PI
PCJ Investment Counsel Ltd. Quarterly 13F Portfolio Update (Q2 2026)
PCJ Investment Counsel Ltd.CIK: 0001426318
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$347.9M
Reporting period: 2026-06-30 · Number of holdings: 62
PCJ Investment Counsel Ltd. disclosed 62 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $347.9M and a quarterly turnover rate of 50.2%.
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Personality snowflake
- Concentration
- 10.25
- Portfolio Stability
- 50.22
- Momentum
- 100
- Sector conviction
- 65.68
- Diversification
- 100
- Sizing Uniformity
- 92.26
PCJ Investment Counsel Ltd.'s disclosed holdings carry a Herfindahl concentration index of 0.026 — mathematically equivalent to about 39 equally-sized positions, close to its 62 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.77), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 53% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim CAE
-56.7% -$11.9M
Trim BGSI
-95.6% -$11.6M
New buy TAC
Add BNS
+1374.0% $8.1M
Add HBM
+194.0% $7.8M
Sold out GFL
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BBUC | Brookfield Business Corp-a | Stock-Other | 6.70% | -2.10% | -20.21% | |
| 2 | RY | Royal Bank Of Canada | Stock-Financials | 4.82% | +0.97% | -3.27% | |
| 3 | EFXT | Enerflex LTD | Stock-Other | 4.26% | +0.33% | -8.63% | |
| 4 | TD | Toronto-dominion Bank | Stock-Financials | 3.88% | +0.65% | -8.83% | |
| 5 | BTE | Baytex Energy CORP | Stock-Other | 3.84% | +0.28% | +18.85% | |
| 6 | CRH | CRH plc | Stock-Materials | 3.30% | -0.07% | -4.76% | |
| 7 | HBM | Hudbay Minerals Inc | Stock-Other | 3.22% | +2.26% | +193.96% | |
| 8 | BIP | Brookfield Infrastructure Partners L.P. | Stock-Utilities | 3.10% | +0.09% | +0.96% | |
| 9 | CVE | Cenovus Energy Inc | Stock-Energy | 2.64% | -0.69% | -16.73% | |
| 10 | TAC | Transalta CORP | Stock-Other | 2.60% | +2.60% | NEW | |
| 11 | SHOP | Shopify Inc - Class A | Stock-Tech | 2.54% | +0.02% | +3.09% | |
| 12 | BNS | Bank Of Nova Scotia | Stock-Financials | 2.48% | +2.35% | +1374.04% | |
| 13 | CAE | Cae Inc | Stock-Other | 2.44% | -3.36% | -56.68% | |
| 14 | BMO | Bank Of Montreal | Stock-Financials | 2.37% | +0.70% | +8.04% | |
| 15 | CNI | Canadian Natl Railway Co | Stock-Industrials | 2.23% | +0.41% | +4.34% | |
| 16 | DNN | Denison Mines CORP | Stock-Other | 2.15% | -0.53% | -8.09% | |
| 17 | BN | Brookfield CORP | Stock-Financials | 2.14% | +0.98% | +73.00% | |
| 18 | JETS | US Global Jets ETF | ETF-Other | 2.01% | +2.01% | NEW | |
| 19 | ENB | Enbridge Inc | Stock-Energy | 1.99% | +0.09% | +3.41% | |
| 20 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 1.81% | +0.23% | -7.16% | |
| 21 | IAG | Iamgold CORP | Stock-Other | 1.78% | -0.37% | -3.11% | |
| 22 | CLS | Celestica Inc | Stock-Tech | 1.75% | +1.00% | +77.59% | |
| 23 | ALM | Almonty Industries Inc | Stock-Other | 1.74% | +0.91% | +83.28% | |
| 24 | ✓ | Stock-Other | 1.65% | +1.65% | NEW | ||
| 25 | KNX | Knight-swift Transportation | Stock-Industrials | 1.64% | +0.91% | +64.36% | |
| 26 | ERO | Ero Copper CORP | Stock-Other | 1.51% | -0.09% | -6.83% | |
| 27 | CNQ | Canadian Natural Resources | Stock-Energy | 1.50% | -0.27% | +3.62% | |
| 28 | MFC | Manulife Financial CORP | Stock-Financials | 1.42% | +0.43% | +21.34% | |
| 29 | CP | Canadian Pacific Kansas City | Stock-Industrials | 1.41% | +0.21% | +5.16% | |
