PCJ Investment Counsel Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), PCJ Investment Counsel Ltd. reported 65 stock positions worth $292.8 million. Its top holding was Brookfield Business PT-Unit (BBU) at 11.3% of the portfolio, followed by CRH (CRH, 6.0%) and Enerflex (EFXT, 4.0%). Compared with Q1 2025, it opened 11 new positions, sold out of 10, added to 27 and reduced 27. The biggest buy was a new position in Capital One Financial (COF) and the biggest sale an exit from Berry Global (BERY).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426318
- Portfolio Value
- $292.8M (Q2 2025)
- SEC Filing
- 0001426318-25-000004 ↗ filed Aug 7, 2025
Holdings Value
Holdings 65 stocks · $292.8M
| BBU Brookfield Business PT-Unit | 11.28% | 1,270,784 | $33.0M | Reduce -2.6% |
| CRH CRH PLC | 6.05% | 192,900 | $17.7M | Reduce -0.4% |
| EFXT Enerflex Ltd. | 4.01% | 1,487,680 | $11.8M | Add +10.2% |
| RBA RB Global Inc. | 4.00% | 110,130 | $11.7M | Reduce -31.3% |
| RY Royal Bank of Canada | 3.51% | 77,970 | $10.3M | Add +10.5% |
| BIP Brookfield Infrastructure Pa | 3.00% | 262,210 | $8.8M | Reduce -14.2% |
| COF Capital One Financial Corp. | 2.94% | 40,400 | $8.6M | New |
| CNQ Canadian Natural Resources | 2.87% | 267,620 | $8.4M | Reduce -0.2% |
| TD Toronto-Dominion Bank | 2.82% | 112,030 | $8.2M | Add +12.7% |
| SHOP Shopify Inc. Class A | 2.76% | 70,140 | $8.1M | Add +5.5% |
| PBA Pembina Pipeline Corp. | 2.46% | 192,120 | $7.2M | Add +257.1% |
| BN Brookfield Corp. | 2.34% | 110,740 | $6.9M | Add +18.8% |
| CP Canadian Pacific Kansas City | 2.18% | 80,540 | $6.4M | Add +81.2% |
| AMCR Amcor PLC | 2.12% | 675,925 | $6.2M | New |
| CVNA Carvana Co. | 1.91% | 16,600 | $5.6M | Reduce -5.0% |
| AER Aercap Holdings NV | 1.82% | 45,590 | $5.3M | Reduce -11.2% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.79% | 47,360 | $5.3M | Reduce -16.7% |
| NXE Nexgen Energy Ltd. | 1.77% | 746,400 | $5.2M | Add +131.7% |
| ENB Enbridge Inc. | 1.67% | 107,830 | $4.9M | Add +4.3% |
| DSGX The Descartes Systems Grp | 1.66% | 47,930 | $4.9M | Add +34.2% |
| MAG Mag Silver Corp. | 1.59% | 218,680 | $4.6M | Reduce -44.2% |
| AEM Agnico Eagle Mines Ltd. | 1.55% | 37,960 | $4.5M | Add +10.2% |
| CNI Canadian Natl Railway Co. | 1.48% | 41,460 | $4.3M | Add +97.8% |
| NGD New Gold Inc. | 1.42% | 833,660 | $4.1M | Reduce -37.5% |
| AG First Majestic Silver Corp. | 1.41% | 499,280 | $4.1M | Add +66.2% |
| MEOH Methanex Corp. | 1.36% | 120,230 | $4.0M | New |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.29% | 53,110 | $3.8M | Add +63.4% |
| DNN Denison Mines Corp. | 1.28% | 2,049,490 | $3.7M | Add +32.0% |
| OR Or Royalties Inc. | 1.26% | 143,040 | $3.7M | Reduce -28.9% |
| MFC Manulife Financial Corp. | 1.25% | 114,421 | $3.7M | Reduce -13.3% |
| EXK Endeavour Silver Corp. | 1.14% | 679,030 | $3.3M | New |
| IAG Iamgold Corp. | 1.09% | 434,930 | $3.2M | Reduce -25.5% |
| WFC Wells Fargo & Co. | 1.09% | 40,000 | $3.2M | New |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.97% | 51,100 | $2.8M | Add +48.1% |
| TSAT Telesat Corp. | 0.95% | 113,850 | $2.8M | Add +0.9% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.91% | 266,250 | $2.7M | Add +81.6% |
