PCJ Investment Counsel Ltd.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 7, 2025), PCJ Investment Counsel Ltd. reported 69 stock positions worth $296.2 million. Its top holding was Brookfield Business PT-Unit (BBU) at 12.8% of the portfolio, followed by CRH (CRH, 7.9%) and Brookfield Infrastructure Pa (BIP, 6.3%). Compared with Q3 2024, it opened 14 new positions, sold out of 15, added to 25 and reduced 30. The biggest buy was Brookfield (BN, shares +70%) and the biggest sale Canadian Pacific Kansas City (CP, shares −74%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426318
- Portfolio Value
- $296.2M (Q4 2024)
- SEC Filing
- 0001426327-25-000004 ↗ filed Feb 7, 2025
Holdings Value
Holdings 69 stocks · $296.2M
| BBU Brookfield Business PT-Unit | 12.84% | 1,618,655 | $38.0M | Add +6.6% |
| CRH CRH PLC | 7.88% | 252,370 | $23.3M | Reduce -5.8% |
| BIP Brookfield Infrastructure Pa | 6.27% | 584,220 | $18.6M | Reduce -9.5% |
| BN Brookfield Corp. | 5.37% | 277,120 | $15.9M | Add +69.7% |
| RBA RB Global Inc. | 4.37% | 143,540 | $12.9M | Reduce -30.9% |
| EFXT Enerflex Ltd. | 3.25% | 967,610 | $9.6M | Reduce -21.8% |
| RY Royal Bank of Canada | 3.14% | 77,180 | $9.3M | Reduce -0.8% |
| ENB Enbridge Inc. | 3.10% | 216,630 | $9.2M | Add +168.6% |
| URI United Rentals Inc. | 2.64% | 11,090 | $7.8M | Add +23.6% |
| CIGI Colliers Intl GR-Subord Vot | 2.36% | 51,540 | $7.0M | Add +17.1% |
| SHOP Shopify Inc. Class A | 2.36% | 65,730 | $7.0M | Add +1.1% |
| SU Suncor Energy Inc. | 2.25% | 186,910 | $6.7M | Reduce -0.8% |
| CVNA Carvana Co. | 2.24% | 32,650 | $6.6M | Reduce -35.3% |
| MFC Manulife Financial Corp. | 1.51% | 145,681 | $4.5M | Reduce -41.1% |
| PH Parker Hannifin Corp. | 1.50% | 7,000 | $4.5M | Add +10.1% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.44% | 44,040 | $4.3M | New |
| TAC Transalta Corp. | 1.40% | 294,500 | $4.2M | Add +18.6% |
| MAG Mag Silver Corp. | 1.28% | 279,980 | $3.8M | Reduce -24.2% |
| BERY Berry Global Group Inc. | 1.27% | 58,000 | $3.8M | New |
| CNQ Canadian Natural Resources | 1.24% | 118,730 | $3.7M | Reduce -2.4% |
| XPO Xpo Inc. | 1.23% | 27,740 | $3.6M | Reduce -31.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.16% | 64,100 | $3.4M | Add +44.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.11% | 75,000 | $3.3M | New |
| DSGX The Descartes Systems Grp | 1.10% | 28,570 | $3.2M | Reduce -3.3% |
| CNI Canadian Natl Railway Co. | 1.08% | 31,580 | $3.2M | New |
| GE General Electric filed as GE AEROSPACE | 1.06% | 18,900 | $3.2M | Reduce -1.0% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.04% | 48,950 | $3.1M | Reduce -3.0% |
