Hillsdale Investment Management Inc.
- Regulatory AUM
- $7.8B
- Discretionary
- $7.8B
- Clients
- 227
- Avg AUM / client
- $34.2M
- Accounts
- 230
- Employees
- 46
AUM over time
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Investments (13F portfolio — 655 positions, $3,675,193,826)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Royal Bank Of Canada | COM | $172,176,796 | 1,065,340 | 4.68% | 2.22% |
| 2 | Canadian Imperial Bank Of Commerce | COM | $117,667,846 | 1,241,867 | 3.2% | 1.51% |
| 3 | Toronto Dominion Bank (The) | COM | $112,185,140 | 1,201,500 | 3.05% | 1.44% |
| 4 | The Bank Of Nova Scotia | COM | $89,661,140 | 1,293,232 | 2.44% | 1.15% |
| 5 | Enerflex Ltd | COM | $80,133,733 | 3,831,659 | 2.18% | 1.03% |
| 6 | Agnico Eagle Mines Ltd | COM | $77,766,006 | 383,209 | 2.12% | 1.0% |
| 7 | Bank Of Montreal | COM | $73,639,177 | 543,809 | 2.0% | 0.95% |
| 8 | Manulife Financial Corp | COM | $64,284,861 | 1,866,622 | 1.75% | 0.83% |
| 9 | Fortis Inc | COM | $60,720,135 | 1,088,628 | 1.65% | 0.78% |
| 10 | Centerra Gold Inc | COM | $57,393,141 | 3,227,935 | 1.56% | 0.74% |
| 11 | Barrick Mining Corporation | COM | $54,222,982 | 1,327,142 | 1.48% | 0.7% |
| 12 | Precision Drilling Corp | COM | $47,957,307 | 487,434 | 1.3% | 0.62% |
| 13 | Enbridge Inc | COM | $47,925,922 | 884,313 | 1.3% | 0.62% |
| 14 | Nvidia Corporation | COM | $47,545,973 | 272,626 | 1.29% | 0.61% |
| 15 | Suncor Energy Inc. | COM | $46,740,651 | 706,845 | 1.27% | 0.6% |
| 16 | Magna International Inc | COM | $46,486,196 | 832,575 | 1.26% | 0.6% |
| 17 | Shopify Inc | COM | $46,062,328 | 388,301 | 1.25% | 0.59% |
| 18 | Kinross Gold Corp | COM | $45,902,381 | 1,501,773 | 1.25% | 0.59% |
| 19 | Apple Inc | COM | $41,290,110 | 162,694 | 1.12% | 0.53% |
| 20 | Bce Inc. | COM | $40,866,769 | 1,620,047 | 1.11% | 0.53% |
| 21 | Rogers Communications Inc | COM | $38,117,366 | 991,365 | 1.04% | 0.49% |
| 22 | Wheaton Precious Metals Corp | COM | $38,066,821 | 290,075 | 1.04% | 0.49% |
| 23 | Canadian Natural Resources Ltd | COM | $37,825,183 | 775,589 | 1.03% | 0.49% |
| 24 | Alphabet Inc | COM | $37,630,676 | 130,862 | 1.02% | 0.48% |
| 25 | Iam Gold Corp | COM | $37,470,673 | 1,993,050 | 1.02% | 0.48% |
Top 25 of 655 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 108 | $3.4M | 0.04% |
| High net worth individuals | 62 | $17.4M | 0.22% |
| Pooled investment vehicles (non-investment companies) | 25 | $6.7B | 86.1% |
| Pension and profit sharing plans | Fewer than 5 clients | $130M | 1.67% |
| State or municipal government entities | 11 | $921M | 11.9% |
| Corporations and other businesses | 21 | $9.7M | 0.12% |
Private funds (7)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $770M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Hillsdale Global Small Cap Equity Fund | Hedge Fund | Canada | $444M | 2 |
| Hillsdale Us Small Cap Equity Fund | Hedge Fund | Canada | $199M | 1 |
| Hillsdale Global Equity Fund | Hedge Fund | Canada | $80.2M | 2 |
| Hillsdale Canadian Micro Cap Equity Fund | Hedge Fund | Canada | $19.8M | 2 |
| Hillsdale Us Micro Cap Equity Fund | Hedge Fund | Canada | $9.7M | 1 |
| Hillsdale Canadian Low Volatility Equity Fund | Other Private Fund | Canada | $9.2M | 1 |
| Hillsdale Global Income Fund | Hedge Fund | Canada | $7.7M | 2 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Enbridge Gas Ohio Union Pension Plan Enbridge Employee Services, Inc. | 2024 | |
| Enbridge Employee Services, Inc. Employees' Pension Plan Enbridge Employee Services, Inc. | 2024 |
People (8)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Clifford, John, Frederick | Director | Jan 1996 (31y) | Less than 5% | |
| Guthrie, Albert, Christopher | Chief Executive Officer | Jan 1996 (31y) | 10% – 25% | |
| Weider, Eric | Director | Jan 1996 (31y) | ≈ 2.81% – 18.75% via E.U.L.C. Holdings Company | |