| EQX Equinox Gold Corp. | 0.88% | 444,360 | $2.6M | Add +3.0% |
| WPM Wheaton Precious Metals Corp. | 0.87% | 28,430 | $2.6M | Reduce -22.2% |
| WCN Waste Connections Inc. | 0.86% | 13,530 | $2.5M | Add +2.4% |
| SU Suncor Energy Inc. | 0.86% | 66,760 | $2.5M | Add +4.3% |
| FSM Fortuna Mining Corp. | 0.82% | 368,110 | $2.4M | Reduce -14.5% |
| TRP TC Energy Corp. | 0.82% | 49,040 | $2.4M | Reduce -1.4% |
| SKE Skeena Resources Ltd. | 0.79% | 146,060 | $2.3M | Reduce -0.1% |
| SLF Sun Life Financial Inc. | 0.78% | 34,290 | $2.3M | New |
| AGI Alamos Gold Inc. Class A | 0.78% | 85,740 | $2.3M | Add +37.9% |
| TECK Teck Resources Ltd.-CLS B | 0.74% | 53,260 | $2.2M | Add +151.6% |
| TFII Tfi International Inc. | 0.68% | 22,320 | $2.0M | New |
| KGC Kinross Gold Corp. | 0.67% | 125,200 | $2.0M | Reduce -70.2% |
| CCJ Cameco Corp. | 0.58% | 22,950 | $1.7M | Add +12.2% |
| SAND Sandstorm Gold Ltd. | 0.56% | 174,750 | $1.6M | New |
| BURL Burlington Stores Inc. | 0.56% | 7,000 | $1.6M | New |
| TRI Thomson Reuters Corp. | 0.52% | 7,560 | $1.5M | Reduce -4.9% |
| FCX Freeport-McMoran Inc. | 0.52% | 35,000 | $1.5M | New |
| LSPD Lightspeed Commerce Inc. | 0.51% | 126,240 | $1.5M | Reduce -0.1% |
| NTR Nutrien Ltd. | 0.49% | 24,730 | $1.4M | Add +4.3% |
| DCBO Docebo Inc. | 0.43% | 43,340 | $1.3M | Reduce -36.8% |
| GIB Cgi Inc. | 0.43% | 11,870 | $1.2M | Add +9.8% |
| TU Telus Corp. | 0.42% | 76,727 | $1.2M | Reduce -19.6% |
| CGAU Centerra Gold Inc. | 0.41% | 165,480 | $1.2M | Reduce -0.1% |
| RCI Rogers Communications Inc. Class B | 0.39% | 38,270 | $1.1M | Reduce -79.5% |
| CVE Cenovus Energy Inc. | 0.37% | 80,630 | $1.1M | Add +4.3% |
| PAAS Pan American Silver Corp. | 0.37% | 38,470 | $1.1M | Reduce -33.7% |
| CAE Cae Inc. | 0.35% | 34,950 | $1.0M | Reduce -89.5% |
| B Barrick Mining Corp. | 0.34% | 48,000 | $1000K | New |
| HBM Hudbay Minerals Inc. | 0.18% | 50,000 | $531K | Reduce -0.2% |
Portfolio Sells Q1 2025 → Q2 2025
| BERY Berry Global Group Inc. | Sold out | 0.00% | −3.26 |
| CAE Cae Inc. | Reduce -89.5% | 0.35% | −2.86 |
| RBA RB Global Inc. | Reduce -31.3% | 4.00% | −2.29 |
| RCI Rogers Communications Inc. Class B | Reduce -79.5% | 0.39% | −1.57 |
| KGC Kinross Gold Corp. | Reduce -70.2% | 0.67% | −1.40 |
| GIL Gildan Activewear Inc. | Sold out | 0.00% | −0.85 |
| CVLG Covenant Logistics Group Inc. | Sold out | 0.00% | −0.75 |
| MAG Mag Silver Corp. | Reduce -44.2% | 1.59% | −0.74 |
| BBU Brookfield Business PT-Unit | Reduce -2.6% | 11.28% | −0.68 |
| CRH CRH PLC | Reduce -0.4% | 6.05% | −0.61 |
| BIP Brookfield Infrastructure Pa | Reduce -14.2% | 3.00% | −0.55 |
| GFL GFL Environmental Inc.-Sub VT | Sold out | 0.00% | −0.54 |
| NGD New Gold Inc. | Reduce -37.5% | 1.42% | −0.51 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −0.46 |
| XPO Xpo Inc. | Sold out | 0.00% | −0.44 |
| OR Or Royalties Inc. | Reduce -28.9% | 1.26% | −0.40 |
| GE General Electric | Sold out | 0.00% | −0.39 |
| MFC Manulife Financial Corp. | Reduce -13.3% | 1.25% | −0.36 |
| PH Parker Hannifin Corp. | Sold out | 0.00% | −0.36 |
| CNQ Canadian Natural Resources | Reduce -0.2% | 2.87% | −0.35 |
