Hillsdale Investment Management Inc.

Toronto, A6 · CIK 1368465 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2006 · corporation

Assets managed$7.8bn
Staff46 · 35 in investment roles
Main clients (by assets)Private funds 86%, State and local governments 12%, Pension plans 2%
Private funds6 (6 hedge) · $1.2bn gross assets
Form ADV · 2026-08-19SEC adviser record

Legal entityHILLSDALE INVESTMENT MANAGEMENT INC. (CA)

Kindhedge funds
Others nearbyToronto

As an employer

Offices in1 country
Private fundshedge 6

$4.4bn reported value +19.4% vs Q1 2026

647positions

23.8%in top 10

125 new 283 added 170 reduced 133 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ROYAL BK CDA COM RY	RY	1,005,143	$207.9m4.74%	4.74%	Reduced -60.2k	-60,197 -5.7%
2	CANADIAN IMPERIAL BANK OF CO COM CM	CM	1,106,970	$127.3m2.90%	2.90%	Reduced -134.9k	-134,897 -10.9%
3	TORONTO DOMINION BK ONT COM NEW TD	TD	1,019,172	$123.8m2.82%	2.82%	Reduced -182.3k	-182,328 -15.2%
4	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	1,349,041	$117.1m2.67%	2.67%	Added +55.8k	+55,809 4.3%
5	ENERFLEX LTD COM EFXT	EFXT	3,615,379	$88.7m2.02%	2.02%	Reduced -216.3k	-216,280 -5.6%
6	SUNCOR ENERGY INC NEW COM SU	SU	1,582,117	$85.0m1.94%	1.94%	Added +875.3k	+875,272 123.8%
7	BANK MONTREAL QUE COM BMO	BMO	460,739	$81.3m1.85%	1.85%	Reduced -83.1k	-83,070 -15.3%
8	CANADIAN NAT RES LTD COM CNQ	CNQ	1,938,131	$76.6m1.75%	1.75%	Added +1.2m	+1,162,542 149.9%
9	ENBRIDGE INC COM ENB	ENB	1,384,813	$75.0m1.71%	1.71%	Added +500.5k	+500,500 56.6%
10	AGNICO EAGLE MINES LTD COM AEM	AEM	381,603	$59.2m1.35%	1.35%	Reduced -1.6k	-1,606 -0.4%
11	CENOVUS ENERGY INC COM CVE	CVE	2,387,412	$59.2m1.35%	1.35%	Added +1.1m	+1,143,494 91.9%
12	NVIDIA CORPORATION COM NVDA	NVDA	280,626	$56.2m1.28%	1.28%	Added +8.0k	+8,000 2.9%
13	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	451,724	$51.6m1.18%	1.18%	Added +63.4k	+63,423 16.3%
14	APPLE INC COM AAPL	AAPL	168,004	$48.6m1.11%	1.11%	Added +5.3k	+5,310 3.3%
15	BARRICK MNG CORP COM SHS B	B	1,304,301	$47.9m1.09%	1.09%	Reduced -22.8k	-22,841 -1.7%
16	PEMBINA PIPELINE CORP COM PBA	PBA	1,030,460	$47.6m1.09%	1.09%	Added +694.8k	+694,796 207.0%
17	CELESTICA INC COM CLS	CLS	119,713	$43.6m0.99%	0.99%	Reduced -12.9k	-12,866 -9.7%
18	EMERA INC COM EMA	EMA	821,776	$43.5m0.99%	0.99%	Added +181.5k	+181,496 28.4%
19	BCE INC COM NEW BCE	BCE	2,007,737	$43.2m0.98%	0.98%	Added +387.7k	+387,690 23.9%
20	ALPHABET INC CAP STK CL A GOOGL	GOOGL	120,162	$42.9m0.98%	0.98%	Reduced -10.7k	-10,700 -8.2%
21	BLACKBERRY LTD COM BB	BB	3,246,381	$41.0m0.93%	0.93%	New
22	CENTERRA GOLD INC COM CGAU	CGAU	2,554,340	$40.5m0.92%	0.92%	Reduced -673.6k	-673,595 -20.9%
23	OCEANAGOLD CORP COM NEW OGC	OGC	1,586,525	$39.7m0.91%	0.91%	New
