PCJ Investment Counsel Ltd.
CIK 1426318 · View on SEC EDGAR ↗
- Portfolio value
- $347.9M
- Positions
- 62
- As of
- June 30, 2026
#4,745 of 9,443 by 13F value · top 50.2%
Portfolio value QoQ: -1.2% 13F does not disclose cash
- Top 10 holdings weight
- 38.37%
- Top 25 holdings weight
- 69.07%
- Positions above 1%
- 36
- Effective number of positions
- 39.0
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 21.26% Est. buys $74,392,511 · sells $75,082,572
Median holding: 4.0 quarters Tracked Q4 2024–Q2 2026 · 53.4% still held
- New positions
- 10
- Increased
- 25
- Decreased
- 27
- Closed
- 7
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Sector breakdown
Energy
19.3%
Materials
19.2%
Financials
16.8%
Industrials
14.9%
Utilities
6.3%
Technology
4.1%
Financial Services
2.1%
Telecommunication
0.5%
Consumer Discretionary
0.3%
Other/Unmapped
16.6%
Full portfolio 62 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| Unknown issuer (CUSIP: 113006100) | $23,316,296 | 6.70% | 781,064 | $-7,651,319 | Down ×1 | ||
| RY Royal Bank Of Canada Common Stock | $16,776,726 | 4.82% | 81,100 | $3,220,884 | Down ×1 | ||
| EFXT Enerflex Ltd Common Shares | $14,823,270 | 4.26% | 604,197 | $988,104 | Down ×4 | ||
| TD Toronto Dominion Bank (The) Common Stock | $13,494,726 | 3.88% | 111,100 | $2,126,494 | Down ×1 | ||
| BTE Baytex Energy Corp Common Shares | $13,365,884 | 3.84% | 3,334,828 | $817,155 | Up ×2 | ||
| CRH CRH PLC Ordinary Shares | $11,492,870 | 3.30% | 107,410 | $-361,828 | Down ×2 | ||
| HBM Hudbay Minerals Inc. Ordinary Shares (Canada) | $11,210,183 | 3.22% | 475,210 | $7,824,335 | Up ×1 | ||
| BIP Brookfield Infrastructure Partners LP Limited Partnership Units | $10,800,011 | 3.10% | 295,980 | $215,811 | Up ×3 | ||
| CVE Cenovus Energy Inc Common Stock | $9,167,269 | 2.64% | 368,790 | $-2,570,360 | Down ×1 | ||
| TAC TransAlta Corporation Ordinary Shares | $9,028,529 | 2.60% | 653,290 | ||||
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | $8,820,068 | 2.54% | 77,170 | $-64,085 | Up ×3 | ||
| BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares | $8,612,556 | 2.48% | 99,350 | $8,145,061 | Up ×1 | ||
| CAE CAE Inc. Ordinary Shares | $8,481,622 | 2.44% | 339,091 | $-11,923,488 | Down ×1 | ||
| BMO Bank Of Montreal Common Stock | $8,249,351 | 2.37% | 46,780 | $2,383,388 | Up ×2 | ||
| CNI Canadian National Railway Company Common Stock | $7,743,008 | 2.23% | 64,960 | $1,333,630 | Up ×3 | ||
| DNN | $7,489,213 | 2.15% | 2,444,190 | $-1,936,676 | Down ×2 | ||
| BN Brookfield Corporation Class A Limited Voting Shares | $7,448,712 | 2.14% | 174,760 | $3,354,411 | Up ×1 | ||
| JETS JETS | $6,976,200 | 2.01% | 210,000 | Up ×1 | |||
| ENB Enbridge Inc Common Stock | $6,920,791 | 1.99% | 127,750 | $222,548 | Up ×3 | ||
| CM Canadian Imperial Bank of Commerce Common Stock | $6,293,874 | 1.81% | 54,710 | $716,681 | Down ×1 | ||
| IAG Iamgold Corporation Ordinary Shares | $6,182,357 | 1.78% | 390,780 | $-1,404,184 | Down ×3 | ||