| TD Toronto-Dominion Bank | 0.99% | 55,390 | $2.9M | Reduce -36.0% |
| AER Aercap Holdings NV | 0.98% | 30,450 | $2.9M | Reduce -43.6% |
| DCBO Docebo Inc. | 0.96% | 63,636 | $2.8M | Add +11.9% |
| CVE Cenovus Energy Inc. | 0.96% | 187,810 | $2.8M | Reduce -26.8% |
| OR Osisko Gold Royalties Ltd. | 0.95% | 155,280 | $2.8M | Reduce -33.1% |
| CP Canadian Pacific Kansas City | 0.93% | 37,960 | $2.7M | Reduce -73.7% |
| AMZN Amazon.com Inc. | 0.93% | 12,500 | $2.7M | New |
| HBM Hudbay Minerals Inc. | 0.91% | 333,270 | $2.7M | Add +11.9% |
| SLF Sun Life Financial Inc. | 0.91% | 45,400 | $2.7M | Add +38.8% |
| CAE Cae Inc. | 0.83% | 96,590 | $2.4M | New |
| SILV Silvercrest Metals Inc. | 0.79% | 255,620 | $2.3M | Add +27.6% |
| AEM Agnico Eagle Mines Ltd. | 0.76% | 28,810 | $2.3M | Reduce -8.3% |
| XPOF Xponential Fitness Inc. Class A | 0.74% | 163,000 | $2.2M | New |
| EQX Equinox Gold Corp. | 0.71% | 419,520 | $2.1M | New |
| WPM Wheaton Precious Metals Corp. | 0.69% | 36,260 | $2.0M | Add +15.4% |
| LSPD Lightspeed Commerce Inc. | 0.63% | 123,060 | $1.9M | Add +33.8% |
| KGC Kinross Gold Corp. | 0.63% | 201,780 | $1.9M | Reduce -40.7% |
| FSM Fortuna Mining Corp. | 0.60% | 416,460 | $1.8M | Add +74.1% |
| PBA Pembina Pipeline Corp. | 0.59% | 47,670 | $1.8M | Add +73.2% |
| CGAU Centerra Gold Inc. | 0.56% | 291,208 | $1.7M | Reduce -33.0% |
| DNN Denison Mines Corp. | 0.54% | 888,690 | $1.6M | Add +11.9% |
| CMG Chipotle Mexican Grill Inc. | 0.51% | 25,000 | $1.5M | New |
| WFC Wells Fargo & Co. | 0.49% | 20,850 | $1.5M | New |
| TRI Thomson Reuters Corp. | 0.49% | 9,076 | $1.5M | Add +19.8% |
| TRP TC Energy Corp. | 0.48% | 30,660 | $1.4M | Reduce -29.8% |
| ASTL Algoma Steel Group Inc. | 0.48% | 144,430 | $1.4M | Reduce -21.3% |
| NXE Nexgen Energy Ltd. | 0.46% | 208,090 | $1.4M | Add +11.9% |
| GFL GFL Environmental Inc.-Sub VT | 0.45% | 29,780 | $1.3M | Reduce -66.3% |
| SKE Skeena Resources Ltd. | 0.41% | 139,630 | $1.2M | Add +11.9% |
| GIB Cgi Inc. | 0.40% | 10,960 | $1.2M | Add +3.1% |
| AGI Alamos Gold Inc. Class A | 0.40% | 64,750 | $1.2M | Reduce -21.3% |
| RCI Rogers Communications Inc. Class B | 0.40% | 38,710 | $1.2M | Reduce -84.4% |
| IAG Iamgold Corp. | 0.39% | 223,760 | $1.2M | Reduce -76.3% |
| CCJ Cameco Corp. | 0.36% | 20,620 | $1.1M | Add +33.0% |
| JBHT Hunt (jb) Transprt SVCS Inc. | 0.35% | 6,000 | $1.0M | New |
| PDS Precision Drilling Corp. | 0.34% | 16,360 | $999K | Add +11.9% |
| PAAS Pan American Silver Corp. | 0.33% | 48,170 | $973K | New |
| TECK Teck Resources Ltd.-CLS B | 0.29% | 21,340 | $864K | Reduce -18.4% |
