Q2 2026 13F · SEC CIK 1426318

PCJ Investment Counsel Ltd.

Institutional asset managerFiled 2026-08-12 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $347.9M
Reported positions: 62
Top holdings a year, 3 yrs: +23.0%
Assets under management: $924.3M

PCJ Investment Counsel Ltd. is an institutional asset manager that reported 62 positions worth $347.9M in its Q2 2026 13F, filed 2026-08-12. Its largest holdings were Brookfield Business Corp (BBUC, 6.7%), Royal Bk Cda (RY, 4.8%), Enerflex Ltd (EFXT, 4.3%). A portfolio copying its top holdings returned 23.0% a year over the last 3 years, against 20.4% for the S&P 500.

PCJ Investment Counsel Ltd. holdings largest 50 of 62 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

PCJ Investment Counsel Ltd. 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
BBUCBrookfield Business Corp	6.7%	8.8%	781,064	-20.2%	$23.3M
RYRoyal Bk Cda	4.8%	3.9%	81,100	-3.3%	$16.8M
EFXTEnerflex Ltd	4.3%	3.9%	604,197	-8.6%	$14.8M
TDToronto Dominion Bk Ont	3.9%	3.2%	111,100	-8.8%	$13.5M
BTEBaytex Energy Corp	3.8%	3.6%	3,334,828	+18.8%	$13.4M
CRHCrh PLC	3.3%	3.4%	107,410	-4.8%	$11.5M
HBMHudbay Minerals Inc	3.2%	1.0%	475,210	+194.0%	$11.2M
BIPBrookfield Infrastructure Pa	3.1%	3.0%	295,980	+1.0%	$10.8M
CVECenovus Energy Inc	2.6%	3.3%	368,790	-16.7%	$9.2M
TACTransalta Corp	2.6%	—	653,290	—	$9.0M
SHOPShopify Inc	2.5%	2.5%	77,170	+3.1%	$8.8M
BNSBank Nova Scotia B C	2.5%	—	99,350	—	$8.6M
CAECae Inc	2.4%	5.8%	339,091	-56.7%	$8.5M
BMOBank of Montreal	2.4%	1.7%	46,780	+8.0%	$8.2M
CNICanadian Natl Ry Co	2.2%	1.8%	64,960	+4.3%	$7.7M
DNNDenison Mines Corp	2.2%	2.7%	2,444,190	-8.1%	$7.5M
BNBrookfield Corp	2.1%	1.2%	174,760	+73.0%	$7.4M
JETSETF Ser Solutions	2.0%	—	210,000	—	$7.0M
ENBEnbridge Inc	2.0%	1.9%	127,750	+3.4%	$6.9M
CMCanadian Imperial Bank of Co	1.8%	1.6%	54,710	-7.2%	$6.3M
IAGIamgold Corp	1.8%	2.2%	390,780	-3.1%	$6.2M
CLSCelestica Inc	1.7%	0.8%	16,658	+77.6%	$6.1M
ALMAlmonty Inds Inc	1.7%	0.8%	366,557	+83.3%	$6.1M
TGBTrekor Metals Ltd	1.6%	—	832,000	—	$5.7M
KNXKnight-Swift Transn Hldgs in	1.6%	0.7%	73,320	+64.4%	$5.7M
EROEro Copper Corp	1.5%	1.6%	197,379	-6.8%	$5.3M
CNQCanadian Nat Res Ltd Med Ter	1.5%	1.8%	132,430	+3.6%	$5.2M
MFCManulife Finl Corp	1.4%	1.0%	122,261	+21.3%	$5.0M
CPCanadian Pacific Kansas City	1.4%	1.2%	56,500	+5.2%	$4.9M
SUSuncor Energy Inc New	1.4%	1.6%	87,760	+5.5%	$4.7M
AEMAgnico Eagle Mines Ltd	1.3%	1.8%	29,440	-3.4%	$4.6M
PBAPembina Pipeline Corp	1.3%	1.3%	97,870	-1.7%	$4.5M
OCANFOceanagold Corporation Com New (canada)	1.2%	—	166,270	—	$4.2M
LSPDLightspeed Commerce Inc	1.2%	0.6%	397,910	+58.6%	$4.2M
SKESkeena Res Ltd New	1.1%	1.2%	142,580	+0.8%	$3.8M
PPTAPerpetua Resources Corporation (canada)	1.1%	1.3%	180,390	+9.9%	$3.7M
EXKEndeavour Silver Corp	1.0%	1.1%	416,430	+0.8%	$3.5M
BBarrick Mng Corp	1.0%	1.1%	91,810	-3.3%	$3.4M
TRIThomson Reuters Corp	1.0%	—	41,040	—	$3.3M
FSMFortuna Mng Corp	0.9%	0.7%	391,330	+51.5%	$3.3M
CCJCameco Corp	0.9%	1.0%	32,010	+3.5%	$3.3M
WPMWheaton Precious Metals Corp	0.9%	1.1%	28,710	-4.3%	$3.2M
EQXEquinox Gold Corp	0.9%	2.3%	329,720	-40.6%	$3.2M
TECKTeck Resources Ltd	0.8%	0.9%	49,251	-23.6%	$2.9M
TFIITfi International Inc	0.8%	1.1%	19,600	-45.6%	$2.8M
NXENexgen Energy Limited (canada)	0.8%	1.2%	283,860	-19.9%	$2.7M
GFRGreenfire Resources Ltd	0.7%	—	444,657	—	$2.5M
ATSAts Corporation	0.7%	—	85,640	—	$2.5M
ARISAris Mining Corporation	0.6%	1.4%	151,160	-41.8%	$2.3M
FNVFranco Nev Corp	0.6%	—	10,630	—	$2.2M

