PCJ Investment Counsel Ltd.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 8, 2024), PCJ Investment Counsel Ltd. reported 79 stock positions worth $302.6 million. Its top holding was Brookfield Business PT-Unit (BBU) at 8.5% of the portfolio, followed by Rogers Communications Class B (RCI, 4.6%) and Canadian Pacific Kansas City (CP, 4.3%). Compared with Q4 2023, it opened 21 new positions, sold out of 12, added to 19 and reduced 32. The biggest buy was Brookfield Business PT-Unit (BBU, shares +247%) and the biggest sale Rogers Communications Class B (RCI, shares −22%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426318
- Portfolio Value
- $302.6M (Q1 2024)
- SEC Filing
- 0001584691-24-000006 ↗ filed May 8, 2024
Holdings Value
Holdings 79 stocks · $302.6M
| BBU Brookfield Business PT-Unit | 8.49% | 1,160,814 | $25.7M | Add +247.3% |
| RCI Rogers Communications Inc. Class B | 4.57% | 337,600 | $13.8M | Reduce -22.1% |
| CP Canadian Pacific Kansas City | 4.27% | 146,650 | $12.9M | Reduce -17.6% |
| UBER Uber Technologies Inc. | 4.12% | 161,800 | $12.5M | Add +18.5% |
| CIGI Colliers Intl GR-Subord Vot | 4.03% | 99,660 | $12.2M | New |
| RY Royal Bank of Canada | 3.08% | 92,409 | $9.3M | Add +1.3% |
| WFG West Fraser Timber Co. Ltd. | 2.92% | 102,400 | $8.8M | New |
| RBA RB Global Inc. | 2.76% | 109,490 | $8.3M | Reduce -31.8% |
| CVE Cenovus Energy Inc. | 2.75% | 415,710 | $8.3M | Add +16.1% |
| OR Osisko Gold Royalties Ltd. | 2.57% | 473,700 | $7.8M | Reduce -13.5% |
| BN Brookfield Corp. | 2.34% | 169,308 | $7.1M | Add +13.5% |
| SHOP Shopify Inc. Class A | 2.29% | 89,670 | $6.9M | Add +16.2% |
| AEM Agnico Eagle Mines Ltd. | 2.23% | 113,367 | $6.8M | Reduce -35.5% |
| BIP Brookfield Infrastructure Pa | 2.17% | 210,150 | $6.6M | Reduce -2.6% |
| TD Toronto-Dominion Bank | 2.04% | 102,391 | $6.2M | Reduce -5.6% |
| URI United Rentals Inc. | 2.03% | 8,510 | $6.1M | Reduce -51.8% |
| DCBO Docebo Inc. | 1.97% | 121,592 | $5.9M | Reduce -21.3% |
| TFPM Triple Flag Precious Met | 1.94% | 406,589 | $5.9M | No change |
| PH Parker Hannifin Corp. | 1.84% | 10,000 | $5.6M | Add +100.0% |
| EFXT Enerflex Ltd. | 1.79% | 932,440 | $5.4M | Reduce -1.1% |
| KGC Kinross Gold Corp. | 1.63% | 806,110 | $4.9M | New |
| TRP TC Energy Corp. | 1.59% | 119,985 | $4.8M | Reduce -5.1% |
| CNQ Canadian Natural Resources | 1.58% | 62,555 | $4.8M | Add +33.8% |
| MFC Manulife Financial Corp. | 1.43% | 172,691 | $4.3M | Reduce -27.8% |
| BLDR Builders Firstsource Inc. | 1.38% | 20,000 | $4.2M | No change |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.30% | 76,237 | $3.9M | Add +62.7% |
| AGI Alamos Gold Inc. Class A | 1.30% | 266,850 | $3.9M | New |
| CRESCENT PT ENERGY CORP | 1.30% | 480,950 | $3.9M | Add +42.6% |
