PCJ Investment Counsel Ltd.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 8, 2024), PCJ Investment Counsel Ltd. reported 73 stock positions worth $241.1 million. Its top holding was Brookfield Business PT-Unit (BBU) at 10.4% of the portfolio, followed by RB Global (RBA, 5.0%) and Canadian Pacific Kansas City (CP, 4.5%). Compared with Q1 2024, it opened 12 new positions, sold out of 18, added to 24 and reduced 37. The biggest buy was RB Global (RBA, shares +44%) and the biggest sale an exit from West Fraser Timber (WFG).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426318
- Portfolio Value
- $241.1M (Q2 2024)
- SEC Filing
- 0001426318-24-000007 ↗ filed Aug 8, 2024
Holdings Value
Holdings 73 stocks · $241.1M
| BBU Brookfield Business PT-Unit | 10.43% | 1,330,149 | $25.1M | Add +14.6% |
| RBA RB Global Inc. | 4.98% | 157,340 | $12.0M | Add +43.7% |
| CP Canadian Pacific Kansas City | 4.53% | 138,590 | $10.9M | Reduce -5.5% |
| BIP Brookfield Infrastructure Pa | 4.27% | 374,720 | $10.3M | Add +78.3% |
| RCI Rogers Communications Inc. Class B | 3.69% | 240,480 | $8.9M | Reduce -28.8% |
| RY Royal Bank of Canada | 3.35% | 75,770 | $8.1M | Reduce -18.0% |
| SU Suncor Energy Inc. | 2.73% | 172,440 | $6.6M | Add +123.4% |
| MFC Manulife Financial Corp. | 2.49% | 225,791 | $6.0M | Add +30.8% |
| EFXT Enerflex Ltd. | 2.43% | 1,084,760 | $5.9M | Add +16.3% |
| TRP TC Energy Corp. | 2.42% | 153,700 | $5.8M | Add +28.1% |
| CIGI Colliers Intl GR-Subord Vot | 2.40% | 51,910 | $5.8M | Reduce -47.9% |
| UBER Uber Technologies Inc. | 2.28% | 75,700 | $5.5M | Reduce -53.2% |
| URI United Rentals Inc. | 2.19% | 8,170 | $5.3M | Reduce -4.0% |
| CVE Cenovus Energy Inc. | 2.16% | 265,030 | $5.2M | Reduce -36.3% |
| SHOP Shopify Inc. Class A | 1.90% | 69,450 | $4.6M | Reduce -22.6% |
| OR Osisko Gold Royalties Ltd. | 1.88% | 290,854 | $4.5M | Reduce -38.6% |
| BN Brookfield Corp. | 1.85% | 107,130 | $4.5M | Reduce -36.7% |
| CNQ Canadian Natural Resources | 1.78% | 120,310 | $4.3M | Reduce -3.8% |
| AMZN Amazon.com Inc. | 1.57% | 19,570 | $3.8M | Add +37.5% |
| TD Toronto-Dominion Bank | 1.56% | 68,540 | $3.8M | Reduce -33.1% |
| ERO Ero Copper Corp. | 1.51% | 170,450 | $3.6M | Add +174.9% |
| AGI Alamos Gold Inc. Class A | 1.47% | 226,090 | $3.5M | Reduce -15.3% |
| XPO Xpo Inc. | 1.31% | 29,670 | $3.1M | Add +78.2% |
| MAG Mag Silver Corp. | 1.30% | 267,420 | $3.1M | Add +969.7% |
| WFC Wells Fargo & Co. | 1.20% | 48,910 | $2.9M | Add +100.8% |
| ENB Enbridge Inc. | 1.15% | 77,608 | $2.8M | Add +3.7% |
| GE General Electric filed as GE AEROSPACE | 1.12% | 17,000 | $2.7M | Add +30.8% |
| DNN Denison Mines Corp. | 1.10% | 1,322,600 | $2.6M | Add +0.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.08% | 56,755 | $2.6M | Reduce -25.6% |
