PCJ Investment Counsel Ltd. — 13F Holdings & Portfolio

CIK 1426318 · latest 13F-HR filed 2026-08-12

PCJ Investment Counsel Ltd. manages $347.9M in 13F-reported U.S. long-equity assets across 62 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are BBUC (6.70%), RY (4.82%), EFXT (4.26%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 10 new positions and exited 7; 19 existing positions rose in reported value and 26 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

AUM

$347.9M

Long-equity book

Holdings

Distinct positions

Period

2026-06-30

Filed 2026-08-12

Q/Q Activity

+10 / −7 / ↑19 / ↓26

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26

BBUC6.7% · -20%RY4.8% · -3%EFXT4.3% · -9%TD3.9% · -9%BTE3.8% · +19%CRH3.3% · -5%HBM3.2% · +194%BIP3.1% · +1%CVE2.6% · -17%TAC2.6% · new SHOP2.5% · +3%BNS2.5% · +1374%CAE2.4% · -57%BMO2.4% · +8%CNI2.2% · +4%DNN2.2% · -8%BN2.1% · +73%JETS2.0% · new ENB2.0% · +3%CM1.8% · -7%IAG1.8% · -3%CLS1.7% · +78%ALM1.7% · +83%TGB1.6% · -18%KNX1.6% · +64%ERO1.5% · -7%CNQ1.5% · +4%MFC1.4% · +21%CP1.4% · +5%SU1.4% · +6%AEM1.3% · -3%PBA1.3% · -2%OGC1.2% · new LSPD1.2% · +59%SKE1.1% · +1%PPTA1.1% · +10%EXK1.0% · +1%B1.0% · -3%TRI1.0% · new FSM0.9% · +52%CCJ0.9% · +4%WPM0.9% · -4%EQX0.9% · -41%TECK0.8% · -24%TFII0.8% · -46%NXE0.8% · -20%GFR0.7% · new ATS0.7% · +71%ARIS0.6% · -42%FNV0.6% · new USAS0.6% · +1%CGAU0.6% · -48%FTS0.6% · -30%KGC0.5% · -18%TSAT0.5% · new RBA0.4% · -14%SSMR0.4% · new NTR0.4% · -29%DCBO0.3% · new GIL0.3% · +180%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 38.4%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Apr 18, 2012.

Assets Under Management

$1.71B

Discretionary

$1.71B

Accounts

Address

181 UNIVERSITY AVENUE
SUITE 300
TORONTO, ONTARIO M5H 3M7
Canada

Phone

(416) 955-9990

Website

WWW.PCJ.CA

Name	Title / Status	Ownership	Type
ALTOSAAR, HEIKI, ENN Control	VICE PRESIDENT, SECRETARY & COMPLIANCE OFFICER since May 2001	Less than 5%	Individual
CAMPBELL, JACK, THOMAS Control	DIRECTOR & VICE PRESIDENT since Jul 1996	Less than 5%	Individual
FREUND, MICHAEL, WALTER Control	DIRECTOR since Aug 1998	Less than 5%	Individual
PCJ INVESTMENT COUNSEL PARTNERSHIP Control	PARTNERSHIP since Jul 1996	75% or more	Foreign Entity
PITICCO, NEREO, GIOVANNI Control	DIRECTOR & PRESIDENT since Jul 1996	Less than 5%	Individual
ALLADINA, ALY, SHARIFF	VICE PRESIDENT since Oct 2005	Less than 5%	Individual
POSMAN, ADAM, TODD	VICE PRESIDENT since Aug 2011	Less than 5%	Individual
ROCK, BRYAN, EDWIN	VICE PRESIDENT since Jul 2009	Less than 5%	Individual
CONNOR, CLARK & LUNN FINANCIAL GROUP Control Indirect owner via PCJ INVESTMENT COUNSEL PARTNERSHIP	PARTNER since Jan 2003	50–75%	Foreign Entity

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

BANK NOVA SCOTIA B C$8.1M +1742.3%
HUDBAY MINERALS INC$7.8M +231.1%
CELESTICA INC$3.4M +129.9%
BROOKFIELD CORP$3.4M +81.9%
ROYAL BK CDA$3.2M +23.8%

Show all 19 →

Top Trims

CAE INC-$11.9M -58.4%
BOYD GROUP SERVICES INC-$11.6M -96.8%
BROOKFIELD BUSINESS CORP-$7.7M -24.7%
EQUINOX GOLD CORP-$4.8M -60.0%
ARIS MINING CORPORATION-$2.6M -53.3%

Show all 26 →

New Positions

Show all 10 →

Exited Positions

Show all 7 →

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#	Issuer	Symbol	CUSIP	Value	Δ

PCJ Investment Counsel Ltd. Holdings (2026-06-30)

