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 Bank of Canada (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 Bank of Canada	4.8%	3.9%	81,100	-3.3%	$16.8M
EFXTEnerflex Ltd	4.3%	3.9%	604,197	-8.6%	$14.8M
TDToronto Dominion Bank	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	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 US Glb Jets	2.0%	—	210,000	—	$7.0M
ENBEnbridge Inc Com	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 Corporation	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 Com New	1.7%	0.8%	366,557	+83.3%	$6.1M
TGBTaseko Mines	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 Term Com	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 Corp	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 Corp	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 Mining Corp	0.9%	0.7%	391,330	+51.5%	$3.3M
CCJCameco Corp Com	0.9%	1.0%	32,010	+3.5%	$3.3M
WPMWheaton Precious Metals	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 Ltd	0.8%	1.2%	283,860	-19.9%	$2.7M
GFRGreenfire Res Ltd New	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.

Added to

HBM Hudbay Minerals+194.0% shares
ALM Almonty Inds Inc Com New+83.3% shares
CLS Celestica Inc+77.6% shares
BN Brookfield Corp+73.0% shares
KNX Knight-Swift Transn Hldgs in+64.4% shares
LSPD Lightspeed Commerce Inc+58.6% shares
FSM Fortuna Mining Corp+51.5% shares
MFC Manulife Finl Corp+21.3% shares

Reduced

CAE Cae Inc.-56.7% shares
TFII Tfi International Inc-45.6% shares
ARIS Aris Mining Corporation-41.8% shares
EQX Equinox Gold Corp-40.6% shares
TECK Teck Resources Ltd-23.6% shares
BBUC Brookfield Business Corp-20.2% shares
NXE Nexgen Energy Ltd-19.9% shares
CVE Cenovus Energy Inc-16.7% shares

Left the top 50

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 and rebuilt each quarter on the day the filing became public. 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 Bank of Canada (RY) at 4.8%, Enerflex Ltd (EFXT) at 4.3%, Toronto Dominion Bank (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 (HBM) (+194.0% shares), Almonty Inds Inc Com New (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 Svcs 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.