Hillsdale Investment Management Inc's Q3 2025 13F is in
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 10, 2025 · 635 reported positions · accession 0001193125-25-273370
This filing covers a somewhat different set of reporting entities than the fund's prior filing, so a few of the changes below may reflect that rather than trading.
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Increased | SSR Mining Inc (SSRM) | 0.0% | 1.3% | +1.3 pts | +1.74M sh | +267512% |
| Increased | Enerflex Ltd (EFXT) | 0.3% | 1.5% | +1.3 pts | +3.82M sh | +436% |
| Increased | Toronto-Dominion Bank (The) (TD) | 1.8% | 2.6% | +0.8 pts | +422K sh | +63% |
| New | Magna International Inc (MGA) | — | 1.0% | +1.0 pts | +709K sh | new |
| Reduced | Sprott Inc (SII) | 1.0% | 0.0% | −1.0 pts | −403K sh | −99% |
| New | First Majestic Silver Corp (AG) | — | 1.0% | +1.0 pts | +2.67M sh | new |
| Exited | Newmont Corporation (NEM) | 1.0% | — | −1.0 pts | −444K sh | −100% |
| Reduced | Pembina Pipeline Corp (PBA) | 1.5% | 0.4% | −1.1 pts | −738K sh | −70% |
| Reduced | Sun Life Financial Inc (SLF) | 1.0% | 0.0% | −1.0 pts | −418K sh | −99% |
| Exited | Allied Gold Corp (AAUC) | 0.8% | — | −0.8 pts | −1.53M sh | −100% |
| Exited | Sandstorm Gold Ltd (SAND) | 0.7% | — | −0.7 pts | −2.13M sh | −100% |
| New | Centerra Gold Inc (CGAU) | — | 0.7% | +0.7 pts | +2.16M sh | new |
| Exited | Orla Mining Ltd (ORLA) | 0.7% | — | −0.7 pts | −1.87M sh | −100% |
| Reduced | Enbridge Inc (ENB) | 2.9% | 2.0% | −1.0 pts | −456K sh | −26% |
| Reduced | Manulife Financial Corp (MFC) | 1.3% | 0.3% | −0.9 pts | −722K sh | −67% |
| New | Rogers Communications Inc (RCI) | — | 0.6% | +0.6 pts | +607K sh | new |
| Increased | BCE Inc. (BCE) | 0.7% | 1.2% | +0.5 pts | +846K sh | +100% |
| New | Hudbay Minerals Inc (HBM) | — | 0.5% | +0.5 pts | +1.02M sh | new |
| Reduced | New Gold Inc (NGD) | 1.4% | 1.2% | −0.2 pts | −1.97M sh | −26% |
| Reduced | American Superconductor Corp (AMSC) | 0.3% | 0.0% | −0.3 pts | −220K sh | −100% |
| Reduced | Barrick Mining Corporation (B) | 1.1% | 1.1% | −0.1 pts | −384K sh | −26% |
| Increased | Pan American Silver Corp (PAAS) | 0.3% | 0.8% | +0.4 pts | +317K sh | +96% |
| Reduced | Agnico Eagle Mines Ltd (AEM) | 2.1% | 2.1% | 0.0 pts | −72,025 sh | −15% |
| Reduced | Celestica Inc (CLS) | 0.6% | 0.5% | −0.2 pts | −49,090 sh | −44% |
| Reduced | Waste Connections Inc. (WCN) | 0.5% | 0.0% | −0.5 pts | −67,358 sh | −95% |
| New | Galiano Gold Inc (GAU) | — | 0.3% | +0.3 pts | +5.29M sh | new |
| Reduced | Kinross Gold Corp (KGC) | 1.2% | 1.3% | 0.0 pts | −455K sh | −21% |
| Reduced | Emera Inc (EMA) | 1.6% | 1.0% | −0.6 pts | −230K sh | −24% |
