SIG North Trading, ULC holds a focused book of 81 stocks worth $498.5M as of Q1 2026 (disclosed May 15, 2026, a ~45-day 13F lag). This quarter they opened Thomson Reuters Corp and trimmed Rogers Communications Inc-B. Their largest long position is Telus Corp at 22% of the equity book. They also disclosed $2.7B in put options (a bearish bet) and $1.8B in call options (bullish), shown separately below and excluded from the equity book. Cloning the disclosed picks since 2022 would be +57% (+10.6%/yr). That is a simulation of the disclosed long book, not audited returns.
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Use Arkolith to show SIG North Trading, ULC's latest holdings, largest changes, and filing provenance.
The reported book (valued from quarter-end) returned +87.9%, a 31.4-point gap that is the cost of the ~45-day 13F disclosure lag a real follower can't avoid.
Growth of $10,000 cloning SIG North Trading, ULC's disclosed long 13F book, rebalanced on each filing date (so it reflects the ~45-day reporting lag, no look-ahead), total-return basis (dividends reinvested), derived from end-of-day prices. “Their reported book” values the same picks from quarter-end, before they were public. S&P 500 is SPY total return over the same window. Excludes shorts, cash, options and non-13F holdings. Not investment advice.
Top-heavy: focused book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
99% mapped to company sectors
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices, no cost basis
Other tracked managers holding the same core names as SIG North Trading, ULC
| Manager / fund | Shared names | Their $ in those |
|---|---|---|
| ROYAL BANK OF CANADA | 80 / 80 | $82.7B |
| MORGAN STANLEY | 80 / 80 | $16.3B |
| GOLDMAN SACHS GROUP INC | 80 / 80 | $14.1B |
| UBS Group AG | 80 / 80 | $5.2B |
| JPMORGAN CHASE & CO | 79 / 80 | $12.9B |
| Federation des caisses Desjardins du Quebec | 79 / 80 | $10.3B |
| BARCLAYS PLC | 79 / 80 | $2.9B |
| JANE STREET GROUP, LLC | 79 / 80 | $2.7B |
Ranked by how many of SIG North Trading, ULC's top 80 disclosed names each fund also holds: a cross-fund conviction signal from the latest 13F of every tracked manager.
Bars show each stock's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Telus Corporation COM | $110.8M | 8.64M | 22.2% | ▲+43% Added · +2.6M sh | |
| 2 | Bank Nova Scotia B C COM | $66.9M | 964.7K | 13.4% | ▲+26% Added · +199K sh | |
| 3 | Rogers Communications Inc CL B | $42.2M | 1.10M | 8.5% | ▼−33% Reduced · −536K sh | |
| 4 | Bce Inc COM NEW | $37.6M | 1.49M | 7.5% | ▲13× Added · +1.4M sh | |
| 5 | Toronto Dominion BK Ont COM NEW | $27.7M | 296.9K | 5.6% | ▲+179% Added · +191K sh | |
| 6 | Manulife Finl Corp COM | $16.1M | 467.9K | 3.2% | ▲+24% Added · +90K sh | |
| 7 | Nutrien Ltd COM | $15.0M | 199.1K | 3.0% | ▲+286% Added · +148K sh | |
| 8 | Barrick MNG Corp COM SHS | $14.3M | 350.9K | 2.9% | ▲+14% Added · +42K sh | |
| 9 | Enbridge Inc COM | $13.4M | 246.7K | 2.7% | ▼−76% Reduced · −800K sh | |
| 10 | TC Energy Corp COM | $13.2M | 210.4K | 2.6% | ▲+125% Added · +117K sh | |
| 11 | Sun Life Financial Inc. COM | $12.2M | 194.6K | 2.4% | ▼−25% Reduced · −65K sh | |
| 12 | First Majestic Silver Corp COM | $8.6M | 398.1K | 1.7% | ▼−27% Reduced · −144K sh | |
