PCJ Investment Counsel
TORONTO, A6files as PCJ Investment Counsel Ltd.
$348m in 62 US stocks at the end of 30 June 2026. The top 10 are 38.4% of the money. It changed about 25.1% of the portfolio this quarter.
Value
$348m
Stocks
62
Top 10 share
38.4%
Turnover
25.1%
What changed this quarter
New
Bought for the first time this quarter.
- TransaltaTAC2.6% of the fund
- ETF SER SolutionsJETS2.0% of the fund
- Trekor MetalsTGB1.6% of the fund
- OceanaGoldOGC1.2% of the fund
- Thomson Reuters Corp /canTRI1.0% of the fund
- Greenfire ResourcesGFR0.7% of the fund
- Franco NevadaFNV0.6% of the fund
- TelesatTSAT0.5% of the fund
- Sunshine Silver Mining & RefiningSSMR0.4% of the fund
- DoceboDCBO0.3% of the fund
Added
Bought more of a stock they already held.
- Baytex EnergyBTE3.8% of the fund+19%
- Hudbay MineralsHBM3.2% of the fund+194%
- ShopifySHOP2.5% of the fund+3%
- Bank of Nova ScotiaBNS2.5% of the fund+1374%
- Bank of Montreal /canBMO2.4% of the fund+8%
- Canadian National RailwayCNI2.2% of the fund+4%
- BrookfieldBN2.1% of the fund+73%
- EnbridgeENB2.0% of the fund+3%
- CelesticaCLS1.7% of the fund+78%
- Almonty IndustriesALM1.7% of the fund+83%
- Knight-Swift Transportation HoldingsKNX1.6% of the fund+64%
- Canadian Natural ResourcesCNQ1.5% of the fund+4%
- Manulife FinancialMFC1.4% of the fund+21%
- Canadian Pacific Kansas CityCP1.4% of the fund+5%
- Suncor EnergySU1.4% of the fund+5%
- Lightspeed CommerceLSPD1.2% of the fund+59%
- Perpetua ResourcesPPTA1.1% of the fund+10%
- Fortuna MiningFSM1.0% of the fund+51%
- CamecoCCJ0.9% of the fund+3%
- ATS Corp /ATSATS0.7% of the fund+71%
- Gildan ActivewearGIL0.3% of the fund+180%
Cut
Sold some of their stake.
- Brookfield Business Partners L.P.BBUC6.7% of the fund-20%
- Royal Bank of CanadaRY4.8% of the fund-3%
- EnerflexEFXT4.3% of the fund-9%
- Toronto Dominion BankTD3.9% of the fund-9%
- CRH PublicCRH3.3% of the fund-5%
- Cenovus EnergyCVE2.6% of the fund-17%
- CAECAE2.4% of the fund-57%
- Denison MinesDNN2.2% of the fund-8%
- Canadian Imperial Bank of Commerce /canCM1.8% of the fund-7%
- IamgoldIAG1.8% of the fund-3%
- Ero CopperERO1.5% of the fund-7%
- Agnico Eagle MinesAEM1.3% of the fund-3%
- Barrick MiningB1.0% of the fund-3%
- Wheaton Precious MetalsWPM0.9% of the fund-4%
- Equinox GoldEQX0.9% of the fund-41%
- Teck ResourcesTECK0.8% of the fund-24%
- TFI InternationalTFII0.8% of the fund-46%
- NexGen EnergyNXE0.8% of the fund-20%
- Aris MiningARIS0.6% of the fund-42%
- Centerra GoldCGAU0.6% of the fund-48%
- FortisFTS0.6% of the fund-30%
- Kinross GoldKGC0.5% of the fund-18%
- RB GlobalRBA0.4% of the fund-14%
- NutrienNTR0.4% of the fund-29%
- Boyd Group ServicesBGSI0.1% of the fund-96%
Sold out
Sold their entire stake.
