PCJ Investment Counsel Ltd.

CIK

1426318

Location

TORONTO, A6

Portfolio Value

Small $320,946,040

Diversification

Diversified

Filing Date

Global Rank

#3,010 / 8,232 ▼ 37

Top Industry

Gold 15.8%

3Y Alpha vs SPY

+3.4%

Period ended 2 months ago

Filed May 11, 2026 · 34d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+91.7%

SPY

+76.3%

Annualised alpha

+3.4%

Max drawdown

−20.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

58 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

6.4%

−0.1 pts

Top 5

22.5%

−3.6 pts

Top 10

39.7%

−2.8 pts

HHI

261

Diversified−22

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Basic Materials	31.7%	$101,588,811	22
Energy	24.3%	$77,855,506	10
Industrials	15.1%	$48,393,565	9
Financial Services	13.8%	$44,403,866	7
Utilities	5.9%	$18,927,542	3
Technology	4.8%	$15,289,133	4
Consumer Cyclical	4.5%	$14,487,617	3

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
BTE	Baytex Energy Corp.	+322,355	2,805,993	$12,542,788
LSPD	Lightspeed Commerce Inc.	+128,270	250,900	$2,248,064
ERO	Ero Copper Corp.	+118,640	211,859	$5,650,279
BIPH	Brookfield Infrastructure Partners L.P.	+109,374	293,154	$10,588,722
CGAU	Centerra Gold Inc.	+109,290	255,270	$4,541,253
TGB	Taseko Mines Ltd	+67,690	1,017,980	$6,565,971
CM	Canadian Imperial Bank Of Commerce /Can/	+53,480	58,930	$5,583,617
CVE	Cenovus Energy Inc.	+36,395	442,865	$11,749,208
TECK	Teck Resources Ltd	+34,730	64,430	$3,334,252
CNI	Canadian National Railway Co	+30,110	62,260	$6,398,460
TFII	TFI International Inc.	+27,280	36,020	$3,912,852
CAE	Cae Inc	+22,108	782,693	$20,389,152
KNX	Knight-Swift Transportation Holdings Inc.	+14,950	44,610	$2,568,643
ENB	Enbridge Inc	+12,230	123,540	$6,688,455
CCJ	Cameco Corp	+8,440	30,930	$3,359,307
SU	Suncor Energy Inc	+8,030	83,210	$5,501,013
CNQ	Canadian Natural Resources Ltd	+8,000	127,800	$6,227,694
TD	Toronto Dominion Bank	+6,320	121,860	$11,370,756
NTR	Nutrien Ltd.	+5,360	29,290	$2,210,223
CLS	Celestica Inc	+4,770	9,380	$2,642,158
SHOP	Shopify Inc.	+4,150	74,860	$8,879,893
RY	Royal Bank Of Canada	+2,990	83,840	$13,563,635
CP	Canadian Pacific Kansas City Ltd/Cn	+2,020	53,730	$4,226,401
WPM	Wheaton Precious Metals Corp.	+1,600	29,990	$3,928,989
BMO	Bank Of Montreal /Can/	+1,450	43,300	$5,860,222
No positions match the current search.

Trimmed

Positions the filer reduced

23 positions

Ticker	Company	Δ Shares	Shares	Value
USAS	Americas Gold & Silver Corp	−402,840	458,250	$2,392,065
EQX	Equinox Gold Corp.	−326,555	555,385	$8,030,867
DNN	Denison Mines Corp.	−259,610	2,659,200	$9,386,976
IAG	Iamgold Corp	−238,730	403,320	$7,590,482
BN	BROOKFIELD Corp /ON/	−233,070	101,020	$4,088,279
EFXT	Enerflex Ltd.	−232,834	661,252	$13,833,391
FSM	Fortuna Mining Corp.	−228,190	258,330	$2,565,216
ORLA	Orla Mining Ltd.	−212,300	305,180	$4,922,553
NXE	NexGen Energy Ltd.	−151,790	354,400	$4,111,040
EXK	Endeavour Silver Corp	−148,400	413,240	$3,847,264
GIL	Gildan Activewear Inc.	−83,089	7,911	$440,247
CRH	Crh Public Ltd Co	−74,457	112,773	$11,854,697
RBA	Rb Global Inc.	−68,955	13,735	$1,316,499
BNS	Bank Of Nova Scotia	−67,490	6,740	$467,149
GIB	Cgi Inc	−55,150	20,780	$1,519,018
PBA	Pembina Pipeline Corp	−40,775	99,545	$4,455,634
BGSI	Boyd Group Services Inc.	−21,337	93,893	$12,005,158
CVNA	Carvana Co.	−15,404	6,496	$2,042,212
B	Barrick Mining Corp	−10,910	94,970	$3,873,826
MFC	Manulife Financial Corp	−6,200	100,761	$3,470,208
KGC	Kinross Gold Corp	−3,560	87,620	$2,674,162
AEM	Agnico Eagle Mines Ltd	−1,690	30,480	$6,186,830
SKE	Skeena Resources Ltd	−980	141,490	$4,205,082
No positions match the current search.

