HILLSDALE INVESTMENT MANAGEMENT INC
Q1 2023 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
+1.7%
Holdings
551
Top-10 concentration
18.5%

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
Q4 2022
Q2 2023
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Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.

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Q1 2023 13F filing summary

Period of report March 31, 2023
Filed May 10, 2023
Form 13F-HR
Reported value $1.2B
Positions 551
Change in reported value -1.3%
New positions 119
Exited positions 113
Position turnover 34.9%
Top-10 concentration 18.5%

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 · Q1 2023

# Holding Reported value % of portfolio
1 CLSXXXX CELESTICA INC SUB VTG SHS $37.7M 3.23%
2 RY ROYAL BK CDA COM $33.5M 2.86%
3 TD TORONTO DOMINION BK ONT $20.3M 1.74%
4 SLF SUN LIFE FINANCIAL INC. COM $20.0M 1.71%
5 MFC MANULIFE FINL CORP $19.5M 1.67%
6 GIB CGI INC CL A SUB VTG $18.5M 1.59%
7 NOA NORTH AMERN CONSTR GROUP LTD $18.2M 1.56%
8 TECK TECK RESOURCES LTD CL B $16.4M 1.4%
9 IMO IMPERIAL OIL LTD $16.2M 1.39%
10 DCBO DOCEBO INC $15.5M 1.33%
11 VMD VIEMED HEALTHCARE INC $14.7M 1.26%
12 SU SUNCOR ENERGY INC NEW $13.9M 1.19%
13 STN STANTEC INC $13.8M 1.18%
14 CNQ CANADIAN NAT RES LTD $13.2M 1.13%
15 WCN WASTE CONNECTIONS INC NEW COM $13.1M 1.12%
16 CNI CANADIAN NATL RY CO COM $12.5M 1.07%
17 BNS BANK NOVA SCOTIA HALIFAX $12.4M 1.06%
18 SHOP SHOPIFY INC $12.3M 1.05%
19 QSR RESTAURANT BRANDS INTL INC $10.8M 0.92%
20 TFII TFI INTL INC COM $9.7M 0.83%

Values as reported on the Q1 2023 Form 13F. Every position is in the holdings table below.

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