| 30 | SU | Suncor Energy Inc | Stock-Energy | 1.36% | -0.20% | +5.47% | |
| 31 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 1.31% | -0.45% | -3.41% | |
| 32 | PBA | Pembina Pipeline CORP | Stock-Energy | 1.30% | +0.03% | -1.68% | |
| 33 | OGC | Oceanagold CORP | Stock-Other | 1.20% | +1.20% | NEW | |
| 34 | LSPD | Lightspeed Commerce Inc | Stock-Other | 1.20% | +0.56% | +58.59% | |
| 35 | SKE | Skeena Resources LTD | Stock-Other | 1.09% | -0.11% | +0.77% | |
| 36 | PPTA | Perpetua Resources CORP | Stock-Other | 1.08% | -0.23% | +9.95% | |
| 37 | EXK | Endeavour Silver CORP | Stock-Materials | 0.99% | -0.11% | +0.77% | |
| 38 | B | Barrick Mining CORP | Stock-Materials | 0.97% | -0.13% | -3.33% | |
| 39 | TRI | Thomson Reuters CORP | Stock-Industrials | 0.96% | +0.96% | NEW | |
| 40 | FSM | Fortuna Mining CORP | Stock-Other | 0.95% | +0.22% | +51.48% | |
| 41 | CCJ | Cameco CORP | Stock-Energy | 0.94% | -0.01% | +3.49% | |
| 42 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 0.93% | -0.19% | -4.27% | |
| 43 | EQX | Equinox Gold CORP | Stock-Other | 0.92% | -1.36% | -40.63% | |
| 44 | TECK | Teck Resources Ltd-cls B | Stock-Materials | 0.84% | -0.11% | -23.56% | |
| 45 | TFII | Tfi International Inc | Stock-Other | 0.81% | -0.30% | -45.59% | |
| 46 | NXE | Nexgen Energy LTD | Stock-Other | 0.77% | -0.40% | -19.90% | |
| 47 | GFR | Greenfire Resources LTD | Stock-Other | 0.72% | +0.72% | NEW | |
| 48 | ATS | Ats CORP | Stock-Other | 0.71% | +0.31% | +71.28% | |
| 49 | ARIS | Aris Mining CORP | Stock-Other | 0.65% | -0.72% | -41.81% | |
| 50 | FNV | Franco-nevada CORP | Stock-Materials | 0.64% | +0.64% | NEW |
1–50 of 62
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Portfolio Performance
Performance for Q3 2026
+0.3%
Performance Last 4 Quarters
+22.3%
- Stdev
- +17.9%
- Beta
- +0.96
- Alpha
- +3.8%
- Max Drawdown
- -13.7%
- Annualized Perf
- +23.7%
- Batting Avg vs S&P
- +61.1%
- Sortino
- +2.17
- Stutzer
- +0.36
- Treynor
- +0.24
- Sterling
- +1.2
- Calmar
- +1.74
- Information Ratio
- +0.24
- Tracking Error
- +12.9%
- Stdev Down
- +10.6%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +57.1%
- Worst 12 Months
- +7.9%
- Efficiency Ratio
- +0.54
- Sharpe
- +1.29
- Stdev Sectors
- +10.4%
- Skewness
- -0.71
- Kurtosis
- -0.12
- Upside Potential
- +3.68
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 62 | $347.9M | 50 | ||
| 2026 Q1 | 59 | $352.1M | 75 | ||
| 2025 Q4 | 61 | $404.2M | 39 | ||
| 2025 Q3 | 64 | $359.5M | 70 | ||
| 2025 Q2 | 65 | $292.8M | 0 | ||
| 2025 Q1 | 64 | $255.7M | 100 | ||
| 2024 Q4 | 69 | $296.2M | 0 | ||
| 2024 Q3 | 70 | $315.9M | 0 | ||
| 2024 Q2 | 73 | $241.1M | 0 | ||
| 2024 Q1 | 79 | $302.6M | 0 | ||
| 2023 Q4 | 70 | $259.3M | 0 | ||
| 2023 Q3 | 68 | $216.8M | 0 | ||
| 2023 Q2 | 68 | $236.1M | 0 | ||
| 2023 Q1 | 76 | $252.4M | 0 | ||
| 2022 Q4 | 77 | $230.0M | 0 | ||
| 2022 Q3 | 84 | $203.6M | 0 | ||
| 2022 Q2 | 88 | $202.0M | 0 | ||
| 2022 Q1 | 80 | $273.5M | 0 | ||
| 2021 Q4 | 88 | $283.8M | 0 | ||
| 2021 Q3 | 91 | $278.0M | 0 | ||
| 2021 Q2 | 79 | $266.8M | 100 | ||
| 2021 Q1 | 79 | $254.3M | 59 | ||
| 2020 Q4 | 86 | $213.3M | 66 | ||
| 2020 Q3 | 89 | $219.4M | 54 | ||
| 2020 Q2 | 70 | $206.2M | 70 | ||
| 2020 Q1 | 56 | $144.8M | 64 | ||
| 2019 Q4 | 64 | $222.3M | 51 | ||
| 2019 Q3 | 62 | $192.3M | 100 | ||
| 2019 Q2 | 63 | $933.0M | 43 | ||
