# Hillsdale Investment Management Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1368465. Source: https://holderbook.com/funds/1368465-hillsdale-investment-management-inc/

- Reported value: $4.4B
- Positions: 647
- Weight of the ten largest: 23.8%
- Filed: 2026-08-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $207.9M | 1,005,143 | 4.7% | 31 |
| CANADIAN IMPERIAL BANK OF CO | [CM](https://holderbook.com/stocks/CM/) | $127.3M | 1,106,970 | 2.9% | 31 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $123.8M | 1,019,172 | 2.8% | 31 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $117.1M | 1,349,041 | 2.7% | 31 |
| ENERFLEX LTD | [EFXT](https://holderbook.com/stocks/EFXT/) | $88.7M | 3,615,379 | 2.0% | 8 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $85.0M | 1,582,117 | 1.9% | 21 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $81.3M | 460,739 | 1.9% | 31 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $76.6M | 1,938,131 | 1.7% | 31 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $75.0M | 1,384,813 | 1.7% | 31 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $59.2M | 381,603 | 1.3% | 29 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $59.2M | 2,387,412 | 1.3% | 4 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $56.2M | 280,626 | 1.3% | 30 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $51.6M | 451,724 | 1.2% | 29 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $48.6M | 168,004 | 1.1% | 31 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $47.9M | 1,304,301 | 1.1% | 5 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $47.6M | 1,030,460 | 1.1% | 31 |
| CELESTICA INC | [CLS](https://holderbook.com/stocks/CLS/) | $43.6M | 119,713 | 1.0% | 10 |
| EMERA INC | [EMA](https://holderbook.com/stocks/EMA/) | $43.5M | 821,776 | 1.0% | 5 |
| BCE INC | [BCE](https://holderbook.com/stocks/BCE/) | $43.2M | 2,007,737 | 1.0% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $42.9M | 120,162 | 1.0% | 30 |
| BLACKBERRY LTD | [BB](https://holderbook.com/stocks/BB/) | $41.0M | 3,246,381 | 0.9% | 1 |
| CENTERRA GOLD INC | [CGAU](https://holderbook.com/stocks/CGAU/) | $40.5M | 2,554,340 | 0.9% | 4 |
| OCEANAGOLD CORP | [OGC](https://holderbook.com/stocks/OGC/) | $39.7M | 1,586,525 | 0.9% | 1 |
| MAGNA INTL INC | [MGA](https://holderbook.com/stocks/MGA/) | $39.5M | 601,904 | 0.9% | 4 |
| FORTIS INC | [FTS](https://holderbook.com/stocks/FTS/) | $39.4M | 689,039 | 0.9% | 31 |
| PRECISION DRILLING CORP | [PDS](https://holderbook.com/stocks/PDS/) | $39.3M | 512,747 | 0.9% | 3 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $36.9M | 585,713 | 0.8% | 7 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $34.9M | 310,136 | 0.8% | 9 |
| ISHARES TR | [SMIN](https://holderbook.com/stocks/SMIN/) | $33.4M | 471,671 | 0.8% | 9 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $32.0M | 85,782 | 0.7% | 31 |
| IAMGOLD CORP | [IAG](https://holderbook.com/stocks/IAG/) | $31.4M | 1,980,950 | 0.7% | 9 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $30.9M | 13,570 | 0.7% | 2 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $25.0M | 104,909 | 0.6% | 30 |
| FIRST MAJESTIC SILVER CORP | [AG](https://holderbook.com/stocks/AG/) | $23.7M | 1,399,725 | 0.5% | 4 |
| SSR MINING IN | [SSRM](https://holderbook.com/stocks/SSRM/) | $22.1M | 781,157 | 0.5% | 6 |
| MANULIFE FINL CORP | [MFC](https://holderbook.com/stocks/MFC/) | $21.9M | 540,838 | 0.5% | 31 |
