PCJ Investment Counsel Ltd.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), PCJ Investment Counsel Ltd. reported 64 stock positions worth $359.5 million. Its top holding was Brookfield Business PT-Unit (BBU) at 12.2% of the portfolio, followed by CRH (CRH, 6.1%) and Brookfield (BN, 4.4%). Compared with Q2 2025, it opened 9 new positions, sold out of 10, added to 22 and reduced 33. The biggest buy was Cae (CAE, shares +1427%) and the biggest sale Canadian Natural Resources (CNQ, shares −57%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426318
- Portfolio Value
- $359.5M (Q3 2025)
- SEC Filing
- 0001426318-25-000007 ↗ filed Nov 13, 2025
Holdings Value
Holdings 64 stocks · $359.5M
| BBU Brookfield Business PT-Unit | 12.18% | 1,338,079 | $43.8M | Add +5.3% |
| CRH CRH PLC | 6.10% | 182,900 | $21.9M | Reduce -5.2% |
| BN Brookfield Corp. | 4.44% | 232,780 | $16.0M | Add +110.2% |
| CAE Cae Inc. | 4.40% | 533,740 | $15.8M | Add +1427.2% |
| EFXT Enerflex Ltd. | 3.50% | 1,167,110 | $12.6M | Reduce -21.6% |
| RY Royal Bank of Canada | 3.28% | 79,960 | $11.8M | Add +2.5% |
| SHOP Shopify Inc. Class A | 2.82% | 68,190 | $10.1M | Reduce -2.8% |
| COF Capital One Financial Corp. | 2.69% | 45,550 | $9.7M | Add +12.8% |
| IAG Iamgold Corp. | 2.68% | 747,070 | $9.6M | Add +71.8% |
| CVNA Carvana Co. | 2.55% | 24,300 | $9.2M | Add +46.4% |
| RBA RB Global Inc. | 2.42% | 80,160 | $8.7M | Reduce -27.2% |
| TD Toronto-Dominion Bank | 2.24% | 100,760 | $8.1M | Reduce -10.1% |
| EQX Equinox Gold Corp. | 2.08% | 668,230 | $7.5M | Add +50.4% |
| PAAS Pan American Silver Corp. | 2.01% | 186,568 | $7.2M | Add +385.0% |
| CVE Cenovus Energy Inc. | 1.95% | 413,600 | $7.0M | Add +413.0% |
| AMCR Amcor PLC | 1.79% | 788,145 | $6.4M | Add +16.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.72% | 47,570 | $6.2M | Add +0.4% |
| AEM Agnico Eagle Mines Ltd. | 1.61% | 34,360 | $5.8M | Reduce -9.5% |
| DNN Denison Mines Corp. | 1.57% | 2,045,310 | $5.6M | Reduce -0.2% |
| BIP Brookfield Infrastructure Pa | 1.55% | 169,100 | $5.6M | Reduce -35.5% |
| SAND Sandstorm Gold Ltd. | 1.49% | 427,350 | $5.3M | Add +144.6% |
| ENB Enbridge Inc. | 1.48% | 105,550 | $5.3M | Reduce -2.1% |
| EXK Endeavour Silver Corp. | 1.48% | 677,220 | $5.3M | Reduce -0.3% |
| PBA Pembina Pipeline Corp. | 1.44% | 127,780 | $5.2M | Reduce -33.5% |
| MEOH Methanex Corp. | 1.30% | 117,730 | $4.7M | Reduce -2.1% |
| NXE Nexgen Energy Ltd. | 1.30% | 520,200 | $4.7M | Reduce -30.3% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.27% | 57,120 | $4.6M | Add +7.5% |
| DSGX The Descartes Systems Grp | 1.26% | 48,080 | $4.5M | Add +0.3% |
| AG First Majestic Silver Corp. | 1.24% | 363,780 | $4.5M | Reduce -27.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.23% | 68,630 | $4.4M | Add +34.3% |
| NGD New Gold Inc. | 1.17% | 585,660 | $4.2M | Reduce -29.8% |
| CNQ Canadian Natural Resources | 1.03% | 115,810 | $3.7M | Reduce -56.7% |
| CP Canadian Pacific Kansas City | 1.03% | 49,580 | $3.7M | Reduce -38.4% |
| FSM Fortuna Mining Corp. | 0.98% | 391,730 | $3.5M | Add +6.4% |
| KGC Kinross Gold Corp. | 0.95% | 138,270 | $3.4M | Add +10.4% |