- GFL EnvironmentalGFL-100%
- Taseko Mines-100%
- Brookfield Renewable EnergyBEP-100%
- Orla MNG LTD NewORLA-100%
- CarvanaCVNA-100%
- CGIGIB-100%
- Alamos GoldAGI-100%
Holdings
- Royal Bank of CanadaRY
- Share
- 4.8%
- Value
- $17m
- Shares
- 81,100
-3%
- EnerflexEFXT
- Share
- 4.3%
- Value
- $15m
- Shares
- 604,197
-9%
- Toronto Dominion BankTD
- Share
- 3.9%
- Value
- $13m
- Shares
- 111,100
-9%
- Baytex EnergyBTE
- Share
- 3.8%
- Value
- $13m
- Shares
- 3,334,828
+19%
- Hudbay MineralsHBM
- Share
- 3.2%
- Value
- $11m
- Shares
- 475,210
+194%
- Brookfield Infrastructure PABIP
- Share
- 3.1%
- Value
- $11m
- Shares
- 295,980
Held
- Cenovus EnergyCVE
- Share
- 2.6%
- Value
- $9m
- Shares
- 368,790
-17%
- TransaltaTAC
- Share
- 2.6%
- Value
- $9m
- Shares
- 653,290
New
- Bank of Nova ScotiaBNS
- Share
- 2.5%
- Value
- $9m
- Shares
- 99,350
+1374%
- CAECAE
- Share
- 2.4%
- Value
- $8m
- Shares
- 339,091
-57%
- Bank of Montreal /canBMO
- Share
- 2.4%
- Value
- $8m
- Shares
- 46,780
+8%
- Canadian National RailwayCNI
- Share
- 2.2%
- Value
- $8m
- Shares
- 64,960
+4%
- Denison MinesDNN
- Share
- 2.2%
- Value
- $7m
- Shares
- 2,444,190
-8%
- BrookfieldBN
- Share
- 2.1%
- Value
- $7m
- Shares
- 174,760
+73%
- ETF SER SolutionsJETS
- Share
- 2.0%
- Value
- $7m
- Shares
- 210,000
New
- Canadian Imperial Bank of Commerce /canCM
- Share
- 1.8%
- Value
- $6m
- Shares
- 54,710
-7%
- IamgoldIAG
- Share
- 1.8%
- Value
- $6m
- Shares
- 390,780
-3%
- Almonty IndustriesALM
- Share
- 1.7%
- Value
- $6m
- Shares
- 366,557
+83%
- Trekor MetalsTGB
- Share
- 1.6%
- Value
- $6m
- Shares
- 832,000
New
- Ero CopperERO
- Share
- 1.5%
- Value
- $5m
- Shares
- 197,379
-7%
- Canadian Natural ResourcesCNQ
- Share
- 1.5%
- Value
- $5m
- Shares
- 132,430
+4%
- Manulife FinancialMFC
- Share
- 1.4%
- Value
- $5m
- Shares
- 122,261
+21%
- Suncor EnergySU
- Share
- 1.4%
- Value
- $5m
- Shares
- 87,760
+5%
- Agnico Eagle MinesAEM
- Share
- 1.3%
- Value
- $5m
- Shares
- 29,440
-3%
- Pembina PipelinePBA
- Share
- 1.3%
- Value
- $5m
- Shares
- 97,870
Held
- OceanaGoldOGC
- Share
- 1.2%
- Value
- $4m
- Shares
- 166,270
New
- Lightspeed CommerceLSPD
- Share
- 1.2%
- Value
- $4m
- Shares
- 397,910
+59%
- Skeena ResourcesSKE
- Share
- 1.1%
- Value
- $4m
- Shares
- 142,580
Held
- Endeavour SilverEXK
- Share
- 1.0%
- Value
- $3m
- Shares
- 416,430
Held
- Barrick MiningB
- Share
- 1.0%
- Value
- $3m
- Shares
- 91,810
-3%
- Thomson Reuters Corp /canTRI
- Share
- 1.0%
- Value
- $3m
- Shares
- 41,040
New
- Fortuna MiningFSM
- Share
- 1.0%
- Value
- $3m