| QSR Restaurant Brands Intern | 1.09% | 41,570 | $3.3M | Reduce -22.1% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.07% | 33,131 | $3.2M | Reduce -39.2% |
| SLF Sun Life Financial Inc. | 1.07% | 59,240 | $3.2M | Add +2.1% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO | 1.04% | 61,950 | $3.1M | Reduce -10.2% |
| APO Apollo Global Management Inc. | 1.02% | 27,500 | $3.1M | New |
| CCJ Cameco Corp. | 0.96% | 67,260 | $2.9M | Add +21.3% |
| HBM Hudbay Minerals Inc. | 0.95% | 412,640 | $2.9M | No change |
| SU Suncor Energy Inc. | 0.94% | 77,175 | $2.8M | Add +22.8% |
| ENB Enbridge Inc. | 0.89% | 74,838 | $2.7M | Reduce -15.4% |
| DNN Denison Mines Corp. | 0.85% | 1,317,670 | $2.6M | No change |
| AMZN Amazon.com Inc. | 0.85% | 14,230 | $2.6M | Add +13.8% |
| GFL GFL Environmental Inc.-Sub VT | 0.82% | 71,910 | $2.5M | Reduce -39.2% |
| INST Instructure Holdings Inc. | 0.79% | 112,180 | $2.4M | New |
| GE General Electric | 0.75% | 13,000 | $2.3M | Add +4.0% |
| TECK Teck Resources Ltd.-CLS B | 0.74% | 48,970 | $2.2M | Add +97.5% |
| ERF Enerplus Corp. | 0.70% | 107,900 | $2.1M | Reduce -64.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.69% | 20,610 | $2.1M | Reduce -8.7% |
| XPO Xpo Inc. | 0.67% | 16,650 | $2.0M | Reduce -14.7% |
| GIL Gildan Activewear Inc. | 0.66% | 53,950 | $2.0M | New |
| UUUU Energy Fuels Inc. | 0.66% | 319,050 | $2.0M | No change |
| PBA Pembina Pipeline Corp. | 0.66% | 56,460 | $2.0M | Reduce -12.2% |
| CSL Carlisle Cos Inc. | 0.65% | 5,000 | $2.0M | New |
| GDXJ Vaneck Junior Gold Miners | 0.64% | 50,000 | $1.9M | New |
| AG First Majestic Silver Corp. | 0.64% | 329,220 | $1.9M | Add +113.5% |
| XPOF Xponential Fitness Inc. Class A | 0.55% | 100,000 | $1.7M | New |
| FNV Franco-Nevada Corp. | 0.53% | 13,330 | $1.6M | Add +102.3% |
| WPM Wheaton Precious Metals Corp. | 0.50% | 32,360 | $1.5M | Reduce -24.0% |
| COF Capital One Financial Corp. | 0.49% | 10,000 | $1.5M | New |
| NXE Nexgen Energy Ltd. | 0.49% | 189,910 | $1.5M | Reduce -13.8% |
| WFC Wells Fargo & Co. | 0.47% | 24,360 | $1.4M | Reduce -2.6% |
| HWM Howmet Aerospace Inc. | 0.45% | 20,000 | $1.4M | Reduce -33.3% |
| GIB Cgi Inc. | 0.44% | 12,170 | $1.3M | Add +14.4% |
| RGLD Royal Gold Inc. | 0.40% | 10,000 | $1.2M | New |
| ERO Ero Copper Corp. | 0.40% | 62,000 | $1.2M | New |
| PGR Progressive Corp. | 0.39% | 5,660 | $1.2M | New |
| UNP Union Pacific Corp. | 0.35% | 4,360 | $1.1M | Reduce -54.1% |
| PDS Precision Drilling Corp. | 0.33% | 14,660 | $987K | Reduce -66.0% |
| BECN Beacon Roofing Supply Inc. | 0.32% | 10,000 | $980K | New |
| SILV Silvercrest Metals Inc. | 0.31% | 142,746 | $952K | New |
| SKE Skeena Resources Ltd. | 0.30% | 200,000 | $920K | New |
| OTEX Open Text Corp. | 0.30% | 23,670 | $919K | New |
