# PCJ Investment Counsel Ltd.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1426318. Source: https://holderbook.com/funds/1426318-pcj-investment-counsel-ltd/

- Reported value: $347.9M
- Positions: 62
- Weight of the ten largest: 38.4%
- Filed: 2026-08-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| BROOKFIELD BUSINESS CORP | [BBUC](https://holderbook.com/stocks/BBUC/) | $23.3M | 781,064 | 6.7% | 2 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $16.8M | 81,100 | 4.8% | 31 |
| ENERFLEX LTD | [EFXT](https://holderbook.com/stocks/EFXT/) | $14.8M | 604,197 | 4.3% | 15 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $13.5M | 111,100 | 3.9% | 31 |
| BAYTEX ENERGY CORP | [BTE](https://holderbook.com/stocks/BTE/) | $13.4M | 3,334,828 | 3.8% | 3 |
| CRH PLC | [CRH](https://holderbook.com/stocks/CRH/) | $11.5M | 107,410 | 3.3% | 8 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $11.2M | 475,210 | 3.2% | 2 |
| BROOKFIELD INFRASTRUCTURE PA | [BIP](https://holderbook.com/stocks/BIP/) | $10.8M | 295,980 | 3.1% | 13 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $9.2M | 368,790 | 2.6% | 31 |
| TRANSALTA CORP | [TAC](https://holderbook.com/stocks/TAC/) | $9.0M | 653,290 | 2.6% | 1 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $8.8M | 77,170 | 2.5% | 31 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $8.6M | 99,350 | 2.5% | 31 |
| CAE INC | [CAE](https://holderbook.com/stocks/CAE/) | $8.5M | 339,091 | 2.4% | 7 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $8.2M | 46,780 | 2.4% | 7 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $7.7M | 64,960 | 2.2% | 7 |
| DENISON MINES CORP | [DNN](https://holderbook.com/stocks/DNN/) | $7.5M | 2,444,190 | 2.2% | 19 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $7.4M | 174,760 | 2.1% | 15 |
| ETF SER SOLUTIONS | [JETS](https://holderbook.com/stocks/JETS/) | $7.0M | 210,000 | 2.0% | 1 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $6.9M | 127,750 | 2.0% | 31 |
| CANADIAN IMPERIAL BANK OF CO | [CM](https://holderbook.com/stocks/CM/) | $6.3M | 54,710 | 1.8% | 11 |
| IAMGOLD CORP | [IAG](https://holderbook.com/stocks/IAG/) | $6.2M | 390,780 | 1.8% | 9 |
| CELESTICA INC | [CLS](https://holderbook.com/stocks/CLS/) | $6.1M | 16,658 | 1.7% | 4 |
| ALMONTY INDS INC | [ALM](https://holderbook.com/stocks/ALM/) | $6.1M | 366,557 | 1.7% | 2 |
| TREKOR METALS LTD | - | $5.7M | 832,000 | 1.6% | 1 |
| KNIGHT-SWIFT TRANSN HLDGS IN | [KNX](https://holderbook.com/stocks/KNX/) | $5.7M | 73,320 | 1.6% | 3 |
| ERO COPPER CORP | [ERO](https://holderbook.com/stocks/ERO/) | $5.3M | 197,379 | 1.5% | 4 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $5.2M | 132,430 | 1.5% | 31 |
| MANULIFE FINL CORP | [MFC](https://holderbook.com/stocks/MFC/) | $5.0M | 122,261 | 1.4% | 31 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $4.9M | 56,500 | 1.4% | 13 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $4.7M | 87,760 | 1.4% | 31 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $4.6M | 29,440 | 1.3% | 18 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $4.5M | 97,870 | 1.3% | 18 |
| OCEANAGOLD CORP | [OGC](https://holderbook.com/stocks/OGC/) | $4.2M | 166,270 | 1.2% | 1 |
| LIGHTSPEED COMMERCE INC | [LSPD](https://holderbook.com/stocks/LSPD/) | $4.2M | 397,910 | 1.2% | 8 |