| PH Parker Hannifin Corp. | 1.05% | 5,000 | $2.5M | Reduce -50.0% |
| HBM Hudbay Minerals Inc. | 0.98% | 261,000 | $2.4M | Reduce -36.8% |
| AEM Agnico Eagle Mines Ltd. | 0.94% | 34,660 | $2.3M | Reduce -69.4% |
| MSFT Microsoft Corp. | 0.93% | 5,000 | $2.2M | New |
| TECK Teck Resources Ltd.-CLS B | 0.92% | 46,500 | $2.2M | Reduce -5.0% |
| BECN Beacon Roofing Supply Inc. | 0.92% | 24,460 | $2.2M | Add +144.6% |
| DCBO Docebo Inc. | 0.92% | 57,266 | $2.2M | Reduce -52.9% |
| GIL Gildan Activewear Inc. | 0.91% | 58,000 | $2.2M | Add +7.5% |
| GFL GFL Environmental Inc.-Sub VT | 0.90% | 55,550 | $2.2M | Reduce -22.8% |
| PWR Quanta Services Inc. | 0.88% | 8,320 | $2.1M | New |
| DSGX The Descartes Systems Grp | 0.85% | 21,080 | $2.0M | New |
| CVNA Carvana Co. | 0.80% | 15,000 | $1.9M | New |
| AER Aercap Holdings NV | 0.77% | 20,010 | $1.9M | New |
| CGAU Centerra Gold Inc. | 0.76% | 272,246 | $1.8M | New |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.75% | 21,500 | $1.8M | Reduce -35.1% |
| SILV Silvercrest Metals Inc. | 0.75% | 219,840 | $1.8M | Add +54.0% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO | 0.72% | 36,370 | $1.7M | Reduce -41.3% |
| SLF Sun Life Financial Inc. | 0.70% | 34,180 | $1.7M | Reduce -42.3% |
| NXE Nexgen Energy Ltd. | 0.69% | 237,310 | $1.7M | Add +25.0% |
| WPM Wheaton Precious Metals Corp. | 0.68% | 31,350 | $1.6M | Reduce -3.1% |
| SKE Skeena Resources Ltd. | 0.67% | 303,160 | $1.6M | Add +51.6% |
| GIB Cgi Inc. | 0.65% | 15,710 | $1.6M | Add +29.1% |
| FTS Fortis Inc. | 0.64% | 39,410 | $1.5M | New |
| TFII Tfi International Inc. | 0.64% | 10,550 | $1.5M | New |
| AG First Majestic Silver Corp. | 0.62% | 250,960 | $1.5M | Reduce -23.8% |
| KGC Kinross Gold Corp. | 0.60% | 173,390 | $1.4M | Reduce -78.5% |
| FNV Franco-Nevada Corp. | 0.58% | 11,830 | $1.4M | Reduce -11.3% |
| TRI Thomson Reuters Corp. | 0.55% | 7,936 | $1.3M | Add +43.1% |
| UUUU Energy Fuels Inc. | 0.55% | 219,890 | $1.3M | Reduce -31.1% |
| CCJ Cameco Corp. | 0.52% | 25,720 | $1.3M | Reduce -61.8% |
| EXK Endeavour Silver Corp. | 0.51% | 351,330 | $1.2M | Add +75.7% |
| FSM Fortuna Mining Corp. | 0.49% | 240,930 | $1.2M | New |
| APO Apollo Global Management Inc. | 0.48% | 9,780 | $1.2M | Reduce -64.4% |
| PGR Progressive Corp. | 0.48% | 5,530 | $1.1M | Reduce -2.3% |
| IAG Iamgold Corp. | 0.47% | 301,150 | $1.1M | New |
| PBA Pembina Pipeline Corp. | 0.45% | 28,970 | $1.1M | Reduce -48.7% |
| PDS Precision Drilling Corp. | 0.43% | 14,720 | $1.0M | Add +0.4% |
| UNP Union Pacific Corp. | 0.40% | 4,210 | $953K | Reduce -3.4% |
| NTR Nutrien Ltd. | 0.38% | 17,900 | $911K | New |
