PCJ Investment Counsel Ltd.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 11, 2026), PCJ Investment Counsel Ltd. reported 59 stock positions worth $352.1 million. Its top holding was Brookfield Business Class A (BBUC) at 8.8% of the portfolio, followed by Cae (CAE, 5.8%) and Enerflex (EFXT, 3.9%). Compared with Q4 2025, it opened 10 new positions, sold out of 12, added to 25 and reduced 24. The biggest buy was a new position in GFL Environmental Inc.-Sub VT (GFL) and the biggest sale Brookfield (BN, shares −70%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426318
- Portfolio Value
- $352.1M (Q1 2026)
- SEC Filing
- 0001426318-26-000004 ↗ filed May 11, 2026
Holdings Value
Holdings 59 stocks · $352.1M
| BBUC Brookfield Business Corp. Class A | 8.80% | 978,912 | $31.0M | Reduce -43.9% |
| CAE Cae Inc. | 5.80% | 782,693 | $20.4M | Add +2.9% |
| EFXT Enerflex Ltd. | 3.93% | 661,252 | $13.8M | Reduce -26.0% |
| RY Royal Bank of Canada | 3.85% | 83,840 | $13.6M | Add +3.7% |
| BTE Baytex Energy Corp. | 3.56% | 2,805,993 | $12.5M | Add +13.0% |
| BGSI Boyd Group Services Inc. | 3.41% | 93,893 | $12.0M | Reduce -18.5% |
| CRH CRH PLC | 3.37% | 112,773 | $11.9M | Reduce -39.8% |
| CVE Cenovus Energy Inc. | 3.33% | 442,865 | $11.7M | Add +8.9% |
| TD Toronto-Dominion Bank | 3.23% | 121,860 | $11.4M | Add +5.5% |
| BIP Brookfield Infrastructure Pa | 3.01% | 293,154 | $10.6M | Add +59.5% |
| DNN Denison Mines Corp. | 2.68% | 2,659,200 | $9.4M | Reduce -8.9% |
| SHOP Shopify Inc. Class A | 2.52% | 74,860 | $8.9M | Add +5.9% |
| EQX Equinox Gold Corp. | 2.28% | 555,385 | $8.0M | Reduce -37.0% |
| GFL GFL Environmental Inc.-Sub VT | 2.23% | 187,807 | $7.8M | New |
| IAG Iamgold Corp. | 2.15% | 403,320 | $7.6M | Reduce -37.2% |
| ENB Enbridge Inc. | 1.90% | 123,540 | $6.7M | Add +11.0% |
| TASEKO MINES LTD | 1.87% | 1,017,980 | $6.6M | Add +7.1% |
| CNI Canadian Natl Railway Co. | 1.82% | 62,260 | $6.4M | Add +93.7% |
| CNQ Canadian Natural Resources | 1.77% | 127,800 | $6.2M | Add +6.7% |
| AEM Agnico Eagle Mines Ltd. | 1.76% | 30,480 | $6.2M | Reduce -5.3% |
| BMO Bank of Montreal filed as BANK MONTREAL MEDIUM | 1.67% | 43,300 | $5.9M | Add +3.5% |
| ERO Ero Copper Corp. | 1.60% | 211,859 | $5.6M | Add +127.3% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.58% | 58,930 | $5.6M | Add +981.3% |
| BEP Brookfield Renewable Partner | 1.58% | 170,580 | $5.6M | New |
| SU Suncor Energy Inc. | 1.56% | 83,210 | $5.5M | Add +10.7% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 1.39% | 305,180 | $4.9M | Reduce -41.0% |
| ARIS Aris Mining Corp. | 1.37% | 259,765 | $4.8M | New |
| PPTA Perpetua Resources Corp. | 1.31% | 164,070 | $4.6M | New |
| CGAU Centerra Gold Inc. | 1.29% | 255,270 | $4.5M | Add +74.9% |
| PBA Pembina Pipeline Corp. | 1.27% | 99,545 | $4.5M | Reduce -29.1% |
| CP Canadian Pacific Kansas City | 1.20% | 53,730 | $4.2M | Add +3.9% |
| SKE Skeena Resources Ltd. | 1.20% | 141,490 | $4.2M | Reduce -0.7% |
