PCJ Investment Counsel Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), PCJ Investment Counsel Ltd. reported 64 stock positions worth $255.7 million. Its top holding was Brookfield Business PT-Unit (BBU) at 12.0% of the portfolio, followed by CRH (CRH, 6.7%) and RB Global (RBA, 6.3%). Compared with Q4 2024, it opened 10 new positions, sold out of 15, added to 29 and reduced 25. The biggest buy was Cae (CAE, shares +246%) and the biggest sale Brookfield (BN, shares −66%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426318
- Portfolio Value
- $255.7M (Q1 2025)
- SEC Filing
- 0001426318-25-000003 ↗ filed May 12, 2025
Holdings Value
Holdings 64 stocks · $255.7M
| BBU Brookfield Business PT-Unit | 11.96% | 1,305,154 | $30.6M | Reduce -19.4% |
| CRH CRH PLC | 6.66% | 193,640 | $17.0M | Reduce -23.3% |
| RBA RB Global Inc. | 6.29% | 160,300 | $16.1M | Add +11.7% |
| EFXT Enerflex Ltd. | 4.08% | 1,349,730 | $10.4M | Add +39.5% |
| BIP Brookfield Infrastructure Pa | 3.56% | 305,430 | $9.1M | Reduce -47.7% |
| BERY Berry Global Group Inc. | 3.26% | 119,460 | $8.3M | Add +106.0% |
| CNQ Canadian Natural Resources | 3.23% | 268,230 | $8.3M | Add +125.9% |
| CAE Cae Inc. | 3.21% | 334,100 | $8.2M | Add +245.9% |
| RY Royal Bank of Canada | 3.11% | 70,540 | $7.9M | Reduce -8.6% |
| SHOP Shopify Inc. Class A | 2.47% | 66,480 | $6.3M | Add +1.1% |
| MAG Mag Silver Corp. | 2.33% | 391,930 | $6.0M | Add +40.0% |
| TD Toronto-Dominion Bank | 2.33% | 99,420 | $6.0M | Add +79.5% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 2.12% | 56,870 | $5.4M | Add +29.1% |
| KGC Kinross Gold Corp. | 2.07% | 420,230 | $5.3M | Add +108.3% |
| AER Aercap Holdings NV | 2.05% | 51,360 | $5.2M | Add +68.7% |
| RCI Rogers Communications Inc. Class B | 1.96% | 187,150 | $5.0M | Add +383.5% |
| NGD New Gold Inc. | 1.93% | 1,334,850 | $4.9M | New |
| BN Brookfield Corp. | 1.91% | 93,230 | $4.9M | Reduce -66.4% |
| ENB Enbridge Inc. | 1.79% | 103,370 | $4.6M | Reduce -52.3% |
| OR Osisko Gold Royalties Ltd. | 1.66% | 201,220 | $4.2M | Add +29.6% |
| MFC Manulife Financial Corp. | 1.61% | 131,951 | $4.1M | Reduce -9.4% |
| AEM Agnico Eagle Mines Ltd. | 1.46% | 34,450 | $3.7M | Add +19.6% |
| CVNA Carvana Co. | 1.43% | 17,480 | $3.7M | Reduce -46.5% |
| IAG Iamgold Corp. | 1.43% | 584,140 | $3.6M | Add +161.1% |
| DSGX The Descartes Systems Grp | 1.41% | 35,710 | $3.6M | Add +25.0% |
| CP Canadian Pacific Kansas City | 1.22% | 44,440 | $3.1M | Add +17.1% |
| EQX Equinox Gold Corp. | 1.16% | 431,330 | $3.0M | Add +2.8% |
| WPM Wheaton Precious Metals Corp. | 1.11% | 36,530 | $2.8M | Add +0.7% |
| FSM Fortuna Mining Corp. | 1.02% | 430,700 | $2.6M | Add +3.4% |
| WCN Waste Connections Inc. | 1.01% | 13,210 | $2.6M | New |
| SU Suncor Energy Inc. | 0.97% | 64,000 | $2.5M | Reduce -65.8% |
| TRP TC Energy Corp. | 0.92% | 49,750 | $2.3M | Add +62.3% |
| GIL Gildan Activewear Inc. | 0.85% | 49,080 | $2.2M | New |
| PBA Pembina Pipeline Corp. | 0.84% | 53,800 | $2.2M | Add +12.9% |
| TSAT Telesat Corp. | 0.82% | 112,800 | $2.1M | New |
| CNI Canadian Natl Railway Co. | 0.80% | 20,960 | $2.0M | Reduce -33.6% |
| DNN Denison Mines Corp. | 0.79% | 1,552,420 | $2.0M | Add +74.7% |
| AG First Majestic Silver Corp. | 0.79% | 300,470 | $2.0M | New |
