PCJ Investment Counsel Ltd.

Registered adviser

CIK

1426318

Location

TORONTO, A6

Portfolio Value

Small $347,918,640

Diversification

Diversified

Filing Date

Global Rank

#4,816 / 8,819 ▼ 433

Top Industry

Banks - Diversified 15.7%

Period ended 4 months ago

Filed Aug 12, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 174083

Roster of Oct 1, 2026

Regulatory AUM

$924,342,654

Main clients

Other investment advisers (90% of AUM)

Private funds

1 fund · Hedge funds

Focus by fund count, roster of Oct 1, 2026

$0 gross assets

LEI

549300RFW8SETFSEY817

Private funds on Schedule D 7.B.(1)

As filed Mar 28, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$0 gross assets in 1 fund Hedge funds $0 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$924,342,654	Other investment advisers (90%)
Apr 2025 to Mar 2026	$703,970,311	Other investment advisers (86%)
Apr 2024 to Mar 2025	$597,093,983	Other investment advisers (73%)
May 2023 to Mar 2024	$551,917,488	Other investment advisers (68%)
Apr 2023	$551,917,488	Other investment advisers (68%)
Apr 2022 to Mar 2023	$679,824,266	Other investment advisers (66%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 38.4%, 39.0 effective positions, active share 98.1% against every 13F filer's combined book; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Medium turnover

84.4% over the last four quarters (30% to under 100%)

Horizon

Horizon unknown

The value-weighted holding period is at least 11.6 quarters, but 22.6% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 98.1%; sector active share 62.9% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

62 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

6.7%

−2.1 pts

Top 5

23.5%

−2.5 pts

Top 10

38.4%

−3.9 pts

HHI

256

Diversified−38

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Basic Materials	27.3%	$94,836,617	23
Energy	21.4%	$74,609,130	11
Financial Services	18.9%	$65,857,191	7
Industrials	17.4%	$60,459,607	10
Utilities	6.3%	$21,837,787	3
Technology	6.3%	$21,812,964	5
Unclassified	2.0%	$6,976,200	1
Consumer Cyclical	0.4%	$1,529,144	2

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
BTE	Baytex Energy Corp.	+528,835	3,334,828	$13,339,312
HBM	Hudbay Minerals Inc.	+313,550	475,210	$11,219,708
ALM	Almonty Industries Inc.	+166,557	366,557	$6,070,183
LSPD	Lightspeed Commerce Inc.	+147,010	397,910	$4,174,075
FSM	Fortuna Mining Corp.	+133,000	391,330	$3,306,738
BNS	Bank Of Nova Scotia	+92,610	99,350	$8,627,554
BN	BROOKFIELD Corp	+73,740	174,760	$7,443,028
ATS	ATS Corp	+35,640	85,640	$2,464,719
KNX	Knight-Swift Transportation Holdings Inc.	+28,710	73,320	$5,709,428
MFC	Manulife Financial Corp	+21,500	122,261	$4,952,793
PPTA	Perpetua Resources Corp.	+16,320	180,390	$3,744,896
GIL	Gildan Activewear Inc.	+14,220	22,131	$1,141,959
CLS	Celestica Inc	+7,278	16,658	$6,076,838
CNQ	CANADIAN NATURAL RESOURCES Ltd	+4,630	132,430	$5,230,985
SU	Suncor Energy Inc	+4,550	87,760	$4,710,956
ENB	Enbridge Inc	+4,210	127,750	$6,925,327
USAS	Americas Gold & Silver Corp	+3,610	461,860	$2,179,979
BMO	Bank Of Montreal	+3,480	46,780	$8,266,026
EXK	Endeavour Silver Corp	+3,190	416,430	$3,448,040
BIP	Brookfield Infrastructure Partners L.P.	+2,826	295,980	$10,800,310
CP	Canadian Pacific Kansas City Ltd	+2,770	56,500	$4,895,725
CNI	Canadian National Railway Co	+2,700	64,960	$7,745,830
SHOP	Shopify Inc.	+2,310	77,170	$8,811,270
SKE	Skeena Resources Ltd	+1,090	142,580	$3,801,182
CCJ	Cameco Corp	+1,080	32,010	$3,260,538
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
CAE	Cae Inc	−443,602	339,091	$8,497,620
EQX	Equinox Gold Corp.	−225,665	329,720	$3,204,878
DNN	Denison Mines Corp.	−215,010	2,444,190	$7,479,221
BBUC	Brookfield Business Corp	−197,848	781,064	$23,314,760
TGB	Trekor Metals Ltd	−185,980	832,000	$5,724,160
CGAU	Centerra Gold Inc.	−121,330	133,940	$2,124,288
ARIS	Aris Mining Corp	−108,605	151,160	$2,253,795
BGSI	Boyd Group Services Inc.	−89,801	4,092	$387,185
CVE	Cenovus Energy Inc.	−74,075	368,790	$9,149,679
NXE	NexGen Energy Ltd.	−70,540	283,860	$2,665,445
EFXT	Enerflex Ltd.	−57,055	604,197	$14,808,868
TFII	TFI International Inc.	−16,420	19,600	$2,813,972
KGC	Kinross Gold Corp	−15,950	71,670	$1,692,845
TECK	Teck Resources Ltd	−15,179	49,251	$2,928,464
FTS	Fortis Inc.	−14,680	34,990	$2,002,477
ERO	Ero Copper Corp.	−14,480	197,379	$5,279,888
IAG	Iamgold Corp	−12,540	390,780	$6,189,955
TD	Toronto Dominion Bank	−10,760	111,100	$13,490,873
NTR	Nutrien Ltd.	−8,590	20,700	$1,303,065
CRH	Crh Public Ltd Co	−5,363	107,410	$11,492,870
CM	Canadian Imperial Bank Of Commerce	−4,220	54,710	$6,291,650
B	Barrick Mining Corp	−3,160	91,810	$3,372,181
RY	Royal Bank Of Canada	−2,740	81,100	$16,785,267
RBA	Rb Global Inc.	−1,935	11,800	$1,374,110
PBA	Pembina Pipeline Corp	−1,675	97,870	$4,526,487
No positions match the current search.