| OR Or Royalties Inc. | 0.95% | 84,900 | $3.4M | Reduce -40.6% |
| GIL Gildan Activewear Inc. | 0.92% | 56,970 | $3.3M | New |
| MFC Manulife Financial Corp. | 0.90% | 103,341 | $3.2M | Reduce -9.7% |
| WPM Wheaton Precious Metals Corp. | 0.88% | 28,400 | $3.2M | Reduce -0.1% |
| TASEKO MINES LTD | 0.86% | 726,660 | $3.1M | New |
| SU Suncor Energy Inc. | 0.85% | 72,870 | $3.0M | Add +9.2% |
| C Citigroup Inc. | 0.84% | 29,870 | $3.0M | New |
| TSAT Telesat Corp. | 0.81% | 112,180 | $2.9M | Reduce -1.5% |
| B Barrick Mining Corp. | 0.80% | 87,170 | $2.9M | Add +81.6% |
| STN Stantec Inc. | 0.75% | 25,000 | $2.7M | New |
| SKE Skeena Resources Ltd. | 0.75% | 145,880 | $2.7M | Reduce -0.1% |
| BLDR Builders Firstsource Inc. | 0.75% | 22,130 | $2.7M | New |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.75% | 248,560 | $2.7M | Reduce -6.6% |
| VZLA Vizsla Silver Corp. | 0.68% | 566,740 | $2.4M | New |
| CNI Canadian Natl Railway Co. | 0.66% | 24,990 | $2.4M | Reduce -39.7% |
| WCN Waste Connections Inc. | 0.62% | 12,670 | $2.2M | Reduce -6.4% |
| CCJ Cameco Corp. | 0.49% | 20,890 | $1.8M | Reduce -9.0% |
| NTR Nutrien Ltd. | 0.46% | 28,100 | $1.6M | Add +13.6% |
| TECK Teck Resources Ltd.-CLS B | 0.45% | 36,630 | $1.6M | Reduce -31.2% |
| CGAU Centerra Gold Inc. | 0.45% | 149,520 | $1.6M | Reduce -9.6% |
| USAS Americas Gold and Silver Cor | 0.44% | 425,000 | $1.6M | New |
| CLS Celestica Inc. | 0.43% | 6,280 | $1.5M | New |
| SLF Sun Life Financial Inc. | 0.43% | 25,730 | $1.5M | Reduce -25.0% |
| LSPD Lightspeed Commerce Inc. | 0.40% | 126,020 | $1.5M | Reduce -0.2% |
| RCI Rogers Communications Inc. Class B | 0.36% | 38,030 | $1.3M | Reduce -0.6% |
| TRI Thomson Reuters Corp. | 0.35% | 8,016 | $1.2M | Add +6.0% |
| DCBO Docebo Inc. | 0.33% | 43,280 | $1.2M | Reduce -0.1% |
| AER Aercap Holdings NV | 0.26% | 7,590 | $918K | Reduce -83.3% |
| ERO Ero Copper Corp. | 0.19% | 34,340 | $695K | New |
Portfolio Sells Q2 2025 → Q3 2025
| CNQ Canadian Natural Resources | Reduce -56.7% | 1.03% | −1.84 |
| MAG Mag Silver Corp. | Sold out | 0.00% | −1.59 |
| RBA RB Global Inc. | Reduce -27.2% | 2.42% | −1.58 |
| AER Aercap Holdings NV | Reduce -83.3% | 0.26% | −1.57 |
| BIP Brookfield Infrastructure Pa | Reduce -35.5% | 1.55% | −1.45 |
| CP Canadian Pacific Kansas City | Reduce -38.4% | 1.03% | −1.15 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −1.09 |
| PBA Pembina Pipeline Corp. | Reduce -33.5% | 1.44% | −1.02 |
| CNI Canadian Natl Railway Co. | Reduce -39.7% | 0.66% | −0.82 |
| TRP TC Energy Corp. | Sold out | 0.00% | −0.82 |
| AGI Alamos Gold Inc. Class A | Sold out | 0.00% | −0.78 |
| TFII Tfi International Inc. | Sold out | 0.00% | −0.68 |
| TD Toronto-Dominion Bank | Reduce -10.1% | 2.24% | −0.58 |
| BURL Burlington Stores Inc. | Sold out | 0.00% | −0.56 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −0.52 |
| EFXT Enerflex Ltd. | Reduce -21.6% | 3.50% | −0.51 |
| NXE Nexgen Energy Ltd. | Reduce -30.3% | 1.30% | −0.48 |
| GIB Cgi Inc. | Sold out | 0.00% | −0.43 |
| TU Telus Corp. | Sold out | 0.00% | −0.42 |
| MFC Manulife Financial Corp. | Reduce -9.7% | 0.90% | −0.35 |