| Increased | iShares MSCI India Small-Cap ETF (SMIN) | 1.0% | 1.1% | +0.1 pts | +147K sh | +42% |
| Exited | Blueprint Medicines Corp (BPMC) | 0.3% | — | −0.3 pts | −63,000 sh | −100% |
| New | Cenovus Energy Inc (CVE) | — | 0.3% | +0.3 pts | +559K sh | new |
| Increased | Brookfield Corp (BN) | 0.8% | 1.0% | +0.2 pts | +136K sh | +37% |
| Reduced | CAE Inc. (CAE) | 0.4% | 0.1% | −0.3 pts | −302K sh | −81% |
| Exited | Argan Inc (AGX) | 0.3% | — | −0.3 pts | −33,013 sh | −100% |
| Exited | Hims & Hers Health Inc (HIMS) | 0.3% | — | −0.3 pts | −146K sh | −100% |
| Reduced | Fortuna Mining Corp (FSM) | 0.9% | 0.7% | −0.1 pts | −904K sh | −25% |
| Reduced | Resideo Technologies Inc (REZI) | 0.2% | 0.0% | −0.2 pts | −187K sh | −100% |
| New | High Tide Inc (HITI) | — | 0.2% | +0.2 pts | +2.2M sh | new |
| New | Aveanna Healthcare Holdings Inc (AVAH) | — | 0.2% | +0.2 pts | +893K sh | new |
| Increased | Nutrien Ltd (NTR) | 0.0% | 0.2% | +0.2 pts | +132K sh | +219825% |
| Reduced | Canadian Natural Resources Ltd (CNQ) | 0.8% | 0.4% | −0.4 pts | −230K sh | −34% |
| New | Methanex Corp (MEOH) | — | 0.2% | +0.2 pts | +182K sh | new |
| New | Franklin Electric Co Inc (FELE) | — | 0.2% | +0.2 pts | +75,600 sh | new |
| Increased | Amneal Pharmaceuticals Inc (AMRX) | 0.0% | 0.2% | +0.2 pts | +715K sh | +89404% |
| Exited | Clearway Energy Inc (CWENA) | 0.2% | — | −0.2 pts | −192K sh | −100% |
| New | Diebold Nixdorf Inc (DBD) | — | 0.2% | +0.2 pts | +124K sh | new |
| New | AZZ Inc (AZZ) | — | 0.2% | +0.2 pts | +64,400 sh | new |
| New | Sprinklr Inc (CXM) | — | 0.2% | +0.2 pts | +906K sh | new |
| New | Global Industrial Co (GIC) | — | 0.2% | +0.2 pts | +190K sh | new |
| Reduced | Aris Mining Corp (ARMN) | 1.2% | 1.2% | 0.0 pts | −711K sh | −15% |
The 50 largest of 674 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 22.8% of the equity book
Changes in the top 10 this quarter: EFXT entered · NVDA entered · EMA left · PBA left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | Royal Bank of Canada (RY) | 4.1% | 3.8% | |
| 2 | Canadian Imperial Bank of Commerce (CM) | 3.1% | 2.9% | |
| 3 | Toronto-Dominion Bank (The) (TD) | 1.8% | 2.6% | |
| 4 | SHOPIFY INC (SHOP) | 2.4% | 2.4% | |
| 5 | The Bank of Nova Scotia (BNS) | 2.2% | 2.1% | |
| 6 | Agnico Eagle Mines Ltd (AEM) | 2.1% | 2.1% | |
| 7 | Bank of Montreal (BMO) | 2.3% | 2.1% | |
| 8 | Enbridge Inc (ENB) | 2.9% | 2.0% | |
| 9 | Enerflex Ltd (EFXT) | 0.3% | 1.5% | Entered the top 10 |
| 10 | NVIDIA Corporation (NVDA) | 1.4% | 1.3% | Entered the top 10 |
| — | Emera Inc (EMA) | 1.6% | 1.0% | Left the top 10 |
| — | Pembina Pipeline Corp (PBA) | 1.5% | 0.4% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).