24	MAGNA INTL INC COM MGA	MGA	601,904	$39.5m0.90%	0.90%	Reduced -230.7k	-230,671 -27.7%
25	FORTIS INC COM FTS	FTS	689,039	$39.4m0.90%	0.90%	Reduced -399.6k	-399,589 -36.7%
26	PRECISION DRILLING CORP COM NEW PDS	PDS	512,747	$39.3m0.90%	0.90%	Added +25.3k	+25,313 5.2%
27	NUTRIEN LTD COM NTR	NTR	585,713	$36.9m0.84%	0.84%	Added +409.0k	+408,988 231.4%
28	WHEATON PRECIOUS METALS CORP COM WPM	WPM	310,136	$34.9m0.79%	0.79%	Added +20.1k	+20,061 6.9%
29	ISHARES TR MSCI INDIA SM CP SMIN	SMIN	471,671	$33.4m0.76%	0.76%	Reduced -42.4k	-42,447 -8.3%
30	MICROSOFT CORP COM MSFT	MSFT	85,782	$32.0m0.73%	0.73%	Added +2.2k	+2,170 2.6%
31	IAMGOLD CORP COM IAG	IAG	1,980,950	$31.4m0.72%	0.72%	Reduced -12.1k	-12,100 -0.6%
32	SANDISK CORP COM SNDK	SNDK	13,570	$30.9m0.70%	0.70%	Reduced -830	-830 -5.8%
33	AMAZON COM INC COM AMZN	AMZN	104,909	$25.0m0.57%	0.57%	Added +4.3k	+4,300 4.3%
34	FIRST MAJESTIC SILVER CORP COM AG	AG	1,399,725	$23.7m0.54%	0.54%	Reduced -284.1k	-284,100 -16.9%
35	SSR MINING IN COM SSRM	SSRM	781,157	$22.1m0.50%	0.50%	Added +141.8k	+141,805 22.2%
36	MANULIFE FINL CORP COM MFC	MFC	540,838	$21.9m0.50%	0.50%	Reduced -1.3m	-1,325,784 -71.0%
37	KINROSS GOLD CORP COM KGC	KGC	820,650	$19.4m0.44%	0.44%	Reduced -681.1k	-681,123 -45.4%
38	BROOKFIELD CORP CL A LTD VT SH BN	BN	446,735	$19.0m0.43%	0.43%	Added +14.9k	+14,927 3.5%
39	RESTAURANT BRANDS INTL INC COM QSR	QSR	254,553	$18.4m0.42%	0.42%	Reduced -139.0k	-139,027 -35.3%
40	RB GLOBAL INC COM RBA	RBA	155,900	$18.1m0.41%	0.41%	Added +27.8k	+27,800 21.7%
41	IMPERIAL OIL LTD COM NEW IMO	IMO	160,774	$18.0m0.41%	0.41%	New
42	TC ENERGY CORP COM TRP	TRP	267,708	$17.7m0.40%	0.40%	Added +114.7k	+114,731 75.0%
43	META PLATFORMS INC CL A META	META	30,715	$17.3m0.39%	0.39%	Added +2.3k	+2,280 8.0%
44	GUARDANT HEALTH INC COM GH	GH	114,384	$17.2m0.39%	0.39%	Reduced -10.0k	-10,000 -8.0%
45	CANADIAN PACIFIC KANSAS CITY COM CP	CP	197,670	$17.1m0.39%	0.39%	Added +59.5k	+59,530 43.1%
46	MICRON TECHNOLOGY INC COM MU	MU	14,810	$17.1m0.39%	0.39%	Reduced -660	-660 -4.3%
47	CANADIAN NATL RY CO COM CNI	CNI	141,546	$16.9m0.38%	0.38%	Added +45.0k	+44,993 46.6%
48	GARRETT MOTION INC COM GTX	GTX	457,397	$16.6m0.38%	0.38%	Reduced -140.1k	-140,060 -23.4%
49	KULICKE & SOFFA INDS INC COM KLIC	KLIC	122,200	$16.3m0.37%	0.37%	Added +6.6k	+6,580 5.7%
50	SANMINA CORPORATION COM SANM	SANM	62,863	$15.9m0.36%	0.36%	Reduced -11.6k	-11,565 -15.5%
51	ENOVA INTL INC COM ENVA	ENVA	65,411	$15.7m0.36%	0.36%	Added +3.2k	+3,200 5.1%
52	PROTO LABS INC COM PRLB	PRLB	191,594	$15.6m0.36%	0.36%	Added +17.2k	+17,210 9.9%
53	ENERSYS COM ENS	ENS	66,221	$15.5m0.35%	0.35%	Added +1.3k	+1,300 2.0%
54	ARIS MNG CORP COM ARIS	ARIS	1,023,166	$15.2m0.35%	0.35%	Reduced -16.6k	-16,610 -1.6%
