PCJ Investment Counsel Ltd.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 8, 2024), PCJ Investment Counsel Ltd. reported 70 stock positions worth $315.9 million. Its top holding was Brookfield Business PT-Unit (BBU) at 11.2% of the portfolio, followed by CRH (CRH, 7.9%) and Brookfield Infrastructure Pa (BIP, 7.2%). Compared with Q2 2024, it opened 13 new positions, sold out of 16, added to 31 and reduced 26. The biggest buy was a new position in CRH (CRH) and the biggest sale TC Energy (TRP, shares −72%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426318
- Portfolio Value
- $315.9M (Q3 2024)
- SEC Filing
- 0001426318-24-000009 ↗ filed Nov 8, 2024
Holdings Value
Holdings 70 stocks · $315.9M
| BBU Brookfield Business PT-Unit | 11.25% | 1,518,892 | $35.5M | Add +14.2% |
| CRH CRH PLC | 7.87% | 268,000 | $24.9M | New |
| BIP Brookfield Infrastructure Pa | 7.17% | 645,740 | $22.6M | Add +72.3% |
| RBA RB Global Inc. | 5.29% | 207,660 | $16.7M | Add +32.0% |
| CP Canadian Pacific Kansas City | 3.91% | 144,330 | $12.3M | Add +4.1% |
| RCI Rogers Communications Inc. Class B | 3.15% | 247,530 | $10.0M | Add +2.9% |
| RY Royal Bank of Canada | 3.07% | 77,830 | $9.7M | Add +2.7% |
| CVNA Carvana Co. | 2.78% | 50,450 | $8.8M | Add +236.3% |
| BN Brookfield Corp. | 2.75% | 163,280 | $8.7M | Add +52.4% |
| EFXT Enerflex Ltd. | 2.33% | 1,237,750 | $7.4M | Add +14.1% |
| MFC Manulife Financial Corp. | 2.31% | 247,211 | $7.3M | Add +9.5% |
| URI United Rentals Inc. | 2.30% | 8,970 | $7.3M | Add +9.8% |
| SU Suncor Energy Inc. | 2.20% | 188,390 | $7.0M | Add +9.3% |
| CIGI Colliers Intl GR-Subord Vot | 2.12% | 44,020 | $6.7M | Reduce -15.2% |
| TD Toronto-Dominion Bank | 1.73% | 86,550 | $5.5M | Add +26.3% |
| SHOP Shopify Inc. Class A | 1.65% | 65,020 | $5.2M | Reduce -6.4% |
| MAG Mag Silver Corp. | 1.64% | 369,290 | $5.2M | Add +38.1% |
| AER Aercap Holdings NV | 1.62% | 53,960 | $5.1M | Add +169.7% |
| IAG Iamgold Corp. | 1.56% | 942,900 | $4.9M | Add +213.1% |
| UBER Uber Technologies Inc. | 1.38% | 57,940 | $4.4M | Reduce -23.5% |
| XPO Xpo Inc. | 1.38% | 40,410 | $4.3M | Add +36.2% |
| OR Osisko Gold Royalties Ltd. | 1.36% | 232,170 | $4.3M | Reduce -20.2% |
| CVE Cenovus Energy Inc. | 1.36% | 256,600 | $4.3M | Reduce -3.2% |
| CNQ Canadian Natural Resources | 1.28% | 121,600 | $4.0M | Add +1.1% |
| PH Parker Hannifin Corp. | 1.27% | 6,360 | $4.0M | Add +27.2% |
| GE General Electric filed as GE AEROSPACE | 1.14% | 19,090 | $3.6M | Add +12.3% |
| GFL GFL Environmental Inc.-Sub VT | 1.12% | 88,350 | $3.5M | Add +59.0% |
| ENB Enbridge Inc. | 1.04% | 80,668 | $3.3M | Add +3.9% |
