PCJ Investment Counsel Ltd.

TORONTO, A6 · CIK 1426318 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2015 · corporation

Assets managed$924.3m
Staff10 · 9 in investment roles
Main clients (by assets)Other advisers 90%, Private funds 6%, Mutual funds and ETFs 4%
Private funds1 (1 hedge)
Main officeToronto, Ontario
Form ADV · 2026-06-26SEC adviser record

Legal entityPCJ INVESTMENT COUNSEL LTD. (CA)

Kindhedge funds
Others nearbyToronto

As an employer

Offices in1 country
Private fundshedge 1

$347.9m reported value -1.2% vs Q1 2026

62positions

38.4%in top 10

10 new 25 added 27 reduced 7 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	BROOKFIELD BUSINESS CORP CL A SUB VTG SH BBUC	BBUC	781,064	$23.3m6.70%	6.70%	Reduced -197.8k	-197,848 -20.2%
2	ROYAL BK CDA COM RY	RY	81,100	$16.8m4.82%	4.82%	Reduced -2.7k	-2,740 -3.3%
3	ENERFLEX LTD COM EFXT	EFXT	604,197	$14.8m4.26%	4.26%	Reduced -57.1k	-57,055 -8.6%
4	TORONTO DOMINION BK ONT COM NEW TD	TD	111,100	$13.5m3.88%	3.88%	Reduced -10.8k	-10,760 -8.8%
5	BAYTEX ENERGY CORP COM BTE	BTE	3,334,828	$13.4m3.84%	3.84%	Added +528.8k	+528,835 18.9%
6	CRH PLC ORD CRH	CRH	107,410	$11.5m3.30%	3.30%	Reduced -5.4k	-5,363 -4.8%
7	HUDBAY MINERALS INC COM HBM	HBM	475,210	$11.2m3.22%	3.22%	Added +313.6k	+313,550 194.0%
8	BROOKFIELD INFRAST PARTNERS LP INT UNIT BIP	BIP	295,980	$10.8m3.10%	3.10%	Added +2.8k	+2,826 1.0%
9	CENOVUS ENERGY INC COM CVE	CVE	368,790	$9.2m2.64%	2.64%	Reduced -74.1k	-74,075 -16.7%
10	TRANSALTA CORP COM TAC	TAC	653,290	$9.0m2.60%	2.60%	New
11	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	77,170	$8.8m2.54%	2.54%	Added +2.3k	+2,310 3.1%
12	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	99,350	$8.6m2.48%	2.48%	Added +92.6k	+92,610 1374.0%
13	CAE INC COM CAE	CAE	339,091	$8.5m2.44%	2.44%	Reduced -443.6k	-443,602 -56.7%
14	BANK MONTREAL QUE COM BMO	BMO	46,780	$8.2m2.37%	2.37%	Added +3.5k	+3,480 8.0%
15	CANADIAN NATL RY CO COM CNI	CNI	64,960	$7.7m2.23%	2.23%	Added +2.7k	+2,700 4.3%
16	DENISON MINES CORP COM DNN	DNN	2,444,190	$7.5m2.15%	2.15%	Reduced -215.0k	-215,010 -8.1%
17	BROOKFIELD CORP CL A LTD VT SH BN	BN	174,760	$7.4m2.14%	2.14%	Added +73.7k	+73,740 73.0%
18	ETF SER SOLUTIONS US GLB JETS JETS	JETS	210,000	$7.0m2.01%	2.01%	New
19	ENBRIDGE INC COM ENB	ENB	127,750	$6.9m1.99%	1.99%	Added +4.2k	+4,210 3.4%
20	CANADIAN IMPERIAL BANK OF CO COM CM	CM	54,710	$6.3m1.81%	1.81%	Reduced -4.2k	-4,220 -7.2%
21	IAMGOLD CORP COM IAG	IAG	390,780	$6.2m1.78%	1.78%	Reduced -12.5k	-12,540 -3.1%
22	CELESTICA INC COM CLS	CLS	16,658	$6.1m1.75%	1.75%	Added +7.3k	+7,278 77.6%
23	ALMONTY INDS INC COM NEW ALM	ALM	366,557	$6.1m1.74%	1.74%	Added +166.6k	+166,557 83.3%
24	TREKOR METALS LTD COM TGB	TGB	832,000	$5.7m1.65%	1.65%	New
25	KNIGHT-SWIFT TRANSN HLDGS IN CL A KNX	KNX	73,320	$5.7m1.64%	1.64%	Added +28.7k	+28,710 64.4%
26	ERO COPPER CORP COM ERO	ERO	197,379	$5.3m1.51%	1.51%	Reduced -14.5k	-14,480 -6.8%
27	CANADIAN NAT RES LTD COM CNQ	CNQ	132,430	$5.2m1.50%	1.50%	Added +4.6k	+4,630 3.6%
28	MANULIFE FINL CORP COM MFC	MFC	122,261	$5.0m1.42%	1.42%	Added +21.5k	+21,500 21.3%
29	CANADIAN PACIFIC KANSAS CITY COM CP	CP	56,500	$4.9m1.41%	1.41%	Added +2.8k	+2,770 5.2%