- Shares
- 391,330
+51%
- CamecoCCJ
- Share
- 0.9%
- Value
- $3m
- Shares
- 32,010
+3%
- Wheaton Precious MetalsWPM
- Share
- 0.9%
- Value
- $3m
- Shares
- 28,710
-4%
- Equinox GoldEQX
- Share
- 0.9%
- Value
- $3m
- Shares
- 329,720
-41%
- Teck ResourcesTECK
- Share
- 0.8%
- Value
- $3m
- Shares
- 49,251
-24%
- TFI InternationalTFII
- Share
- 0.8%
- Value
- $3m
- Shares
- 19,600
-46%
- NexGen EnergyNXE
- Share
- 0.8%
- Value
- $3m
- Shares
- 283,860
-20%
- Greenfire ResourcesGFR
- Share
- 0.7%
- Value
- $3m
- Shares
- 444,657
New
- ATS Corp /ATSATS
- Share
- 0.7%
- Value
- $2m
- Shares
- 85,640
+71%
- Aris MiningARIS
- Share
- 0.6%
- Value
- $2m
- Shares
- 151,160
-42%
- Franco NevadaFNV
- Share
- 0.6%
- Value
- $2m
- Shares
- 10,630
New
- Americas Gold & SilverUSAS
- Share
- 0.6%
- Value
- $2m
- Shares
- 461,860
Held
- Centerra GoldCGAU
- Share
- 0.6%
- Value
- $2m
- Shares
- 133,940
-48%
- FortisFTS
- Share
- 0.6%
- Value
- $2m
- Shares
- 34,990
-30%
- Kinross GoldKGC
- Share
- 0.5%
- Value
- $2m
- Shares
- 71,670
-18%
- Sunshine Silver Mining & RefiningSSMR
- Share
- 0.4%
- Value
- $1m
- Shares
- 100,000
New
- NutrienNTR
- Share
- 0.4%
- Value
- $1m
- Shares
- 20,700
-29%
- DoceboDCBO
- Share
- 0.3%
- Value
- $1m
- Shares
- 65,500
New
- Gildan ActivewearGIL
- Share
- 0.3%
- Value
- $1m
- Shares
- 22,131
+180%
- Boyd Group ServicesBGSI
- Share
- 0.1%
- Value
- $387,072
- Shares
- 4,092
-96%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Brookfield Business Partners L.P.BBUC | 6.7% | $23m | 781,064 | -20% |
| Royal Bank of CanadaRY | 4.8% | $17m | 81,100 | -3% |
| EnerflexEFXT | 4.3% | $15m | 604,197 | -9% |
| Toronto Dominion BankTD | 3.9% | $13m | 111,100 | -9% |
| Baytex EnergyBTE | 3.8% | $13m | 3,334,828 | +19% |
| CRH PublicCRH | 3.3% | $11m | 107,410 | -5% |
| Hudbay MineralsHBM | 3.2% | $11m | 475,210 | +194% |
| Brookfield Infrastructure PABIP | 3.1% | $11m | 295,980 | Held |
| Cenovus EnergyCVE | 2.6% | $9m | 368,790 | -17% |
| TransaltaTAC | 2.6% | $9m | 653,290 | New |
| ShopifySHOP | 2.5% | $9m | 77,170 | +3% |
| Bank of Nova ScotiaBNS | 2.5% | $9m | 99,350 | +1374% |
| CAECAE | 2.4% | $8m | 339,091 | -57% |
| Bank of Montreal /canBMO | 2.4% | $8m | 46,780 | +8% |
| Canadian National RailwayCNI | 2.2% | $8m | 64,960 | +4% |
| Denison MinesDNN | 2.2% | $7m | 2,444,190 | -8% |
| BrookfieldBN | 2.1% | $7m | 174,760 | +73% |
| ETF SER SolutionsJETS | 2.0% | $7m | 210,000 | New |
| EnbridgeENB | 2.0% | $7m | 127,750 | +3% |
| Canadian Imperial Bank of Commerce /canCM | 1.8% | $6m | 54,710 | -7% |