| CLS Celestica, Inc. Common Stock | $6,084,743 | 1.75% | 16,658 | $3,438,204 | Up ×2 | ||
| ALM Almonty Industries Inc. - Common Shares | $6,057,334 | 1.74% | 366,557 | $3,146,852 | Up ×1 | ||
| Unknown issuer (CUSIP: 89472Y107) | $5,731,577 | 1.65% | 832,000 | Up ×1 | |||
| KNX Knight-Swift Transportation Holdings Inc. | $5,709,428 | 1.64% | 73,320 | $3,140,784 | Up ×2 | ||
| ERO Ero Copper Corp. Common Shares | $5,265,119 | 1.51% | 197,379 | $-381,570 | Down ×1 | ||
| CNQ Canadian Natural Resources Limited Common Stock | $5,234,992 | 1.50% | 132,430 | $-999,558 | Up ×3 | ||
| MFC Manulife Financial Corporation Common Stock | $4,953,576 | 1.42% | 122,261 | $1,481,944 | Up ×1 | ||
| CP Canadian Pacific Kansas City Limited Common Shares | $4,893,553 | 1.41% | 56,500 | $664,566 | Up ×3 | ||
| SU Suncor Energy Inc. Common Stock | $4,716,644 | 1.36% | 87,760 | $-788,072 | Up ×5 | ||
| AEM Agnico Eagle Mines Limited Common Stock | $4,554,508 | 1.31% | 29,440 | $-1,633,600 | Down ×4 | ||
| PBA Pembina Pipeline Corp. Ordinary Shares (Canada) | $4,524,929 | 1.30% | 97,870 | $65,938 | Down ×2 | ||
| OCANF | $4,163,566 | 1.20% | 166,270 | Up ×1 | |||
| LSPD Lightspeed Commerce Inc. Subordinate Voting Shares | $4,162,203 | 1.20% | 397,910 | $1,918,086 | Up ×2 | ||
| SKE Skeena Resources Limited Common Shares | $3,796,316 | 1.09% | 142,580 | $-418,368 | Up ×1 | ||
| PPTA Perpetua Resources Corp. - Common Shares | $3,740,781 | 1.08% | 180,390 | $-883,451 | Up ×1 | ||
| EXK Endeavour Silver Corporation Ordinary Shares (Canada) | $3,458,341 | 0.99% | 416,430 | $-398,231 | Up ×1 | ||
| B Barrick Mining Corporation Common Shares | $3,372,534 | 0.97% | 91,810 | $-509,339 | Down ×2 | ||
| Unknown issuer (CUSIP: 884903881) | $3,348,713 | 0.96% | 41,040 | Up ×1 | |||
| FSM Fortuna Mining Corp. Common Shares | $3,305,022 | 0.95% | 391,330 | $736,275 | Up ×1 | ||
| CCJ Cameco Corporation Common Stock | $3,259,461 | 0.94% | 32,010 | $-98,099 | Up ×3 | ||
| WPM Wheaton Precious Metals Corp Common Shares (Canada) | $3,226,374 | 0.93% | 28,710 | $-710,954 | Down ×1 | ||
| EQX | $3,209,706 | 0.92% | 329,720 | $-4,812,674 | Down ×2 | ||
| TECK Teck Resources Ltd Ordinary Shares | $2,930,418 | 0.84% | 49,251 | $-403,570 | Down ×1 | ||
| TFII TFI International Inc. Common Shares | $2,818,496 | 0.81% | 19,600 | $-1,102,996 | Down ×1 | ||
| NXE Nexgen Energy Ltd. Common Shares | $2,665,301 | 0.77% | 283,860 | $-1,447,348 | Down ×4 | ||
| GFR Greenfire Resources Ltd. Common Shares | $2,511,953 | 0.72% | 444,657 | Up ×1 | |||
| ATS ATS Corporation Common Shares | $2,466,037 | 0.71% | 85,640 | $1,056,452 | Up ×1 | ||
| ARIS Aris Mining Corporation Common Shares | $2,251,953 | 0.65% | 151,160 | $-2,572,293 | Down ×1 | ||
| FNV Franco-Nevada Corporation | $2,215,819 | 0.64% | 10,630 | Up ×1 | |||
| USAS | $2,182,955 | 0.63% | 461,860 | $-209,058 | Up ×1 | ||
