PCJ Investment Counsel Ltd.
Reported holdings as of Q2 2026, from 31 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| BROOKFIELD BUSINESS CORP | BBUC | $23.3M | 781,064 | -2.09pp | 2q | -20.2%-$5.9M | |
| ROYAL BK CDA | RY | $16.8M | 81,100 | +0.97pp | 31q | -3.3%-$566.8K | |
| ENERFLEX LTD | EFXT | $14.8M | 604,197 | +0.33pp | 15q | -8.6%-$1.4M | |
| TORONTO DOMINION BK ONT | TD | $13.5M | 111,100 | +0.65pp | 31q | -8.8%-$1.3M | |
| BAYTEX ENERGY CORP | BTE | $13.4M | 3,334,828 | +0.28pp | 3q | +18.8%+$2.1M | |
| CRH PLC | CRH | $11.5M | 107,410 | -0.06pp | 8q | -4.8%-$573.8K | |
| HUDBAY MINERALS INC | HBM | $11.2M | 475,210 | +2.26pp | 2q | +194.0%+$7.4M | |
| BROOKFIELD INFRASTRUCTURE PA | BIP | $10.8M | 295,980 | +0.10pp | 13q | +1.0%+$103.1K | |
| CENOVUS ENERGY INC | CVE | $9.2M | 368,790 | -0.70pp | 31q | -16.7%-$1.8M | |
| TRANSALTA CORP | TAC | $9.0M | 653,290 | - | new | NEW | |
| SHOPIFY INC | SHOP | $8.8M | 77,170 | +0.01pp | 31q | +3.1%+$264.0K | |
| BANK NOVA SCOTIA B C | BNS | $8.6M | 99,350 | +2.34pp | 31q | +1374.0%+$8.0M | |
| CAE INC | CAE | $8.5M | 339,091 | -3.36pp | 7q | -56.7%-$11.1M | |
| BANK MONTREAL MEDIUM | BMO | $8.2M | 46,780 | +0.71pp | 7q | +8.0%+$613.7K | |
| CANADIAN NATL RY CO | CNI | $7.7M | 64,960 | +0.41pp | 7q | +4.3%+$321.8K | |
| DENISON MINES CORP | DNN | $7.5M | 2,444,190 | -0.52pp | 19q | -8.1%-$658.8K | |
| BROOKFIELD CORP | BN | $7.4M | 174,760 | +0.98pp | 15q | +73.0%+$3.1M | |
| ETF SER SOLUTIONS | JETS | $7.0M | 210,000 | - | new | NEW | |
| ENBRIDGE INC | ENB | $6.9M | 127,750 | +0.09pp | 31q | +3.4%+$228.1K | |
| CANADIAN IMPERIAL BANK OF CO | CM | $6.3M | 54,710 | +0.22pp | 11q | -7.2%-$485.5K | |
| IAMGOLD CORP | IAG | $6.2M | 390,780 | -0.38pp | 9q | -3.1%-$198.4K | |
| CELESTICA INC | CLS | $6.1M | 16,658 | +1.00pp | 4q | +77.6%+$2.7M | |
| ALMONTY INDS INC | ALM | $6.1M | 366,557 | +0.91pp | 2q | +83.3%+$2.8M | |
| TREKOR METALS LTD | $5.7M | 832,000 | - | new | NEW | ||
| KNIGHT-SWIFT TRANSN HLDGS IN | KNX | $5.7M | 73,320 | +0.91pp | 3q | +64.4%+$2.2M | |
| ERO COPPER CORP | ERO | $5.3M | 197,379 | -0.09pp | 4q | -6.8%-$386.3K | |
| CANADIAN NAT RES LTD MED TER | CNQ | $5.2M | 132,430 | -0.27pp | 31q | +3.6%+$183.0K | |
| MANULIFE FINL CORP | MFC | $5.0M | 122,261 | +0.44pp | 31q | +21.3%+$871.1K | |
| CANADIAN PACIFIC KANSAS CITY | CP | $4.9M | 56,500 | +0.21pp | 13q | +5.2%+$239.9K | |
| SUNCOR ENERGY INC NEW | SU | $4.7M | 87,760 | -0.21pp | 31q | +5.5%+$244.5K | |