| NXE Nexgen Energy Ltd. | 1.17% | 354,400 | $4.1M | Reduce -30.0% |
| BN Brookfield Corp. | 1.16% | 101,020 | $4.1M | Reduce -69.8% |
| WPM Wheaton Precious Metals Corp. | 1.12% | 29,990 | $3.9M | Add +5.6% |
| TFII Tfi International Inc. filed as TRANSFORCE INC | 1.11% | 36,020 | $3.9M | Add +312.1% |
| B Barrick Mining Corp. | 1.10% | 94,970 | $3.9M | Reduce -10.3% |
| EXK Endeavour Silver Corp. | 1.10% | 413,240 | $3.9M | Reduce -26.4% |
| MFC Manulife Financial Corp. | 0.99% | 100,761 | $3.5M | Reduce -5.8% |
| HBM Hudbay Minerals Inc. | 0.96% | 161,660 | $3.4M | New |
| CCJ Cameco Corp. | 0.95% | 30,930 | $3.4M | Add +37.5% |
| TECK Teck Resources Ltd.-CLS B | 0.95% | 64,430 | $3.3M | Add +116.9% |
| ALM Almonty Industries Inc. | 0.83% | 200,000 | $2.9M | New |
| FTS Fortis Inc. | 0.79% | 49,670 | $2.8M | New |
| KGC Kinross Gold Corp. | 0.76% | 87,620 | $2.7M | Reduce -3.9% |
| CLS Celestica Inc. | 0.75% | 9,380 | $2.6M | Add +103.5% |
| FSM Fortuna Mining Corp. | 0.73% | 258,330 | $2.6M | Reduce -46.9% |
| KNX Knight-Swift Transportation | 0.73% | 44,610 | $2.6M | Add +50.4% |
| USAS Americas Gold and Silver Cor | 0.68% | 458,250 | $2.4M | Reduce -46.8% |
| LSPD Lightspeed Commerce Inc. | 0.64% | 250,900 | $2.2M | Add +104.6% |
| NTR Nutrien Ltd. | 0.63% | 29,290 | $2.2M | Add +22.4% |
| CVNA Carvana Co. | 0.58% | 6,496 | $2.0M | Reduce -70.3% |
| GIB Cgi Inc. | 0.43% | 20,780 | $1.5M | Reduce -72.6% |
| AGI Alamos Gold Inc. Class A | 0.43% | 33,820 | $1.5M | New |
| ATS Ats Corp. | 0.40% | 50,000 | $1.4M | New |
| RBA RB Global Inc. | 0.37% | 13,735 | $1.3M | Reduce -83.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C | 0.13% | 6,740 | $467K | Reduce -90.9% |
| GIL Gildan Activewear Inc. | 0.13% | 7,911 | $441K | Reduce -91.3% |
| WCN Waste Connections Inc. | 0.10% | 2,070 | $336K | New |
Portfolio Sells Q4 2025 → Q1 2026
| BN Brookfield Corp. | Reduce -69.8% | 1.16% | −2.63 |
| CRH CRH PLC | Reduce -39.8% | 3.37% | −2.41 |
| MEOH Methanex Corp. | Sold out | 0.00% | −2.05 |
| RBA RB Global Inc. | Reduce -83.4% | 0.37% | −1.73 |
| CVNA Carvana Co. | Reduce -70.3% | 0.58% | −1.71 |
| PAAS Pan American Silver Corp. | Sold out | 0.00% | −1.53 |
| BBUC Brookfield Business Corp. Class A | Reduce -43.9% | 8.80% | −1.39 |
| GIB Cgi Inc. | Reduce -72.6% | 0.43% | −1.30 |
| GIL Gildan Activewear Inc. | Reduce -91.3% | 0.13% | −1.28 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −1.22 |
| BNS Bank of Nova Scotia | Reduce -90.9% | 0.13% | −1.22 |
| RGLD Royal Gold Inc. | Sold out | 0.00% | −1.18 |
| BGSI Boyd Group Services Inc. | Reduce -18.5% | 3.41% | −1.14 |
| AG First Majestic Silver Corp. | Sold out | 0.00% | −1.06 |
| AXP American Express Co. | Sold out | 0.00% | −0.91 |
| TSAT Telesat Corp. | Sold out | 0.00% | −0.84 |
| EQX Equinox Gold Corp. | Reduce -37.0% | 2.28% | −0.79 |
| VZLA Vizsla Silver Corp. | Sold out | 0.00% | −0.75 |
| AMCR Amcor PLC | Sold out | 0.00% | −0.74 |
| IAG Iamgold Corp. | Reduce -37.2% | 2.15% | −0.47 |