55	NWPX INFRASTRUCTURE INC COM NWPX	NWPX	99,290	$14.9m0.34%	0.34%	Added +40.1k	+40,090 67.7%
56	BREAD FINANCIAL HOLDINGS INC COM BFH	BFH	136,600	$14.8m0.34%	0.34%	Added +7.9k	+7,900 6.1%
57	ADAPTIVE BIOTECHNOLOGIES COR COM ADPT	ADPT	684,217	$14.7m0.33%	0.33%	Added +59.0k	+59,000 9.4%
58	MYR GROUP INC DEL COM MYRG	MYRG	29,325	$14.7m0.33%	0.33%	Reduced -3.6k	-3,565 -10.8%
59	DIGI INTL INC COM DGII	DGII	195,005	$14.6m0.33%	0.33%	Reduced -4.6k	-4,630 -2.3%
60	BROADCOM INC COM AVGO	AVGO	38,554	$14.6m0.33%	0.33%	Reduced -3.8k	-3,750 -8.9%
61	DYCOM INDS INC COM DY	DY	28,275	$14.3m0.33%	0.33%	Added +2.3k	+2,300 8.8%
62	ENCORE CAP GROUP INC COM ECPG	ECPG	152,438	$14.2m0.32%	0.32%	Added +9.6k	+9,600 6.7%
63	FRONTDOOR INC COM FTDR	FTDR	175,960	$13.7m0.31%	0.31%	Added +15.6k	+15,620 9.7%
64	AXSOME THERAPEUTICS INC COM AXSM	AXSM	55,000	$13.5m0.31%	0.31%	Added +1.6k	+1,637 3.1%
65	NETSCOUT SYS INC COM NTCT	NTCT	307,795	$13.4m0.31%	0.31%	Added +27.3k	+27,300 9.7%
66	OPENLANE INC COM OPLN	OPLN	322,560	$13.3m0.30%	0.30%	Added +70.3k	+70,260 27.9%
67	TERADATA CORP DEL COM TDC	TDC	379,080	$13.1m0.30%	0.30%	Added +34.7k	+34,680 10.1%
68	ROGERS COMMUNICATIONS INC CL B RCI	RCI	395,361	$12.8m0.29%	0.29%	Reduced -596.0k	-596,004 -60.1%
69	PHINIA INC COMMON STOCK PHIN	PHIN	155,920	$12.8m0.29%	0.29%	Added +13.8k	+13,810 9.7%
70	PLEXUS CORP COM PLXS	PLXS	42,520	$12.8m0.29%	0.29%	Reduced -805	-805 -1.9%
71	RINGCENTRAL INC CL A RNG	RNG	325,390	$12.7m0.29%	0.29%	Added +31.3k	+31,340 10.7%
72	UNITED FIRE GROUP INC COM UFCS	UFCS	241,568	$12.7m0.29%	0.29%	Added +29.8k	+29,800 14.1%
73	BRIDGEBIO PHARMA INC COM BBIO	BBIO	169,112	$12.6m0.29%	0.29%	Added +1.4k	+1,370 0.8%
74	CTS CORP COM CTS	CTS	192,070	$12.5m0.29%	0.29%	Added +16.0k	+16,000 9.1%
75	MAXLINEAR INC COM MXL	MXL	97,670	$12.5m0.29%	0.29%	New
76	HEALTHCARE SVCS GROUP INC COM HCSG	HCSG	503,120	$12.4m0.28%	0.28%	Added +41.6k	+41,610 9.0%
77	LIFESTANCE HEALTH GROUP INC COM LFST	LFST	1,147,200	$12.3m0.28%	0.28%	New
78	LAUREATE EDUCATION INC COMMON STOCK LAUR	LAUR	337,221	$12.2m0.28%	0.28%	Added +26.1k	+26,110 8.4%
79	DELEK US HLDGS INC NEW COM DK	DK	238,130	$12.1m0.28%	0.28%	Added +22.7k	+22,740 10.6%
80	HARMONIC INC COM HLIT	HLIT	735,900	$12.0m0.27%	0.27%	Added +65.7k	+65,700 9.8%
81	PEDIATRIX MEDICAL GROUP INC COM MD	MD	464,340	$11.8m0.27%	0.27%	Added +1.0k	+1,000 0.2%
82	INTERFACE INC COM TILE	TILE	325,913	$11.7m0.27%	0.27%	Added +16.9k	+16,900 5.5%
83	RUSH STREET INTERACTIVE INC COM RSI	RSI	392,500	$11.7m0.27%	0.27%	Added +30.6k	+30,600 8.5%
84	MONARCH CASINO & RESORT INC COM MCRI	MCRI	88,500	$11.6m0.27%	0.27%	Added +8.0k	+8,000 9.9%
85	TECK RESOURCES LTD CL B TECK	TECK	194,600	$11.6m0.26%	0.26%	Added +193.9k	+193,900 27700.0%
