HILLSDALE INVESTMENT MANAGEMENT INC
Q4 2025 Form 13-F

TORONTO, ONTARIO, CANADA
CIK 0001368465 · CRD 137883 · SEC-registered investment adviser
$3.6B Reported Value Total

HILLSDALE INVESTMENT MANAGEMENT INC. reports 230 total accounts under management (AUM). There are 230 discretionary accounts valued at $7,769,548,706, 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
$3.6B
Quarter over quarter
+7.8%
Holdings
652
Top-10 concentration
23.8%

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 2025
Q1 2026
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 2025 13F filing summary

Period of report December 31, 2025
Filed February 10, 2026
Form 13F-HR
Reported value $3.6B
Positions 652
Change in reported value +9.4%
New positions 140
Exited positions 123
Position turnover 33.9%
Top-10 concentration 23.8%

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 2025

# Holding Reported value % of portfolio
1 RY Royal Bank of Canada $164.9M 4.55%
2 CM Canadian Imperial Bank of Commerce $111.4M 3.08%
3 TD Toronto-Dominion Bank (The) $110.1M 3.04%
4 BNS The Bank of Nova Scotia $85.3M 2.35%
5 SHOP SHOPIFY INC $77.3M 2.13%
6 EFXT Enerflex Ltd $72.4M 2.0%
7 AEM Agnico Eagle Mines Ltd $70.5M 1.95%
8 BMO Bank of Montreal $62.2M 1.72%
9 ENB Enbridge Inc $56.2M 1.55%
10 B Barrick Mining Corporation $50.9M 1.4%
11 CGAU Centerra Gold Inc $50.7M 1.4%
12 ERO Ero Copper Corp. $47.8M 1.32%
13 NVDA NVIDIA Corporation $45.7M 1.26%
14 WPM Wheaton Precious Metals Corp $44.8M 1.24%
15 FTS FORTIS INC $40.8M 1.13%
16 AAPL APPLE INC $40.1M 1.11%
17 BCE BCE Inc. $39.7M 1.09%
18 MGA Magna International Inc $38.7M 1.07%
19 KGC Kinross Gold Corp $38.1M 1.05%
20 GOOGL Alphabet Inc $37.0M 1.02%

Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.

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