PCJ Investment Counsel Ltd.
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 12, 2026), PCJ Investment Counsel Ltd. reported 62 stock positions worth $347.9 million. Its top holding was Brookfield Business Class A (BBUC) at 6.7% of the portfolio, followed by Royal Bank of Canada (RY, 4.8%) and Enerflex (EFXT, 4.3%). Compared with Q1 2026, it opened 9 new positions, sold out of 6, added to 25 and reduced 28. The biggest buy was a new position in Transalta (TAC) and the biggest sale Cae (CAE, shares −57%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426318
- Portfolio Value
- $347.9M (Q2 2026)
- SEC Filing
- 0001426318-26-000005 ↗ filed Aug 12, 2026
Holdings Value
Holdings 62 stocks · $347.9M
| BBUC Brookfield Business Corp. Class A | 6.70% | 781,064 | $23.3M | Reduce -20.2% |
| RY Royal Bank of Canada | 4.82% | 81,100 | $16.8M | Reduce -3.3% |
| EFXT Enerflex Ltd. | 4.26% | 604,197 | $14.8M | Reduce -8.6% |
| TD Toronto-Dominion Bank | 3.88% | 111,100 | $13.5M | Reduce -8.8% |
| BTE Baytex Energy Corp. | 3.84% | 3,334,828 | $13.4M | Add +18.9% |
| CRH CRH PLC | 3.30% | 107,410 | $11.5M | Reduce -4.8% |
| HBM Hudbay Minerals Inc. | 3.22% | 475,210 | $11.2M | Add +194.0% |
| BIP Brookfield Infrastructure Pa | 3.10% | 295,980 | $10.8M | Add +1.0% |
| CVE Cenovus Energy Inc. | 2.64% | 368,790 | $9.2M | Reduce -16.7% |
| TAC Transalta Corp. | 2.60% | 653,290 | $9.0M | New |
| SHOP Shopify Inc. Class A | 2.54% | 77,170 | $8.8M | Add +3.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C | 2.48% | 99,350 | $8.6M | Add +1374.0% |
| CAE Cae Inc. | 2.44% | 339,091 | $8.5M | Reduce -56.7% |
| BMO Bank of Montreal filed as BANK MONTREAL MEDIUM | 2.37% | 46,780 | $8.2M | Add +8.0% |
| CNI Canadian Natl Railway Co. | 2.23% | 64,960 | $7.7M | Add +4.3% |
| DNN Denison Mines Corp. | 2.15% | 2,444,190 | $7.5M | Reduce -8.1% |
| BN Brookfield Corp. | 2.14% | 174,760 | $7.4M | Add +73.0% |
| JETS US Global Jets ETF | 2.01% | 210,000 | $7.0M | New |
| ENB Enbridge Inc. | 1.99% | 127,750 | $6.9M | Add +3.4% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.81% | 54,710 | $6.3M | Reduce -7.2% |
| IAG Iamgold Corp. | 1.78% | 390,780 | $6.2M | Reduce -3.1% |
| CLS Celestica Inc. | 1.75% | 16,658 | $6.1M | Add +77.6% |
| ALM Almonty Industries Inc. | 1.74% | 366,557 | $6.1M | Add +83.3% |
| TGB Trekor Metals Ltd. | 1.65% | 832,000 | $5.7M | Reduce -18.3% |
| KNX Knight-Swift Transportation | 1.64% | 73,320 | $5.7M | Add +64.4% |
| ERO Ero Copper Corp. | 1.51% | 197,379 | $5.3M | Reduce -6.8% |
| CNQ Canadian Natural Resources | 1.50% | 132,430 | $5.2M | Add +3.6% |
| MFC Manulife Financial Corp. | 1.42% | 122,261 | $5.0M | Add +21.3% |
| CP Canadian Pacific Kansas City | 1.41% | 56,500 | $4.9M | Add +5.2% |
| SU Suncor Energy Inc. | 1.36% | 87,760 | $4.7M | Add +5.5% |
| AEM Agnico Eagle Mines Ltd. | 1.31% | 29,440 | $4.6M | Reduce -3.4% |
| PBA Pembina Pipeline Corp. | 1.30% | 97,870 | $4.5M | Reduce -1.7% |
| OGC Oceanagold Corp. | 1.20% | 166,270 | $4.2M | New |
| LSPD Lightspeed Commerce Inc. | 1.20% | 397,910 | $4.2M | Add +58.6% |
| SKE Skeena Resources Ltd. | 1.09% | 142,580 | $3.8M | Add +0.8% |
