HILLSDALE INVESTMENT MANAGEMENT INC
Q3 2023 Form 13-F

TORONTO, ONTARIO, CANADA
CIK 0001368465 · CRD 137883 · SEC-registered investment adviser
$1.1B Reported Value Total

HILLSDALE INVESTMENT MANAGEMENT INC. reports 177 total accounts under management (AUM). There are 177 discretionary accounts valued at $2,785,603,810, 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
$1.1B
Quarter over quarter
-3.1%
Holdings
560
Top-10 concentration
22.4%

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
Q2 2023
Q4 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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Q3 2023 13F filing summary

Period of report September 30, 2023
Filed November 09, 2023
Form 13F-HR
Reported value $1.1B
Positions 560
Change in reported value +0.4%
New positions 117
Exited positions 107
Position turnover 33.6%
Top-10 concentration 22.4%

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 · Q3 2023

# Holding Reported value % of portfolio
1 CLSXXXX CELESTICA INC SUB VTG SHS $52.1M 4.77%
2 NOA NORTH AMERN CONSTR GROUP LTD $27.7M 2.54%
3 DCBO DOCEBO INC $26.1M 2.39%
4 RY ROYAL BK CDA COM $25.7M 2.36%
5 PDS PRECISION DRILLING CORP COM NEW $25.4M 2.32%
6 SHOP SHOPIFY INC $20.7M 1.89%
7 MFC MANULIFE FINL CORP COM $19.0M 1.74%
8 SLF SUN LIFE FINANCIAL INC. COM $16.7M 1.53%
9 TAC TRANSALTA CORP $15.7M 1.44%
10 STN STANTEC INC $15.6M 1.43%
11 IMO IMPERIAL OIL LTD $12.1M 1.11%
12 FSV FIRSTSERVICE CORP NEW $11.3M 1.03%
13 GIB CGI INC CL A SUB VTG $10.7M 0.98%
14 KGC KINROSS GOLD CORP COM $10.6M 0.97%
15 TD TORONTO DOMINION BK ONT $10.4M 0.96%
16 CM CANADIAN IMPERIAL BK COMM TO $10.4M 0.96%
17 ERF ENERPLUS CORP COM $9.9M 0.9%
18 WCN WASTE CONNECTIONS INC NEW COM $9.4M 0.86%
19 OTEX OPEN TEXT CORP COM $9.0M 0.82%
20 FNV FRANCO NEV CORP $9.0M 0.82%

Values as reported on the Q3 2023 Form 13F. Every position is in the holdings table below.

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