CIK: 0001426318
Total reported value
$352.1M
Reporting period: 2026-03-31 · Number of holdings: 59
PCJ Investment Counsel Ltd. disclosed 59 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $352.1M and a quarterly turnover rate of 75.0%.
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PCJ Investment Counsel Ltd.'s disclosed holdings carry a Herfindahl concentration index of 0.029 — mathematically equivalent to about 34 equally-sized positions, well below its 59 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.86), 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 47% 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.
Trim BN
-69.8% -$11.2M
Trim CRH
-39.8% -$11.5M
Trim RBA
-83.4% -$7.2M
Trim CVNA
-70.3% -$7.2M
Add CVE
+9.0% $4.9M
Add BTE
+13.0% $4.5M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BBUC | Brookfield Business Corp-a | Stock-Other | 8.80% | +8.80% | NEW | |
| 2 | CAE | Cae INC | Stock-Other | 5.80% | +0.08% | +2.91% | |
| 3 | EFXT | Enerflex LTD | Stock-Other | 3.93% | — | -26.04% | |
| 4 | RY | Royal Bank Of Canada | Stock-Financials | 3.85% | — | +3.70% | |
| 5 | BTE | Baytex Energy CORP | Stock-Other | 3.56% | +1.57% | +12.98% | |
| 6 | BGSI | THE Boyd Group INC | Stock-Other | 3.41% | -1.13% | -18.52% | |
| 7 | CRH | CRH plc | Stock-Materials | 3.37% | -2.41% | -39.77% | |
| 8 | CVE | Cenovus Energy INC | Stock-Energy | 3.33% | +1.63% | +8.95% | |
| 9 | TD | Toronto-dominion Bank | Stock-Financials | 3.23% | — | +5.47% | |
| 10 | BIP | Brookfield Infrastructure Partners L.P. | Stock-Utilities | 3.01% | +1.43% | +59.51% | |
| 11 | DNN | Denison Mines CORP | Stock-Other | 2.68% | +0.76% | -8.89% | |
| 12 | SHOP | Shopify INC - Class A | Stock-Tech | 2.52% | -0.30% | +5.87% | |
| 13 | EQX | Equinox Gold CORP | Stock-Other | 2.28% | -0.79% | -37.03% | |
| 14 | GFL | Gfl Environmental Inc-sub Vt | Stock-Other | 2.23% | +2.23% | NEW | |
| 15 | IAG | Iamgold CORP | Stock-Other | 2.15% | -0.47% | -37.18% | |
| 16 | ENB | Enbridge INC | Stock-Energy | 1.90% | +0.58% | +10.99% | |
| 17 | TGB | Taseko Mines LTD | Stock-Other | 1.87% | — | +7.12% | |
| 18 | CNI | Canadian Natl Railway Co | Stock-Industrials | 1.82% | +1.03% | +93.65% | |
| 19 | CNQ | Canadian Natural Resources | Stock-Energy | 1.77% | +0.77% | +6.68% | |
| 20 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 1.76% | — | -5.25% | |
| 21 | BMO | Bank Of Montreal | Stock-Financials | 1.67% | — | +3.46% | |
| 22 | ERO | Ero Copper CORP | Stock-Other | 1.60% | +0.95% | +127.27% | |
| 23 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 1.58% | +1.46% | +981.28% | |
| 24 | BEP | Brookfield Renewable Partners L.P. | Stock-Other | 1.58% | +1.58% | NEW | |
| 25 | SU | Suncor Energy INC | Stock-Energy | 1.56% | +0.73% | +10.68% | |
| 26 | ORLA | Orla Mining LTD | Stock-Other | 1.39% | -0.33% | -41.03% | |
| 27 | ARIS | Aris Mining CORP | Stock-Other | 1.37% | +1.37% | NEW | |
| 28 | PPTA | Perpetua Resources CORP | Stock-Other | 1.31% | +1.31% | NEW | |
| 29 | CGAU | Centerra Gold INC | Stock-Other | 1.29% | +0.77% | +74.87% | |
| 30 | PBA | Pembina Pipeline CORP | Stock-Energy | 1.27% | — | -29.06% | |
| 31 | CP | Canadian Pacific Kansas City | Stock-Industrials | 1.20% | — | +3.91% | |
| 32 | SKE | Skeena Resources LTD | Stock-Other | 1.20% | — | -0.69% | |
| 33 | NXE | Nexgen Energy LTD | Stock-Other | 1.17% | — | -29.99% | |
| 34 | BN | Brookfield CORP | Stock-Financials | 1.16% | -2.63% | -69.76% | |
| 35 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 1.12% | — | +5.64% | |
| 36 | TFII | Tfi International INC | Stock-Other | 1.11% | +0.89% | +312.13% | |
| 37 | B | Barrick Mining CORP | Stock-Materials | 1.10% | — | -10.30% | |
| 38 | EXK | Endeavour Silver CORP | Stock-Materials | 1.10% | -0.21% | -26.42% | |
| 39 | MFC | Manulife Financial CORP | Stock-Financials | 0.99% | — | -5.80% | |