| AGNICO EAGLE MINES LTD | AEM | $4.6M | 29,440 | -0.45pp | 18q | -3.4%-$160.9K | |
| PEMBINA PIPELINE CORP | PBA | $4.5M | 97,870 | +0.03pp | 18q | -1.7%-$77.4K | |
| OCEANAGOLD CORP | OGC | $4.2M | 166,270 | - | new | NEW | |
| LIGHTSPEED COMMERCE INC | LSPD | $4.2M | 397,910 | +0.56pp | 8q | +58.6%+$1.5M | |
| SKEENA RES LTD NEW | SKE | $3.8M | 142,580 | -0.11pp | 10q | +0.8%+$29.0K | |
| PERPETUA RESOURCES CORP | PPTA | $3.7M | 180,390 | -0.24pp | 2q | +9.9%+$338.4K | |
| ENDEAVOUR SILVER CORP | EXK | $3.5M | 416,430 | -0.10pp | 5q | +0.8%+$26.5K | |
| BARRICK MNG CORP | B | $3.4M | 91,810 | -0.13pp | 5q | -3.3%-$116.1K | |
| THOMSON REUTERS CORP | TRI | $3.3M | 41,040 | - | new | NEW | |
| FORTUNA MNG CORP | FSM | $3.3M | 391,330 | +0.22pp | 9q | +51.5%+$1.1M | |
| CAMECO CORP | CCJ | $3.3M | 32,010 | -0.02pp | 18q | +3.5%+$110.0K | |
| WHEATON PRECIOUS METALS CORP | WPM | $3.2M | 28,710 | -0.19pp | 21q | -4.3%-$143.8K | |
| EQUINOX GOLD CORP | EQX | $3.2M | 329,720 | -1.36pp | 7q | -40.6%-$2.2M | |
| TECK RESOURCES LTD | TECK | $2.9M | 49,251 | -0.10pp | 21q | -23.6%-$903.1K | |
| TFI INTERNATIONAL INC | TFII | $2.8M | 19,600 | -0.30pp | 3q | -45.6%-$2.4M | |
| NEXGEN ENERGY LTD | NXE | $2.7M | 283,860 | -0.40pp | 21q | -19.9%-$662.3K | |
| GREENFIRE RES LTD NEW | GFR | $2.5M | 444,657 | - | new | NEW | |
| ATS CORPORATION | ATS | $2.5M | 85,640 | +0.31pp | 2q | +71.3%+$1.0M | |
| ARIS MINING CORPORATION | ARIS | $2.3M | 151,160 | -0.72pp | 2q | -41.8%-$1.6M | |
| FRANCO NEV CORP | FNV | $2.2M | 10,630 | - | new | NEW | |
| AMERICAS GOLD AND SILVER COR | USAS | $2.2M | 461,860 | -0.05pp | 4q | +0.8%+$17.1K | |
| CENTERRA GOLD INC | CGAU | $2.1M | 133,940 | -0.68pp | 9q | -47.5%-$1.9M | |
| FORTIS INC | FTS | $2.0M | 34,990 | -0.21pp | 2q | -29.6%-$840.2K | |
| KINROSS GOLD CORP | KGC | $1.7M | 71,670 | -0.27pp | 10q | -18.2%-$377.3K | |
| TELESAT CORP | TSAT | $1.6M | 31,180 | - | new | NEW | |
| RB GLOBAL INC | RBA | $1.4M | 11,800 | +0.02pp | 13q | -14.1%-$225.3K | |
| SUNSHINE SILVER MNG & REFNG | $1.3M | 100,000 | - | new | NEW | ||
| NUTRIEN LTD | NTR | $1.3M | 20,700 | -0.25pp | 6q | -29.3%-$539.8K | |
| DOCEBO INC | DCBO | $1.2M | 65,500 | - | new | NEW | |
| GILDAN ACTIVEWEAR INC | GIL | $1.1M | 22,131 | +0.20pp | 4q | +179.7%+$732.4K | |
| BOYD GROUP SERVICES INC | BGSI | $387.1K | 4,092 | -3.29pp | 3q | -95.6%-$8.5M | |
| WASTE CONNECTIONS INC | WCN | $291.4K | 1,750 | -0.01pp | 2q | -15.5%-$53.3K |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Mining & Metals | $88.4M | 25.4% |