What PCJ Investment Counsel Ltd. bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +22.7% /yr; S&P 500 +20.1%
3 years: +23.0% /yr; S&P 500 +20.4%
5 years: +16.2% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$347.9M	62
Q1 2026	$352.1M	59
Q4 2025	$404.2M	61
Q3 2025	$359.5M	64
Q2 2025	$292.8M	65
Q1 2025	$255.7M	64
Q4 2024	$296.2M	69
Q3 2024	$315.9M	70
Q2 2024	$241.1M	73
Q1 2024	$302.6M	79
Q4 2023	$259.3M	70
Q3 2023	$216.8M	68

Questions about PCJ Investment Counsel Ltd.'s portfolio

What stocks does PCJ Investment Counsel Ltd. own?

PCJ Investment Counsel Ltd.'s latest 13F, for Q2 2026 and filed Aug 12, 2026, lists 62 positions worth $347.9M. The largest are Brookfield Business Corp (BBUC) at 6.7%, Royal Bk Cda (RY) at 4.8%, Enerflex Ltd (EFXT) at 4.3%, Toronto Dominion Bk Ont (TD) at 3.9% and Baytex Energy Corp (BTE) at 3.8%.

What did PCJ Investment Counsel Ltd. buy last quarter?

In Q2 2026, PCJ Investment Counsel Ltd. added Hudbay Minerals Inc (HBM) (+194.0% shares), Almonty Inds Inc (ALM) (+83.3% shares) and Celestica Inc (CLS) (+77.6% shares), compared with its Q1 2026 filing.

What did PCJ Investment Counsel Ltd. sell last quarter?

In Q2 2026, PCJ Investment Counsel Ltd. cut from its top 50 Boyd Group Services Inc (BGSI), cut from its top 50 Gfl Environmental Inc (GFL), cut from its top 50 Taseko Mines Ltd Com, cut from its top 50 Brookfield Renewable Energy (BEP), cut from its top 50 Orla Mng Ltd New (ORLA), Cae Inc (CAE) (-56.7% shares), Tfi International Inc (TFII) (-45.6% shares) and Aris Mining Corporation (ARIS) (-41.8% shares), compared with its Q1 2026 filing.

How has PCJ Investment Counsel Ltd.'s portfolio performed?

A portfolio copying PCJ Investment Counsel Ltd.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +23.0% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +22.7% against +20.1%. Over 5 years: +16.2% a year against +11.6%.

When is PCJ Investment Counsel Ltd.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. PCJ Investment Counsel Ltd.'s filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does PCJ Investment Counsel Ltd. manage?

PCJ Investment Counsel Ltd. reported $924.3M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $347.9M.