| PPTA Perpetua Resources Corp. | 1.08% | 180,390 | $3.7M | Add +9.9% |
| EXK Endeavour Silver Corp. | 0.99% | 416,430 | $3.5M | Add +0.8% |
| B Barrick Mining Corp. | 0.97% | 91,810 | $3.4M | Reduce -3.3% |
| TRI Thomson Reuters Corp. | 0.96% | 41,040 | $3.3M | New |
| FSM Fortuna Mining Corp. | 0.95% | 391,330 | $3.3M | Add +51.5% |
| CCJ Cameco Corp. | 0.94% | 32,010 | $3.3M | Add +3.5% |
| WPM Wheaton Precious Metals Corp. | 0.93% | 28,710 | $3.2M | Reduce -4.3% |
| EQX Equinox Gold Corp. | 0.92% | 329,720 | $3.2M | Reduce -40.6% |
| TECK Teck Resources Ltd.-CLS B | 0.84% | 49,251 | $2.9M | Reduce -23.6% |
| TFII Tfi International Inc. | 0.81% | 19,600 | $2.8M | Reduce -45.6% |
| NXE Nexgen Energy Ltd. | 0.77% | 283,860 | $2.7M | Reduce -19.9% |
| GFR Greenfire Resources Ltd. | 0.72% | 444,657 | $2.5M | New |
| ATS Ats Corp. | 0.71% | 85,640 | $2.5M | Add +71.3% |
| ARIS Aris Mining Corp. | 0.65% | 151,160 | $2.3M | Reduce -41.8% |
| FNV Franco-Nevada Corp. | 0.64% | 10,630 | $2.2M | New |
| USAS Americas Gold and Silver Cor | 0.63% | 461,860 | $2.2M | Add +0.8% |
| CGAU Centerra Gold Inc. | 0.61% | 133,940 | $2.1M | Reduce -47.5% |
| FTS Fortis Inc. | 0.58% | 34,990 | $2.0M | Reduce -29.6% |
| KGC Kinross Gold Corp. | 0.49% | 71,670 | $1.7M | Reduce -18.2% |
| TSAT Telesat Corp. | 0.45% | 31,180 | $1.6M | New |
| RBA RB Global Inc. | 0.40% | 11,800 | $1.4M | Reduce -14.1% |
| SSMR Sunshine Silver Mining & Ref | 0.38% | 100,000 | $1.3M | New |
| NTR Nutrien Ltd. | 0.37% | 20,700 | $1.3M | Reduce -29.3% |
| DCBO Docebo Inc. | 0.34% | 65,500 | $1.2M | New |
| GIL Gildan Activewear Inc. | 0.33% | 22,131 | $1.1M | Add +179.8% |
| BGSI Boyd Group Services Inc. | 0.11% | 4,092 | $387K | Reduce -95.6% |
| WCN Waste Connections Inc. | 0.08% | 1,750 | $291K | Reduce -15.5% |
Portfolio Sells Q1 2026 → Q2 2026
| CAE Cae Inc. | Reduce -56.7% | 2.44% | −3.36 |
| BGSI Boyd Group Services Inc. | Reduce -95.6% | 0.11% | −3.29 |
| GFL GFL Environmental Inc.-Sub VT | Sold out | 0.00% | −2.23 |
| BBUC Brookfield Business Corp. Class A | Reduce -20.2% | 6.70% | −2.09 |
| BEP Brookfield Renewable Partner | Sold out | 0.00% | −1.58 |
| ORLA Orla Mining Ltd. | Sold out | 0.00% | −1.39 |
| EQX Equinox Gold Corp. | Reduce -40.6% | 0.92% | −1.36 |
| ARIS Aris Mining Corp. | Reduce -41.8% | 0.65% | −0.72 |
| CVE Cenovus Energy Inc. | Reduce -16.7% | 2.64% | −0.70 |
| CGAU Centerra Gold Inc. | Reduce -47.5% | 0.61% | −0.68 |
| CVNA Carvana Co. | Sold out | 0.00% | −0.58 |
| DNN Denison Mines Corp. | Reduce -8.1% | 2.15% | −0.52 |
| AEM Agnico Eagle Mines Ltd. | Reduce -3.4% | 1.31% | −0.45 |
| GIB Cgi Inc. | Sold out | 0.00% | −0.43 |
| AGI Alamos Gold Inc. Class A | Sold out | 0.00% | −0.43 |
| NXE Nexgen Energy Ltd. | Reduce -19.9% | 0.77% | −0.40 |
| IAG Iamgold Corp. | Reduce -3.1% | 1.78% | −0.38 |
| TFII Tfi International Inc. | Reduce -45.6% | 0.81% | −0.30 |
| KGC Kinross Gold Corp. | Reduce -18.2% | 0.49% | −0.27 |
| NTR Nutrien Ltd. | Reduce -29.3% | 0.37% | −0.25 |
| TGB Trekor Metals Ltd. | Reduce -18.3% | 1.65% | −0.23 |
| FTS Fortis Inc. | Reduce -29.6% | 0.58% | −0.21 |
| WPM Wheaton Precious Metals Corp. | Reduce -4.3% | 0.93% | −0.19 |