86	DIEBOLD NIXDORF INC COM SHS DBD	DBD	135,670	$11.5m0.26%	0.26%	Added +8.0k	+7,990 6.3%
87	DOUGLAS DYNAMICS INC COM PLOW	PLOW	212,310	$11.5m0.26%	0.26%	Added +17.1k	+17,120 8.8%
88	WATTS WATER TECHNOLOGIES INC CL A WTS	WTS	29,230	$11.4m0.26%	0.26%	Added +150	+150 0.5%
89	HELIOS TECHNOLOGIES INC COM HLIO	HLIO	126,040	$11.2m0.26%	0.26%	Added +13.0k	+13,020 11.5%
90	AMNEAL PHARMACEUTICALS INC COM STK CL A AMRX	AMRX	649,179	$11.2m0.26%	0.26%	Reduced -94.5k	-94,500 -12.7%
91	OVINTIV INC COM OVV	OVV	213,100	$11.2m0.26%	0.26%	Added +201.1k	+201,100 1675.8%
92	EL POLLO LOCO HLDGS INC COM LOCO	LOCO	656,096	$11.1m0.25%	0.25%	Added +72.3k	+72,300 12.4%
93	CONSTELLIUM SE CL A SHS CSTM	CSTM	347,600	$11.1m0.25%	0.25%	Added +30.9k	+30,900 9.8%
94	ERO COPPER CORP COM ERO	ERO	414,995	$11.1m0.25%	0.25%	Reduced -279.1k	-279,085 -40.2%
95	EXTREME NETWORKS COM EXTR	EXTR	338,840	$11.0m0.25%	0.25%	Added +30.2k	+30,180 9.8%
96	BLUE BIRD CORP COM BLBD	BLBD	138,300	$10.9m0.25%	0.25%	Added +11.9k	+11,900 9.4%
97	FORMFACTOR INC COM FORM	FORM	67,390	$10.8m0.25%	0.25%	Added +5.7k	+5,680 9.2%
98	PAR PAC HOLDINGS INC COM NEW PARR	PARR	187,636	$10.5m0.24%	0.24%	Reduced -11.4k	-11,380 -5.7%
99	MARAVAI LIFESCIENCES HLDGS I COM CL A MRVI	MRVI	1,682,878	$10.5m0.24%	0.24%	New
100	WILEY JOHN & SONS INC CL A WLY	WLY	212,980	$10.3m0.24%	0.24%	Added +136.8k	+136,830 179.7%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ALLIENT INC ALNT	ALNT	134,490	$7.9m134.5k shares
KONTOOR BRANDS INC KTB	KTB	107,700	$7.6m107.7k shares
SKYWEST INC SKYW	SKYW	74,860	$6.9m74.9k shares
ZUMIEZ INC ZUMZ	ZUMZ	296,500	$6.6m296.5k shares
COMPASS INC COMP	COMP	878,100	$6.4m878.1k shares
ROCKY BRANDS INC RCKY	RCKY	158,645	$6.1m158.6k shares
BIOCRYST PHARMACEUTICALS INC BCRX	BCRX	639,100	$6.1m639.1k shares
ACI WORLDWIDE INC ACIW	ACIW	146,250	$6.0m146.2k shares
COEUR MNG INC CDE	CDE	312,320	$5.9m312.3k shares
RANGER ENERGY SVCS INC RNGR	RNGR	329,148	$5.6m329.1k shares
FLOWSERVE CORP FLS	FLS	75,350	$5.5m75.3k shares
GULFPORT ENERGY CORP GPOR	GPOR	25,640	$5.4m25.6k shares
HANMI FINL CORP HAFC	HAFC	205,665	$5.4m205.7k shares
COLUMBUS MCKINNON CORP N Y CMCO	CMCO	370,728	$5.4m370.7k shares
DXC TECHNOLOGY CO DXC	DXC	422,000	$5.3m422.0k shares
Bladex Inc BLX	BLX	96,064	$4.9m96.1k shares
SUNRUN INC RUN	RUN	352,715	$4.8m352.7k shares
TEXAS CAP BANCSHARES INC TCBI	TCBI	49,690	$4.7m49.7k shares
YELP INC YELP	YELP	187,516	$4.6m187.5k shares
BELDEN INC BDC	BDC	40,100	$4.6m40.1k shares
ITT INC ITT	ITT	23,300	$4.4m23.3k shares
ARCUTIS BIOTHERAPEUTICS INC ARQT	ARQT	188,220	$4.4m188.2k shares
API GROUP CORP APG	APG	105,550	$4.3m105.5k shares
INNOVAGE HLDG CORP INNV	INNV	529,984	$4.3m530.0k shares
IRHYTHM TECHNOLOGIES INC IRTC	IRTC	34,950	$4.1m35.0k shares