| CGAU Centerra Gold Inc. Common Shares | $2,121,836 | 0.61% | 133,940 | $-2,406,027 | Down ×1 | ||
| FTS Fortis Inc. Common Shares | $2,002,531 | 0.58% | 34,990 | $-769,105 | Down ×1 | ||
| KGC Kinross Gold Corporation Common Stock | $1,695,236 | 0.49% | 71,670 | $-984,074 | Down ×3 | ||
| TSAT Telesat Corporation - Class A Common Shares and Class B Variable Voting Shares | $1,579,786 | 0.45% | 31,180 | ||||
| RBA RB Global, Inc. Common Stock | $1,374,110 | 0.39% | 11,800 | $57,610 | Down ×2 | ||
| Unknown issuer (CUSIP: 867866105) | $1,322,000 | 0.38% | 100,000 | Up ×1 | |||
| NTR Nutrien Ltd. Common Shares | $1,300,756 | 0.37% | 20,700 | $-910,680 | Down ×1 | ||
| DCBO Docebo Inc. - Common Shares | $1,170,506 | 0.34% | 65,500 | ||||
| GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock | $1,139,854 | 0.33% | 22,131 | $699,209 | Up ×1 | ||
| BGSI Boyd Group Services Inc. Common Shares | $387,072 | 0.11% | 4,092 | $-11,601,739 | Down ×2 | ||
| WCN Waste Connections, Inc. Common Shares | $291,393 | 0.08% | 1,750 | $-44,996 | Down ×1 | ||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| TAC | $9,028,529 | 653,290 | 2.60% |
| JETS | $6,976,200 | 210,000 | 2.01% |
| Unknown issuer (CUSIP: 89472Y107) | $5,731,577 | 832,000 | 1.65% |
| OCANF | $4,163,566 | 166,270 | 1.20% |
| Unknown issuer (CUSIP: 884903881) | $3,348,713 | 41,040 | 0.96% |
| GFR | $2,511,953 | 444,657 | 0.72% |
| FNV | $2,215,819 | 10,630 | 0.64% |
| TSAT | $1,579,786 | 31,180 | 0.45% |
| Unknown issuer (CUSIP: 867866105) | $1,322,000 | 100,000 | 0.38% |
| DCBO | $1,170,506 | 65,500 | 0.34% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| CAE | Trimmed | -444K | -$11.9M |
| HBM | Bought more | +314K | +$7.8M |
| — | Trimmed | -198K | -$7.7M |
| EQX | Trimmed | -226K | -$4.8M |
| CLS | Bought more | +7K | +$3.4M |
| BN | Bought more | +74K | +$3.4M |
| RY | Trimmed | -3K | +$3.2M |
| ALM | Bought more | +167K | +$3.1M |
| KNX | Bought more | +29K | +$3.1M |
| ARIS | Trimmed | -109K | -$2.6M |
2 positions hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| BBU | March 31, 2026 | 1,163,486 | $41,162,231 | No longer tracked |
| BERY | June 30, 2025 | 119,460 | $8,339,503 | No longer tracked |
| MEOH | March 31, 2026 | 208,630 | $8,279,459 | 0.0% |
| GFL | June 30, 2026 | 187,807 | $7,835,601 | 12.0% |
| URI | March 31, 2025 | 11,090 | $7,812,240 | 76.6% |
| CIGI | March 31, 2025 | 51,540 | $7,000,708 | -12.6% |
| TGB | June 30, 2026 | 1,017,980 | $6,594,600 | No longer tracked |
| PAAS | March 31, 2026 | 118,918 | $6,165,442 | -3.7% |
| BEP | June 30, 2026 | 170,580 | $5,565,664 | -4.5% |
| SAND | Dec. 31, 2025 | 427,350 | $5,347,981 | No longer tracked |
| COF | March 31, 2026 | 20,400 | $4,944,144 | 19.3% |
| ORLA | June 30, 2026 | 305,180 | $4,908,473 | No longer tracked |
| RGLD | March 31, 2026 | 21,468 | $4,772,122 | 1.1% |
| MAG | Sept. 30, 2025 | 218,680 | $4,648,773 | No longer tracked |
| DSGX | Dec. 31, 2025 | 48,080 | $4,529,361 | -12.5% |
