PCJ Investment Counsel Ltd.

CIK

1426318

Location

TORONTO, A6

Portfolio Value

Small $351,918,815

Diversification

Diversified

Filing Date

Global Rank

#3,159 / 8,622 ▲ 29 · as of Mar 2026

Top Industry

Gold 14.4%

3Y Alpha vs SPY

+2.7%

Period ended 4 months ago

Filed May 11, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+83.3%

SPY

+67.9%

Annualised alpha

+3.5%

Max drawdown

−21.1%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

8.8%

+2.3 pts

Top 5

25.9%

−0.2 pts

Top 10

42.3%

−0.2 pts

HHI

294

Diversified+11

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Basic Materials	28.9%	$101,588,811	22
Industrials	22.6%	$79,366,340	10
Energy	22.1%	$77,855,506	10
Financial Services	12.6%	$44,403,866	7
Utilities	5.4%	$18,927,542	3
Technology	4.3%	$15,289,133	4
Consumer Cyclical	4.1%	$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	Trekor Metals 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

11 positions

Ticker	Company	Shares	Value
BBUC	Brookfield Business Corp	978,912	$30,972,775
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

59 tracked positions · $351,918,815 total · as of Mar 31, 2026

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

Showing 1–50 of 59 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
BBUC	Brookfield Business Corp Industrials	NEW	978,912	NEW	$30,972,775	NEW	8.80%
CAE	Cae Inc Industrials	Added	782,693	+22,108	$20,389,152	−11.9%	5.79%
EFXT	Enerflex Ltd. Energy	Reduced	661,252	-232,834	$13,833,391	+0.3%	3.93%
RY	Royal Bank Of Canada Financial Services	Added	83,840	+2,990	$13,563,635	−1.6%	3.85%
BTE	Baytex Energy Corp. Energy	Added	2,805,993	+322,355	$12,542,788	+56.4%	3.56%
BGSI	Boyd Group Services Inc. Consumer Cyclical	Reduced	93,893	-21,337	$12,005,158	−34.6%	3.41%
CRH	Crh Public Ltd Co Basic Materials	Reduced	112,773	-74,457	$11,854,697	−49.3%	3.37%
CVE	Cenovus Energy Inc. Energy	Added	442,865	+36,395	$11,749,208	+70.8%	3.34%
TD	Toronto Dominion Bank Financial Services	Added	121,860	+6,320	$11,370,756	+4.5%	3.23%
BIPH	Brookfield Infrastructure Partners L.P. Utilities	Added	293,154	+109,374	$10,588,722	+65.9%	3.01%
DNN	Denison Mines Corp. Energy	Reduced	2,659,200	-259,610	$9,386,976	+20.9%	2.67%
SHOP	Shopify Inc. Technology	Added	74,860	+4,150	$8,879,893	−22.0%	2.52%
EQX	Equinox Gold Corp. Basic Materials	Reduced	555,385	-326,555	$8,030,867	−35.1%	2.28%
GFL	GFL Environmental Inc. Industrials	NEW	187,807	NEW	$7,835,308	NEW	2.23%
IAG	Iamgold Corp Basic Materials	Reduced	403,320	-238,730	$7,590,482	−28.3%	2.16%
ENB	Enbridge Inc Energy	Added	123,540	+12,230	$6,688,455	+25.6%	1.90%
TGB	Trekor Metals Ltd Basic Materials	Added	1,017,980	+67,690	$6,565,971	+22.1%	1.87%
CNI	Canadian National Railway Co Industrials	Added	62,260	+30,110	$6,398,460	+101.3%	1.82%