30	SUNCOR ENERGY INC NEW COM SU	SU	87,760	$4.7m1.36%	1.36%	Added +4.5k	+4,550 5.5%
31	AGNICO EAGLE MINES LTD COM AEM	AEM	29,440	$4.6m1.31%	1.31%	Reduced -1.0k	-1,040 -3.4%
32	PEMBINA PIPELINE CORP COM PBA	PBA	97,870	$4.5m1.30%	1.30%	Reduced -1.7k	-1,675 -1.7%
33	OCEANAGOLD CORP COM NEW OGC	OGC	166,270	$4.2m1.20%	1.20%	New
34	LIGHTSPEED COMMERCE INC SUB VTG SHS LSPD	LSPD	397,910	$4.2m1.20%	1.20%	Added +147.0k	+147,010 58.6%
35	SKEENA RES LTD NEW COM SKE	SKE	142,580	$3.8m1.09%	1.09%	Added +1.1k	+1,090 0.8%
36	PERPETUA RESOURCES CORP COM PPTA	PPTA	180,390	$3.7m1.08%	1.08%	Added +16.3k	+16,320 9.9%
37	ENDEAVOUR SILVER CORP COM EXK	EXK	416,430	$3.5m0.99%	0.99%	Added +3.2k	+3,190 0.8%
38	BARRICK MNG CORP COM SHS B	B	91,810	$3.4m0.97%	0.97%	Reduced -3.2k	-3,160 -3.3%
39	THOMSON REUTERS CORP COM TRI	TRI	41,040	$3.3m0.96%	0.96%	New
40	FORTUNA MNG CORP COM NEW FSM	FSM	391,330	$3.3m0.95%	0.95%	Added +133.0k	+133,000 51.5%
41	CAMECO CORP COM CCJ	CCJ	32,010	$3.3m0.94%	0.94%	Added +1.1k	+1,080 3.5%
42	WHEATON PRECIOUS METALS CORP COM WPM	WPM	28,710	$3.2m0.93%	0.93%	Reduced -1.3k	-1,280 -4.3%
43	EQUINOX GOLD CORP COM EQX	EQX	329,720	$3.2m0.92%	0.92%	Reduced -225.7k	-225,665 -40.6%
44	TECK RESOURCES LTD CL B TECK	TECK	49,251	$2.9m0.84%	0.84%	Reduced -15.2k	-15,179 -23.6%
45	TFI INTL INC COM TFII	TFII	19,600	$2.8m0.81%	0.81%	Reduced -16.4k	-16,420 -45.6%
46	NEXGEN ENERGY LTD COM NXE	NXE	283,860	$2.7m0.77%	0.77%	Reduced -70.5k	-70,540 -19.9%
47	GREENFIRE RES LTD NEW COM SHS GFR	GFR	444,657	$2.5m0.72%	0.72%	New
48	ATS CORPORATION COM ATS	ATS	85,640	$2.5m0.71%	0.71%	Added +35.6k	+35,640 71.3%
49	ARIS MNG CORP COM ARIS	ARIS	151,160	$2.3m0.65%	0.65%	Reduced -108.6k	-108,605 -41.8%
50	FRANCO NEV CORP COM FNV	FNV	10,630	$2.2m0.64%	0.64%	New
51	AMERICAS GOLD AND SILVER COR COM NEW USAS	USAS	461,860	$2.2m0.63%	0.63%	Added +3.6k	+3,610 0.8%
52	CENTERRA GOLD INC COM CGAU	CGAU	133,940	$2.1m0.61%	0.61%	Reduced -121.3k	-121,330 -47.5%
53	FORTIS INC COM FTS	FTS	34,990	$2.0m0.58%	0.58%	Reduced -14.7k	-14,680 -29.6%
54	KINROSS GOLD CORP COM KGC	KGC	71,670	$1.7m0.49%	0.49%	Reduced -15.9k	-15,950 -18.2%
55	TELESAT CORP CL A & CL B SHS TSAT	TSAT	31,180	$1.6m0.45%	0.45%	New
56	RB GLOBAL INC COM RBA	RBA	11,800	$1.4m0.39%	0.39%	Reduced -1.9k	-1,935 -14.1%
57	SUNSHINE SILVER MNG & REFNG COMMON STOCK SSMR	SSMR	100,000	$1.3m0.38%	0.38%	New
58	NUTRIEN LTD COM NTR	NTR	20,700	$1.3m0.37%	0.37%	Reduced -8.6k	-8,590 -29.3%
59	DOCEBO INC COM DCBO	DCBO	65,500	$1.2m0.34%	0.34%	New
60	GILDAN ACTIVEWEAR INC COM GIL	GIL	22,131	$1.1m0.33%	0.33%	Added +14.2k	+14,220 179.8%
61	BOYD GROUP SERVICES INC COM BGSI	BGSI	4,092	$387.1k0.11%	0.11%	Reduced -89.8k	-89,801 -95.6%
62	WASTE CONNECTIONS INC COM WCN	WCN	1,750	$291.4k0.08%	0.08%	Reduced -320	-320 -15.5%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
GFL ENVIRONMENTAL INC GFL	GFL	187,807	$7.8m187.8k shares
TASEKO MINES LTD		1,017,980	$6.6m1.0m shares
BROOKFIELD RENEWABLE PARTNER BEP	BEP	170,580	$5.6m170.6k shares
ORLA MNG LTD NEW OLA	OLA	305,180	$4.9m305.2k shares
CARVANA CO CVNA	CVNA	32,480	$2.0m32.5k shares
CGI INC GIB	GIB	20,780	$1.5m20.8k shares
ALAMOS GOLD INC NEW AGI	AGI	33,820	$1.5m33.8k shares