PCJ Investment Counsel Ltd.
Long book
$352.1M
Q1 2026
Positions
59
Top-10 weight
42%
concentration
Last quarter
-0.9%
SPY +14.8%
Turnover
33%
of book per quarter
Strategy in plain words
auto-generated from filingsPCJ Investment Counsel Ltd. is a diversified fundamental manager, running a $352.1M US long book across 59 positions.
The portfolio is moderately concentrated (top 10 ≈ 42% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: BROOKFIELD BUSINESS CORP-A, CAE INC, ENERFLEX LTD, ROYAL BANK OF CANADA, BAYTEX ENERGY CORP.
Over the last 9 quarters its long book ran on average 0.8pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.6%
Q2 2024
+12.2%
Q3 2024
-0.3%
Q4 2024
-3.6%
Q1 2025
+12.9%
Q2 2025
+16.8%
Q3 2025
+10.1%
Q4 2025
+3.3%
Q1 2026
-0.9%
Sector allocation
Materials 29%
Industrials 22%
Energy 14%
Financials 12%
Technology 10%
Services media 4%
Utilities 3%
Other 3%
Long book by quarter
What does PCJ Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BBUC BROOKFIELD BUSINESS CORP-A | Industrials | 978.9K | $31.0M | 8.8% | New |
| CAE CAE INC | Technology | 782.7K | $20.4M | 5.8% | +2.9% |
| EFXT ENERFLEX LTD | Industrials | 661.3K | $13.8M | 3.9% | -26.0% |
| RY ROYAL BANK OF CANADA | Financials | 83.8K | $13.6M | 3.9% | +3.7% |
| BTE BAYTEX ENERGY CORP | Energy | 2.8M | $12.5M | 3.6% | +13.0% |
| BGSI THE BOYD GROUP INC | Services media | 93.9K | $12.0M | 3.4% | -18.5% |
| CRH CRH PLC | Industrials | 112.8K | $11.9M | 3.4% | -39.8% |
| CVE CENOVUS ENERGY INC | Energy | 442.9K | $11.7M | 3.3% | +9.0% |
| TD TORONTO-DOMINION BANK | Financials | 121.9K | $11.4M | 3.2% | +5.5% |
| DNN DENISON MINES CORP | Materials | 2.7M | $9.4M | 2.7% | -8.9% |
| SHOP SHOPIFY INC - CLASS A | Technology | 74.9K | $8.9M | 2.5% | +5.9% |
| EQX EQUINOX GOLD CORP | Materials | 555.4K | $8.0M | 2.3% | -37.0% |
| GFL GFL ENVIRONMENTAL INC-SUB VT | Utilities | 187.8K | $7.8M | 2.2% | New |
| IAG IAMGOLD CORP | Materials | 403.3K | $7.6M | 2.2% | -37.2% |
| ENB ENBRIDGE INC | Energy | 123.5K | $6.7M | 1.9% | +11.0% |
| UDM TASEKO MINES LTD | — | 1.0M | $6.6M | 1.9% | +7.1% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 62.3K | $6.4M | 1.8% | +93.7% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 127.8K | $6.2M | 1.8% | +6.7% |
| AEM AGNICO EAGLE MINES LTD | Materials | 30.5K | $6.2M | 1.8% | -5.3% |
| BMO BANK OF MONTREAL | Financials | 43.3K | $5.9M | 1.7% | +3.5% |
| ERO ERO COPPER CORP | Materials | 211.9K | $5.6M | 1.6% | +127.3% |
| CM CAN IMPERIAL BK OF COMMERCE | Financials | 58.9K | $5.6M | 1.6% | +981.3% |
| SU SUNCOR ENERGY INC | Energy | 83.2K | $5.5M | 1.6% | +10.7% |
| ORLA ORLA MINING LTD | Materials | 305.2K | $4.9M | 1.4% | -41.0% |
| ARIS ARIS MINING CORP | Materials | 259.8K | $4.8M | 1.4% | New |
| PPTA PERPETUA RESOURCES CORP | Materials | 164.1K | $4.6M | 1.3% | New |
| CGAU CENTERRA GOLD INC | Materials | 255.3K | $4.5M | 1.3% | +74.9% |
| PBA PEMBINA PIPELINE CORP | Energy | 99.5K | $4.5M | 1.3% | -29.1% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 53.7K | $4.2M | 1.2% | +3.9% |
| SKE SKEENA RESOURCES LTD | Materials | 141.5K | $4.2M | 1.2% | -0.7% |
| NXE NEXGEN ENERGY LTD | Materials | 354.4K | $4.1M | 1.2% | -30.0% |
| BN BROOKFIELD CORP | Real estate | 101.0K | $4.1M | 1.2% | -69.8% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 30.0K | $3.9M | 1.1% | +5.6% |
| TFII TFI INTERNATIONAL INC | Industrials | 36.0K | $3.9M | 1.1% | +312.1% |
| B BARRICK MINING CORP | Materials | 95.0K | $3.9M | 1.1% | -10.3% |
| EXK ENDEAVOUR SILVER CORP | Materials | 413.2K | $3.9M | 1.1% | -26.4% |
| MFC MANULIFE FINANCIAL CORP | Financials | 100.8K | $3.5M | 1.0% | -5.8% |
| HBM HUDBAY MINERALS INC | Materials | 161.7K | $3.4M | 1.0% | New |
| CCJ CAMECO CORP | Materials | 30.9K | $3.4M | 1.0% | +37.5% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 64.4K | $3.3M | 0.9% | +116.9% |
| ALM ALMONTY INDUSTRIES INC | Materials | 200.0K | $2.9M | 0.8% | New |
| FTS FORTIS INC | Utilities | 49.7K | $2.8M | 0.8% | New |
| KGC KINROSS GOLD CORP | Materials | 87.6K | $2.7M | 0.8% | -3.9% |
| CLS CELESTICA INC | Technology | 9.4K | $2.6M | 0.8% | +103.5% |
| FSM FORTUNA MINING CORP | Materials | 258.3K | $2.6M | 0.7% | -46.9% |
| KNX KNIGHT-SWIFT TRANSPORTATION | Industrials | 44.6K | $2.6M | 0.7% | +50.4% |
| USAS AMERICAS GOLD AND SILVER COR | Materials | 458.3K | $2.4M | 0.7% | -46.8% |
| LSPD LIGHTSPEED COMMERCE INC | Technology | 250.9K | $2.2M | 0.6% | +104.6% |
| NTR NUTRIEN LTD | Other | 29.3K | $2.2M | 0.6% | +22.4% |
| CVNA CARVANA CO | Consumer discretionary | 6.5K | $2.0M | 0.6% | -70.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 59 | $352.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 61 | $404.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 64 | $359.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 7, 2025 | 65 | $292.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 64 | $255.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 7, 2025 | 69 | $296.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 70 | $315.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 8, 2024 | 73 | $241.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 8, 2024 | 79 | $302.6M | canonical | SEC ↗ |
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