| BIRK Birkenstock Holding PLC | 0.24% | 12,500 | $708K | New |
| UAL United Airlines Holdings Inc. | 0.23% | 7,000 | $680K | New |
| MEOH Methanex Corp. | 0.20% | 11,800 | $589K | Add +3.6% |
| ERO Ero Copper Corp. | 0.19% | 42,070 | $566K | Reduce -57.6% |
Portfolio Sells Q3 2024 → Q4 2024
| CP Canadian Pacific Kansas City | Reduce -73.7% | 0.93% | −2.98 |
| RCI Rogers Communications Inc. Class B | Reduce -84.4% | 0.40% | −2.75 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −1.38 |
| IAG Iamgold Corp. | Reduce -76.3% | 0.39% | −1.17 |
| RBA RB Global Inc. | Reduce -30.9% | 4.37% | −0.92 |
| BIP Brookfield Infrastructure Pa | Reduce -9.5% | 6.27% | −0.90 |
| MFC Manulife Financial Corp. | Reduce -41.1% | 1.51% | −0.80 |
| B Barrick Gold Corp. | Sold out | 0.00% | −0.78 |
| TD Toronto-Dominion Bank | Reduce -36.0% | 0.99% | −0.74 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.71 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -66.3% | 0.45% | −0.67 |
| AER Aercap Holdings NV | Reduce -43.6% | 0.98% | −0.63 |
| CVNA Carvana Co. | Reduce -35.3% | 2.24% | −0.54 |
| FDX FedEx Corp. | Sold out | 0.00% | −0.53 |
| ERO Ero Copper Corp. | Reduce -57.6% | 0.19% | −0.51 |
| UNP Union Pacific Corp. | Sold out | 0.00% | −0.43 |
| CGAU Centerra Gold Inc. | Reduce -33.0% | 0.56% | −0.43 |
| OR Osisko Gold Royalties Ltd. | Reduce -33.1% | 0.95% | −0.41 |
| CVE Cenovus Energy Inc. | Reduce -26.8% | 0.96% | −0.40 |
| KGC Kinross Gold Corp. | Reduce -40.7% | 0.63% | −0.38 |
| EFX Equifax Inc. | Sold out | 0.00% | −0.37 |
| TRU Transunion | Sold out | 0.00% | −0.37 |
| MAG Mag Silver Corp. | Reduce -24.2% | 1.28% | −0.36 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.36 |
| BURL Burlington Stores Inc. | Sold out | 0.00% | −0.34 |
| FNV Franco-Nevada Corp. | Sold out | 0.00% | −0.33 |
| WFG West Fraser Timber Co. Ltd. | Sold out | 0.00% | −0.31 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −0.31 |
| EXK Endeavour Silver Corp. | Sold out | 0.00% | −0.25 |
| NTR Nutrien Ltd. | Sold out | 0.00% | −0.20 |
| VRN Veren Inc. | Sold out | 0.00% | −0.20 |
| TRP TC Energy Corp. | Reduce -29.8% | 0.48% | −0.18 |
| XPO Xpo Inc. | Reduce -31.4% | 1.23% | −0.15 |
| TECK Teck Resources Ltd.-CLS B | Reduce -18.4% | 0.29% | −0.14 |
| ASTL Algoma Steel Group Inc. | Reduce -21.3% | 0.48% | −0.12 |
| AGI Alamos Gold Inc. Class A | Reduce -21.3% | 0.40% | −0.12 |
| GE General Electric | Reduce -1.0% | 1.06% | −0.08 |
| CNQ Canadian Natural Resources | Reduce -2.4% | 1.24% | −0.04 |
| AEM Agnico Eagle Mines Ltd. | Reduce -8.3% | 0.76% | −0.04 |