New Positions

Positions the filer opened this quarter

10 positions

Ticker	Company	Shares	Value
GFL	GFL Environmental Inc.	187,807	$7,835,308
BEP	Brookfield Renewable Partners L.P.	170,580	$5,567,731
ARIS	Aris Mining Corp	259,765	$4,823,836
PPTA	Perpetua Resources Corp.	164,070	$4,613,648
HBM	Hudbay Minerals Inc.	161,660	$3,378,694
ALM	Almonty Industries Inc.	200,000	$2,896,000
FTS	Fortis Inc.	49,670	$2,771,089
AGI	Alamos Gold Inc	33,820	$1,502,622
ATS	ATS Corp /ATS	50,000	$1,410,000
WCN	Waste Connections, Inc.	2,070	$336,250
No positions match the current search.

Sold Out

Positions the filer fully exited

11 positions

Ticker	Company	Shares	Value
MEOH	Methanex Corp	208,630	$8,286,783
PAAS	Pan American Silver Corp	118,918	$6,161,141
COF	Capital One Financial Corp	20,400	$4,944,144
RGLD	Royal Gold Inc	21,468	$4,772,121
AG	First Majestic Silver Corp	256,360	$4,270,957
AXP	American Express Co	9,940	$3,677,303
TSAT	Telesat Corp	117,498	$3,419,191
VZLA	Vizsla Silver Corp.	551,440	$3,016,376
UUUU	Energy Fuels Inc	72,980	$1,061,129
ODFL	Old Dominion Freight Line, Inc.	5,980	$937,664
OR	OR Royalties Inc.	24,890	$880,857
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

58 positions · $320,946,040 total · as of Mar 31, 2026

All sectors Basic Materials Consumer Cyclical Energy Financial Services Industrials Technology Utilities