| TRI Thomson Reuters Corp. | 0.29% | 5,546 | $863K | Reduce -27.9% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.25% | 200,280 | $759K | No change |
| EXK Endeavour Silver Corp. | 0.16% | 200,000 | $482K | Reduce -39.5% |
| ARCB Arcbest Corp. | 0.15% | 3,100 | $442K | New |
| KNX Knight-Swift Transportation | 0.14% | 7,900 | $435K | New |
| JBHT Hunt (jb) Transprt SVCS Inc. | 0.14% | 2,100 | $418K | New |
| WCN Waste Connections Inc. | 0.10% | 1,710 | $294K | Reduce -80.1% |
| MAG Mag Silver Corp. | 0.09% | 25,000 | $264K | Reduce -75.0% |
| PRMW Primo Water Corp. | 0.08% | 12,770 | $233K | No change |
| TAC Transalta Corp. | 0.05% | 25,000 | $160K | Reduce -91.0% |
Portfolio Sells Q4 2023 → Q1 2024
| RCI Rogers Communications Inc. Class B | Reduce -22.1% | 4.57% | −3.25 |
| URI United Rentals Inc. | Reduce -51.8% | 2.03% | −1.88 |
| AEM Agnico Eagle Mines Ltd. | Reduce -35.5% | 2.23% | −1.48 |
| RBA RB Global Inc. | Reduce -31.8% | 2.76% | −1.39 |
| BAC Bank of America Corp. | Sold out | 0.00% | −1.31 |
| CP Canadian Pacific Kansas City | Reduce -17.6% | 4.27% | −1.15 |
| ERF Enerplus Corp. | Reduce -64.7% | 0.70% | −1.11 |
| BMO Bank of Montreal | Reduce -39.2% | 1.07% | −1.01 |
| AER Aercap Holdings NV | Sold out | 0.00% | −1.00 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −0.93 |
| DCBO Docebo Inc. | Reduce -21.3% | 1.97% | −0.91 |
| B Barrick Gold Corp. | Sold out | 0.00% | −0.84 |
| TAC Transalta Corp. | Reduce -91.0% | 0.05% | −0.84 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -39.2% | 0.82% | −0.75 |
| NTR Nutrien Ltd. | Sold out | 0.00% | −0.68 |
| TD Toronto-Dominion Bank | Reduce -5.6% | 2.04% | −0.66 |
| MFC Manulife Financial Corp. | Reduce -27.8% | 1.43% | −0.61 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.58 |
| PDS Precision Drilling Corp. | Reduce -66.0% | 0.33% | −0.58 |
| IAG Iamgold Corp. | Sold out | 0.00% | −0.55 |
| UNP Union Pacific Corp. | Reduce -54.1% | 0.35% | −0.54 |
| QSR Restaurant Brands Intern | Reduce -22.1% | 1.09% | −0.52 |
| MEOH Methanex Corp. | Sold out | 0.00% | −0.47 |
| BIP Brookfield Infrastructure Pa | Reduce -2.6% | 2.17% | −0.45 |
| OR Osisko Gold Royalties Ltd. | Reduce -13.5% | 2.57% | −0.44 |
| WCN Waste Connections Inc. | Reduce -80.1% | 0.10% | −0.40 |
| MGA Magna International Inc. | Sold out | 0.00% | −0.36 |
| ENB Enbridge Inc. | Reduce -15.4% | 0.89% | −0.33 |
| MAG Mag Silver Corp. | Reduce -75.0% | 0.09% | −0.31 |
| TRP TC Energy Corp. | Reduce -5.1% | 1.59% | −0.31 |
| WPM Wheaton Precious Metals Corp. | Reduce -24.0% | 0.50% | −0.31 |
| CM Can Imperial BK of Commerce | Reduce -10.2% | 1.04% | −0.24 |
| OSISKO DEVELOPMENT CORP | Sold out | 0.00% | −0.22 |
| PBA Pembina Pipeline Corp. | Reduce -12.2% | 0.66% | −0.20 |
| HWM Howmet Aerospace Inc. | Reduce -33.3% | 0.45% | −0.17 |