| B Barrick Mining Corp. | Reduce -3.3% | 0.97% | −0.13 |
| TECK Teck Resources Ltd.-CLS B | Reduce -23.6% | 0.84% | −0.10 |
| ERO Ero Copper Corp. | Reduce -6.8% | 1.51% | −0.09 |
| CRH CRH PLC | Reduce -4.8% | 3.30% | −0.06 |
| WCN Waste Connections Inc. | Reduce -15.5% | 0.08% | −0.01 |
| RBA RB Global Inc. | Reduce -14.1% | 0.40% | +0.02 |
| PBA Pembina Pipeline Corp. | Reduce -1.7% | 1.30% | +0.03 |
| CM Can Imperial BK of Commerce | Reduce -7.2% | 1.81% | +0.23 |
| EFXT Enerflex Ltd. | Reduce -8.6% | 4.26% | +0.33 |
| TD Toronto-Dominion Bank | Reduce -8.8% | 3.88% | +0.65 |
| RY Royal Bank of Canada | Reduce -3.3% | 4.82% | +0.97 |
Portfolio Buys Q1 2026 → Q2 2026
| TAC Transalta Corp. | New | 2.60% | +2.60 |
| BNS Bank of Nova Scotia | Add +1374.0% | 2.48% | +2.34 |
| HBM Hudbay Minerals Inc. | Add +194.0% | 3.22% | +2.26 |
| JETS US Global Jets ETF | New | 2.01% | +2.01 |
| OGC Oceanagold Corp. | New | 1.20% | +1.20 |
| CLS Celestica Inc. | Add +77.6% | 1.75% | +1.00 |
| BN Brookfield Corp. | Add +73.0% | 2.14% | +0.98 |
| TRI Thomson Reuters Corp. | New | 0.96% | +0.96 |
| ALM Almonty Industries Inc. | Add +83.3% | 1.74% | +0.91 |
| KNX Knight-Swift Transportation | Add +64.4% | 1.64% | +0.91 |
| GFR Greenfire Resources Ltd. | New | 0.72% | +0.72 |
| BMO Bank of Montreal | Add +8.0% | 2.37% | +0.70 |
| FNV Franco-Nevada Corp. | New | 0.64% | +0.64 |
| LSPD Lightspeed Commerce Inc. | Add +58.6% | 1.20% | +0.56 |
| TSAT Telesat Corp. | New | 0.45% | +0.45 |
| MFC Manulife Financial Corp. | Add +21.3% | 1.42% | +0.44 |
| CNI Canadian Natl Railway Co. | Add +4.3% | 2.23% | +0.41 |
| SSMR Sunshine Silver Mining & Ref | New | 0.38% | +0.38 |
| DCBO Docebo Inc. | New | 0.34% | +0.34 |
| ATS Ats Corp. | Add +71.3% | 0.71% | +0.31 |
| BTE Baytex Energy Corp. | Add +18.9% | 3.84% | +0.28 |
| FSM Fortuna Mining Corp. | Add +51.5% | 0.95% | +0.22 |
| CP Canadian Pacific Kansas City | Add +5.2% | 1.41% | +0.21 |
| GIL Gildan Activewear Inc. | Add +179.8% | 0.33% | +0.20 |
| BIP Brookfield Infrastructure Pa | Add +1.0% | 3.10% | +0.10 |
| ENB Enbridge Inc. | Add +3.4% | 1.99% | +0.09 |
| SHOP Shopify Inc. Class A | Add +3.1% | 2.54% | +0.01 |
| CCJ Cameco Corp. | Add +3.5% | 0.94% | −0.02 |
| USAS Americas Gold and Silver Cor | Add +0.8% | 0.63% | −0.05 |
| EXK Endeavour Silver Corp. | Add +0.8% | 0.99% | −0.10 |
| SKE Skeena Resources Ltd. | Add +0.8% | 1.09% | −0.11 |
| SU Suncor Energy Inc. | Add +5.5% | 1.36% | −0.21 |
| PPTA Perpetua Resources Corp. | Add +9.9% | 1.08% | −0.24 |
| CNQ Canadian Natural Resources | Add +3.6% | 1.50% | −0.27 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 62 | $347.9M | BBUC, RY, EFXT, TD, BTE |
| Q1 2026 | 59 | $352.1M | BBUC, CAE, EFXT, RY, BTE |
| Q4 2025 | 61 | $404.2M | BBU, CRH, CAE, BGSI, BN |
| Q3 2025 | 64 | $359.5M | BBU, CRH, BN, CAE, EFXT |
| Q2 2025 | 65 | $292.8M | BBU, CRH, EFXT, RBA, RY |
| Q1 2025 | 64 | $255.7M | BBU, CRH, RBA, EFXT, BIP |
| Q4 2024 | 69 | $296.2M | BBU, CRH, BIP, BN, RBA |
| Q3 2024 | 70 | $315.9M | BBU, CRH, BIP, RBA, CP |
| Q2 2024 | 73 | $241.1M | BBU, RBA, CP, BIP, RCI |
| Q1 2024 | 79 | $302.6M | BBU, RCI, CP, UBER, CIGI |