| Marmer, Harry, Samuel | Executive Vice President | Feb 2008 (19y) | 10% – 25% | |
| Rhoden, Ian, Dwain | Senior Vice President Finance | Dec 2017 (9y) | Less than 5% | |
| Spinney, Jonathan, Elliott | Director | Nov 2021 (5y) | Less than 5% | |
| Chen, Theodore (Tai Chun) | Co Chief Investment Officer | Aug 2022 (4y) | Less than 5% | |
| Reynolds, Kelly, Lynne | Chief Operating Officer, Chief Compliance Officer | Mar 2023 (3y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Guthmore Holdings Limited | Shareholder | Jul 2000 | A | 25% – 50% |
| Weider Health & Fitness | Shareholder | Dec 1997 | A | 10% – 25% |
| Vestcor Investments Private Equity, L.P. | Shareholder | Aug 2021 | A | 10% – 25% |
| Mle Holdings Company | Shareholder | Oct 2003 | B | ≈ 7.5% – 25% via Weider Health & Fitness |
| Vestcor Inc. | Shareholder | Dec 2016 | B | 75% or more of Vestcor Investments General Partner, Inc. (indirect) |
| Vestcor Corp. | Shareholder | Oct 2016 | B | 75% or more of Vestcor Inc. (indirect) |
| E.U.L.C. Holdings Company | Shareholder | Mar 2009 | B | ≈ 3.75% – 18.75% via Mle Holdings Company |
| New Brunswick Public Service Pension Plan | Shareholder | Aug 2016 | B | 50% – 75% of Vestcor Corp. (indirect) |
| New Brunswick Teachers Pension Plan | Shareholder | Aug 2016 | B | 50% – 75% of Vestcor Corp. (indirect) |
| Vestcor Investments General Partner, Inc. | General Partner | Dec 2016 | B | GP / trustee / elected manager of Vestcor Investments Private Equity, L.P. (indirect) |
Undisclosed: 0% – 35% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Weider, Eric: 75% – 100% of E.U.L.C. Holdings Company × 50% – 75% of Mle Holdings Company × 75% – 100% of Weider Health & Fitness × 10% – 25% direct ≈ 2.81% – 18.75% of the firm
- Mle Holdings Company: 75% – 100% of Weider Health & Fitness × 10% – 25% direct ≈ 7.5% – 25% of the firm
- E.U.L.C. Holdings Company: 50% – 75% of Mle Holdings Company × 75% – 100% of Weider Health & Fitness × 10% – 25% direct ≈ 3.75% – 18.75% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (7, $770M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Hillsdale Global Small Cap Equity Fund | Hedge Fund | $444M | $50.0K | 2 |
| Hillsdale Us Small Cap Equity Fund | Hedge Fund | $199M | $50.0K | 1 |
| Hillsdale Global Equity Fund | Hedge Fund | $80.2M | $50.0K | 2 |
| Hillsdale Canadian Micro Cap Equity Fund | Hedge Fund | $19.8M | $50.0K | 2 |
| Hillsdale Us Micro Cap Equity Fund | Hedge Fund | $9.7M | $50.0K | 1 |
| Hillsdale Canadian Low Volatility Equity Fund | Other Private Fund | $9.2M | $50.0K | 1 |
| Hillsdale Global Income Fund | Hedge Fund | $7.7M | $50.0K | 2 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (2)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Enbridge Gas Ohio Union Pension Plan | Enbridge Employee Services, Inc. | 973 | $471M | 03/07/2024 |
| Enbridge Employee Services, Inc. Employees' Pension Plan | Enbridge Employee Services, Inc. | 5,354 | $1.1B | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 2.29 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: PERFORMING ACTIVITIES NECESSITATING REGISTRATION IN THE PROVINCE OF QUEBEC. Status: Final Sanction Detail: N/A Summary: IN AUGUST 2020 HILLSDALE CONCLUDED AN ADMINISTRATIVE AGREEMENT WITH THE QUEBEC PROVINCIAL SECURITIES REGULATOR TO RESOLVE A SITUATION WHERE AN EMPLOYEE OF THE FIRM WAS FOUND TO BE PERFORMING ACTIVITIES NECESSITATING REGISTRATION IN THE PROVINCE OF QUEBEC. HILLSDALE PAID THE CANADIAN DOLLAR EQUIVALENT OF USD$11,200, INCLUSIVE OF BACK REGISTRATION FEES, AND THE SITUATION WAS RESOLVED.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- State Street $476M (6% of AUM) Mar 2026
- RBC $445M (6% of AUM) Mar 2026
- Cibc Mellon Trust Company $79.2M (2% of AUM) Mar 2025
- National Bank Financial Inc. $4.7M (0% of AUM) Mar 2018
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