Latest PCJ Investment Counsel Ltd. Stock Portfolio

$352Million– No. of Holdings #59

PCJ Investment Counsel Ltd. Performance:

2026 Q1: 2.39%YTD: 2.39%2025: 34.58%

Performance for 2026 Q1 is 2.39%, and YTD is 2.39%, and 2025 is 34.58%.

About PCJ Investment Counsel Ltd. and 13F Hedge Fund Stock Holdings

On 2026-05-11, the fund reported it's updated stock portfolio. In the 13F Holdings report, PCJ Investment Counsel Ltd. reported an equity portfolio of $352.1 Millions as of 31 Mar, 2026.

The top stock holdings of PCJ Investment Counsel Ltd. are , CAE, . The fund has invested 8.8% of it's portfolio in BROOKFIELD BUSINESS CORP and 5.8% of portfolio in CAE INC.

The fund managers got completely rid off BROOKFIELD BUSINESS PARTNERS (BBU), METHANEX CORP (MEOH) and PAN AMERN SILVER CORP (PAAS) stocks. They significantly reduced their stock positions in GILDAN ACTIVEWEAR INC (GIL), BANK NOVA SCOTIA B C (BNS) and RB GLOBAL INC (RBA). PCJ Investment Counsel Ltd. opened new stock positions in BROOKFIELD BUSINESS CORP, GFL ENVIRONMENTAL INC (GFL) and BROOKFIELD RENEWABLE ENERGY (BEP). The fund showed a lot of confidence in some stocks as they added substantially to CANADIAN IMPERIAL BANK OF CO (CM), TRANSFORCE INC (TFII) and ERO COPPER CORP (ERO).

PCJ Investment Counsel Ltd. Equity Portfolio Value

Last Reported on: 11 May, 2026

PCJ Investment Counsel Ltd. Annual Return Estimates Vs S&P 500

Our best estimate is that PCJ Investment Counsel Ltd. made a return of 2.39% in the last quarter. In trailing 12 months, it's portfolio return was 38.73%.

Performance
S&P 500

New Buys

Ticker	$ Bought
brookfield business corp	30,967,600
gfl environmental inc	7,835,600
brookfield renewable energy	5,565,660
aris mining corporation	4,824,250
perpetua resources corp	4,624,230
hudbay minerals inc	3,385,850
almonty inds inc	2,910,480
fortis inc	2,771,640

New stocks bought by PCJ Investment Counsel Ltd.

Additions

Ticker	% Inc.
canadian imperial bank of co	981
transforce inc	312
ero copper corp	127
teck resources ltd	116
lightspeed commerce inc	104
celestica inc	103
canadian natl ry co	93.65
centerra gold inc	74.87

Additions to existing portfolio by PCJ Investment Counsel Ltd.

Reductions

Ticker	% Reduced
gildan activewear inc	-91.31
bank nova scotia b c	-90.92
rb global inc	-83.39
cgi inc	-72.63
carvana co	-70.34
brookfield corp	-69.76
fortuna mng corp	-46.9
americas gold and silver cor	-46.78

PCJ Investment Counsel Ltd. reduced stake in above stock

Sold off

Ticker	$ Sold
brookfield business partners	-41,162,200
vizsla silver corp	-3,021,320
first majestic silver corp	-4,277,270
methanex corp	-8,279,460
pan amern silver corp	-6,165,440
telesat corp	-3,387,480
energy fuels inc	-1,057,060
amcor plc	-3,005,690

PCJ Investment Counsel Ltd. got rid off the above stocks

Sector Distribution

PCJ Investment Counsel Ltd. has about 93.8% of it's holdings in Others sector.

Others
Industrials
Energy
Basic Materials

Sector	%
Others	93.8
Industrials	2.4
Energy	1.9
Basic Materials	1.3

Market Cap. Distribution

PCJ Investment Counsel Ltd. has about 4.2% of it's portfolio invested in the large-cap and mega-cap stocks.

UNALLOCATED
LARGE-CAP
MID-CAP

Category	%
UNALLOCATED	93.8
LARGE-CAP	4.2
MID-CAP	2

Stocks belong to which Index?

About 1.9% of the stocks held by PCJ Investment Counsel Ltd. either belong to S&P 500 or RUSSELL 2000 index.

Others
RUSSELL 2000

Index	%
Others	98.1
RUSSELL 2000	1.9

Top 5 Winners (%)		%
CVE	cenovus energy inc	53.1 %
SU	suncor energy inc new	45.6 %
CNQ	canadian nat res ltd med ter	42.1 %
	baytex energy corp	35.3 %
DNN	denison mines corp	32.2 %

Top 5 Winners ($)		$
	enerflex ltd	4.3 M
CVE	cenovus energy inc	4.1 M
	baytex energy corp	3.3 M
DNN	denison mines corp	2.5 M
CNQ	canadian nat res ltd med ter	1.8 M

Top 5 Losers (%)		%
SHOP	shopify inc	-25.8 %
LSPD	lightspeed commerce inc	-20.6 %
	boyd group services inc	-18.0 %
CVNA	carvana co	-16.5 %
CAE	cae inc	-14.1 %

Top 5 Losers ($)		$
CAE	cae inc	-3.4 M
	boyd group services inc	-3.3 M
SHOP	shopify inc	-3.1 M
CRH	crh plc	-3.0 M
CVNA	carvana co	-1.5 M

PCJ Investment Counsel Ltd. Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of PCJ Investment Counsel Ltd.

PCJ Investment Counsel Ltd. has 59 stocks in it's portfolio. About 42.3% of the portfolio is in top 10 stocks. CAE proved to be the most loss making stock for the portfolio. was the most profitable stock for PCJ Investment Counsel Ltd. last quarter.

Last Reported on: 11 May, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AEM	agnico eagle mines ltd	1.76	30,480	6,188,110	reduced	-5.25

AG	first majestic silver corp	0.00	0.00	0.00	sold off	-100

AGI	alamos gold inc	0.43	33,820	1,504,940	new

AMCR	amcor plc	0.00	0.00	0.00	sold off	-100

AXP	american express co	0.00	0.00	0.00	sold off	-100

BBU	brookfield business partners	0.00	0.00	0.00	sold off	-100

BEP	brookfield renewable energy	1.58	170,580	5,565,660	new

BIP	brookfield infrastructure pa	3.01	293,154	10,584,200	added	59.51

BMO	bank montreal medium	1.67	43,300	5,865,960	added	3.46

BNS	bank nova scotia b c	0.13	6,740	467,495	reduced	-90.92

CAE	cae inc	5.80	782,693	20,405,100	added	2.91

CCJ	cameco corp	0.95	30,930	3,357,560	added	37.53

CGAU	centerra gold inc	1.29	255,270	4,527,860	added	74.87

CLS	celestica inc	0.75	9,380	2,646,540	added	103

CM	canadian imperial bank of co	1.58	58,930	5,577,190	added	981

CNI	canadian natl ry co	1.82	62,260	6,409,380	added	93.65

CNQ	canadian nat res ltd med ter	1.77	127,800	6,234,550	added	6.68

COF	capital one finl corp	0.00	0.00	0.00	sold off	-100

CP	canadian pacific kansas city	1.20	53,730	4,228,990	added	3.91

CRH	crh plc	3.37	112,773	11,854,700	reduced	-39.77