Latest PCJ Investment Counsel Ltd. Stock Portfolio

PCJ Investment Counsel Ltd. Performance:

2025 Q4: 6.86%YTD: 34.58%2024: 12.57%

Performance for 2025 Q4 is 6.86%, and YTD is 34.58%, and 2024 is 12.57%.

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

On 2026-02-10, the fund reported it's updated stock portfolio. In the 13F Holdings report, PCJ Investment Counsel Ltd. reported an equity portfolio of $404.2 Millions as of 31 Dec, 2025.

The top stock holdings of PCJ Investment Counsel Ltd. are , CRH, CAE. The fund has invested 10.2% of it's portfolio in BROOKFIELD BUSINESS PARTNERS and 5.8% of portfolio in CRH PLC.

The fund managers got completely rid off SANDSTORM GOLD LTD, DESCARTES SYS GROUP INC (DSGX) and CITIGROUP INC (C) stocks. They significantly reduced their stock positions in CANADIAN IMPERIAL BANK OF CO, CAPITAL ONE FINL CORP (COF) and AMCOR PLC (AMCR). PCJ Investment Counsel Ltd. opened new stock positions in BOYD GROUP SERVICES INC, ROYAL GOLD INC (RGLD) and AMERICAN EXPRESS CO (AXP). The fund showed a lot of confidence in some stocks as they added substantially to ERO COPPER CORP, AMERICAS GOLD AND SILVER COR (USAS) and CAE INC (CAE).

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

Our best estimate is that PCJ Investment Counsel Ltd. made a return of 6.86% in the last quarter. In trailing 12 months, it's portfolio return was 34.58%.

Performance
S&P 500

New Buys

Ticker	$ Bought
boyd group services inc	18,355,100
baytex energy corp	8,034,030
cgi inc	7,013,660
royal gold inc	4,772,120
american express co	3,677,300
knight-swift transn hldgs in	1,550,620
energy fuels inc	1,057,060
old dominion freight line in	937,664

New stocks bought by PCJ Investment Counsel Ltd.

Additions

Ticker	% Inc.
ero copper corp	171
orla mng ltd new	108
americas gold and silver cor	102
methanex corp	77.21
gildan activewear inc	59.73
brookfield corp	43.52
denison mines corp	42.71
cae inc	42.5

Additions to existing portfolio by PCJ Investment Counsel Ltd.

Reductions

Ticker	% Reduced
canadian imperial bank of co	-90.46
or royalties inc.	-70.68
capital one finl corp	-55.21
amcor plc	-54.27
pan amern silver corp	-36.26
kinross gold corp	-34.06
first majestic silver corp	-29.53
celestica inc	-26.59

PCJ Investment Counsel Ltd. reduced stake in above stock

Sold off

Ticker	$ Sold
new gold inc cda	-4,194,680
sandstorm gold ltd	-5,347,980
descartes sys group inc	-4,529,360
docebo inc	-1,180,550
rogers communications inc	-1,308,910
citigroup inc	-3,031,800
sun life financial inc.	-1,544,710
stantec inc	-2,695,000

PCJ Investment Counsel Ltd. got rid off the above stocks

Sector Distribution

PCJ Investment Counsel Ltd. has about 82.6% of it's holdings in Others sector.

Sector	%
Others	82.6
Basic Materials	7
Industrials	3.7
Consumer Cyclical	3
Financial Services	2.1
Energy	1.6

Market Cap. Distribution

PCJ Investment Counsel Ltd. has about 9.8% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	88.4
LARGE-CAP	9.8
MID-CAP	1.6

Stocks belong to which Index?

About 5.6% of the stocks held by PCJ Investment Counsel Ltd. either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	94.3
S&P 500	3.1
RUSSELL 2000	2.5

Top 5 Winners (%)		%
	enerflex ltd	38.0 %
	centerra gold inc	34.0 %
AG	first majestic silver corp	30.6 %
	barrick mng corp	28.9 %
SKE	skeena res ltd new	28.7 %

Top 5 Winners ($)		$
	enerflex ltd	4.8 M
	brookfield business partners	3.3 M
	iamgold corp	2.5 M
	equinox gold corp	2.2 M
	pan amern silver corp	2.0 M

Top 5 Losers (%)		%
	brookfield corp	-29.5 %
	or royalties inc.	-7.5 %
	pembina pipeline corp	-5.6 %
ENB	enbridge inc	-5.0 %
RBA	rb global inc	-4.9 %

Top 5 Losers ($)		$
	brookfield corp	-6.4 M
RBA	rb global inc	-0.4 M
	pembina pipeline corp	-0.3 M
ENB	enbridge inc	-0.3 M
	or royalties inc.	-0.3 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 61 stocks in it's portfolio. About 45.4% of the portfolio is in top 10 stocks. 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: 10 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AG	first majestic silver corp	1.06	256,360	4,277,270	reduced	-29.53

AMCR	amcor plc	0.74	72,079	3,005,690	reduced	-54.27

AXP	american express co	0.91	9,940	3,677,300	new

BLDR	builders firstsource inc	0.00	0.00	0.00	sold off	-100

C	citigroup inc	0.00	0.00	0.00	sold off	-100

CAE	cae inc	5.72	760,585	23,131,000	added	42.5

COF	capital one finl corp	1.22	20,400	4,944,140	reduced	-55.21

CP	canadian pacific kansas city	0.94	51,710	3,807,080	added	4.3

CRH	crh plc	5.78	187,230	23,366,300	added	2.37

CVNA	carvana co	2.29	21,900	9,242,240	reduced	-9.88

DSGX	descartes sys group inc	0.00	0.00	0.00	sold off	-100

ENB	enbridge inc	1.32	111,310	5,326,580	added	5.46

KNX	knight-swift transn hldgs in	0.38	29,660	1,550,620	new

LSPD	lightspeed commerce inc	0.37	122,630	1,479,580	reduced	-2.69

ODFL	old dominion freight line in	0.23	5,980	937,664	new

RBA	rb global inc	2.10	82,690	8,509,180	added	3.16

RGLD	royal gold inc	1.18	21,468	4,772,120	new

SKE	skeena res ltd new	0.84	142,470	3,383,930	reduced	-2.34

USAS	americas gold and silver cor	1.09	861,090	4,416,740	added	102

UUUU	energy fuels inc	0.26	72,980	1,057,060	new