| QSR Restaurant Brands Intern | 0.35% | 11,910 | $839K | Reduce -71.3% |
| VRN Veren Inc. | 0.24% | 74,670 | $589K | Reduce -84.5% |
| AQN Algonquin Power & Utilities | 0.23% | 95,700 | $561K | New |
| PRMW Primo Water Corp. | 0.08% | 9,220 | $202K | Reduce -27.8% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.08% | 50,190 | $193K | Reduce -74.9% |
Portfolio Sells Q1 2024 → Q2 2024
| WFG West Fraser Timber Co. Ltd. | Sold out | 0.00% | −2.92 |
| TFPM Triple Flag Precious Met | Sold out | 0.00% | −1.94 |
| UBER Uber Technologies Inc. | Reduce -53.2% | 2.28% | −1.83 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -47.9% | 2.40% | −1.62 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −1.38 |
| AEM Agnico Eagle Mines Ltd. | Reduce -69.4% | 0.94% | −1.29 |
| VRN Veren Inc. | Reduce -84.5% | 0.24% | −1.06 |
| DCBO Docebo Inc. | Reduce -52.9% | 0.92% | −1.05 |
| KGC Kinross Gold Corp. | Reduce -78.5% | 0.60% | −1.03 |
| RCI Rogers Communications Inc. Class B | Reduce -28.8% | 3.69% | −0.88 |
| INST Instructure Holdings Inc. | Sold out | 0.00% | −0.79 |
| PH Parker Hannifin Corp. | Reduce -50.0% | 1.05% | −0.79 |
| QSR Restaurant Brands Intern | Reduce -71.3% | 0.35% | −0.74 |
| ERF Enerplus Corp. | Sold out | 0.00% | −0.70 |
| TJX TJX Companies Inc. | Sold out | 0.00% | −0.69 |
| OR Osisko Gold Royalties Ltd. | Reduce -38.6% | 1.88% | −0.69 |
| CSL Carlisle Cos Inc. | Sold out | 0.00% | −0.65 |
| GDXJ Vaneck Junior Gold Miners | Sold out | 0.00% | −0.64 |
| CVE Cenovus Energy Inc. | Reduce -36.3% | 2.16% | −0.59 |
| XPOF Xponential Fitness Inc. Class A | Sold out | 0.00% | −0.55 |
| APO Apollo Global Management Inc. | Reduce -64.4% | 0.48% | −0.54 |
| BN Brookfield Corp. | Reduce -36.7% | 1.85% | −0.49 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.49 |
| TD Toronto-Dominion Bank | Reduce -33.1% | 1.56% | −0.48 |
| HWM Howmet Aerospace Inc. | Sold out | 0.00% | −0.45 |
| CCJ Cameco Corp. | Reduce -61.8% | 0.52% | −0.44 |
| RGLD Royal Gold Inc. | Sold out | 0.00% | −0.40 |
| SHOP Shopify Inc. Class A | Reduce -22.6% | 1.90% | −0.38 |
| SLF Sun Life Financial Inc. | Reduce -42.3% | 0.70% | −0.37 |
| CM Can Imperial BK of Commerce | Reduce -41.3% | 0.72% | −0.32 |
| BMO Bank of Montreal | Reduce -35.1% | 0.75% | −0.32 |
| OTEX Open Text Corp. | Sold out | 0.00% | −0.30 |
| BNS Bank of Nova Scotia | Reduce -25.6% | 1.08% | −0.23 |
| PBA Pembina Pipeline Corp. | Reduce -48.7% | 0.45% | −0.21 |
| ORLA Orla Mining Ltd. | Reduce -74.9% | 0.08% | −0.17 |
| ARCB Arcbest Corp. | Sold out | 0.00% | −0.15 |
| KNX Knight-Swift Transportation | Sold out | 0.00% | −0.14 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Sold out | 0.00% | −0.14 |
| UUUU Energy Fuels Inc. | Reduce -31.1% | 0.55% | −0.11 |
