PCJ Investment Counsel Ltd.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), PCJ Investment Counsel Ltd. reported 61 stock positions worth $404.2 million. Its top holding was Brookfield Business PT-Unit (BBU) at 10.2% of the portfolio, followed by CRH (CRH, 5.8%) and Cae (CAE, 5.7%). Compared with Q3 2025, it opened 9 new positions, sold out of 12, added to 27 and reduced 25. The biggest buy was a new position in Boyd Group Services (BGSI) and the biggest sale Brookfield Business PT-Unit (BBU, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426318
- Portfolio Value
- $404.2M (Q4 2025)
- SEC Filing
- 0001426318-26-000001 ↗ filed Feb 10, 2026
Holdings Value
Holdings 61 stocks · $404.2M
| BBU Brookfield Business PT-Unit | 10.18% | 1,163,486 | $41.2M | Reduce -13.1% |
| CRH CRH PLC | 5.78% | 187,230 | $23.4M | Add +2.4% |
| CAE Cae Inc. | 5.72% | 760,585 | $23.1M | Add +42.5% |
| BGSI Boyd Group Services Inc. | 4.54% | 115,230 | $18.4M | New |
| BN Brookfield Corp. | 3.79% | 334,090 | $15.3M | Reduce -4.3% |
| EFXT Enerflex Ltd. | 3.41% | 894,086 | $13.8M | Reduce -23.4% |
| RY Royal Bank of Canada | 3.41% | 80,850 | $13.8M | Add +1.1% |
| EQX Equinox Gold Corp. | 3.07% | 881,940 | $12.4M | Add +32.0% |
| SHOP Shopify Inc. Class A | 2.82% | 70,710 | $11.4M | Add +3.7% |
| TD Toronto-Dominion Bank | 2.69% | 115,540 | $10.9M | Add +14.7% |
| IAG Iamgold Corp. | 2.62% | 642,050 | $10.6M | Reduce -14.1% |
| CVNA Carvana Co. | 2.29% | 21,900 | $9.2M | Reduce -9.9% |
| RBA RB Global Inc. | 2.10% | 82,690 | $8.5M | Add +3.2% |
| MEOH Methanex Corp. | 2.05% | 208,630 | $8.3M | Add +77.2% |
| BTE Baytex Energy Corp. | 1.99% | 2,483,638 | $8.0M | New |
| DNN Denison Mines Corp. | 1.92% | 2,918,810 | $7.7M | Add +42.7% |
| GIB Cgi Inc. | 1.74% | 75,930 | $7.0M | New |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 1.72% | 517,480 | $7.0M | Add +108.2% |
| CVE Cenovus Energy Inc. | 1.70% | 406,470 | $6.9M | Reduce -1.7% |
| BIP Brookfield Infrastructure Pa | 1.58% | 183,780 | $6.4M | Add +8.7% |
| PAAS Pan American Silver Corp. | 1.53% | 118,918 | $6.2M | Reduce -36.3% |
| GIL Gildan Activewear Inc. | 1.41% | 91,000 | $5.7M | Add +59.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.35% | 74,230 | $5.5M | Add +8.2% |
| AEM Agnico Eagle Mines Ltd. | 1.35% | 32,170 | $5.5M | Reduce -6.4% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.34% | 41,850 | $5.4M | Reduce -12.0% |
| TASEKO MINES LTD | 1.33% | 950,290 | $5.4M | Add +30.8% |
| PBA Pembina Pipeline Corp. | 1.32% | 140,320 | $5.3M | Add +9.8% |
| ENB Enbridge Inc. | 1.32% | 111,310 | $5.3M | Add +5.5% |
| EXK Endeavour Silver Corp. | 1.31% | 561,640 | $5.3M | Reduce -17.1% |
| COF Capital One Financial Corp. | 1.22% | 20,400 | $4.9M | Reduce -55.2% |
| RGLD Royal Gold Inc. | 1.18% | 21,468 | $4.8M | New |
| FSM Fortuna Mining Corp. | 1.18% | 486,520 | $4.8M | Add +24.2% |
| NXE Nexgen Energy Ltd. | 1.15% | 506,190 | $4.7M | Reduce -2.7% |
| B Barrick Mining Corp. | 1.14% | 105,880 | $4.6M | Add +21.5% |