| DCBO Docebo Inc. | Reduce -36.8% | 0.43% | −0.34 |
| IAG Iamgold Corp. | Reduce -25.5% | 1.09% | −0.33 |
| BMO Bank of Montreal | Reduce -16.7% | 1.79% | −0.33 |
| PDS Precision Drilling Corp. | Sold out | 0.00% | −0.31 |
| WPM Wheaton Precious Metals Corp. | Reduce -22.2% | 0.87% | −0.23 |
| AER Aercap Holdings NV | Reduce -11.2% | 1.82% | −0.23 |
| PAAS Pan American Silver Corp. | Reduce -33.7% | 0.37% | −0.21 |
| FSM Fortuna Mining Corp. | Reduce -14.5% | 0.82% | −0.20 |
| TU Telus Corp. | Reduce -19.6% | 0.42% | −0.11 |
| ASTL Algoma Steel Group Inc. | Sold out | 0.00% | −0.11 |
| TRP TC Energy Corp. | Reduce -1.4% | 0.82% | −0.10 |
| TRI Thomson Reuters Corp. | Reduce -4.9% | 0.52% | −0.02 |
| CGAU Centerra Gold Inc. | Reduce -0.1% | 0.41% | −0.00 |
| HBM Hudbay Minerals Inc. | Reduce -0.2% | 0.18% | +0.03 |
| LSPD Lightspeed Commerce Inc. | Reduce -0.1% | 0.51% | +0.07 |
| SKE Skeena Resources Ltd. | Reduce -0.1% | 0.79% | +0.22 |
| CVNA Carvana Co. | Reduce -5.0% | 1.91% | +0.48 |
Portfolio Buys Q1 2025 → Q2 2025
| COF Capital One Financial Corp. | New | 2.94% | +2.94 |
| AMCR Amcor PLC | New | 2.12% | +2.12 |
| PBA Pembina Pipeline Corp. | Add +257.1% | 2.46% | +1.62 |
| MEOH Methanex Corp. | New | 1.36% | +1.36 |
| NXE Nexgen Energy Ltd. | Add +131.7% | 1.77% | +1.21 |
| EXK Endeavour Silver Corp. | New | 1.14% | +1.14 |
| WFC Wells Fargo & Co. | New | 1.09% | +1.09 |
| CP Canadian Pacific Kansas City | Add +81.2% | 2.18% | +0.96 |
| SLF Sun Life Financial Inc. | New | 0.78% | +0.78 |
| TFII Tfi International Inc. | New | 0.68% | +0.68 |
| CNI Canadian Natl Railway Co. | Add +97.8% | 1.48% | +0.68 |
| AG First Majestic Silver Corp. | Add +66.2% | 1.41% | +0.63 |
| CM Can Imperial BK of Commerce | Add +63.4% | 1.29% | +0.57 |
| SAND Sandstorm Gold Ltd. | New | 0.56% | +0.56 |
| BURL Burlington Stores Inc. | New | 0.56% | +0.56 |
| FCX Freeport-McMoran Inc. | New | 0.52% | +0.52 |
| DNN Denison Mines Corp. | Add +32.0% | 1.28% | +0.49 |
| TD Toronto-Dominion Bank | Add +12.7% | 2.82% | +0.49 |
| BN Brookfield Corp. | Add +18.8% | 2.34% | +0.43 |
| TECK Teck Resources Ltd.-CLS B | Add +151.6% | 0.74% | +0.43 |
| RY Royal Bank of Canada | Add +10.5% | 3.51% | +0.40 |
| ORLA Orla Mining Ltd. | Add +81.6% | 0.91% | +0.38 |
| B Barrick Mining Corp. | New | 0.34% | +0.34 |
| BNS Bank of Nova Scotia | Add +48.1% | 0.97% | +0.33 |
| SHOP Shopify Inc. Class A | Add +5.5% | 2.76% | +0.29 |
| DSGX The Descartes Systems Grp | Add +34.2% | 1.66% | +0.26 |
| CCJ Cameco Corp. | Add +12.2% | 0.58% | +0.25 |
| AGI Alamos Gold Inc. Class A | Add +37.9% | 0.78% | +0.13 |
| TSAT Telesat Corp. | Add +0.9% | 0.95% | +0.12 |
| AEM Agnico Eagle Mines Ltd. | Add +10.2% | 1.55% | +0.09 |
| NTR Nutrien Ltd. | Add +4.3% | 0.49% | +0.03 |
| GIB Cgi Inc. | Add +9.8% | 0.43% | +0.00 |
| CVE Cenovus Energy Inc. | Add +4.3% | 0.37% | −0.05 |
| EFXT Enerflex Ltd. | Add +10.2% | 4.01% | −0.07 |
| SU Suncor Energy Inc. | Add +4.3% | 0.86% | −0.11 |
| ENB Enbridge Inc. | Add +4.3% | 1.67% | −0.12 |
| WCN Waste Connections Inc. | Add +2.4% | 0.86% | −0.14 |
| EQX Equinox Gold Corp. | Add +3.0% | 0.88% | −0.28 |
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 |