| TRI Thomson Reuters Corp. | Reduce -27.9% | 0.29% | −0.15 |
| STN Stantec Inc. | Sold out | 0.00% | −0.13 |
| TJX TJX Companies Inc. | Reduce -8.7% | 0.69% | −0.13 |
| NXE Nexgen Energy Ltd. | Reduce -13.8% | 0.49% | −0.11 |
| ATS Ats Corp. | Sold out | 0.00% | −0.11 |
| EXK Endeavour Silver Corp. | Reduce -39.5% | 0.16% | −0.09 |
| WFC Wells Fargo & Co. | Reduce -2.6% | 0.47% | −0.01 |
| XPO Xpo Inc. | Reduce -14.7% | 0.67% | +0.01 |
| EFXT Enerflex Ltd. | Reduce -1.1% | 1.79% | +0.11 |
Portfolio Buys Q4 2023 → Q1 2024
| BBU Brookfield Business PT-Unit | Add +247.3% | 8.49% | +5.83 |
| CIGI Colliers Intl GR-Subord Vot | New | 4.03% | +4.03 |
| WFG West Fraser Timber Co. Ltd. | New | 2.92% | +2.92 |
| KGC Kinross Gold Corp. | New | 1.63% | +1.63 |
| AGI Alamos Gold Inc. Class A | New | 1.30% | +1.30 |
| APO Apollo Global Management Inc. | New | 1.02% | +1.02 |
| PH Parker Hannifin Corp. | Add +100.0% | 1.84% | +0.95 |
| UBER Uber Technologies Inc. | Add +18.5% | 4.12% | +0.88 |
| INST Instructure Holdings Inc. | New | 0.79% | +0.79 |
| GIL Gildan Activewear Inc. | New | 0.66% | +0.66 |
| CSL Carlisle Cos Inc. | New | 0.65% | +0.65 |
| GDXJ Vaneck Junior Gold Miners | New | 0.64% | +0.64 |
| XPOF Xponential Fitness Inc. Class A | New | 0.55% | +0.55 |
| COF Capital One Financial Corp. | New | 0.49% | +0.49 |
| CVE Cenovus Energy Inc. | Add +16.1% | 2.75% | +0.45 |
| BNS Bank of Nova Scotia | Add +62.7% | 1.30% | +0.42 |
| RGLD Royal Gold Inc. | New | 0.40% | +0.40 |
| CRESCENT PT ENERGY CORP | Add +42.6% | 1.30% | +0.40 |
| CNQ Canadian Natural Resources | Add +33.8% | 1.58% | +0.40 |
| ERO Ero Copper Corp. | New | 0.40% | +0.40 |
| PGR Progressive Corp. | New | 0.39% | +0.39 |
| TECK Teck Resources Ltd.-CLS B | Add +97.5% | 0.74% | +0.34 |
| BECN Beacon Roofing Supply Inc. | New | 0.32% | +0.32 |
| SILV Silvercrest Metals Inc. | New | 0.31% | +0.31 |
| SKE Skeena Resources Ltd. | New | 0.30% | +0.30 |
| OTEX Open Text Corp. | New | 0.30% | +0.30 |
| AG First Majestic Silver Corp. | Add +113.5% | 0.64% | +0.27 |
| FNV Franco-Nevada Corp. | Add +102.3% | 0.53% | +0.24 |
| SU Suncor Energy Inc. | Add +22.8% | 0.94% | +0.17 |
| ARCB Arcbest Corp. | New | 0.15% | +0.15 |
| KNX Knight-Swift Transportation | New | 0.14% | +0.14 |
| GE General Electric | Add +4.0% | 0.75% | +0.14 |
| JBHT Hunt (jb) Transprt SVCS Inc. | New | 0.14% | +0.14 |
| AMZN Amazon.com Inc. | Add +13.8% | 0.85% | +0.12 |
| CCJ Cameco Corp. | Add +21.3% | 0.96% | +0.04 |
| BN Brookfield Corp. | Add +13.5% | 2.34% | +0.03 |
| GIB Cgi Inc. | Add +14.4% | 0.44% | +0.00 |
| SHOP Shopify Inc. Class A | Add +16.2% | 2.29% | −0.03 |
| SLF Sun Life Financial Inc. | Add +2.1% | 1.07% | −0.09 |
| RY Royal Bank of Canada | Add +1.3% | 3.08% | −0.48 |
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 |