| 2019 Q1 | 66 | $1.2B | 39 | ||
| 2018 Q4 | 58 | $1.1B | 33 | ||
| 2018 Q3 | 64 | $1.2B | 32 | ||
| 2018 Q2 | 64 | $1.5B | 17 | ||
| 2018 Q1 | 69 | $1.4B | 28 | ||
| 2017 Q4 | 73 | $1.5B | 19 | ||
| 2017 Q3 | 78 | $1.6B | 13 | ||
| 2017 Q2 | 75 | $1.6B | 22 | ||
| 2017 Q1 | 76 | $1.7B | 24 | ||
| 2016 Q4 | 67 | $1.8B | 34 | ||
| 2016 Q3 | 66 | $1.8B | 22 | ||
| 2016 Q2 | 73 | $1.7B | 18 | ||
| 2016 Q1 | 64 | $1.6B | 22 | ||
| 2015 Q4 | 66 | $1.6B | 21 | ||
| 2015 Q3 | 65 | $1.6B | 18 | ||
| 2015 Q2 | 57 | $1.7B | 24 | ||
| 2015 Q1 | 45 | $2.0B | 21 | ||
| 2014 Q4 | 48 | $2.2B | 29 | ||
| 2014 Q3 | 45 | $2.1B | 37 | ||
| 2014 Q2 | 41 | $2.5B | 27 | ||
| 2014 Q1 | 38 | $2.1B | 22 | ||
| 2013 Q4 | 38 | $2.1B | 32 | ||
| 2013 Q3 | 45 | $1.9B | 27 | ||
| 2013 Q2 | 45 | $1.7B | — |
Holding changes this quarter
PCJ Investment Counsel Ltd.'s most significant position changes for 2026-06-30: New buy: Transalta CORP (TAC); Sold out: Gfl Environmental Inc-sub Vt (GFL); New buy: US Global Jets ETF (JETS); Sold out: Taseko Mines LTD (TGB); New buy: .
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TAC | Transalta CORP | +2.6% | NEW | New buy |
| 2 | BNS | Bank Of Nova Scotia | +2.4% | +1374.04% | Add |
| 3 | HBM | Hudbay Minerals Inc | +2.3% | +193.96% | Add |
| 4 | JETS | US Global Jets ETF | +2% | NEW | New buy |
| 5 | ✓ | +1.7% | NEW | New buy | |
| 6 | OGC | Oceanagold CORP | +1.2% | NEW | New buy |
| 7 | CLS | Celestica Inc | +1% | +77.59% | Add |
| 8 | BN | Brookfield CORP | +1% | +73.00% | Add |
| 9 | RY | Royal Bank Of Canada | +1% | -3.27% | Trim |
| 10 | TRI | Thomson Reuters CORP | +1% | NEW | New buy |
| 11 | ALM | Almonty Industries Inc | +0.9% | +83.28% | Add |
| 12 | KNX | Knight-swift Transportation | +0.9% | +64.36% | Add |
| 13 | GFR | Greenfire Resources LTD | +0.7% | NEW | New buy |
| 14 | BMO | Bank Of Montreal | +0.7% | +8.04% | Add |
| 15 | TD | Toronto-dominion Bank | +0.7% | -8.83% | Trim |
| 16 | FNV | Franco-nevada CORP | +0.6% | NEW | New buy |
| 17 | LSPD | Lightspeed Commerce Inc | +0.6% | +58.59% | Add |
| 18 | TSAT | Telesat CORP | +0.5% | NEW | New buy |
| 19 | MFC | Manulife Financial CORP | +0.4% | +21.34% | Add |
| 20 | CNI | Canadian Natl Railway Co | +0.4% | +4.34% | Add |
| 21 | ✓ | +0.4% | NEW | New buy | |
| 22 | DCBO | Docebo Inc | +0.3% | NEW | New buy |
| 23 | EFXT | Enerflex LTD | +0.3% | -8.63% | Trim |
| 24 | ATS | Ats CORP | +0.3% | +71.28% | Add |
| 25 | BTE | Baytex Energy CORP | +0.3% | +18.85% | Add |
| 26 | CM | Can Imperial Bk Of Commerce | +0.2% | -7.16% | Trim |
| 27 | FSM | Fortuna Mining CORP | +0.2% | +51.48% | Add |
| 28 | CP | Canadian Pacific Kansas City | +0.2% | +5.16% | Add |
| 29 | GIL | Gildan Activewear Inc | +0.2% | +179.75% | Add |
| 30 | ENB | Enbridge Inc | +0.1% | +3.41% | Add |
| 31 | BIP | Brookfield Infrastructure Partners L.P. | +0.1% | +0.96% | Add |
| 32 | PBA | Pembina Pipeline CORP | 0% | -1.68% | Trim |
| 33 | RBA | Rb Global Inc | 0% | -14.09% | Trim |
| 34 | SHOP | Shopify Inc - Class A | 0% | +3.09% | Add |
| 35 | CCJ | Cameco CORP | 0% | +3.49% | Add |
| 36 | WCN | Waste Connections Inc | 0% | -15.46% | Trim |
| 37 | USAS | Americas Gold And Silver Cor | -0.1% | +0.79% | Add |
| 38 | CRH | CRH plc | -0.1% | -4.76% | Trim |
| 39 | ERO | Ero Copper CORP | -0.1% | -6.83% | Trim |