New Positions

Positions the filer opened this quarter

9 positions

Ticker	Company	Shares	Value
TAC	Transalta Corp	653,290	$9,035,000
—		210,000	$6,976,200
OGC	OceanaGold Corp	166,270	$4,170,051
TRI	Thomson Reuters Corp	41,040	$3,351,736
GFR	Greenfire Resources Ltd.	444,657	$2,512,312
FNV	FRANCO NEVADA Corp	10,630	$2,215,717
TSAT	Telesat Corp	31,180	$1,578,331
SSMR	Sunshine Silver Mining & Refining Co	100,000	$1,322,000
DCBO	Docebo Inc.	65,500	$1,172,450
No positions match the current search.

Sold Out

Positions the filer fully exited

6 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
—		305,180	$4,922,553
CVNA	Carvana Co.	6,496	$2,042,212
GIB	Cgi Inc	20,780	$1,519,018
AGI	Alamos Gold Inc	33,820	$1,502,622
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

62 tracked positions · $347,918,640 total · filing declares 62 positions · $347,890,948 · as of Jun 30, 2026

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

Showing 1–50 of 62 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
BBUC	Brookfield Business Corp Industrials	Reduced	781,064	-197,848	$23,314,760	−24.7%	2	$34.37	6.70%
RY	Royal Bank Of Canada Financial Services	Reduced	81,100	-2,740	$16,785,267	+23.8%	26+	before history	4.82%
EFXT	Enerflex Ltd. Energy	Reduced	604,197	-57,055	$14,808,868	+7.1%	15	$7.01	4.26%
TD	Toronto Dominion Bank Financial Services	Reduced	111,100	-10,760	$13,490,873	+18.6%	26+	before history	3.88%
BTE	Baytex Energy Corp. Energy	Added	3,334,828	+528,835	$13,339,312	+6.4%	3	$3.16	3.83%
CRH	Crh Public Ltd Co Basic Materials	Reduced	107,410	-5,363	$11,492,870	−3.1%	8	$84.79	3.30%
HBM	Hudbay Minerals Inc. Basic Materials	Added	475,210	+313,550	$11,219,708	+232.1%	2	$24.64	3.22%
BIP	Brookfield Infrastructure Partners L.P. Utilities	Added	295,980	+2,826	$10,800,310	+2.0%	13	$32.76	3.10%
CVE	Cenovus Energy Inc. Energy	Reduced	368,790	-74,075	$9,149,679	−22.1%	26+	before history	2.63%
TAC	Transalta Corp Utilities	NEW	653,290	NEW	$9,035,000	NEW	1	$13.21	2.60%
SHOP	Shopify Inc. Technology	Added	77,170	+2,310	$8,811,270	−0.8%	26+	before history	2.53%
BNS	Bank Of Nova Scotia Financial Services	Added	99,350	+92,610	$8,627,554	+1746.9%	26+	before history	2.48%
CAE	Cae Inc Industrials	Reduced	339,091	-443,602	$8,497,620	−58.3%	7	$27.96	2.44%
BMO	Bank Of Montreal Financial Services	Added	46,780	+3,480	$8,266,026	+41.1%	7	unpriced	2.38%
CNI	Canadian National Railway Co Industrials	Added	64,960	+2,700	$7,745,830	+21.1%	7	$103.76	2.23%
DNN	Denison Mines Corp. Energy	Reduced	2,444,190	-215,010	$7,479,221	−20.3%	19	$1.96	2.15%
BN	BROOKFIELD Corp Financial Services	Added	174,760	+73,740	$7,443,028	+82.1%	15	unpriced	2.14%
		NEW	210,000	NEW	$6,976,200	NEW	1	$27.67	2.01%
ENB	Enbridge Inc Energy	Added	127,750	+4,210	$6,925,327	+3.5%	26+	before history	1.99%
CM	Canadian Imperial Bank Of Commerce Financial Services	Reduced	54,710	-4,220	$6,291,650	+12.7%	11	$91.71	1.81%