| USAS Americas Gold and Silver Cor | 1.09% | 861,090 | $4.4M | Add +102.6% |
| AG First Majestic Silver Corp. | 1.06% | 256,360 | $4.3M | Reduce -29.5% |
| CNQ Canadian Natural Resources | 1.00% | 119,800 | $4.1M | Add +3.5% |
| MFC Manulife Financial Corp. | 0.96% | 106,961 | $3.9M | Add +3.5% |
| CP Canadian Pacific Kansas City | 0.94% | 51,710 | $3.8M | Add +4.3% |
| AXP American Express Co. | 0.91% | 9,940 | $3.7M | New |
| TSAT Telesat Corp. | 0.84% | 117,498 | $3.4M | Add +4.7% |
| SKE Skeena Resources Ltd. | 0.84% | 142,470 | $3.4M | Reduce -2.3% |
| WPM Wheaton Precious Metals Corp. | 0.83% | 28,390 | $3.3M | Reduce -0.0% |
| SU Suncor Energy Inc. | 0.83% | 75,180 | $3.3M | Add +3.2% |
| CNI Canadian Natl Railway Co. | 0.79% | 32,150 | $3.2M | Add +28.6% |
| VZLA Vizsla Silver Corp. | 0.75% | 551,440 | $3.0M | Reduce -2.7% |
| AMCR Amcor PLC | 0.74% | 360,395 | $3.0M | Reduce -54.3% |
| ERO Ero Copper Corp. | 0.65% | 93,219 | $2.6M | Add +171.5% |
| KGC Kinross Gold Corp. | 0.64% | 91,180 | $2.6M | Reduce -34.1% |
| CGAU Centerra Gold Inc. | 0.52% | 145,980 | $2.1M | Reduce -2.4% |
| CCJ Cameco Corp. | 0.51% | 22,490 | $2.1M | Add +7.7% |
| KNX Knight-Swift Transportation | 0.38% | 29,660 | $1.6M | New |
| LSPD Lightspeed Commerce Inc. | 0.37% | 122,630 | $1.5M | Reduce -2.7% |
| NTR Nutrien Ltd. | 0.37% | 23,930 | $1.5M | Reduce -14.8% |
| TECK Teck Resources Ltd.-CLS B | 0.35% | 29,700 | $1.4M | Reduce -18.9% |
| CLS Celestica Inc. | 0.34% | 4,610 | $1.4M | Reduce -26.6% |
| UUUU Energy Fuels Inc. | 0.26% | 72,980 | $1.1M | New |
| ODFL Old Dominion Freight Line | 0.23% | 5,980 | $938K | New |
| TFII Tfi International Inc. | 0.22% | 8,740 | $903K | New |
| OR Or Royalties Inc. | 0.22% | 24,890 | $881K | Reduce -70.7% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.12% | 5,450 | $494K | Reduce -90.5% |
Portfolio Sells Q3 2025 → Q4 2025
| BBU Brookfield Business PT-Unit | Reduce -13.1% | 10.18% | −2.00 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −1.49 |
| COF Capital One Financial Corp. | Reduce -55.2% | 1.22% | −1.47 |
| DSGX The Descartes Systems Grp | Sold out | 0.00% | −1.26 |
| NGD New Gold Inc. | Sold out | 0.00% | −1.17 |
| CM Can Imperial BK of Commerce | Reduce -90.5% | 0.12% | −1.15 |
| AMCR Amcor PLC | Reduce -54.3% | 0.74% | −1.05 |
| C Citigroup Inc. | Sold out | 0.00% | −0.84 |
| STN Stantec Inc. | Sold out | 0.00% | −0.75 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −0.75 |
| OR Or Royalties Inc. | Reduce -70.7% | 0.22% | −0.73 |
| BN Brookfield Corp. | Reduce -4.3% | 3.79% | −0.65 |
| WCN Waste Connections Inc. | Sold out | 0.00% | −0.62 |
| PAAS Pan American Silver Corp. | Reduce -36.3% | 1.53% | −0.49 |
| SLF Sun Life Financial Inc. | Sold out | 0.00% | −0.43 |
| BMO Bank of Montreal | Reduce -12.0% | 1.34% | −0.38 |
| RCI Rogers Communications Inc. Class B | Sold out | 0.00% | −0.36 |
| TRI Thomson Reuters Corp. | Sold out | 0.00% | −0.35 |
| DCBO Docebo Inc. | Sold out | 0.00% | −0.33 |
| KGC Kinross Gold Corp. | Reduce -34.1% | 0.64% | −0.32 |
| CVNA Carvana Co. | Reduce -9.9% | 2.29% | −0.26 |
