK OF NOVA SCOTIA, ROGERS COMMUNICATIONS INC-B, BCE INC, TORONTO-DOMINION BANK.
Over the last 9 quarters its long book ran on average 0.1pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.5%
Q2 2024
+12.3%
Q3 2024
-7.8%
Q4 2024
+1.7%
Q1 2025
+10.4%
Q2 2025
+14.6%
Q3 2025
+6.5%
Q4 2025
+8.8%
Q1 2026
-2.4%
Sector allocation
Communications 39%
Financials 26%
Materials 14%
Energy 6%
Other 4%
Utilities 4%
Industrials 3%
Technology 1%
Long book by quarter
What does SIG North own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TU TELUS CORP | Communications | 8.6M | $110.8M | 22.2% | +42.9% |
| BNS BANK OF NOVA SCOTIA | Financials | 964.7K | $66.9M | 13.4% | +26.0% |
| RCI ROGERS COMMUNICATIONS INC-B | Communications | 1.1M | $42.2M | 8.5% | -32.8% |
| BCE BCE INC | Communications | 1.5M | $37.6M | 7.5% | +1186.1% |
| TD TORONTO-DOMINION BANK | Financials | 296.9K | $27.7M | 5.6% | +179.3% |
| MFC MANULIFE FINANCIAL CORP | Financials | 467.9K | $16.1M | 3.2% | +23.7% |
| NTR NUTRIEN LTD | Other | 199.1K | $15.0M | 3.0% | +285.7% |
| B BARRICK MINING CORP | Materials | 350.9K | $14.3M | 2.9% | +13.6% |
| ENB ENBRIDGE INC | Energy | 246.7K | $13.4M | 2.7% | -76.4% |
| TRP TC ENERGY CORP | Utilities | 210.4K | $13.2M | 2.6% | +125.3% |
| SLF SUN LIFE FINANCIAL INC | Financials | 194.6K | $12.2M | 2.4% | -25.1% |
| AG FIRST MAJESTIC SILVER CORP | Materials | 398.1K | $8.6M | 1.7% | -26.5% |
| BTG B2GOLD CORP | Materials | 1.4M | $6.2M | 1.3% | +301.6% |
| VET VERMILION ENERGY INC | Energy | 405.0K | $5.6M | 1.1% | -56.1% |
| SOBO SOUTH BOW CORP | Energy | 137.2K | $4.6M | 0.9% | +156.5% |
| TRI4EUR THOMSON REUTERS CORP | — | 50.3K | $4.5M | 0.9% | New |
| TAC TRANSALTA CORP | Utilities | 322.8K | $4.2M | 0.8% | +115.3% |
| KGC KINROSS GOLD CORP | Materials | 116.6K | $3.6M | 0.7% | -45.0% |
| EQX EQUINOX GOLD CORP | Materials | 244.8K | $3.5M | 0.7% | -68.6% |
| SHOP SHOPIFY INC - CLASS A | Technology | 29.4K | $3.5M | 0.7% | +94.0% |
| TFII TFI INTERNATIONAL INC | Industrials | 32.1K | $3.5M | 0.7% | -26.7% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 23.8K | $3.1M | 0.6% | New |
| IAG IAMGOLD CORP | Materials | 159.4K | $3.0M | 0.6% | +102.0% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 37.8K | $3.0M | 0.6% | +170.4% |
| AEM AGNICO EAGLE MINES LTD | Materials | 14.0K | $2.8M | 0.6% | New |
| TECK TECK RESOURCES LTD-CLS B | Materials | 48.7K | $2.5M | 0.5% | New |
| EXK ENDEAVOUR SILVER CORP | Materials | 263.0K | $2.4M | 0.5% | +10.7% |
| SVM SILVERCORP METALS INC | Materials | 219.8K | $2.4M | 0.5% | -3.2% |
| EGO ELDORADO GOLD CORP | Materials | 67.1K | $2.3M | 0.5% | -19.2% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 21.6K | $2.2M | 0.4% | -67.4% |
| MDA MDA SPACE LTD | Industrials | 86.8K | $2.2M | 0.4% | New |
| ORLA ORLA MINING LTD | Materials | 120.3K | $1.9M | 0.4% | +50.5% |
| GIB CGI INC | Services media | 25.9K | $1.9M | 0.4% | +17.7% |
| GFL GFL ENVIRONMENTAL INC-SUB VT | Utilities | 44.6K | $1.9M | 0.4% | +105.0% |
| IMO IMPERIAL OIL LTD | Energy | 13.7K | $1.8M | 0.4% | -30.3% |
| PBA PEMBINA PIPELINE CORP | Energy | 35.8K | $1.6M | 0.3% | -94.9% |
| GIL GILDAN ACTIVEWEAR INC | Other | 28.2K | $1.6M | 0.3% | +10.8% |
| RY ROYAL BANK OF CANADA | Financials | 9.6K | $1.6M | 0.3% | -64.0% |
| BAM BROOKFIELD ASSET MGMT-A | Financials | 34.8K | $1.5M | 0.3% | -42.1% |
| AQN ALGONQUIN POWER & UTILITIES | Utilities | 250.6K | $1.5M | 0.3% | -3.9% |
| UUUU ENERGY FUELS INC | Materials | 83.3K | $1.5M | 0.3% | -9.6% |
| CVE CENOVUS ENERGY INC | Energy | 57.3K | $1.5M | 0.3% | -47.9% |
| SA SEABRIDGE GOLD INC | Materials | 52.5K | $1.5M | 0.3% | +10.2% |
| CGAU CENTERRA GOLD INC | Materials | 83.6K | $1.5M | 0.3% | -39.9% |
| BTE BAYTEX ENERGY CORP | Energy | 319.2K | $1.4M | 0.3% | -55.0% |
| FNV FRANCO-NEVADA CORP | Materials | 5.7K | $1.4M | 0.3% | New |
| CDE COEUR MINING INC | Materials | 74.1K | $1.4M | 0.3% | +3.1% |
| DSGX DESCARTES SYSTEMS GRP/THE | Technology | 17.6K | $1.3M | 0.3% | -13.9% |
| TFPM TRIPLE FLAG PRECIOUS MET | Financials | 30.9K | $1.1M | 0.2% | New |
| PRMB PRIMO BRANDS CORP | Consumer staples | 49.3K | $928K | 0.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 286 | $4.98B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 274 | $5.48B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 266 | $5.11B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 266 | $4.08B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 257 | $3.16B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 243 | $3.02B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 239 | $2.74B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 15, 2024 | 264 | $2.39B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 262 | $1.89B | canonical | SEC ↗ |
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