# Hillsdale Investment Management

Hillsdale Investment Management is an Asset Manager based in Toronto, Canada.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Toronto, Canada
- **Region:** North America
- **Address:** Toronto, Ontario, Canada
- **Founded:** 1996
- **Assets under management:** Undisclosed
- **Website:** hillsdaleinv.com
- **LinkedIn:** https://www.linkedin.com/company/hillsdale-investment-management

## Regulatory record

- **CRD number:** 137883
- **SEC file number:** 801-65665
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/137883

## About

HILLSDALE INVESTMENT MANAGEMENT INC. is an SEC-registered investment adviser in TORONTO, registered since 2006. The firm manages approximately $7.8 billion in assets. It has 46 employees and 35 investment advisers.

## Sectors

- Hedge Funds
- Quantitative Finance

## People

- Chris Guthrie — President and CEO
- Arun Kaul — Chief Investment Officer

## Questions

### Who runs investment decisions at 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.

### What is Hillsdale's investment approach and how does it differ from fundamental managers?

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.

### How is Hillsdale structured, and does it have outside ownership?

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.

### What markets does Hillsdale cover geographically?

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.

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- [Cornerstone Financial Consulting](https://altss.com/profile/cornerstone-financial-consulting-llc)
- [Wychick Investment Advisors](https://altss.com/profile/wychick-investment-advisors-inc)

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Last updated: 2026-06-03T20:00:00.000Z

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