| KINROSS GOLD CORP | [KGC](https://holderbook.com/stocks/KGC/) | $19.4M | 820,650 | 0.4% | 9 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $19.0M | 446,735 | 0.4% | 15 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $18.4M | 254,553 | 0.4% | 31 |
| RB GLOBAL INC | [RBA](https://holderbook.com/stocks/RBA/) | $18.1M | 155,900 | 0.4% | 13 |
| IMPERIAL OIL LTD | [IMO](https://holderbook.com/stocks/IMO/) | $18.0M | 160,774 | 0.4% | 1 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $17.7M | 267,708 | 0.4% | 30 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $17.3M | 30,715 | 0.4% | 30 |
| GUARDANT HEALTH INC | [GH](https://holderbook.com/stocks/GH/) | $17.2M | 114,384 | 0.4% | 5 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $17.1M | 197,670 | 0.4% | 14 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $17.1M | 14,810 | 0.4% | 3 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $16.9M | 141,546 | 0.4% | 31 |
| GARRETT MOTION INC | [GTX](https://holderbook.com/stocks/GTX/) | $16.6M | 457,397 | 0.4% | 5 |
| KULICKE & SOFFA INDS INC | [KLIC](https://holderbook.com/stocks/KLIC/) | $16.3M | 122,200 | 0.4% | 2 |
| SANMINA CORP | [SANM](https://holderbook.com/stocks/SANM/) | $15.9M | 62,863 | 0.4% | 22 |
| ENOVA INTL INC | [ENVA](https://holderbook.com/stocks/ENVA/) | $15.7M | 65,411 | 0.4% | 8 |
| PROTO LABS INC | [PRLB](https://holderbook.com/stocks/PRLB/) | $15.6M | 191,594 | 0.4% | 11 |
| ENERSYS | [ENS](https://holderbook.com/stocks/ENS/) | $15.5M | 66,221 | 0.4% | 13 |
| ARIS MINING CORPORATION | [ARIS](https://holderbook.com/stocks/ARIS/) | $15.2M | 1,023,166 | 0.3% | 5 |
| NWPX INFRASTRUCTURE INC | [NWPX](https://holderbook.com/stocks/NWPX/) | $14.9M | 99,290 | 0.3% | 2 |
| BREAD FINANCIAL HOLDINGS INC | [BFH](https://holderbook.com/stocks/BFH/) | $14.8M | 136,600 | 0.3% | 4 |
| ADAPTIVE BIOTECHNOLOGIES COR | [ADPT](https://holderbook.com/stocks/ADPT/) | $14.7M | 684,217 | 0.3% | 5 |
| MYR GROUP INC | [MYRG](https://holderbook.com/stocks/MYRG/) | $14.7M | 29,325 | 0.3% | 5 |
| DIGI INTL INC | [DGII](https://holderbook.com/stocks/DGII/) | $14.6M | 195,005 | 0.3% | 5 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $14.6M | 38,554 | 0.3% | 31 |
| DYCOM INDS INC | [DY](https://holderbook.com/stocks/DY/) | $14.3M | 28,275 | 0.3% | 9 |
| ENCORE CAP GROUP INC | [ECPG](https://holderbook.com/stocks/ECPG/) | $14.2M | 152,438 | 0.3% | 3 |
| FRONTDOOR INC | [FTDR](https://holderbook.com/stocks/FTDR/) | $13.7M | 175,960 | 0.3% | 13 |
| AXSOME THERAPEUTICS INC | [AXSM](https://holderbook.com/stocks/AXSM/) | $13.5M | 55,000 | 0.3% | 2 |
| NETSCOUT SYS INC | [NTCT](https://holderbook.com/stocks/NTCT/) | $13.4M | 307,795 | 0.3% | 5 |
| OPENLANE INC | [OPLN](https://holderbook.com/stocks/OPLN/) | $13.3M | 322,560 | 0.3% | 7 |
| TERADATA CORP DEL | [TDC](https://holderbook.com/stocks/TDC/) | $13.1M | 379,080 | 0.3% | 15 |
| ROGERS COMMUNICATIONS INC | [RCI](https://holderbook.com/stocks/RCI/) | $12.8M | 395,361 | 0.3% | 4 |
| PHINIA INC | [PHIN](https://holderbook.com/stocks/PHIN/) | $12.8M | 155,920 | 0.3% | 3 |
| PLEXUS CORP | [PLXS](https://holderbook.com/stocks/PLXS/) | $12.8M | 42,520 | 0.3% | 8 |
| RINGCENTRAL INC | [RNG](https://holderbook.com/stocks/RNG/) | $12.7M | 325,390 | 0.3% | 12 |
| UNITED FIRE GROUP INC | [UFCS](https://holderbook.com/stocks/UFCS/) | $12.7M | 241,568 | 0.3% | 8 |
| BRIDGEBIO PHARMA INC | [BBIO](https://holderbook.com/stocks/BBIO/) | $12.6M | 169,112 | 0.3% | 5 |