| 13 | Brookfield Renewable Energy PARTNERSHIP UNIT | $7.1M | 218.6K | 1.4% | ▼−15% Reduced · −38K sh | |
| 14 | B2gold Corp COM | $6.2M | 1.38M | 1.3% | ▲+302% Added · +1.0M sh | |
| 15 | Vermilion Energy Inc COM | $5.6M | 405.0K | 1.1% | ▼−56% Reduced · −518K sh | |
| 16 | Sprott Asset Management LP PHYSICAL SILVER | $5.5M | 227.0K | 1.1% | ▲+160% Added · +140K sh | |
| 17 | South Bow Corp COM | $4.6M | 137.2K | 0.9% | ▲+156% Added · +84K sh | |
| 18 | Thomson Reuters Corp COM | $4.5M | 50.3K | 0.9% | ▲New New position | |
| 19 | Transalta Corp COM | $4.2M | 322.8K | 0.8% | ▲+115% Added · +173K sh | |
| 20 | Kinross Gold Corp COM | $3.6M | 116.6K | 0.7% | ▼−45% Reduced · −95K sh | |
| 21 | Equinox Gold Corp COM | $3.5M | 244.8K | 0.7% | ▼−69% Reduced · −535K sh | |
| 22 | Shopify Inc CL A SUB VTG SHS | $3.5M | 29.4K | 0.7% | ▲+94% Added · +14K sh | |
| 23 | Transforce Inc COM | $3.5M | 32.1K | 0.7% | ▼−27% Reduced · −12K sh | |
| 24 | Wheaton Precious Metals Corp COM | $3.1M | 23.8K | 0.6% | ▲New New position | |
| 25 | Iamgold Corp COM | $3.0M | 159.4K | 0.6% | ▲+102% Added · +81K sh | |
| 26 | Canadian Pacific Kansas City COM | $3.0M | 37.8K | 0.6% | ▲+170% Added · +24K sh | |
| 27 | Agnico Eagle Mines Ltd COM | $2.8M | 14.0K | 0.6% | ▲New New position | |
| 28 | Teck Resources Ltd CL B | $2.5M | 48.7K | 0.5% | ▲New New position | |
| 29 | Endeavour Silver Corp COM | $2.4M | 263.0K | 0.5% | ▲+11% Added · +25K sh | |
| 30 | Silvercorp Metals Inc COM | $2.4M | 219.8K | 0.5% | ▼−3.2% Reduced · −7K sh | |
| 31 | Eldorado Gold Corp New COM | $2.3M | 67.1K | 0.5% | ▼−19% Reduced · −16K sh | |
| 32 | Canadian Natl Ry Co COM | $2.2M | 21.6K | 0.4% | ▼−67% Reduced · −45K sh | |
| 33 | Mda Space Ltd COM | $2.2M | 86.8K | 0.4% | ▲New New position | |
| 34 | Orla MNG Ltd New COM | $1.9M | 120.3K | 0.4% | ▲+50% Added · +40K sh | |
| 35 | Cgi Inc CL A SUB VTG | $1.9M | 25.9K | 0.4% | ▲+18% Added · +4K sh | |
| 36 | GFL Environmental Inc SUB VTG SHS | $1.9M | 44.6K | 0.4% | ▲+105% Added · +23K sh | |
| 37 | Imperial Oil Ltd COM NEW | $1.8M | 13.7K | 0.4% | ▼−30% Reduced · −6K sh | |
| 38 | Pembina Pipeline Corp COM | $1.6M | 35.8K | 0.3% | ▼−95% Reduced · −670K sh | |
| 39 | Gildan Activewear Inc COM | $1.6M | 28.2K | 0.3% | ▲+11% Added · +3K sh | |
| 40 | Royal BK Cda COM | $1.6M | 9.6K | 0.3% | ▼−64% Reduced · −17K sh | |
| 41 | Brookfield Asset Managmt Ltd CL A LMT VTG SHS | $1.5M | 34.8K | 0.3% | ▼−42% Reduced · −25K sh | |
| 42 | Algonquin Power & Utilities COM | $1.5M | 250.6K | 0.3% | ▼−3.9% Reduced · −10K sh | |
| 43 | Energy Fuels Inc COM NEW | $1.5M | 83.3K | 0.3% | ▼−9.6% Reduced · −9K sh | |
| 44 | Cenovus Energy Inc COM | $1.5M | 57.3K | 0.3% | ▼−48% Reduced · −53K sh | |
| 45 | Seabridge Gold Inc COM | $1.5M | 52.5K | 0.3% | ▲+10% Added · +5K sh | |
| 46 | Centerra Gold Inc COM | $1.5M | 83.6K | 0.3% | ▼−40% Reduced · −55K sh | |
| 47 | Baytex Energy Corp COM | $1.4M | 319.2K | 0.3% | ▼−55% Reduced · −390K sh | |
| 48 | Franco Nev Corp COM | $1.4M | 5.7K | 0.3% | ▲New New position | |
| 49 | Coeur MNG Inc COM NEW | $1.4M | 74.1K | 0.3% | ▲+3.1% Added · +2K sh | |
| 50 | Sprott Asset Management LP PHYSICAL GOLD TR | $1.4M | 38.7K | 0.3% | ▲New New position |