| 40 | SKE | Skeena Resources LTD | -0.1% | +0.77% | Add |
| 41 | TECK | Teck Resources Ltd-cls B | -0.1% | -23.56% | Trim |
| 42 | EXK | Endeavour Silver CORP | -0.1% | +0.77% | Add |
| 43 | B | Barrick Mining CORP | -0.1% | -3.33% | Trim |
| 44 | WPM | Wheaton Precious Metals CORP | -0.2% | -4.27% | Trim |
| 45 | SU | Suncor Energy Inc | -0.2% | +5.47% | Add |
| 46 | FTS | Fortis Inc | -0.2% | -29.56% | Trim |
| 47 | PPTA | Perpetua Resources CORP | -0.2% | +9.95% | Add |
| 48 | NTR | Nutrien LTD | -0.3% | -29.33% | Trim |
| 49 | CNQ | Canadian Natural Resources | -0.3% | +3.62% | Add |
| 50 | KGC | Kinross Gold CORP | -0.3% | -18.20% | Trim |
1–50 of 69
Filing History
FAQ
What is PCJ Investment Counsel Ltd. and what type of investor is it?
PCJ Investment Counsel Ltd. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $347.9M, spread across 62 disclosed positions.
What are PCJ Investment Counsel Ltd.'s largest equity positions?
Based on the latest 13F filing, PCJ Investment Counsel Ltd.'s top holdings by market value are:
1. Brookfield Business Corp-a (BBUC) — $23.3M (6.7%)
2. Royal Bank Of Canada (RY) — $16.8M (4.8%)
3. Enerflex LTD (EFXT) — $14.8M (4.3%)
4. Toronto-dominion Bank (TD) — $13.5M (3.9%)
5. Baytex Energy CORP (BTE) — $13.4M (3.8%)
What changes did PCJ Investment Counsel Ltd. make in its most recent portfolio filing?
In the latest reported quarter, PCJ Investment Counsel Ltd. made 69 notable position adjustments: 10 new positions were initiated, 25 existing holdings were added to, 27 positions were partially reduced, and 7 were completely exited. The largest of these moves: New buy: Transalta CORP (TAC); Sold out: Gfl Environmental Inc-sub Vt (GFL); New buy: US Global Jets ETF (JETS); Sold out: Taseko Mines LTD (TGB); New buy:
What sectors does PCJ Investment Counsel Ltd. focus on?
PCJ Investment Counsel Ltd. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 35.4%
• Materials: 18.4%
• Energy: 18.2%
• Industrials: 12.6%
• Information Technology: 8.0%
• Utilities: 6.9%
Investment Profile
PCJ Investment Counsel Ltd. returned an annualized 23.7% over the trailing 36 months — outperforming the S&P 500 by 3.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.96 (roughly in line with the market) and a 61% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 35.4% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 50 over the past 4 quarters — a shift toward more active trading.
It has added to its CM position over the past two quarters (+$5.8M, now $6.3M), while trimming BGSI over the same stretch (-$18.0M, still holding $387.1K).
Peer Institutions
Institutions with a similar AUM
TC
Tieton Capital Management, LLC
CIK 0001381954
Total reported value
$347.8M
37 stks
2026-06-30
Concentration14.7
Portfolio Stability35.6
Sector conviction100.0
AUM within 0.0% of this institution
View detail
PW
Pines Wealth Management, LLC
CIK 0002037426
Total reported value
$347.8M
219 stks
2026-06-30
Concentration6.9
Portfolio Stability20.6
Sector conviction64.1
AUM within 0.0% of this institution
View detail
FU
First United Bank & Trust
CIK 0001214183
Total reported value
$347.6M
589 stks
2026-06-30
Concentration8.3
Portfolio Stability18.4
Sector conviction45.8
AUM within 0.1% of this institution
View detail
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Developer Access
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