| SLF Sun Life Financial Inc. | Reduce -25.0% | 0.43% | −0.35 |
| OR Or Royalties Inc. | Reduce -40.6% | 0.95% | −0.31 |
| TECK Teck Resources Ltd.-CLS B | Reduce -31.2% | 0.45% | −0.29 |
| NGD New Gold Inc. | Reduce -29.8% | 1.17% | −0.25 |
| WCN Waste Connections Inc. | Reduce -6.4% | 0.62% | −0.24 |
| ENB Enbridge Inc. | Reduce -2.1% | 1.48% | −0.19 |
| HBM Hudbay Minerals Inc. | Sold out | 0.00% | −0.18 |
| AG First Majestic Silver Corp. | Reduce -27.1% | 1.24% | −0.17 |
| ORLA Orla Mining Ltd. | Reduce -6.6% | 0.75% | −0.17 |
| TSAT Telesat Corp. | Reduce -1.5% | 0.81% | −0.13 |
| LSPD Lightspeed Commerce Inc. | Reduce -0.2% | 0.40% | −0.10 |
| DCBO Docebo Inc. | Reduce -0.1% | 0.33% | −0.10 |
| CCJ Cameco Corp. | Reduce -9.0% | 0.49% | −0.10 |
| MEOH Methanex Corp. | Reduce -2.1% | 1.30% | −0.06 |
| SKE Skeena Resources Ltd. | Reduce -0.1% | 0.75% | −0.05 |
| RCI Rogers Communications Inc. Class B | Reduce -0.6% | 0.36% | −0.02 |
| WPM Wheaton Precious Metals Corp. | Reduce -0.1% | 0.88% | +0.01 |
| CGAU Centerra Gold Inc. | Reduce -9.6% | 0.45% | +0.04 |
| CRH CRH PLC | Reduce -5.2% | 6.10% | +0.05 |
| SHOP Shopify Inc. Class A | Reduce -2.8% | 2.82% | +0.05 |
| AEM Agnico Eagle Mines Ltd. | Reduce -9.5% | 1.61% | +0.06 |
| DNN Denison Mines Corp. | Reduce -0.2% | 1.57% | +0.28 |
| EXK Endeavour Silver Corp. | Reduce -0.3% | 1.48% | +0.33 |
Portfolio Buys Q2 2025 → Q3 2025
| CAE Cae Inc. | Add +1427.2% | 4.40% | +4.05 |
| BN Brookfield Corp. | Add +110.2% | 4.44% | +2.10 |
| PAAS Pan American Silver Corp. | Add +385.0% | 2.01% | +1.64 |
| IAG Iamgold Corp. | Add +71.8% | 2.68% | +1.59 |
| CVE Cenovus Energy Inc. | Add +413.0% | 1.95% | +1.58 |
| EQX Equinox Gold Corp. | Add +50.4% | 2.08% | +1.21 |
| SAND Sandstorm Gold Ltd. | Add +144.6% | 1.49% | +0.93 |
| GIL Gildan Activewear Inc. | New | 0.92% | +0.92 |
| BBU Brookfield Business PT-Unit | Add +5.3% | 12.18% | +0.90 |
| TASEKO MINES LTD | New | 0.86% | +0.86 |
| C Citigroup Inc. | New | 0.84% | +0.84 |
| STN Stantec Inc. | New | 0.75% | +0.75 |
| BLDR Builders Firstsource Inc. | New | 0.75% | +0.75 |
| VZLA Vizsla Silver Corp. | New | 0.68% | +0.68 |
| CVNA Carvana Co. | Add +46.4% | 2.55% | +0.64 |
| B Barrick Mining Corp. | Add +81.6% | 0.80% | +0.45 |
| USAS Americas Gold and Silver Cor | New | 0.44% | +0.44 |
| CLS Celestica Inc. | New | 0.43% | +0.43 |
| KGC Kinross Gold Corp. | Add +10.4% | 0.95% | +0.29 |
| BNS Bank of Nova Scotia | Add +34.3% | 1.23% | +0.27 |
| ERO Ero Copper Corp. | New | 0.19% | +0.19 |
| FSM Fortuna Mining Corp. | Add +6.4% | 0.98% | +0.15 |
| SU Suncor Energy Inc. | Add +9.2% | 0.85% | −0.01 |
| CM Can Imperial BK of Commerce | Add +7.5% | 1.27% | −0.02 |
| NTR Nutrien Ltd. | Add +13.6% | 0.46% | −0.03 |
| BMO Bank of Montreal | Add +0.4% | 1.72% | −0.07 |
| TRI Thomson Reuters Corp. | Add +6.0% | 0.35% | −0.17 |
| RY Royal Bank of Canada | Add +2.5% | 3.28% | −0.23 |
| COF Capital One Financial Corp. | Add +12.8% | 2.69% | −0.24 |
| AMCR Amcor PLC | Add +16.6% | 1.79% | −0.33 |
| DSGX The Descartes Systems Grp | Add +0.3% | 1.26% | −0.40 |
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 |