| Banks & Lending | $53.4M | 15.4% |
| Energy | $39.5M | 11.4% |
| Transport & Logistics | $38.9M | 11.2% |
| Construction & Building | $34.8M | 10.0% |
| Industrials | $17.3M | 5.0% |
| Semiconductors & Electronics | $14.6M | 4.2% |
| Software & IT Services | $14.2M | 4.1% |
| Utilities | $11.3M | 3.3% |
| Real Estate | $7.4M | 2.1% |
| Other sectors | $14.1M | 4.0% |
| Not classified | $14.0M | 4.0% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| 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% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $347.9M | 62 | 10 | 25 | 27 | 7 | 38.4% | 43 |
| Q1 2026 | $352.1M | 59 | 11 | 25 | 23 | 13 | 42.3% | 41 |
| Q4 2025 | $404.2M | 61 | 9 | 28 | 23 | 12 | 45.4% | 41 |
| Q3 2025 | $359.5M | 64 | 9 | 20 | 27 | 10 | 44.6% | 44 |
| Q2 2025 | $292.8M | 65 | 12 | 27 | 20 | 11 | 43.2% | 38 |
| Q1 2025 | $255.7M | 64 | 10 | 29 | 25 | 15 | 47.8% | 42 |
| Q4 2024 | $296.2M | 69 | 14 | 25 | 30 | 15 | 51.2% | 38 |
| Q3 2024 | $315.9M | 70 | 13 | 30 | 26 | 16 | 49.6% | 39 |
| Q2 2024 | $241.1M | 73 | 13 | 23 | 35 | 19 | 41.3% | 39 |
| Q1 2024 | $302.6M | 79 | 21 | 19 | 32 | 12 | 39.6% | 38 |
| Q4 2023 | $259.3M | 70 | 12 | 24 | 23 | 10 | 40.4% | 40 |
| Q3 2023 | $216.8M | 68 | 10 | 20 | 30 | 10 | 42.9% | 40 |
| Q2 2023 | $236.1M | 68 | 15 | 16 | 31 | 23 | 42.2% | 41 |
| Q1 2023 | $252.4M | 76 | 17 | 25 | 34 | 18 | 39.2% | 35 |
| Q4 2022 | $230.0M | 77 | 22 | 25 | 23 | 13 | 36.6% | 41 |
| Q3 2022 | $203.6M | 68 | 18 | 21 | 27 | 22 | 39.0% | 41 |
| Q2 2022 | $202.0M | 72 | 18 | 14 | 38 | 13 | 35.6% | 36 |
| Q1 2022 | $273.5M | 67 | 21 | 20 | 24 | 26 | 37.9% | 42 |
| Q4 2021 | $283.8M | 72 | 17 | 17 | 33 | 21 | 39.9% | 41 |
| Q3 2021 | $278.0M | 76 | 26 | 22 | 23 | 17 | 35.4% | 41 |
| Q2 2021 | $266.8M | 67 | 24 | 22 | 21 | 26 | 38.2% | 33 |
| Q1 2021 | $254.3M | 69 | 22 | 19 | 24 | 24 | 39.8% | 30 |
| Q4 2020 | $213.3M | 71 | 26 | 20 | 22 | 31 | 41.4% | 41 |
| Q3 2020 | $219.4M | 76 | 22 | 25 | 28 | 16 | 39.0% | 43 |
| Q2 2020 | $206.2M | 70 | 27 | 16 | 25 | 13 | 40.4% | 44 |
| Q1 2020 | $144.8M | 56 | 15 | 25 | 16 | 23 | 48.9% | 43 |
| Q4 2019 | $222.3M | 64 | 15 | 23 | 24 | 13 | 43.0% | 43 |
| Q3 2019 | $192.3M | 62 | 12 | 7 | 43 | 13 | 46.7% | 44 |
| Q2 2019 | $933.0M | 63 | 11 | 13 | 38 | 14 | 51.9% | 38 |
| Q1 2019 | $1.2B | 66 | 18 | 23 | 23 | 10 | 51.6% | 38 |
| Q4 2018 | $1.1B | 58 | 0 | 0 | 0 | 0 | 54.8% | 43 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.