HILLSDALE INVESTMENT MANAGEMENT INC
Q4 2022 Form 13-F

TORONTO, ONTARIO, CANADA
CIK 0001368465 · CRD 137883 · SEC-registered investment adviser
$1.2B Reported Value Total

HILLSDALE INVESTMENT MANAGEMENT INC. reports 165 total accounts under management (AUM). There are 165 discretionary accounts valued at $2,699,105,296, and 0 non-discretionary accounts.

Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
SEC Registered Discretionary Manager
Firm Brochure (Part 2A) Client Relationship Summary (Form CRS)
Private funds (Form ADV)
11 funds · $1.4B gross asset value
Hedge Fund: $1.4B · Other: $9.2M
Source: Form ADV filed 2026-08-19
Reported value
$1.2B
Quarter over quarter
+8.9%
Holdings
545
Top-10 concentration
21.0%

Filing Structure

Reports holdings for

Key People

Form ADV owners & control persons
Albert Christopher Guthrie
CHIEF EXECUTIVE OFFICER
Harry Samuel Marmer
EXECUTIVE VICE-PRESIDENT
Theodore (tai-Chun) Chen
CO-CHIEF INVESTMENT OFFICER
Q3 2022
Q1 2023
Go to latest

Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.

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Q4 2022 13F filing summary

Period of report December 31, 2022
Filed February 13, 2023
Form 13F-HR
Reported value $1.2B
Positions 545
Change in reported value +7.0%
New positions 116
Exited positions 106
Position turnover 34.1%
Top-10 concentration 21.0%

13F filings by quarter

Quarter Positions Value
Q2 2026 13F
Filed Aug 12, 2026
 646 $4.4B
Q1 2026 13F
Filed May 4, 2026
 654 $3.7B
Q4 2025 13F
Filed Feb 10, 2026
 652 $3.6B
Q3 2025 13F
Filed Nov 10, 2025
 635 $3.3B
Q2 2025 13F
Filed Aug 12, 2025
 612 $2.7B
Q1 2025 13F
Filed May 9, 2025
 592 $2.0B
Q4 2024 13F
Filed Feb 11, 2025
 575 $2.0B
Q3 2024 13F
Filed Nov 12, 2024
 585 $1.3B
Q2 2024 13F
Filed Aug 13, 2024
 574 $1.3B
Q1 2024 13F
Filed May 10, 2024
 583 $1.3B
Q4 2023 13F
Filed Feb 9, 2024
 560 $1.2B
Q3 2023 13F
Filed Nov 9, 2023
 560 $1.1B
Q2 2023 13F
Filed Aug 11, 2023
 551 $1.1B
Q1 2023 13F
Filed May 10, 2023
 551 $1.2B
Q4 2022 13F
Filed Feb 13, 2023
 545 $1.2B
Q3 2022 13F
Filed Nov 10, 2022
 534 $1.1B
Q2 2022 13F
Filed Aug 12, 2022
 534 $1.2B
Q1 2022 13F
Filed Apr 28, 2022
 545 $1.5B
Q4 2021 13F
Filed Feb 7, 2022
 552 $1.5B
Q3 2021 13F
Filed Oct 21, 2021
 550 $1.3B

33 earlier quarters on file — choose one from the quarter menu above.

Top 20 holdings · Q4 2022

# Holding Reported value % of portfolio
1 TD TORONTO DOMINION BK ONT $42.2M 3.56%
2 RY ROYAL BK CDA SUSTAINABL $36.1M 3.05%
3 CLSXXXX CELESTICA INC SUB VTG SHS $33.4M 2.83%
4 CNQ CANADIAN NAT RES LTD $27.4M 2.32%
5 SU SUNCOR ENERGY INC NEW $21.8M 1.84%
6 EFXT ENERFLEX LTD $18.4M 1.56%
7 CVE CENOVUS ENERGY INC COM $18.1M 1.53%
8 IMO IMPERIAL OIL LTD $18.0M 1.52%
9 TECK TECK RESOURCES LTD CL B $17.0M 1.43%
10 PDS PRECISION DRILLING CORP COM NEW $16.4M 1.38%
11 BMO BANK MONTREAL QUE $16.3M 1.37%
12 CNI CANADIAN NATL RY CO COM $13.8M 1.17%
13 BNS BANK NOVA SCOTIA HALIFAX $12.6M 1.06%
14 WCN WASTE CONNECTIONS INC NEW COM $12.4M 1.05%
15 SLF SUN LIFE FINANCIAL INC. COM $11.4M 0.96%
16 STKL SUNOPTA INC COM $11.1M 0.94%
17 DCBO DOCEBO INC $10.7M 0.9%
18 FNV FRANCO NEV CORP $10.1M 0.85%
19 MFC MANULIFE FINL CORP $10.0M 0.84%
20 IAG IAMGOLD CORP COM $10.0M 0.84%

Values as reported on the Q4 2022 Form 13F. Every position is in the holdings table below.

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