| AG | March 31, 2026 | 256,360 | $4,277,268 | 0.1% |
| ORXXXX | June 30, 2025 | 201,220 | $4,247,296 | No longer tracked |
| NGD | Dec. 31, 2025 | 585,660 | $4,194,678 | No longer tracked |
| TAC | March 31, 2025 | 294,500 | $4,159,784 | 35.6% |
| AXP | March 31, 2026 | 9,940 | $3,677,303 | 10.8% |
| TSAT | March 31, 2026 | 117,498 | $3,387,484 | 24.7% |
| BAC | March 31, 2025 | 75,000 | $3,296,250 | 49.6% |
| WFC | Sept. 30, 2025 | 40,000 | $3,204,800 | 1.0% |
| C | Dec. 31, 2025 | 29,870 | $3,031,805 | 12.9% |
| VZLA | March 31, 2026 | 551,440 | $3,021,320 | No longer tracked |
| AMCR | March 31, 2026 | 360,395 | $3,005,694 | 21.1% |
| AMZN | March 31, 2025 | 12,500 | $2,742,375 | 35.5% |
| STN | Dec. 31, 2025 | 25,000 | $2,695,000 | -21.0% |
| SLF | March 31, 2025 | 45,400 | $2,692,201 | 39.1% |
| BLDR | Dec. 31, 2025 | 22,130 | $2,683,263 | -31.3% |
| TRP | Sept. 30, 2025 | 49,040 | $2,392,761 | 16.4% |
| SILV | March 31, 2025 | 255,620 | $2,328,336 | No longer tracked |
| AGI | Sept. 30, 2025 | 85,740 | $2,281,985 | 8.3% |
| WCN | Dec. 31, 2025 | 12,670 | $2,226,884 | -3.8% |
| XPOF | March 31, 2025 | 163,000 | $2,192,350 | -39.9% |
| GIL | June 30, 2025 | 49,080 | $2,170,277 | 15.0% |
| CVNA | June 30, 2026 | 6,496 | $2,042,212 | 8.0% |
| TFII | Sept. 30, 2025 | 22,320 | $2,002,561 | 59.8% |
| CVLG | June 30, 2025 | 86,000 | $1,909,200 | 45.4% |
| BURL | Sept. 30, 2025 | 7,000 | $1,628,480 | 32.3% |
| SLF | Dec. 31, 2025 | 25,730 | $1,544,714 | 27.6% |
| GIB | June 30, 2026 | 20,780 | $1,519,466 | 15.6% |
| FCX | Sept. 30, 2025 | 35,000 | $1,517,250 | 96.6% |
| CMG | March 31, 2025 | 25,000 | $1,507,500 | -28.5% |
| AGI | June 30, 2026 | 33,820 | $1,504,938 | 24.4% |
| WFC | March 31, 2025 | 20,850 | $1,464,504 | 17.9% |
| GFL | June 30, 2025 | 28,780 | $1,390,384 | -18.3% |
| RCI | Dec. 31, 2025 | 38,030 | $1,308,912 | -3.3% |
| GIB | Sept. 30, 2025 | 11,870 | $1,247,378 | -16.3% |
| TRI | Dec. 31, 2025 | 8,016 | $1,244,430 | -20.0% |
| TU | Sept. 30, 2025 | 76,727 | $1,233,606 | -36.4% |
| DCBO | Dec. 31, 2025 | 43,280 | $1,180,554 | 10.8% |
| SCHW | June 30, 2025 | 15,000 | $1,174,200 | 21.9% |
| XPO | June 30, 2025 | 10,500 | $1,129,590 | 58.9% |
| UUUU | March 31, 2026 | 72,980 | $1,057,063 | No longer tracked |
| JBHT | March 31, 2025 | 6,000 | $1,023,960 | 88.1% |
| GE | June 30, 2025 | 5,000 | $1,000,750 | 35.4% |
| ODFL | March 31, 2026 | 5,980 | $937,664 | 6.3% |
| AER | Dec. 31, 2025 | 7,590 | $918,390 | 2.1% |
| PH | June 30, 2025 | 1,500 | $911,775 | 44.9% |
| OR | March 31, 2026 | 24,890 | $880,857 | -5.8% |
| PDS | June 30, 2025 | 16,830 | $782,540 | 90.6% |
| BIRK | March 31, 2025 | 12,500 | $708,250 | -23.4% |
| UAL | March 31, 2025 | 7,000 | $679,700 | 63.7% |
| MEOH | March 31, 2025 | 11,800 | $588,892 | 69.6% |
| ERO | March 31, 2025 | 42,070 | $566,467 | 217.3% |
| HBM | Sept. 30, 2025 | 50,000 | $530,907 | 96.4% |
| ASTL | June 30, 2025 | 50,080 | $271,839 | -31.3% |