| CRH CRH PLC | Reduce -5.8% | 7.88% | +0.02 |
| SU Suncor Energy Inc. | Reduce -0.8% | 2.25% | +0.05 |
| RY Royal Bank of Canada | Reduce -0.8% | 3.14% | +0.06 |
| CM Can Imperial BK of Commerce | Reduce -3.0% | 1.04% | +0.06 |
| DSGX The Descartes Systems Grp | Reduce -3.3% | 1.10% | +0.13 |
| EFXT Enerflex Ltd. | Reduce -21.8% | 3.25% | +0.91 |
Portfolio Buys Q3 2024 → Q4 2024
| BN Brookfield Corp. | Add +69.7% | 5.37% | +2.63 |
| ENB Enbridge Inc. | Add +168.6% | 3.10% | +2.06 |
| BBU Brookfield Business PT-Unit | Add +6.6% | 12.84% | +1.60 |
| BMO Bank of Montreal | New | 1.44% | +1.44 |
| BERY Berry Global Group Inc. | New | 1.27% | +1.27 |
| BAC Bank of America Corp. | New | 1.11% | +1.11 |
| CNI Canadian Natl Railway Co. | New | 1.08% | +1.08 |
| AMZN Amazon.com Inc. | New | 0.93% | +0.93 |
| CAE Cae Inc. | New | 0.83% | +0.83 |
| XPOF Xponential Fitness Inc. Class A | New | 0.74% | +0.74 |
| EQX Equinox Gold Corp. | New | 0.71% | +0.71 |
| SHOP Shopify Inc. Class A | Add +1.1% | 2.36% | +0.71 |
| TAC Transalta Corp. | Add +18.6% | 1.40% | +0.59 |
| CMG Chipotle Mexican Grill Inc. | New | 0.51% | +0.51 |
| WFC Wells Fargo & Co. | New | 0.49% | +0.49 |
| BNS Bank of Nova Scotia | Add +44.7% | 1.16% | +0.40 |
| JBHT Hunt (jb) Transprt SVCS Inc. | New | 0.35% | +0.35 |
| URI United Rentals Inc. | Add +23.6% | 2.64% | +0.34 |
| PAAS Pan American Silver Corp. | New | 0.33% | +0.33 |
| SLF Sun Life Financial Inc. | Add +38.8% | 0.91% | +0.31 |
| FSM Fortuna Mining Corp. | Add +74.1% | 0.60% | +0.25 |
| CIGI Colliers Intl GR-Subord Vot | Add +17.1% | 2.36% | +0.25 |
| BIRK Birkenstock Holding PLC | New | 0.24% | +0.24 |
| PBA Pembina Pipeline Corp. | Add +73.2% | 0.59% | +0.23 |
| PH Parker Hannifin Corp. | Add +10.1% | 1.50% | +0.23 |
| UAL United Airlines Holdings Inc. | New | 0.23% | +0.23 |
| SILV Silvercrest Metals Inc. | Add +27.6% | 0.79% | +0.20 |
| DCBO Docebo Inc. | Add +11.9% | 0.96% | +0.17 |
| LSPD Lightspeed Commerce Inc. | Add +33.8% | 0.63% | +0.15 |
| CCJ Cameco Corp. | Add +33.0% | 0.36% | +0.12 |
| DNN Denison Mines Corp. | Add +11.9% | 0.54% | +0.09 |
| TRI Thomson Reuters Corp. | Add +19.8% | 0.49% | +0.08 |
| WPM Wheaton Precious Metals Corp. | Add +15.4% | 0.69% | +0.08 |
| NXE Nexgen Energy Ltd. | Add +11.9% | 0.46% | +0.08 |
| SKE Skeena Resources Ltd. | Add +11.9% | 0.41% | +0.07 |
| PDS Precision Drilling Corp. | Add +11.9% | 0.34% | +0.05 |
| MEOH Methanex Corp. | Add +3.6% | 0.20% | +0.05 |
| HBM Hudbay Minerals Inc. | Add +11.9% | 0.91% | +0.04 |
| GIB Cgi Inc. | Add +3.1% | 0.40% | +0.02 |
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 |