| CTS CORP | [CTS](https://holderbook.com/stocks/CTS/) | $12.5M | 192,070 | 0.3% | 6 |
| MAXLINEAR INC | [MXL](https://holderbook.com/stocks/MXL/) | $12.5M | 97,670 | 0.3% | 1 |
| HEALTHCARE SVCS GROUP INC | [HCSG](https://holderbook.com/stocks/HCSG/) | $12.4M | 503,120 | 0.3% | 5 |
| LIFESTANCE HEALTH GROUP INC | [LFST](https://holderbook.com/stocks/LFST/) | $12.3M | 1,147,200 | 0.3% | 1 |
| LAUREATE ED INC | [LAUR](https://holderbook.com/stocks/LAUR/) | $12.2M | 337,221 | 0.3% | 18 |
| DELEK US HLDGS INC NEW | [DK](https://holderbook.com/stocks/DK/) | $12.1M | 238,130 | 0.3% | 3 |
| HARMONIC INC | [HLIT](https://holderbook.com/stocks/HLIT/) | $12.0M | 735,900 | 0.3% | 5 |
| PEDIATRIX MEDICAL GROUP INC | [MD](https://holderbook.com/stocks/MD/) | $11.8M | 464,340 | 0.3% | 7 |
| INTERFACE INC | [TILE](https://holderbook.com/stocks/TILE/) | $11.7M | 325,913 | 0.3% | 12 |
| RUSH STREET INTERACTIVE INC | [RSI](https://holderbook.com/stocks/RSI/) | $11.7M | 392,500 | 0.3% | 2 |
| MONARCH CASINO & RESORT INC | [MCRI](https://holderbook.com/stocks/MCRI/) | $11.6M | 88,500 | 0.3% | 3 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $11.6M | 194,600 | 0.3% | 31 |
| DIEBOLD NIXDORF INC | [DBD](https://holderbook.com/stocks/DBD/) | $11.5M | 135,670 | 0.3% | 4 |
| DOUGLAS DYNAMICS INC | [PLOW](https://holderbook.com/stocks/PLOW/) | $11.5M | 212,310 | 0.3% | 7 |
| WATTS WATER TECHNOLOGIES INC | [WTS](https://holderbook.com/stocks/WTS/) | $11.4M | 29,230 | 0.3% | 5 |
| HELIOS TECHNOLOGIES INC | [HLIO](https://holderbook.com/stocks/HLIO/) | $11.2M | 126,040 | 0.3% | 2 |
| AMNEAL PHARMACEUTICALS INC | [AMRX](https://holderbook.com/stocks/AMRX/) | $11.2M | 649,179 | 0.3% | 6 |
| OVINTIV INC | [OVV](https://holderbook.com/stocks/OVV/) | $11.2M | 213,100 | 0.3% | 4 |
| EL POLLO LOCO HLDGS INC | [LOCO](https://holderbook.com/stocks/LOCO/) | $11.1M | 656,096 | 0.3% | 9 |
| CONSTELLIUM SE | [CSTM](https://holderbook.com/stocks/CSTM/) | $11.1M | 347,600 | 0.3% | 2 |
| ERO COPPER CORP | [ERO](https://holderbook.com/stocks/ERO/) | $11.1M | 414,995 | 0.3% | 5 |
| EXTREME NETWORKS INC | [EXTR](https://holderbook.com/stocks/EXTR/) | $11.0M | 338,840 | 0.2% | 6 |
| BLUE BIRD CORP | [BLBD](https://holderbook.com/stocks/BLBD/) | $10.9M | 138,300 | 0.2% | 10 |
| FORMFACTOR INC | [FORM](https://holderbook.com/stocks/FORM/) | $10.8M | 67,390 | 0.2% | 3 |
| PAR PAC HOLDINGS INC | [PARR](https://holderbook.com/stocks/PARR/) | $10.5M | 187,636 | 0.2% | 3 |
| MARAVAI LIFESCIENCES HLDGS I | [MRVI](https://holderbook.com/stocks/MRVI/) | $10.5M | 1,682,878 | 0.2% | 1 |
| WILEY JOHN & SONS INC | [WLY](https://holderbook.com/stocks/WLY/) | $10.3M | 212,980 | 0.2% | 6 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.1% | +14.8% | -1.7% | 100% |
| Q1 2026 | +1.0% | -4.6% | +5.6% | 99% |
| Q4 2025 | +6.8% | +2.4% | +4.5% | 100% |
| Q3 2025 | +14.6% | +7.8% | +6.8% | 100% |
| Q2 2025 | +11.3% | +10.5% | +0.9% | 99% |
| Q1 2025 | -2.4% | -4.6% | +2.2% | 100% |
| Q4 2024 | +1.0% | +2.1% | -1.1% | 98% |
| Q3 2024 | +7.5% | +5.4% | +2.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $4.4B | 647 |
| Q1 2026 | $3.7B | 654 |
| Q4 2025 | $3.6B | 652 |
| Q3 2025 | $3.3B | 635 |
| Q2 2025 | $2.7B | 612 |
| Q1 2025 | $2.0B | 592 |
| Q4 2024 | $2.0B | 575 |
| Q3 2024 | $1.3B | 585 |
| Q2 2024 | $1.3B | 574 |
| Q1 2024 | $1.3B | 583 |
| Q4 2023 | $1.2B | 560 |
| Q3 2023 | $1.1B | 560 |