Showing 1–50 of 58 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CAE	Cae Inc Industrials	Added	782,693	+22,108	$20,389,152	−11.9%	6.35%
EFXT	Enerflex Ltd. Energy	Reduced	661,252	-232,834	$13,833,391	+0.3%	4.31%
RY	Royal Bank Of Canada Financial Services	Added	83,840	+2,990	$13,563,635	−1.6%	4.23%
BTE	Baytex Energy Corp. Energy	Added	2,805,993	+322,355	$12,542,788	+56.4%	3.91%
BGSI	Boyd Group Services Inc. Consumer Cyclical	Reduced	93,893	-21,337	$12,005,158	−34.6%	3.74%
CRH	Crh Public Ltd Co Basic Materials	Reduced	112,773	-74,457	$11,854,697	−49.3%	3.69%
CVE	Cenovus Energy Inc. Energy	Added	442,865	+36,395	$11,749,208	+70.8%	3.66%
TD	Toronto Dominion Bank Financial Services	Added	121,860	+6,320	$11,370,756	+4.5%	3.54%
BIPH	Brookfield Infrastructure Partners L.P. Utilities	Added	293,154	+109,374	$10,588,722	+65.9%	3.30%
DNN	Denison Mines Corp. Energy	Reduced	2,659,200	-259,610	$9,386,976	+20.9%	2.92%
SHOP	Shopify Inc. Technology	Added	74,860	+4,150	$8,879,893	−22.0%	2.77%
EQX	Equinox Gold Corp. Basic Materials	Reduced	555,385	-326,555	$8,030,867	−35.1%	2.50%
GFL	GFL Environmental Inc. Industrials	NEW	187,807	NEW	$7,835,308	NEW	2.44%
IAG	Iamgold Corp Basic Materials	Reduced	403,320	-238,730	$7,590,482	−28.3%	2.37%
ENB	Enbridge Inc Energy	Added	123,540	+12,230	$6,688,455	+25.6%	2.08%
TGB	Taseko Mines Ltd Basic Materials	Added	1,017,980	+67,690	$6,565,971	+22.1%	2.05%
CNI	Canadian National Railway Co Industrials	Added	62,260	+30,110	$6,398,460	+101.3%	1.99%
CNQ	Canadian Natural Resources Ltd Energy	Added	127,800	+8,000	$6,227,694	+53.6%	1.94%
AEM	Agnico Eagle Mines Ltd Basic Materials	Reduced	30,480	-1,690	$6,186,830	+13.4%	1.93%
BMO	Bank Of Montreal /Can/ Financial Services	Added	43,300	+1,450	$5,860,222	+7.9%	1.83%
ERO	Ero Copper Corp. Basic Materials	Added	211,859	+118,640	$5,650,279	+114.3%	1.76%
CM	Canadian Imperial Bank Of Commerce /Can/ Financial Services	Added	58,930	+53,480	$5,583,617	+1030.7%	1.74%
BEP	Brookfield Renewable Partners L.P. Utilities	NEW	170,580	NEW	$5,567,731	NEW	1.73%
SU	Suncor Energy Inc Energy	Added	83,210	+8,030	$5,501,013	+64.9%	1.71%
ORLA	Orla Mining Ltd. Basic Materials	Reduced	305,180	-212,300	$4,922,553	−29.4%	1.53%
ARIS	Aris Mining Corp Basic Materials	NEW	259,765	NEW	$4,823,836	NEW	1.50%
PPTA	Perpetua Resources Corp. Basic Materials	NEW	164,070	NEW	$4,613,648	NEW	1.44%
CGAU	Centerra Gold Inc. Basic Materials	Added	255,270	+109,290	$4,541,253	+116.5%	1.41%
PBA	Pembina Pipeline Corp Energy	Reduced	99,545	-40,775	$4,455,634	−16.6%	1.39%
CP	Canadian Pacific Kansas City Ltd/Cn Industrials	Added	53,730	+2,020	$4,226,401	+11.0%	1.32%
SKE	Skeena Resources Ltd Basic Materials	Reduced	141,490	-980	$4,205,082	+24.4%	1.31%
NXE	NexGen Energy Ltd. Energy	Reduced	354,400	-151,790	$4,111,040	−11.7%	1.28%
BN	BROOKFIELD Corp /ON/ Financial Services	Reduced	101,020	-233,070	$4,088,279	−73.3%	1.27%
WPM	Wheaton Precious Metals Corp. Basic Materials	Added	29,990	+1,600	$3,928,989	+17.8%	1.22%
TFII	TFI International Inc. Industrials	Added	36,020	+27,280	$3,912,852	+333.2%	1.22%
B	Barrick Mining Corp Basic Materials	Reduced	94,970	-10,910	$3,873,826	−16.0%	1.21%
EXK	Endeavour Silver Corp Basic Materials	Reduced	413,240	-148,400	$3,847,264	−27.1%	1.20%
MFC	Manulife Financial Corp Financial Services	Reduced	100,761	-6,200	$3,470,208	−10.6%	1.08%
HBM	Hudbay Minerals Inc. Basic Materials	NEW	161,660	NEW	$3,378,694	NEW	1.05%
CCJ	Cameco Corp Energy	Added	30,930	+8,440	$3,359,307	+63.3%	1.05%
TECK	Teck Resources Ltd Basic Materials	Added	64,430	+34,730	$3,334,252	+134.4%	1.04%
ALM	Almonty Industries Inc. Basic Materials	NEW	200,000	NEW	$2,896,000	NEW	0.90%
FTS	Fortis Inc. Utilities	NEW	49,670	NEW	$2,771,089	NEW	0.86%
KGC	Kinross Gold Corp Basic Materials	Reduced	87,620	-3,560	$2,674,162	+4.1%	0.83%
CLS	Celestica Inc Technology	Added	9,380	+4,770	$2,642,158	+93.9%	0.82%
KNX	Knight-Swift Transportation Holdings Inc. Industrials	Added	44,610	+14,950	$2,568,643	+65.7%	0.80%
FSM	Fortuna Mining Corp. Basic Materials	Reduced	258,330	-228,190	$2,565,216	−46.3%	0.80%
USAS	Americas Gold & Silver Corp Basic Materials	Reduced	458,250	-402,840	$2,392,065	−45.6%	0.75%
LSPD	Lightspeed Commerce Inc. Technology	Added	250,900	+128,270	$2,248,064	+51.8%	0.70%
NTR	Nutrien Ltd. Basic Materials	Added	29,290	+5,360	$2,210,223	+49.6%	0.69%