PCJ Investment Counsel Ltd. — 13F Holdings & Portfolio
CIK 1426318 · latest 13F-HR filed 2026-05-11
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.
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AUM
$352.1M
Long-equity book
Holdings
59
Distinct positions
Period
2026-03-31
Filed 2026-05-11
Q/Q Activity
+11 / −13 / ↑24 / ↓20
vs 2025-12-31
Firm Profile & Key People
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- CANADIAN IMPERIAL BANK OF CO$5.1M +1028.8%
- CENOVUS ENERGY INC$4.9M +70.7%
- BAYTEX ENERGY CORP$4.5M +56.2%
- BROOKFIELD INFRASTRUCTURE PA$4.2M +65.7%
- CANADIAN NATL RY CO$3.2M +101.6%
Top Trims
- CRH PLC-$11.5M -49.3%
- BROOKFIELD CORP-$11.2M -73.3%
- CARVANA CO-$7.2M -77.9%
- RB GLOBAL INC-$7.2M -84.5%
- BOYD GROUP SERVICES INC-$6.4M -34.7%
New Positions
- BROOKFIELD BUSINESS CORP$31.0M
- GFL ENVIRONMENTAL INC$7.8M
- BROOKFIELD RENEWABLE ENERGY$5.6M
- ARIS MINING CORPORATION$4.8M
- PERPETUA RESOURCES CORP$4.6M
Exited Positions
- BROOKFIELD BUSINESS PARTNERS$41.2M
- METHANEX CORP$8.3M
- PAN AMERN SILVER CORP$6.2M
- CAPITAL ONE FINL CORP$4.9M
- ROYAL GOLD INC$4.8M
All Holdings
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | BROOKFIELD BUSINESS CORP | BBUC | 113006100 | $31.0M | 8.80% | 978,912 | SH |
| 2 | CAE INC | CAE | 124765108 | $20.4M | 5.80% | 782,693 | SH |
| 3 | ENERFLEX LTD | EFXT | 29269R105 | $13.8M | 3.93% | 661,252 | SH |
| 4 | ROYAL BK CDA | RY | 780087102 | $13.6M | 3.85% | 83,840 | SH |
| 5 | BAYTEX ENERGY CORP | BTE | 07317Q105 | $12.5M | 3.56% | 2,805,993 | SH |
| 6 | BOYD GROUP SERVICES INC | BGSI | 103310108 | $12.0M | 3.41% | 93,893 | SH |
| 7 | CRH PLC | CRH | G25508105 | $11.9M | 3.37% | 112,773 | SH |
| 8 | CENOVUS ENERGY INC | CVE | 15135U109 | $11.7M | 3.33% | 442,865 | SH |
| 9 | TORONTO DOMINION BK ONT | TD | 891160509 | $11.4M | 3.23% | 121,860 | SH |
| 10 | BROOKFIELD INFRASTRUCTURE PA | BIP | G16252101 | $10.6M | 3.01% | 293,154 | SH |
| 11 | DENISON MINES CORP | DNN | 248356107 | $9.4M | 2.68% | 2,659,200 | SH |
| 12 | SHOPIFY INC | SHOP | 82509L107 | $8.9M | 2.52% | 74,860 | SH |
| 13 | EQUINOX GOLD CORP | EQX | 29446Y502 | $8.0M | 2.28% | 555,385 | SH |
| 14 | GFL ENVIRONMENTAL INC | GFL | 36168Q104 | $7.8M | 2.23% | 187,807 | SH |
| 15 | IAMGOLD CORP | IAG | 450913108 | $7.6M | 2.15% | 403,320 | SH |
| 16 | ENBRIDGE INC | ENB | 29250N105 | $6.7M | 1.90% | 123,540 | SH |
| 17 | TASEKO MINES LTD | TGB | 876511106 | $6.6M | 1.87% | 1,017,980 | SH |
| 18 | CANADIAN NATL RY CO | CNI | 136375102 | $6.4M | 1.82% | 62,260 | SH |