| 40 | HBM | Hudbay Minerals INC | Stock-Other | 0.96% | +0.96% | NEW | |
| 41 | CCJ | Cameco CORP | Stock-Energy | 0.95% | +0.44% | +37.53% | |
| 42 | TECK | Teck Resources Ltd-cls B | Stock-Materials | 0.95% | +0.60% | +116.94% | |
| 43 | ALM | Almonty Industries INC | Stock-Other | 0.83% | +0.83% | NEW | |
| 44 | FTS | Fortis INC | Stock-Utilities | 0.79% | +0.79% | NEW | |
| 45 | KGC | Kinross Gold CORP | Stock-Materials | 0.76% | — | -3.90% | |
| 46 | CLS | Celestica INC | Stock-Tech | 0.75% | — | +103.47% | |
| 47 | FSM | Fortuna Mining CORP | Stock-Other | 0.73% | -0.45% | -46.90% | |
| 48 | KNX | Knight-swift Transportation | Stock-Industrials | 0.73% | — | +50.40% | |
| 49 | USAS | Americas Gold And Silver Cor | Stock-Other | 0.68% | -0.41% | -46.78% | |
| 50 | LSPD | Lightspeed Commerce INC | Stock-Other | 0.64% | — | +104.60% |
Performance for Q3 2026
-6.8%
Performance Last 4 Quarters
+26%
Based on 82% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 59 | $352.1M | 75 | |
| 2025-12-31 | 61 | $404.2M | 39 | |
| 2025-09-30 | 64 | $359.5M | 70 | |
| 2025-06-30 | 65 | $292.8M | 0 | |
| 2025-03-31 | 64 | $255.7M | 100 | |
| 2024-12-31 | 69 | $296.2M | 0 | |
| 2024-09-30 | 70 | $315.9M | 0 | |
| 2024-06-30 | 73 | $241.1M | 0 | |
| 2024-03-31 | 79 | $302.6M | 0 | |
| 2023-12-31 | 70 | $259.3M | 0 | |
| 2023-09-30 | 68 | $216.8M | 0 | |
| 2023-06-30 | 68 | $236.1M | 0 | |
| 2023-03-31 | 76 | $252.4M | 0 | |
| 2022-12-31 | 77 | $230.0M | 0 | |
| 2022-09-30 | 84 | $203.6M | 0 | |
| 2022-06-30 | 88 | $202.0M | 0 | |
| 2022-03-31 | 80 | $273.5M | 0 | |
| 2021-12-31 | 88 | $283.8M | 0 | |
| 2021-09-30 | 91 | $278.0M | 0 | |
| 2021-06-30 | 79 | $266.8M | 100 | |
| 2021-03-31 | 79 | $254.3M | 59 | |
| 2020-12-31 | 86 | $213.3M | 66 | |
| 2020-09-30 | 89 | $219.4M | 54 | |
| 2020-06-30 | 70 | $206.2M | 70 | |
| 2020-03-31 | 56 | $144.8M | 64 | |
| 2019-12-31 | 64 | $222.3M | 51 | |
| 2019-09-30 | 62 | $192.3M | 100 | |
| 2019-06-30 | 63 | $933.0M | 43 | |
| 2019-03-31 | 66 | $1.2B | 39 | |
| 2018-12-31 | 58 | $1.1B | 33 | |
| 2018-09-30 | 64 | $1.2B | 32 | |
| 2018-06-30 | 64 | $1.5B | 17 | |
| 2018-03-31 | 69 | $1.4B | 28 | |
| 2017-12-31 | 73 | $1.5B | 19 | |
| 2017-09-30 | 78 | $1.6B | 13 | |
| 2017-06-30 | 75 | $1.6B | 22 | |
| 2017-03-31 | 76 | $1.7B | 24 | |
| 2016-12-31 | 67 | $1.8B | 34 | |
| 2016-09-30 | 66 | $1.8B | 22 | |
| 2016-06-30 | 73 | $1.7B | 18 | |
| 2016-03-31 | 64 | $1.6B | 22 | |
| 2015-12-31 | 66 | $1.6B | 21 | |
| 2015-09-30 | 65 | $1.6B | 18 | |
| 2015-06-30 | 57 | $1.7B | 24 | |
| 2015-03-31 | 45 | $2.0B | 21 | |
| 2014-12-31 | 48 | $2.2B | 29 | |
| 2014-09-30 | 45 | $2.1B | 37 | |
| 2014-06-30 | 41 | $2.5B | 27 | |
| 2014-03-31 | 38 | $2.1B | 22 | |
| 2013-12-31 | 38 | $2.1B | 32 | |
| 2013-09-30 | 45 | $1.9B | 27 | |
| 2013-06-30 | 45 | $1.7B | — |
PCJ Investment Counsel Ltd.'s most significant position changes for 2026-03-31: Sold out: Brookfield Business Corporation (BBUC); New buy: Brookfield Business Corp-a (BBUC); Sold out: Methanex CORP (MEOH); New buy: Gfl Environmental Inc-sub Vt (GFL); Sold out: Pan American Silver CORP (PAAS).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CVE | Cenovus Energy INC | +1.6% | +8.95% | Add |
| 2 | BTE | Baytex Energy CORP | +1.6% | +12.98% | Add |
| 3 | CM | Can Imperial Bk Of Commerce | +1.5% | +981.28% | Add |
| 4 | BIP | Brookfield Infrastructure Partners L.P. | +1.4% | +59.51% | Add |
| 5 | CNI | Canadian Natl Railway Co | +1% | +93.65% | Add |
| 6 | ERO | Ero Copper CORP | +1% | +127.27% | Add |
| 7 | TFII | Tfi International INC | +0.9% | +312.13% | Add |
| 8 | CGAU | Centerra Gold INC | +0.8% | +74.87% | Add |
| 9 | CNQ | Canadian Natural Resources | +0.8% | +6.68% | Add |
| 10 | DNN | Denison Mines CORP | +0.8% | -8.89% | Trim |
| 11 | SU | Suncor Energy INC | +0.7% | +10.68% | Add |