| WCN Waste Connections Inc. | Sold out | 0.00% | −0.10 |
| TAC Transalta Corp. | Sold out | 0.00% | −0.05 |
| AG First Majestic Silver Corp. | Reduce -23.8% | 0.62% | −0.02 |
| PRMW Primo Water Corp. | Reduce -27.8% | 0.08% | +0.01 |
| HBM Hudbay Minerals Inc. | Reduce -36.8% | 0.98% | +0.03 |
| UNP Union Pacific Corp. | Reduce -3.4% | 0.40% | +0.04 |
| FNV Franco-Nevada Corp. | Reduce -11.3% | 0.58% | +0.06 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -22.8% | 0.90% | +0.08 |
| PGR Progressive Corp. | Reduce -2.3% | 0.48% | +0.09 |
| URI United Rentals Inc. | Reduce -4.0% | 2.19% | +0.16 |
| AGI Alamos Gold Inc. Class A | Reduce -15.3% | 1.47% | +0.17 |
Portfolio Buys Q1 2024 → Q2 2024
| RBA RB Global Inc. | Add +43.7% | 4.98% | +2.23 |
| BIP Brookfield Infrastructure Pa | Add +78.3% | 4.27% | +2.10 |
| BBU Brookfield Business PT-Unit | Add +14.6% | 10.43% | +1.94 |
| SU Suncor Energy Inc. | Add +123.4% | 2.73% | +1.78 |
| MAG Mag Silver Corp. | Add +969.7% | 1.30% | +1.21 |
| ERO Ero Copper Corp. | Add +174.9% | 1.51% | +1.12 |
| MFC Manulife Financial Corp. | Add +30.8% | 2.49% | +1.07 |
| MSFT Microsoft Corp. | New | 0.93% | +0.93 |
| PWR Quanta Services Inc. | New | 0.88% | +0.88 |
| DSGX The Descartes Systems Grp | New | 0.85% | +0.85 |
| TRP TC Energy Corp. | Add +28.1% | 2.42% | +0.82 |
| CVNA Carvana Co. | New | 0.80% | +0.80 |
| AER Aercap Holdings NV | New | 0.77% | +0.77 |
| CGAU Centerra Gold Inc. | New | 0.76% | +0.76 |
| WFC Wells Fargo & Co. | Add +100.8% | 1.20% | +0.74 |
| AMZN Amazon.com Inc. | Add +37.5% | 1.57% | +0.72 |
| FTS Fortis Inc. | New | 0.64% | +0.64 |
| TFII Tfi International Inc. | New | 0.64% | +0.64 |
| XPO Xpo Inc. | Add +78.2% | 1.31% | +0.63 |
| EFXT Enerflex Ltd. | Add +16.3% | 2.43% | +0.63 |
| BECN Beacon Roofing Supply Inc. | Add +144.6% | 0.92% | +0.59 |
| FSM Fortuna Mining Corp. | New | 0.49% | +0.49 |
| IAG Iamgold Corp. | New | 0.47% | +0.47 |
| SILV Silvercrest Metals Inc. | Add +54.0% | 0.75% | +0.43 |
| NTR Nutrien Ltd. | New | 0.38% | +0.38 |
| SKE Skeena Resources Ltd. | Add +51.6% | 0.67% | +0.37 |
| GE General Electric | Add +30.8% | 1.12% | +0.37 |
| EXK Endeavour Silver Corp. | Add +75.7% | 0.51% | +0.35 |
| TRI Thomson Reuters Corp. | Add +43.1% | 0.55% | +0.27 |
| ENB Enbridge Inc. | Add +3.7% | 1.15% | +0.25 |
| GIL Gildan Activewear Inc. | Add +7.5% | 0.91% | +0.25 |
| DNN Denison Mines Corp. | Add +0.4% | 1.10% | +0.25 |
| AQN Algonquin Power & Utilities | New | 0.23% | +0.23 |
| GIB Cgi Inc. | Add +29.1% | 0.65% | +0.21 |
| NXE Nexgen Energy Ltd. | Add +25.0% | 0.69% | +0.20 |
| PDS Precision Drilling Corp. | Add +0.4% | 0.43% | +0.10 |
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 |