| 19 | CANADIAN NAT RES LTD MED TER | CNQ | 136385101 | $6.2M | 1.77% | 127,800 | SH |
| 20 | AGNICO EAGLE MINES LTD | AEM | 008474108 | $6.2M | 1.76% | 30,480 | SH |
| 21 | BANK MONTREAL MEDIUM | BMO | 063671101 | $5.9M | 1.67% | 43,300 | SH |
| 22 | ERO COPPER CORP | ERO | 296006109 | $5.6M | 1.60% | 211,859 | SH |
| 23 | CANADIAN IMPERIAL BANK OF CO | CM | 136069101 | $5.6M | 1.58% | 58,930 | SH |
| 24 | BROOKFIELD RENEWABLE ENERGY | BEP | G16258108 | $5.6M | 1.58% | 170,580 | SH |
| 25 | SUNCOR ENERGY INC NEW | SU | 867224107 | $5.5M | 1.56% | 83,210 | SH |
| 26 | ORLA MNG LTD NEW | ORLA | 68634K106 | $4.9M | 1.39% | 305,180 | SH |
| 27 | ARIS MINING CORPORATION | ARIS | 04040Y109 | $4.8M | 1.37% | 259,765 | SH |
| 28 | PERPETUA RESOURCES CORP | PPTA | 714266103 | $4.6M | 1.31% | 164,070 | SH |
| 29 | CENTERRA GOLD INC | CGAU | 152006102 | $4.5M | 1.29% | 255,270 | SH |
| 30 | PEMBINA PIPELINE CORP | PBA | 706327103 | $4.5M | 1.27% | 99,545 | SH |
| 31 | CANADIAN PACIFIC KANSAS CITY | CP | 13646K108 | $4.2M | 1.20% | 53,730 | SH |
| 32 | SKEENA RES LTD NEW | SKE | 83056P715 | $4.2M | 1.20% | 141,490 | SH |
| 33 | NEXGEN ENERGY LTD | NXE | 65340P106 | $4.1M | 1.17% | 354,400 | SH |
| 34 | BROOKFIELD CORP | BN | 11271J107 | $4.1M | 1.16% | 101,020 | SH |
| 35 | WHEATON PRECIOUS METALS CORP | WPM | 962879102 | $3.9M | 1.12% | 29,990 | SH |
| 36 | TRANSFORCE INC | TFII | 87241L109 | $3.9M | 1.11% | 36,020 | SH |
| 37 | BARRICK MNG CORP | B | 06849F108 | $3.9M | 1.10% | 94,970 | SH |
| 38 | ENDEAVOUR SILVER CORP | EXK | 29258Y103 | $3.9M | 1.10% | 413,240 | SH |
| 39 | MANULIFE FINL CORP | MFC | 56501R106 | $3.5M | 0.99% | 100,761 | SH |
| 40 | HUDBAY MINERALS INC | HBM | 443628102 | $3.4M | 0.96% | 161,660 | SH |
| 41 | CAMECO CORP | CCJ | 13321L108 | $3.4M | 0.95% | 30,930 | SH |
| 42 | TECK RESOURCES LTD | TECK | 878742204 | $3.3M | 0.95% | 64,430 | SH |
| 43 | ALMONTY INDS INC | ALM | 020398707 | $2.9M | 0.83% | 200,000 | SH |
| 44 | FORTIS INC | FTS | 349553107 | $2.8M | 0.79% | 49,670 | SH |
| 45 | KINROSS GOLD CORP | KGC | 496902404 | $2.7M | 0.76% | 87,620 | SH |
| 46 | CELESTICA INC | CLS | 15101Q207 | $2.6M | 0.75% | 9,380 | SH |
| 47 | FORTUNA MNG CORP | FSM | 349942102 | $2.6M | 0.73% | 258,330 | SH |
| 48 | KNIGHT-SWIFT TRANSN HLDGS IN | KNX | 499049104 | $2.6M | 0.73% | 44,610 | SH |
| 49 | AMERICAS GOLD AND SILVER COR | USAS | 03062D803 | $2.4M | 0.68% | 458,250 | SH |
| 50 | LIGHTSPEED COMMERCE INC | LSPD | 53229C107 | $2.2M | 0.64% | 250,900 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 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 |