#	Issuer	Symbol	CUSIP	Value	Weight	Shares	Type
1	BROOKFIELD BUSINESS CORP	BBUC	113006100	$23.3M	6.70%	781,064	SH
2	ROYAL BK CDA	RY	780087102	$16.8M	4.82%	81,100	SH
3	ENERFLEX LTD	EFXT	29269R105	$14.8M	4.26%	604,197	SH
4	TORONTO DOMINION BK ONT	TD	891160509	$13.5M	3.88%	111,100	SH
5	BAYTEX ENERGY CORP	BTE	07317Q105	$13.4M	3.84%	3,334,828	SH
6	CRH PLC	CRH	G25508105	$11.5M	3.30%	107,410	SH
7	HUDBAY MINERALS INC	HBM	443628102	$11.2M	3.22%	475,210	SH
8	BROOKFIELD INFRASTRUCTURE PA	BIP	G16252101	$10.8M	3.10%	295,980	SH
9	CENOVUS ENERGY INC	CVE	15135U109	$9.2M	2.64%	368,790	SH
10	TRANSALTA CORP	TAC	89346D107	$9.0M	2.60%	653,290	SH
11	SHOPIFY INC	SHOP	82509L107	$8.8M	2.54%	77,170	SH
12	BANK NOVA SCOTIA B C	BNS	064149107	$8.6M	2.48%	99,350	SH
13	CAE INC	CAE	124765108	$8.5M	2.44%	339,091	SH
14	BANK MONTREAL MEDIUM	BMO	063671101	$8.2M	2.37%	46,780	SH
15	CANADIAN NATL RY CO	CNI	136375102	$7.7M	2.23%	64,960	SH
16	DENISON MINES CORP	DNN	248356107	$7.5M	2.15%	2,444,190	SH
17	BROOKFIELD CORP	BN	11271J107	$7.4M	2.14%	174,760	SH
18	ETF SER SOLUTIONS	JETS	26922A842	$7.0M	2.01%	210,000	SH
19	ENBRIDGE INC	ENB	29250N105	$6.9M	1.99%	127,750	SH
20	CANADIAN IMPERIAL BANK OF CO	CM	136069101	$6.3M	1.81%	54,710	SH
21	IAMGOLD CORP	IAG	450913108	$6.2M	1.78%	390,780	SH
22	CELESTICA INC	CLS	15101Q207	$6.1M	1.75%	16,658	SH
23	ALMONTY INDS INC	ALM	020398707	$6.1M	1.74%	366,557	SH
24	TREKOR METALS LTD	TGB	89472Y107	$5.7M	1.65%	832,000	SH
25	KNIGHT-SWIFT TRANSN HLDGS IN	KNX	499049104	$5.7M	1.64%	73,320	SH
26	ERO COPPER CORP	ERO	296006109	$5.3M	1.51%	197,379	SH
27	CANADIAN NAT RES LTD MED TER	CNQ	136385101	$5.2M	1.50%	132,430	SH
28	MANULIFE FINL CORP	MFC	56501R106	$5.0M	1.42%	122,261	SH
29	CANADIAN PACIFIC KANSAS CITY	CP	13646K108	$4.9M	1.41%	56,500	SH
30	SUNCOR ENERGY INC NEW	SU	867224107	$4.7M	1.36%	87,760	SH
31	AGNICO EAGLE MINES LTD	AEM	008474108	$4.6M	1.31%	29,440	SH
32	PEMBINA PIPELINE CORP	PBA	706327103	$4.5M	1.30%	97,870	SH
33	OCEANAGOLD CORP	OGC	675222400	$4.2M	1.20%	166,270	SH
34	LIGHTSPEED COMMERCE INC	LSPD	53229C107	$4.2M	1.20%	397,910	SH
35	SKEENA RES LTD NEW	SKE	83056P715	$3.8M	1.09%	142,580	SH
36	PERPETUA RESOURCES CORP	PPTA	714266103	$3.7M	1.08%	180,390	SH
37	ENDEAVOUR SILVER CORP	EXK	29258Y103	$3.5M	0.99%	416,430	SH
38	BARRICK MNG CORP	B	06849F108	$3.4M	0.97%	91,810	SH
39	THOMSON REUTERS CORP	TRI	884903881	$3.3M	0.96%	41,040	SH
40	FORTUNA MNG CORP	FSM	349942102	$3.3M	0.95%	391,330	SH
41	CAMECO CORP	CCJ	13321L108	$3.3M	0.94%	32,010	SH
42	WHEATON PRECIOUS METALS CORP	WPM	962879102	$3.2M	0.93%	28,710	SH
43	EQUINOX GOLD CORP	EQX	29446Y502	$3.2M	0.92%	329,720	SH
44	TECK RESOURCES LTD	TECK	878742204	$2.9M	0.84%	49,251	SH
45	TFI INTERNATIONAL INC	TFII	87241L109	$2.8M	0.81%	19,600	SH
46	NEXGEN ENERGY LTD	NXE	65340P106	$2.7M	0.77%	283,860	SH
47	GREENFIRE RES LTD NEW	GFR	39525U107	$2.5M	0.72%	444,657	SH
48	ATS CORPORATION	ATS	00217Y104	$2.5M	0.71%	85,640	SH
49	ARIS MINING CORPORATION	ARIS	04040Y109	$2.3M	0.65%	151,160	SH
50	FRANCO NEV CORP	FNV	351858105	$2.2M	0.64%	10,630	SH

Filing History

Period	Filed	AUM	Holdings	Accession
2026-06-30	2026-08-12	$347.9M	62	0001426318-26-000005
2026-03-31	2026-05-11	$352.1M	59	0001426318-26-000004
2025-12-31	2026-02-10	$404.2M	61	0001426318-26-000001
2025-09-30	2025-11-13	$359.5M	64	0001426318-25-000007

Filer Information

Address

130 KING STREET WEST
SUITE 1400
TORONTO, A6 M5X 1C8

Phone

(416) 862-2020

Filing Manager

PCJ Investment Counsel Ltd.

TORONTO, A6

Signatory

Heiki Altosaar

Chief Compliance Officer