CNQ	CANADIAN NATURAL RESOURCES Ltd Energy	Added	127,800	+8,000	$6,227,694	+53.6%	1.77%
AEM	Agnico Eagle Mines Ltd Basic Materials	Reduced	30,480	-1,690	$6,186,830	+13.4%	1.76%
BMO	Bank Of Montreal /Can/ Financial Services	Added	43,300	+1,450	$5,860,222	+7.9%	1.67%
ERO	Ero Copper Corp. Basic Materials	Added	211,859	+118,640	$5,650,279	+114.3%	1.61%
CM	Canadian Imperial Bank Of Commerce /Can/ Financial Services	Added	58,930	+53,480	$5,583,617	+1030.7%	1.59%
BEP	Brookfield Renewable Partners L.P. Utilities	NEW	170,580	NEW	$5,567,731	NEW	1.58%
SU	Suncor Energy Inc Energy	Added	83,210	+8,030	$5,501,013	+64.9%	1.56%
ORLA	Orla Mining Ltd. Basic Materials	Reduced	305,180	-212,300	$4,922,553	−29.4%	1.40%
ARIS	Aris Mining Corp Basic Materials	NEW	259,765	NEW	$4,823,836	NEW	1.37%
PPTA	Perpetua Resources Corp. Basic Materials	NEW	164,070	NEW	$4,613,648	NEW	1.31%
CGAU	Centerra Gold Inc. Basic Materials	Added	255,270	+109,290	$4,541,253	+116.5%	1.29%
PBA	Pembina Pipeline Corp Energy	Reduced	99,545	-40,775	$4,455,634	−16.6%	1.27%
CP	Canadian Pacific Kansas City Ltd/Cn Industrials	Added	53,730	+2,020	$4,226,401	+11.0%	1.20%
SKE	Skeena Resources Ltd Basic Materials	Reduced	141,490	-980	$4,205,082	+24.4%	1.19%
NXE	NexGen Energy Ltd. Energy	Reduced	354,400	-151,790	$4,111,040	−11.7%	1.17%
BN	BROOKFIELD Corp /ON/ Financial Services	Reduced	101,020	-233,070	$4,088,279	−73.3%	1.16%
WPM	Wheaton Precious Metals Corp. Basic Materials	Added	29,990	+1,600	$3,928,989	+17.8%	1.12%
TFII	TFI International Inc. Industrials	Added	36,020	+27,280	$3,912,852	+333.2%	1.11%
B	Barrick Mining Corp Basic Materials	Reduced	94,970	-10,910	$3,873,826	−16.0%	1.10%
EXK	Endeavour Silver Corp Basic Materials	Reduced	413,240	-148,400	$3,847,264	−27.1%	1.09%
MFC	Manulife Financial Corp Financial Services	Reduced	100,761	-6,200	$3,470,208	−10.6%	0.99%
HBM	Hudbay Minerals Inc. Basic Materials	NEW	161,660	NEW	$3,378,694	NEW	0.96%
CCJ	Cameco Corp Energy	Added	30,930	+8,440	$3,359,307	+63.3%	0.95%
TECK	Teck Resources Ltd Basic Materials	Added	64,430	+34,730	$3,334,252	+134.4%	0.95%
ALM	Almonty Industries Inc. Basic Materials	NEW	200,000	NEW	$2,896,000	NEW	0.82%
FTS	Fortis Inc. Utilities	NEW	49,670	NEW	$2,771,089	NEW	0.79%
KGC	Kinross Gold Corp Basic Materials	Reduced	87,620	-3,560	$2,674,162	+4.1%	0.76%
CLS	Celestica Inc Technology	Added	9,380	+4,770	$2,642,158	+93.9%	0.75%
KNX	Knight-Swift Transportation Holdings Inc. Industrials	Added	44,610	+14,950	$2,568,643	+65.7%	0.73%
FSM	Fortuna Mining Corp. Basic Materials	Reduced	258,330	-228,190	$2,565,216	−46.3%	0.73%
USAS	Americas Gold & Silver Corp Basic Materials	Reduced	458,250	-402,840	$2,392,065	−45.6%	0.68%
LSPD	Lightspeed Commerce Inc. Technology	Added	250,900	+128,270	$2,248,064	+51.8%	0.64%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.