IAG	Iamgold Corp Basic Materials	Reduced	390,780	-12,540	$6,189,955	−18.5%	9	$6.75	1.78%
CLS	Celestica Inc Technology	Added	16,658	+7,278	$6,076,838	+130.0%	4	$302.83	1.75%
ALM	Almonty Industries Inc. Basic Materials	Added	366,557	+166,557	$6,070,183	+109.6%	2	$16.47	1.74%
TGB	Trekor Metals Ltd Basic Materials	Reduced	832,000	-185,980	$5,724,160	−12.8%	4	$3.94	1.65%
KNX	Knight-Swift Transportation Holdings Inc. Industrials	Added	73,320	+28,710	$5,709,428	+122.3%	3	$57.79	1.64%
ERO	Ero Copper Corp. Basic Materials	Reduced	197,379	-14,480	$5,279,888	−6.6%	4	$25.78	1.52%
CNQ	CANADIAN NATURAL RESOURCES Ltd Energy	Added	132,430	+4,630	$5,230,985	−16.0%	26+	before history	1.50%
MFC	Manulife Financial Corp Financial Services	Added	122,261	+21,500	$4,952,793	+42.7%	26+	before history	1.42%
CP	Canadian Pacific Kansas City Ltd Industrials	Added	56,500	+2,770	$4,895,725	+15.8%	13	$78.13	1.41%
SU	Suncor Energy Inc Energy	Added	87,760	+4,550	$4,710,956	−14.4%	26+	before history	1.35%
AEM	Agnico Eagle Mines Ltd Basic Materials	Reduced	29,440	-1,040	$4,567,027	−26.2%	18	$62.04	1.31%
PBA	Pembina Pipeline Corp Energy	Reduced	97,870	-1,675	$4,526,487	+1.6%	18	$37.80	1.30%
LSPD	Lightspeed Commerce Inc. Technology	Added	397,910	+147,010	$4,174,075	+85.7%	8	$11.01	1.20%
OGC	OceanaGold Corp Basic Materials	NEW	166,270	NEW	$4,170,051	NEW	1	$30.02	1.20%
SKE	Skeena Resources Ltd Basic Materials	Added	142,580	+1,090	$3,801,182	−9.6%	10	$5.31	1.09%
PPTA	Perpetua Resources Corp. Basic Materials	Added	180,390	+16,320	$3,744,896	−18.8%	2	$29.94	1.08%
EXK	Endeavour Silver Corp Basic Materials	Added	416,430	+3,190	$3,448,040	−10.4%	5	$3.98	0.99%
B	Barrick Mining Corp Basic Materials	Reduced	91,810	-3,160	$3,372,181	−12.9%	5	$24.87	0.97%
TRI	Thomson Reuters Corp Industrials	NEW	41,040	NEW	$3,351,736	NEW	1	$86.84	0.96%
FSM	Fortuna Mining Corp. Basic Materials	Added	391,330	+133,000	$3,306,738	+28.9%	9	$7.15	0.95%
CCJ	Cameco Corp Energy	Added	32,010	+1,080	$3,260,538	−2.9%	18	$62.10	0.94%
WPM	Wheaton Precious Metals Corp. Basic Materials	Reduced	28,710	-1,280	$3,224,707	−17.9%	21	$49.39	0.93%
EQX	Equinox Gold Corp. Basic Materials	Reduced	329,720	-225,665	$3,204,878	−60.1%	7	$7.92	0.92%
TECK	Teck Resources Ltd Basic Materials	Reduced	49,251	-15,179	$2,928,464	−12.2%	21	$45.56	0.84%
TFII	TFI International Inc. Industrials	Reduced	19,600	-16,420	$2,813,972	−28.1%	3	$107.25	0.81%
NXE	NexGen Energy Ltd. Energy	Reduced	283,860	-70,540	$2,665,445	−35.2%	21	$5.60	0.77%
GFR	Greenfire Resources Ltd. Energy	NEW	444,657	NEW	$2,512,312	NEW	1	$5.94	0.72%
ATS	ATS Corp Industrials	Added	85,640	+35,640	$2,464,719	+74.8%	2	$30.36	0.71%
ARIS	Aris Mining Corp Basic Materials	Reduced	151,160	-108,605	$2,253,795	−53.3%	2	$18.91	0.65%
FNV	FRANCO NEVADA Corp Basic Materials	NEW	10,630	NEW	$2,215,717	NEW	1	$233.09	0.64%

Showing the top 50 of 62 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

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.