Hillsdale Investment Management

Arun Kaul serves as Chief Investment Officer and co-founded the firm alongside Chris Guthrie in 1996. Kaul oversees the research and portfolio management functions, maintaining direct involvement in the design and refinement of the firm's proprietary multi-factor models. Chris Guthrie, as President and CEO, handles firm management while remaining engaged in strategic investment direction. This dual leadership structure has been intact since the firm's founding.

Hillsdale runs purely systematic, factor-based equity strategies rather than relying on human stock-picking. The firm develops proprietary models that target behavioral biases, earnings momentum patterns, and valuation dislocations across Canadian, US, and global markets. This quantitative approach means every investment decision is driven by model signals rather than analyst conviction, reducing the behavioral errors that can affect discretionary managers during volatile markets.

Yes. Hillsdale offers both long-short equity strategies, which typically run more concentrated portfolios seeking absolute returns, and long-only mandates that provide broader market exposure with a quantitative tilt. The multi-factor models underpin both strategy types, with position sizing and concentration adjusted to match each mandate's risk budget. The firm's institutional client base allocates across both structures depending on their return and correlation objectives.

Hillsdale remains an independent, employee-owned firm controlled by its founding principals. Unlike many quantitative managers that have sold equity stakes to banks, insurance companies, or private equity platforms to fund growth, Hillsdale has maintained a closed partnership structure. This independence means the firm's research agenda and capacity management decisions are not influenced by a parent company's distribution goals or quarterly earnings targets.

Hillsdale runs equity strategies covering Canadian, US, and global developed markets. The firm's Toronto base gives it natural proximity to Canadian institutional allocators, but its quantitative models are designed to operate across geographies where liquid equity markets provide sufficient data for systematic signal extraction. Global mandates extend the same multi-factor framework to international developed-market equities.