| DCBO Docebo Inc. | 0.77% | 68,614 | $2.0M | Add +7.8% |
| CVLG Covenant Logistics Group Inc. | 0.75% | 86,000 | $1.9M | New |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.71% | 32,500 | $1.8M | Reduce -33.6% |
| AGI Alamos Gold Inc. Class A | 0.65% | 62,180 | $1.7M | Reduce -4.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.64% | 34,510 | $1.6M | Reduce -46.2% |
| PAAS Pan American Silver Corp. | 0.59% | 58,000 | $1.5M | Add +20.4% |
| SKE Skeena Resources Ltd. | 0.58% | 146,260 | $1.5M | Add +4.8% |
| NXE Nexgen Energy Ltd. | 0.56% | 322,140 | $1.4M | Add +54.8% |
| GFL GFL Environmental Inc.-Sub VT | 0.54% | 28,780 | $1.4M | Reduce -3.4% |
| TRI Thomson Reuters Corp. | 0.54% | 7,946 | $1.4M | Reduce -12.4% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.54% | 146,630 | $1.4M | New |
| TU Telus Corp. | 0.54% | 95,380 | $1.4M | New |
| NTR Nutrien Ltd. | 0.46% | 23,710 | $1.2M | New |
| SCHW Schwab (charles) Corp. | 0.46% | 15,000 | $1.2M | New |
| XPO Xpo Inc. | 0.44% | 10,500 | $1.1M | Reduce -62.1% |
| LSPD Lightspeed Commerce Inc. | 0.43% | 126,420 | $1.1M | Add +2.7% |
| GIB Cgi Inc. | 0.42% | 10,810 | $1.1M | Reduce -1.4% |
| CVE Cenovus Energy Inc. | 0.42% | 77,300 | $1.1M | Reduce -58.8% |
| CGAU Centerra Gold Inc. | 0.41% | 165,710 | $1.1M | Reduce -43.1% |
| GE General Electric filed as GE AEROSPACE | 0.39% | 5,000 | $1.0M | Reduce -73.5% |
| PH Parker Hannifin Corp. | 0.36% | 1,500 | $912K | Reduce -78.6% |
| CCJ Cameco Corp. | 0.33% | 20,450 | $842K | Reduce -0.8% |
| PDS Precision Drilling Corp. | 0.31% | 16,830 | $783K | Add +2.9% |
| TECK Teck Resources Ltd.-CLS B | 0.30% | 21,170 | $771K | Reduce -0.8% |
| HBM Hudbay Minerals Inc. | 0.15% | 50,080 | $380K | Reduce -85.0% |
| ASTL Algoma Steel Group Inc. | 0.11% | 50,080 | $272K | Reduce -65.3% |
Portfolio Sells Q4 2024 → Q1 2025
| BN Brookfield Corp. | Reduce -66.4% | 1.91% | −3.46 |
| BIP Brookfield Infrastructure Pa | Reduce -47.7% | 3.56% | −2.71 |
| URI United Rentals Inc. | Sold out | 0.00% | −2.64 |
| CIGI Colliers Intl GR-Subord Vot | Sold out | 0.00% | −2.36 |
| TAC Transalta Corp. | Sold out | 0.00% | −1.40 |
| ENB Enbridge Inc. | Reduce -52.3% | 1.79% | −1.31 |
| SU Suncor Energy Inc. | Reduce -65.8% | 0.97% | −1.28 |
| CRH CRH PLC | Reduce -23.3% | 6.66% | −1.22 |
| PH Parker Hannifin Corp. | Reduce -78.6% | 0.36% | −1.15 |
| BAC Bank of America Corp. | Sold out | 0.00% | −1.11 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.93 |
| SLF Sun Life Financial Inc. | Sold out | 0.00% | −0.91 |
| BBU Brookfield Business PT-Unit | Reduce -19.4% | 11.96% | −0.88 |
| CVNA Carvana Co. | Reduce -46.5% | 1.43% | −0.81 |
| XPO Xpo Inc. | Reduce -62.1% | 0.44% | −0.79 |
| SILV Silvercrest Metals Inc. | Sold out | 0.00% | −0.79 |
| HBM Hudbay Minerals Inc. | Reduce -85.0% | 0.15% | −0.76 |
| XPOF Xponential Fitness Inc. Class A | Sold out | 0.00% | −0.74 |
| GE General Electric | Reduce -73.5% | 0.39% | −0.67 |
| CVE Cenovus Energy Inc. | Reduce -58.8% | 0.42% | −0.54 |
| BNS Bank of Nova Scotia | Reduce -46.2% | 0.64% | −0.52 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.51 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.49 |