| KGC Kinross Gold Corp. | 1.01% | 340,220 | $3.2M | Add +96.2% |
| CGAU Centerra Gold Inc. | 0.99% | 434,628 | $3.1M | Add +59.6% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.98% | 50,490 | $3.1M | Add +38.8% |
| DSGX The Descartes Systems Grp | 0.96% | 29,540 | $3.0M | Add +40.1% |
| HBM Hudbay Minerals Inc. | 0.87% | 297,900 | $2.7M | Add +14.1% |
| TAC Transalta Corp. | 0.81% | 248,250 | $2.6M | New |
| AEM Agnico Eagle Mines Ltd. | 0.80% | 31,410 | $2.5M | Reduce -9.4% |
| DCBO Docebo Inc. | 0.79% | 56,886 | $2.5M | Reduce -0.7% |
| B Barrick Gold Corp. | 0.78% | 123,200 | $2.5M | New |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.76% | 44,305 | $2.4M | Reduce -21.9% |
| MSFT Microsoft Corp. | 0.71% | 5,220 | $2.2M | Add +4.4% |
| ERO Ero Copper Corp. | 0.70% | 99,300 | $2.2M | Reduce -41.7% |
| TRP TC Energy Corp. | 0.66% | 43,700 | $2.1M | Reduce -71.6% |
| WPM Wheaton Precious Metals Corp. | 0.61% | 31,410 | $1.9M | Add +0.2% |
| SLF Sun Life Financial Inc. | 0.60% | 32,720 | $1.9M | Reduce -4.3% |
| ASTL Algoma Steel Group Inc. | 0.59% | 183,500 | $1.9M | New |
| SILV Silvercrest Metals Inc. | 0.59% | 200,290 | $1.9M | Reduce -8.9% |
| FDX FedEx Corp. | 0.53% | 6,100 | $1.7M | New |
| AGI Alamos Gold Inc. Class A | 0.52% | 82,270 | $1.6M | Reduce -63.6% |
| LSPD Lightspeed Commerce Inc. | 0.48% | 92,000 | $1.5M | New |
| DNN Denison Mines Corp. | 0.46% | 794,390 | $1.4M | Reduce -39.9% |
| UNP Union Pacific Corp. | 0.43% | 5,560 | $1.4M | Add +32.1% |
| TECK Teck Resources Ltd.-CLS B | 0.43% | 26,150 | $1.4M | Reduce -43.8% |
| TRI Thomson Reuters Corp. | 0.41% | 7,576 | $1.3M | Reduce -4.5% |
| GIB Cgi Inc. | 0.39% | 10,630 | $1.2M | Reduce -32.3% |
| NXE Nexgen Energy Ltd. | 0.38% | 186,000 | $1.2M | Reduce -21.6% |
| EFX Equifax Inc. | 0.37% | 4,000 | $1.2M | New |
| TRU Transunion | 0.37% | 11,110 | $1.2M | New |
| PBA Pembina Pipeline Corp. | 0.36% | 27,520 | $1.1M | Reduce -5.0% |
| LEN Lennar Corp. Class A | 0.36% | 6,000 | $1.1M | New |
| FSM Fortuna Mining Corp. | 0.35% | 239,240 | $1.1M | Reduce -0.7% |
| BURL Burlington Stores Inc. | 0.34% | 4,080 | $1.1M | New |
| SKE Skeena Resources Ltd. | 0.34% | 124,790 | $1.1M | Reduce -58.8% |
| FNV Franco-Nevada Corp. | 0.33% | 8,320 | $1.0M | Reduce -29.7% |
| WFG West Fraser Timber Co. Ltd. | 0.31% | 10,000 | $974K | New |
| BLDR Builders Firstsource Inc. | 0.31% | 5,000 | $969K | New |
| PDS Precision Drilling Corp. | 0.28% | 14,620 | $900K | Reduce -0.7% |
| EXK Endeavour Silver Corp. | 0.25% | 198,620 | $784K | Reduce -43.5% |
| CCJ Cameco Corp. | 0.23% | 15,510 | $741K | Reduce -39.7% |