| 12 | TECK | Teck Resources Ltd-cls B | +0.6% | +116.94% | Add |
| 13 | ENB | Enbridge INC | +0.6% | +10.99% | Add |
| 14 | CCJ | Cameco CORP | +0.4% | +37.53% | Add |
| 15 | CAE | Cae INC | +0.1% | +2.91% | Add |
| 16 | EXK | Endeavour Silver CORP | -0.2% | -26.42% | Trim |
| 17 | SHOP | Shopify INC - Class A | -0.3% | +5.87% | Add |
| 18 | ORLA | Orla Mining LTD | -0.3% | -41.03% | Trim |
| 19 | USAS | Americas Gold And Silver Cor | -0.4% | -46.78% | Trim |
| 20 | FSM | Fortuna Mining CORP | -0.5% | -46.90% | Trim |
| 21 | IAG | Iamgold CORP | -0.5% | -37.18% | Trim |
| 22 | EQX | Equinox Gold CORP | -0.8% | -37.03% | Trim |
| 23 | BGSI | THE Boyd Group INC | -1.1% | -18.52% | Trim |
| 24 | BNS | Bank Of Nova Scotia | -1.2% | -90.92% | Trim |
| 25 | GIL | Gildan Activewear INC | -1.3% | -91.31% | Trim |
| 26 | GIB | Cgi INC | -1.3% | -72.63% | Trim |
| 27 | CVNA | Carvana Co | -1.7% | -70.34% | Trim |
| 28 | RBA | Rb Global INC | -1.7% | -83.39% | Trim |
| 29 | CRH | CRH plc | -2.4% | -39.77% | Trim |
| 30 | BN | Brookfield CORP | -2.6% | -69.76% | Trim |
| 31 | BBUC | Brookfield Business Corporation | — | EXIT | Sold out |
| 32 | BBUC | Brookfield Business Corp-a | — | NEW | New buy |
| 33 | MEOH | Methanex CORP | — | EXIT | Sold out |
| 34 | GFL | Gfl Environmental Inc-sub Vt | — | NEW | New buy |
| 35 | PAAS | Pan American Silver CORP | — | EXIT | Sold out |
| 36 | BEP | Brookfield Renewable Partners L.P. | — | NEW | New buy |
| 37 | COF | Capital One Financial CORP | — | EXIT | Sold out |
| 38 | ARIS | Aris Mining CORP | — | NEW | New buy |
| 39 | RGLD | Royal Gold INC | — | EXIT | Sold out |
| 40 | PPTA | Perpetua Resources CORP | — | NEW | New buy |
| 41 | AG | First Majestic Silver CORP | — | EXIT | Sold out |
| 42 | AXP | American Express Co | — | EXIT | Sold out |
| 43 | TSAT | Telesat CORP | — | EXIT | Sold out |
| 44 | HBM | Hudbay Minerals INC | — | NEW | New buy |
| 45 | VZLA | Vizsla Silver CORP | — | EXIT | Sold out |
| 46 | AMCR | Amcor plc | — | EXIT | Sold out |
| 47 | ALM | Almonty Industries INC | — | NEW | New buy |
| 48 | FTS | Fortis INC | — | NEW | New buy |
| 49 | AGI | Alamos Gold Inc-class A | — | NEW | New buy |
| 50 | ATS | Ats CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-11 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-07 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-07 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-08 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-08 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-08 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-10 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-05 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-05 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-02 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-30 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-10 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-12 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-07 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-08 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-12 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-02 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-09 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-15 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-22 | Amendment | View on EDGAR |
| 2015-03-31 | 2015-05-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-06-03 | Amendment | View on EDGAR |
| 2014-12-31 | 2015-02-12 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2015-06-03 | Amendment | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-08-14 | Amendment | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-13 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-16 | 13F-HR | View on EDGAR |
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