| SKEENA RES LTD NEW | [SKE](https://holderbook.com/stocks/SKE/) | $3.8M | 142,580 | 1.1% | 10 |
| PERPETUA RESOURCES CORP | [PPTA](https://holderbook.com/stocks/PPTA/) | $3.7M | 180,390 | 1.1% | 2 |
| ENDEAVOUR SILVER CORP | [EXK](https://holderbook.com/stocks/EXK/) | $3.5M | 416,430 | 1.0% | 5 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $3.4M | 91,810 | 1.0% | 5 |
| THOMSON REUTERS CORP | [TRI](https://holderbook.com/stocks/TRI/) | $3.3M | 41,040 | 1.0% | 1 |
| FORTUNA MNG CORP | [FSM](https://holderbook.com/stocks/FSM/) | $3.3M | 391,330 | 1.0% | 9 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $3.3M | 32,010 | 0.9% | 18 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $3.2M | 28,710 | 0.9% | 21 |
| EQUINOX GOLD CORP | [EQX](https://holderbook.com/stocks/EQX/) | $3.2M | 329,720 | 0.9% | 7 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $2.9M | 49,251 | 0.8% | 21 |
| TFI INTERNATIONAL INC | [TFII](https://holderbook.com/stocks/TFII/) | $2.8M | 19,600 | 0.8% | 3 |
| NEXGEN ENERGY LTD | [NXE](https://holderbook.com/stocks/NXE/) | $2.7M | 283,860 | 0.8% | 21 |
| GREENFIRE RES LTD NEW | [GFR](https://holderbook.com/stocks/GFR/) | $2.5M | 444,657 | 0.7% | 1 |
| ATS CORPORATION | [ATS](https://holderbook.com/stocks/ATS/) | $2.5M | 85,640 | 0.7% | 2 |
| ARIS MINING CORPORATION | [ARIS](https://holderbook.com/stocks/ARIS/) | $2.3M | 151,160 | 0.6% | 2 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $2.2M | 10,630 | 0.6% | 1 |
| AMERICAS GOLD AND SILVER COR | [USAS](https://holderbook.com/stocks/USAS/) | $2.2M | 461,860 | 0.6% | 4 |
| CENTERRA GOLD INC | [CGAU](https://holderbook.com/stocks/CGAU/) | $2.1M | 133,940 | 0.6% | 9 |
| FORTIS INC | [FTS](https://holderbook.com/stocks/FTS/) | $2.0M | 34,990 | 0.6% | 2 |
| KINROSS GOLD CORP | [KGC](https://holderbook.com/stocks/KGC/) | $1.7M | 71,670 | 0.5% | 10 |
| TELESAT CORP | [TSAT](https://holderbook.com/stocks/TSAT/) | $1.6M | 31,180 | 0.5% | 1 |
| RB GLOBAL INC | [RBA](https://holderbook.com/stocks/RBA/) | $1.4M | 11,800 | 0.4% | 13 |
| SUNSHINE SILVER MNG & REFNG | - | $1.3M | 100,000 | 0.4% | 1 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $1.3M | 20,700 | 0.4% | 6 |
| DOCEBO INC | [DCBO](https://holderbook.com/stocks/DCBO/) | $1.2M | 65,500 | 0.3% | 1 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $1.1M | 22,131 | 0.3% | 4 |
| BOYD GROUP SERVICES INC | [BGSI](https://holderbook.com/stocks/BGSI/) | $387.1K | 4,092 | 0.1% | 3 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $291.4K | 1,750 | 0.1% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -1.8% | +14.8% | -16.7% | 98% |
| Q1 2026 | +3.2% | -4.6% | +7.8% | 90% |
| Q4 2025 | +10.1% | +2.4% | +7.7% | 99% |
| Q3 2025 | +17.8% | +7.8% | +10.0% | 100% |
| Q2 2025 | +12.7% | +10.5% | +2.2% | 98% |
| Q1 2025 | -2.9% | -4.6% | +1.6% | 99% |
| Q4 2024 | -0.7% | +2.1% | -2.8% | 100% |
| Q3 2024 | +12.9% | +5.4% | +7.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $347.9M | 62 |
| Q1 2026 | $352.1M | 59 |
| Q4 2025 | $404.2M | 61 |
| Q3 2025 | $359.5M | 64 |
| Q2 2025 | $292.8M | 65 |
| Q1 2025 | $255.7M | 64 |
| Q4 2024 | $296.2M | 69 |
| Q3 2024 | $315.9M | 70 |
| Q2 2024 | $241.1M | 73 |
| Q1 2024 | $302.6M | 79 |
| Q4 2023 | $259.3M | 70 |
| Q3 2023 | $216.8M | 68 |