| AEM Agnico Eagle Mines Ltd. | Reduce -6.4% | 1.35% | −0.26 |
| AER Aercap Holdings NV | Sold out | 0.00% | −0.26 |
| CVE Cenovus Energy Inc. | Reduce -1.7% | 1.70% | −0.25 |
| AG First Majestic Silver Corp. | Reduce -29.5% | 1.06% | −0.18 |
| EXK Endeavour Silver Corp. | Reduce -17.1% | 1.31% | −0.17 |
| NXE Nexgen Energy Ltd. | Reduce -2.7% | 1.15% | −0.14 |
| TECK Teck Resources Ltd.-CLS B | Reduce -18.9% | 0.35% | −0.10 |
| NTR Nutrien Ltd. | Reduce -14.8% | 0.37% | −0.09 |
| CLS Celestica Inc. | Reduce -26.6% | 0.34% | −0.09 |
| EFXT Enerflex Ltd. | Reduce -23.4% | 3.41% | −0.09 |
| IAG Iamgold Corp. | Reduce -14.1% | 2.62% | −0.06 |
| WPM Wheaton Precious Metals Corp. | Reduce -0.0% | 0.83% | −0.06 |
| LSPD Lightspeed Commerce Inc. | Reduce -2.7% | 0.37% | −0.04 |
| VZLA Vizsla Silver Corp. | Reduce -2.7% | 0.75% | +0.07 |
| CGAU Centerra Gold Inc. | Reduce -2.4% | 0.52% | +0.07 |
| SKE Skeena Resources Ltd. | Reduce -2.3% | 0.84% | +0.09 |
Portfolio Buys Q3 2025 → Q4 2025
| BGSI Boyd Group Services Inc. | New | 4.54% | +4.54 |
| BTE Baytex Energy Corp. | New | 1.99% | +1.99 |
| GIB Cgi Inc. | New | 1.74% | +1.74 |
| CAE Cae Inc. | Add +42.5% | 5.72% | +1.33 |
| RGLD Royal Gold Inc. | New | 1.18% | +1.18 |
| EQX Equinox Gold Corp. | Add +32.0% | 3.07% | +0.98 |
| ORLA Orla Mining Ltd. | Add +108.2% | 1.72% | +0.98 |
| AXP American Express Co. | New | 0.91% | +0.91 |
| MEOH Methanex Corp. | Add +77.2% | 2.05% | +0.75 |
| USAS Americas Gold and Silver Cor | Add +102.6% | 1.09% | +0.65 |
| GIL Gildan Activewear Inc. | Add +59.7% | 1.41% | +0.49 |
| TASEKO MINES LTD | Add +30.8% | 1.33% | +0.47 |
| ERO Ero Copper Corp. | Add +171.5% | 0.65% | +0.46 |
| TD Toronto-Dominion Bank | Add +14.7% | 2.69% | +0.45 |
| KNX Knight-Swift Transportation | New | 0.38% | +0.38 |
| DNN Denison Mines Corp. | Add +42.7% | 1.92% | +0.35 |
| B Barrick Mining Corp. | Add +21.5% | 1.14% | +0.34 |
| UUUU Energy Fuels Inc. | New | 0.26% | +0.26 |
| ODFL Old Dominion Freight Line | New | 0.23% | +0.23 |
| TFII Tfi International Inc. | New | 0.22% | +0.22 |
| FSM Fortuna Mining Corp. | Add +24.2% | 1.18% | +0.20 |
| RY Royal Bank of Canada | Add +1.1% | 3.41% | +0.13 |
| CNI Canadian Natl Railway Co. | Add +28.6% | 0.79% | +0.13 |
| BNS Bank of Nova Scotia | Add +8.2% | 1.35% | +0.12 |
| MFC Manulife Financial Corp. | Add +3.5% | 0.96% | +0.07 |
| BIP Brookfield Infrastructure Pa | Add +8.7% | 1.58% | +0.03 |
| TSAT Telesat Corp. | Add +4.7% | 0.84% | +0.02 |
| CCJ Cameco Corp. | Add +7.7% | 0.51% | +0.02 |
| SHOP Shopify Inc. Class A | Add +3.7% | 2.82% | −0.00 |
| SU Suncor Energy Inc. | Add +3.2% | 0.83% | −0.02 |
| CNQ Canadian Natural Resources | Add +3.5% | 1.00% | −0.03 |
| CP Canadian Pacific Kansas City | Add +4.3% | 0.94% | −0.09 |
| PBA Pembina Pipeline Corp. | Add +9.8% | 1.32% | −0.12 |
| ENB Enbridge Inc. | Add +5.5% | 1.32% | −0.16 |
| RBA RB Global Inc. | Add +3.2% | 2.10% | −0.31 |
| CRH CRH PLC | Add +2.4% | 5.78% | −0.32 |
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 |