| ASTL Algoma Steel Group Inc. | Reduce -65.3% | 0.11% | −0.37 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Sold out | 0.00% | −0.35 |
| CM Can Imperial BK of Commerce | Reduce -33.6% | 0.71% | −0.33 |
| CNI Canadian Natl Railway Co. | Reduce -33.6% | 0.80% | −0.28 |
| BIRK Birkenstock Holding PLC | Sold out | 0.00% | −0.24 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −0.23 |
| MEOH Methanex Corp. | Sold out | 0.00% | −0.20 |
| ERO Ero Copper Corp. | Sold out | 0.00% | −0.19 |
| CGAU Centerra Gold Inc. | Reduce -43.1% | 0.41% | −0.15 |
| RY Royal Bank of Canada | Reduce -8.6% | 3.11% | −0.03 |
| CCJ Cameco Corp. | Reduce -0.8% | 0.33% | −0.03 |
| TECK Teck Resources Ltd.-CLS B | Reduce -0.8% | 0.30% | +0.01 |
| GIB Cgi Inc. | Reduce -1.4% | 0.42% | +0.02 |
| TRI Thomson Reuters Corp. | Reduce -12.4% | 0.54% | +0.04 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -3.4% | 0.54% | +0.10 |
| MFC Manulife Financial Corp. | Reduce -9.4% | 1.61% | +0.10 |
| AGI Alamos Gold Inc. Class A | Reduce -4.0% | 0.65% | +0.25 |
Portfolio Buys Q4 2024 → Q1 2025
| CAE Cae Inc. | Add +245.9% | 3.21% | +2.39 |
| BERY Berry Global Group Inc. | Add +106.0% | 3.26% | +1.99 |
| CNQ Canadian Natural Resources | Add +125.9% | 3.23% | +1.99 |
| NGD New Gold Inc. | New | 1.93% | +1.93 |
| RBA RB Global Inc. | Add +11.7% | 6.29% | +1.92 |
| RCI Rogers Communications Inc. Class B | Add +383.5% | 1.96% | +1.55 |
| KGC Kinross Gold Corp. | Add +108.3% | 2.07% | +1.44 |
| TD Toronto-Dominion Bank | Add +79.5% | 2.33% | +1.34 |
| AER Aercap Holdings NV | Add +68.7% | 2.05% | +1.07 |
| MAG Mag Silver Corp. | Add +40.0% | 2.33% | +1.05 |
| IAG Iamgold Corp. | Add +161.1% | 1.43% | +1.04 |
| WCN Waste Connections Inc. | New | 1.01% | +1.01 |
| GIL Gildan Activewear Inc. | New | 0.85% | +0.85 |
| EFXT Enerflex Ltd. | Add +39.5% | 4.08% | +0.83 |
| TSAT Telesat Corp. | New | 0.82% | +0.82 |
| AG First Majestic Silver Corp. | New | 0.79% | +0.79 |
| CVLG Covenant Logistics Group Inc. | New | 0.75% | +0.75 |
| OR Osisko Gold Royalties Ltd. | Add +29.6% | 1.66% | +0.71 |
| AEM Agnico Eagle Mines Ltd. | Add +19.6% | 1.46% | +0.70 |
| BMO Bank of Montreal | Add +29.1% | 2.12% | +0.68 |
| ORLA Orla Mining Ltd. | New | 0.54% | +0.54 |
| TU Telus Corp. | New | 0.54% | +0.54 |
| NTR Nutrien Ltd. | New | 0.46% | +0.46 |
| SCHW Schwab (charles) Corp. | New | 0.46% | +0.46 |
| EQX Equinox Gold Corp. | Add +2.8% | 1.16% | +0.45 |
| TRP TC Energy Corp. | Add +62.3% | 0.92% | +0.44 |
| FSM Fortuna Mining Corp. | Add +3.4% | 1.02% | +0.42 |
| WPM Wheaton Precious Metals Corp. | Add +0.7% | 1.11% | +0.42 |
| DSGX The Descartes Systems Grp | Add +25.0% | 1.41% | +0.31 |
| CP Canadian Pacific Kansas City | Add +17.1% | 1.22% | +0.29 |
| PAAS Pan American Silver Corp. | Add +20.4% | 0.59% | +0.26 |
| DNN Denison Mines Corp. | Add +74.7% | 0.79% | +0.25 |
| PBA Pembina Pipeline Corp. | Add +12.9% | 0.84% | +0.25 |
| SKE Skeena Resources Ltd. | Add +4.8% | 0.58% | +0.17 |
| SHOP Shopify Inc. Class A | Add +1.1% | 2.47% | +0.11 |
| NXE Nexgen Energy Ltd. | Add +54.8% | 0.56% | +0.10 |
| PDS Precision Drilling Corp. | Add +2.9% | 0.31% | −0.03 |
| DCBO Docebo Inc. | Add +7.8% | 0.77% | −0.19 |
| LSPD Lightspeed Commerce Inc. | Add +2.7% | 0.43% | −0.20 |
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 |