| FSM Fortuna Mining Corp. | Reduce -46.9% | 0.73% | −0.45 |
| USAS Americas Gold and Silver Cor | Reduce -46.8% | 0.68% | −0.41 |
| ORLA Orla Mining Ltd. | Reduce -41.0% | 1.39% | −0.33 |
| UUUU Energy Fuels Inc. | Sold out | 0.00% | −0.26 |
| ODFL Old Dominion Freight Line | Sold out | 0.00% | −0.23 |
| OR Or Royalties Inc. | Sold out | 0.00% | −0.22 |
| EXK Endeavour Silver Corp. | Reduce -26.4% | 1.10% | −0.21 |
| PBA Pembina Pipeline Corp. | Reduce -29.1% | 1.27% | −0.06 |
| B Barrick Mining Corp. | Reduce -10.3% | 1.10% | −0.04 |
| NXE Nexgen Energy Ltd. | Reduce -30.0% | 1.17% | +0.02 |
| MFC Manulife Financial Corp. | Reduce -5.8% | 0.99% | +0.03 |
| KGC Kinross Gold Corp. | Reduce -3.9% | 0.76% | +0.13 |
| SKE Skeena Resources Ltd. | Reduce -0.7% | 1.20% | +0.36 |
| AEM Agnico Eagle Mines Ltd. | Reduce -5.3% | 1.76% | +0.41 |
| EFXT Enerflex Ltd. | Reduce -26.0% | 3.93% | +0.52 |
| DNN Denison Mines Corp. | Reduce -8.9% | 2.68% | +0.76 |
Portfolio Buys Q4 2025 → Q1 2026
| GFL GFL Environmental Inc.-Sub VT | New | 2.23% | +2.23 |
| CVE Cenovus Energy Inc. | Add +8.9% | 3.33% | +1.63 |
| BEP Brookfield Renewable Partner | New | 1.58% | +1.58 |
| BTE Baytex Energy Corp. | Add +13.0% | 3.56% | +1.58 |
| CM Can Imperial BK of Commerce | Add +981.3% | 1.58% | +1.46 |
| BIP Brookfield Infrastructure Pa | Add +59.5% | 3.01% | +1.43 |
| ARIS Aris Mining Corp. | New | 1.37% | +1.37 |
| PPTA Perpetua Resources Corp. | New | 1.31% | +1.31 |
| CNI Canadian Natl Railway Co. | Add +93.7% | 1.82% | +1.03 |
| HBM Hudbay Minerals Inc. | New | 0.96% | +0.96 |
| ERO Ero Copper Corp. | Add +127.3% | 1.60% | +0.95 |
| TFII Tfi International Inc. | Add +312.1% | 1.11% | +0.89 |
| ALM Almonty Industries Inc. | New | 0.83% | +0.83 |
| FTS Fortis Inc. | New | 0.79% | +0.79 |
| CNQ Canadian Natural Resources | Add +6.7% | 1.77% | +0.77 |
| CGAU Centerra Gold Inc. | Add +74.9% | 1.29% | +0.77 |
| SU Suncor Energy Inc. | Add +10.7% | 1.56% | +0.74 |
| TECK Teck Resources Ltd.-CLS B | Add +116.9% | 0.95% | +0.60 |
| ENB Enbridge Inc. | Add +11.0% | 1.90% | +0.58 |
| TASEKO MINES LTD | Add +7.1% | 1.87% | +0.54 |
| TD Toronto-Dominion Bank | Add +5.5% | 3.23% | +0.54 |
| CCJ Cameco Corp. | Add +37.5% | 0.95% | +0.44 |
| RY Royal Bank of Canada | Add +3.7% | 3.85% | +0.44 |
| AGI Alamos Gold Inc. Class A | New | 0.43% | +0.43 |
| CLS Celestica Inc. | Add +103.5% | 0.75% | +0.41 |
| ATS Ats Corp. | New | 0.40% | +0.40 |
| KNX Knight-Swift Transportation | Add +50.4% | 0.73% | +0.35 |
| BMO Bank of Montreal | Add +3.5% | 1.67% | +0.32 |
| WPM Wheaton Precious Metals Corp. | Add +5.6% | 1.12% | +0.29 |
| LSPD Lightspeed Commerce Inc. | Add +104.6% | 0.64% | +0.27 |
| NTR Nutrien Ltd. | Add +22.4% | 0.63% | +0.26 |
| CP Canadian Pacific Kansas City | Add +3.9% | 1.20% | +0.26 |
| WCN Waste Connections Inc. | New | 0.10% | +0.10 |
| CAE Cae Inc. | Add +2.9% | 5.80% | +0.07 |
| SHOP Shopify Inc. Class A | Add +5.9% | 2.52% | −0.29 |
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 |