| IamgoldIAG | 1.8% | $6m | 390,780 | -3% |
| CelesticaCLS | 1.7% | $6m | 16,658 | +78% |
| Almonty IndustriesALM | 1.7% | $6m | 366,557 | +83% |
| Trekor MetalsTGB | 1.6% | $6m | 832,000 | New |
| Knight-Swift Transportation HoldingsKNX | 1.6% | $6m | 73,320 | +64% |
| Ero CopperERO | 1.5% | $5m | 197,379 | -7% |
| Canadian Natural ResourcesCNQ | 1.5% | $5m | 132,430 | +4% |
| Manulife FinancialMFC | 1.4% | $5m | 122,261 | +21% |
| Canadian Pacific Kansas CityCP | 1.4% | $5m | 56,500 | +5% |
| Suncor EnergySU | 1.4% | $5m | 87,760 | +5% |
| Agnico Eagle MinesAEM | 1.3% | $5m | 29,440 | -3% |
| Pembina PipelinePBA | 1.3% | $5m | 97,870 | Held |
| OceanaGoldOGC | 1.2% | $4m | 166,270 | New |
| Lightspeed CommerceLSPD | 1.2% | $4m | 397,910 | +59% |
| Skeena ResourcesSKE | 1.1% | $4m | 142,580 | Held |
| Perpetua ResourcesPPTA | 1.1% | $4m | 180,390 | +10% |
| Endeavour SilverEXK | 1.0% | $3m | 416,430 | Held |
| Barrick MiningB | 1.0% | $3m | 91,810 | -3% |
| Thomson Reuters Corp /canTRI | 1.0% | $3m | 41,040 | New |
| Fortuna MiningFSM | 1.0% | $3m | 391,330 | +51% |
| CamecoCCJ | 0.9% | $3m | 32,010 | +3% |
| Wheaton Precious MetalsWPM | 0.9% | $3m | 28,710 | -4% |
| Equinox GoldEQX | 0.9% | $3m | 329,720 | -41% |
| Teck ResourcesTECK | 0.8% | $3m | 49,251 | -24% |
| TFI InternationalTFII | 0.8% | $3m | 19,600 | -46% |
| NexGen EnergyNXE | 0.8% | $3m | 283,860 | -20% |
| Greenfire ResourcesGFR | 0.7% | $3m | 444,657 | New |
| ATS Corp /ATSATS | 0.7% | $2m | 85,640 | +71% |
| Aris MiningARIS | 0.6% | $2m | 151,160 | -42% |
| Franco NevadaFNV | 0.6% | $2m | 10,630 | New |
| Americas Gold & SilverUSAS | 0.6% | $2m | 461,860 | Held |
| Centerra GoldCGAU | 0.6% | $2m | 133,940 | -48% |
| FortisFTS | 0.6% | $2m | 34,990 | -30% |
| Kinross GoldKGC | 0.5% | $2m | 71,670 | -18% |
| TelesatTSAT | 0.5% | $2m | 31,180 | New |
| RB GlobalRBA | 0.4% | $1m | 11,800 | -14% |
| Sunshine Silver Mining & RefiningSSMR | 0.4% | $1m | 100,000 | New |
| NutrienNTR | 0.4% | $1m | 20,700 | -29% |
| DoceboDCBO | 0.3% | $1m | 65,500 | New |
| Gildan ActivewearGIL | 0.3% | $1m | 22,131 | +180% |
| Boyd Group ServicesBGSI | 0.1% | $387,072 | 4,092 | -96% |
| Waste ConnectionsWCN | <0.1% | $291,393 | 1,750 | -15% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 18.8% since 30 June 2025.
Where the money is
Materials31.1%
Industrials18.2%
Financial services16.8%
Energy13.3%
Technology8.3%
Utilities3.3%
Real estate2.1%
Media & telecom1.4%
Retail & consumer0.4%
Other5.1%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.