| NTR Nutrien Ltd. | 0.20% | 13,290 | $639K | Reduce -25.8% |
| VRN Veren Inc. | 0.20% | 101,610 | $626K | Add +36.1% |
| MEOH Methanex Corp. | 0.15% | 11,390 | $471K | New |
Portfolio Sells Q2 2024 → Q3 2024
| TRP TC Energy Corp. | Reduce -71.6% | 0.66% | −1.76 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −1.57 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −1.20 |
| AGI Alamos Gold Inc. Class A | Reduce -63.6% | 0.52% | −0.95 |
| BECN Beacon Roofing Supply Inc. | Sold out | 0.00% | −0.92 |
| GIL Gildan Activewear Inc. | Sold out | 0.00% | −0.91 |
| UBER Uber Technologies Inc. | Reduce -23.5% | 1.38% | −0.90 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.88 |
| ERO Ero Copper Corp. | Reduce -41.7% | 0.70% | −0.81 |
| CVE Cenovus Energy Inc. | Reduce -3.2% | 1.36% | −0.80 |
| BMO Bank of Montreal | Sold out | 0.00% | −0.75 |
| DNN Denison Mines Corp. | Reduce -39.9% | 0.46% | −0.64 |
| FTS Fortis Inc. | Sold out | 0.00% | −0.64 |
| TFII Tfi International Inc. | Sold out | 0.00% | −0.64 |
| AG First Majestic Silver Corp. | Sold out | 0.00% | −0.62 |
| UUUU Energy Fuels Inc. | Sold out | 0.00% | −0.55 |
| OR Osisko Gold Royalties Ltd. | Reduce -20.2% | 1.36% | −0.52 |
| TECK Teck Resources Ltd.-CLS B | Reduce -43.8% | 0.43% | −0.49 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −0.48 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.48 |
| QSR Restaurant Brands Intern | Sold out | 0.00% | −0.35 |
| SKE Skeena Resources Ltd. | Reduce -58.8% | 0.34% | −0.34 |
| BNS Bank of Nova Scotia | Reduce -21.9% | 0.76% | −0.31 |
| NXE Nexgen Energy Ltd. | Reduce -21.6% | 0.38% | −0.30 |
| CCJ Cameco Corp. | Reduce -39.7% | 0.23% | −0.29 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -15.2% | 2.12% | −0.29 |
| EXK Endeavour Silver Corp. | Reduce -43.5% | 0.25% | −0.26 |
| GIB Cgi Inc. | Reduce -32.3% | 0.39% | −0.26 |
| SHOP Shopify Inc. Class A | Reduce -6.4% | 1.65% | −0.26 |
| FNV Franco-Nevada Corp. | Reduce -29.7% | 0.33% | −0.25 |
| AQN Algonquin Power & Utilities | Sold out | 0.00% | −0.23 |
| NTR Nutrien Ltd. | Reduce -25.8% | 0.20% | −0.18 |
| SILV Silvercrest Metals Inc. | Reduce -8.9% | 0.59% | −0.16 |
| TRI Thomson Reuters Corp. | Reduce -4.5% | 0.41% | −0.15 |
| PDS Precision Drilling Corp. | Reduce -0.7% | 0.28% | −0.14 |
| AEM Agnico Eagle Mines Ltd. | Reduce -9.4% | 0.80% | −0.14 |
| FSM Fortuna Mining Corp. | Reduce -0.7% | 0.35% | −0.14 |
| DCBO Docebo Inc. | Reduce -0.7% | 0.79% | −0.12 |
| SLF Sun Life Financial Inc. | Reduce -4.3% | 0.60% | −0.09 |
| PBA Pembina Pipeline Corp. | Reduce -5.0% | 0.36% | −0.09 |