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| PUT · bearish | ROGERS COMMUNICATIONS INC-BRCI | $271.4M | 7.1M |
| PUT · bearish | BANK OF MONTREALBMO | $226.3M | 1.7M |
| CALL · bullish | CAN IMPERIAL BK OF COMMERCECM | $202.0M | 2.1M |
| PUT · bearish | ROYAL BANK OF CANADARY | $198.1M | 1.2M |
| PUT · bearish | SUNCOR ENERGY INCSU | $196.5M | 3.0M |
| CALL · bullish | ROYAL BANK OF CANADARY | $171.9M | 1.1M |
| PUT · bearish | TELUS CORPTU | $170.7M | 13.3M |
| PUT · bearish | ENBRIDGE INCENB | $156.1M | 2.9M |
| PUT · bearish | CANADIAN NATURAL RESOURCESCNQ | $148.7M | 3.1M |
| PUT · bearish | TC ENERGY CORPTRP | $139.0M | 2.2M |
| PUT · bearish | BANK OF NOVA SCOTIABNS | $136.4M | 2.0M |
| PUT · bearish | CAN IMPERIAL BK OF COMMERCECM | $126.3M | 1.3M |
| PUT · bearish | TORONTO-DOMINION BANKTD | $122.0M | 1.3M |
| PUT · bearish | BCE INCBCE | $119.8M | 4.7M |
| CALL · bullish | BANK OF NOVA SCOTIABNS | $115.1M | 1.7M |
| CALL · bullish | ENBRIDGE INCENB | $77.5M | 1.4M |
| CALL · bullish | ROGERS COMMUNICATIONS INC-BRCI | $76.5M | 2.0M |
| PUT · bearish | MANULIFE FINANCIAL CORPMFC | $75.7M | 2.2M |
| PUT · bearish | SUN LIFE FINANCIAL INCSLF | $71.0M | 1.1M |
| PUT · bearish | CENOVUS ENERGY INCCVE | $67.0M | 2.5M |
| CALL · bullish | BANK OF MONTREALBMO | $66.3M | 490K |
| CALL · bullish | CAMECO CORPCCJ | $62.7M | 578K |
| CALL · bullish | TELUS CORPTU | $60.8M | 4.7M |
| CALL · bullish | TC ENERGY CORPTRP | $56.4M | 902K |
| CALL · bullish | CANADIAN NATURAL RESOURCESCNQ | $55.9M | 1.1M |
13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the equity book, weighting, concentration and sector figures above. Showing the largest 25 of 205 option legs.
As-of date vs the date the SEC received each filing
| Quarter | As of | Filed | Positions | Value | Form |
|---|---|---|---|---|---|
| Q1 2026 | Mar 31, 2026 | May 15, 2026 | 286 | $5.0B | 13F-HR |
| Q4 2025 | Dec 31, 2025 | Feb 17, 2026 | 274 | $5.5B | 13F-HR |
| Q3 2025 | Sep 30, 2025 | Nov 14, 2025 | 266 | $5.1B | 13F-HR |
| Q2 2025 | Jun 30, 2025 | Aug 14, 2025 | 266 | $4.1B | 13F-HR |
| Q1 2025 | Mar 31, 2025 | May 14, 2025 | 257 | $3.2B | 13F-HR |
| Q4 2024 | Dec 31, 2024 | Feb 14, 2025 | 243 | $3.0B | 13F-HR |
| Q3 2024 | Sep 30, 2024 | Nov 14, 2024 | 239 | $2.7B | 13F-HR |
| Q2 2024 | Jun 30, 2024 | Aug 15, 2024 | 264 | $2.4B | 13F-HR |
| Q1 2024 | Mar 31, 2024 | May 7, 2024 | 262 | $1.9B | 13F-HR |
| Q3 2023 | Sep 30, 2023 | Nov 14, 2023 | 244 | $2.1B | 13F-HR |
| Q2 2023 | Jun 30, 2023 | Aug 11, 2023 | 241 | $2.0B | 13F-HR |
| Q1 2023 | Mar 31, 2023 | May 16, 2023 | 253 | $2.2B | 13F-HR |
| Q4 2022 | Dec 31, 2022 | Feb 14, 2023 | 262 | $2.1B | 13F-HR |
| Q3 2022 | Sep 30, 2022 | Nov 14, 2022 | 257 | $2.4B | 13F-HR |
| Q2 2022 | Jun 30, 2022 | Aug 15, 2022 | 249 | $2.0B | 13F-HR |
| Q1 2022 | Mar 31, 2022 | May 16, 2022 | 240 | $2.3B | 13F-HR |
| Q4 2021 | Dec 31, 2021 | Feb 14, 2022 | 264 | $2.0B | 13F-HR |
Holdings from SEC EDGAR 13F-HR filings, updated quarterly ~45 days after quarter-end. Public domain. The book and weighting are long equity only; disclosed put/call options are listed separately and excluded from those totals. The performance line is a simulation of the disclosed long book, not an audited return.