| PRMW Primo Water Corp. | Sold out | 0.00% | −0.08 |
| ORLA Orla Mining Ltd. | Sold out | 0.00% | −0.08 |
Portfolio Buys Q2 2024 → Q3 2024
| CRH CRH PLC | New | 7.87% | +7.87 |
| BIP Brookfield Infrastructure Pa | Add +72.3% | 7.17% | +2.90 |
| CVNA Carvana Co. | Add +236.3% | 2.78% | +1.98 |
| IAG Iamgold Corp. | Add +213.1% | 1.56% | +1.10 |
| BN Brookfield Corp. | Add +52.4% | 2.75% | +0.90 |
| AER Aercap Holdings NV | Add +169.7% | 1.62% | +0.84 |
| BBU Brookfield Business PT-Unit | Add +14.2% | 11.25% | +0.82 |
| TAC Transalta Corp. | New | 0.81% | +0.81 |
| B Barrick Gold Corp. | New | 0.78% | +0.78 |
| ASTL Algoma Steel Group Inc. | New | 0.59% | +0.59 |
| FDX FedEx Corp. | New | 0.53% | +0.53 |
| LSPD Lightspeed Commerce Inc. | New | 0.48% | +0.48 |
| KGC Kinross Gold Corp. | Add +96.2% | 1.01% | +0.41 |
| EFX Equifax Inc. | New | 0.37% | +0.37 |
| TRU Transunion | New | 0.37% | +0.37 |
| LEN Lennar Corp. Class A | New | 0.36% | +0.36 |
| MAG Mag Silver Corp. | Add +38.1% | 1.64% | +0.35 |
| BURL Burlington Stores Inc. | New | 0.34% | +0.34 |
| RBA RB Global Inc. | Add +32.0% | 5.29% | +0.31 |
| WFG West Fraser Timber Co. Ltd. | New | 0.31% | +0.31 |
| BLDR Builders Firstsource Inc. | New | 0.31% | +0.31 |
| CM Can Imperial BK of Commerce | Add +38.8% | 0.98% | +0.26 |
| CGAU Centerra Gold Inc. | Add +59.6% | 0.99% | +0.23 |
| PH Parker Hannifin Corp. | Add +27.2% | 1.27% | +0.22 |
| GFL GFL Environmental Inc.-Sub VT | Add +59.0% | 1.12% | +0.22 |
| TD Toronto-Dominion Bank | Add +26.3% | 1.73% | +0.17 |
| MEOH Methanex Corp. | New | 0.15% | +0.15 |
| DSGX The Descartes Systems Grp | Add +40.1% | 0.96% | +0.12 |
| URI United Rentals Inc. | Add +9.8% | 2.30% | +0.11 |
| XPO Xpo Inc. | Add +36.2% | 1.38% | +0.07 |
| UNP Union Pacific Corp. | Add +32.1% | 0.43% | +0.04 |
| GE General Electric | Add +12.3% | 1.14% | +0.02 |
| VRN Veren Inc. | Add +36.1% | 0.20% | −0.05 |
| WPM Wheaton Precious Metals Corp. | Add +0.2% | 0.61% | −0.07 |
| EFXT Enerflex Ltd. | Add +14.1% | 2.33% | −0.09 |
| ENB Enbridge Inc. | Add +3.9% | 1.04% | −0.11 |
| HBM Hudbay Minerals Inc. | Add +14.1% | 0.87% | −0.11 |
| MFC Manulife Financial Corp. | Add +9.5% | 2.31% | −0.18 |
| MSFT Microsoft Corp. | Add +4.4% | 0.71% | −0.22 |
| RY Royal Bank of Canada | Add +2.7% | 3.07% | −0.27 |
| CNQ Canadian Natural Resources | Add +1.1% | 1.28% | −0.50 |
| SU Suncor Energy Inc. | Add +9.3% | 2.20% | −0.53 |
| RCI Rogers Communications Inc. Class B | Add +2.9% | 3.15% | −0.54 |
| CP Canadian Pacific Kansas City | Add +4.1% | 3.91% | −0.62 |
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 |