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PIC

PCJ Investment Counsel Portfolio holdings

AUM $352M
1-Year Est. Return 68.32%
This Fund
S&P 500
This Quarter Est. Return
+23.24%
1 Year Est. Return
+68.32%
3 Year Est. Return
+165.38%
5 Year Est. Return
+268.89%
10 Year Est. Return
+923.28%
AUM
$359M
AUM Growth
+$66.7M
Cap. Flow
+$11.8M
Cap. Flow %
3.29%
Top 10 Hldgs %
44.64%
Holding
74
New
9
Increased
22
Reduced
33
Closed
10

Top Buys

Rank Stock Value
1
CAE icon
CAE Inc. Common Shares
CAE
+$14M
2
BN icon
Brookfield
BN
+$8.11M
3
CVE icon
Cenovus Energy
CVE
+$5.2M
4
PAAS icon
Pan American Silver
PAAS
+$4.76M
5
GIL icon
Gildan
GIL
+$3.05M

Top Sells

Rank Stock Value
1
CNQ icon
Canadian Natural Resources
CNQ
+$4.75M
2
MAG
MAG Silver
MAG
+$4.65M
3
AER icon
AerCap
AER
+$4.44M
4
RBA icon
RB Global
RBA
+$3.36M
5
WFC icon
Wells Fargo
WFC
+$3.2M

Sector Composition

Rank Sector Weight
1 Materials 30.73%
2 Industrials 23.39%
3 Financials 19.05%
4 Energy 13.6%
5 Technology 6.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NXE icon
26
NexGen Energy
NXE
$6.91B
$4.66M 1.3%
520,200
-226,200
-30% -$1.67M
CM icon
27
Canadian Imperial Bank of Commerce
CM
$109B
$4.56M 1.27%
57,120
+4,010
+8% +$302K
DSGX icon
28
Descartes Systems
DSGX
$6.86B
$4.53M 1.26%
48,080
+150
+0.3% +$15.3K
AG icon
29
First Majestic Silver
AG
$9.29B
$4.47M 1.24%
363,780
-135,500
-27% -$1.26M
BNS icon
30
Scotiabank
BNS
$108B
$4.44M 1.23%
68,630
+17,530
+34% +$1.03M
NGD
31
DELISTED
New Gold Inc
NGD
$4.19M 1.17%
585,660
-248,000
-30% -$1.34M
CNQ icon
32
Canadian Natural Resources
CNQ
$97.4B
$3.7M 1.03%
115,810
-151,810
-57% -$4.75M
CP icon
33
Canadian Pacific Kansas City
CP
$79.6B
$3.69M 1.03%
49,580
-30,960
-38% -$2.37M
FSM icon
34
Fortuna Silver Mines
FSM
$3.18B
$3.51M 0.98%
391,730
+23,620
+6% +$172K
KGC icon
35
Kinross Gold
KGC
$32.5B
$3.43M 0.95%
138,270
+13,070
+10% +$251K
OR icon
36
OR Royalties Inc
OR
$6.32B
$3.4M 0.95%
84,900
-58,140
-41% -$1.81M
GIL icon
37
Gildan
GIL
$10.6B
$3.29M 0.92%
+56,970
New +$3.05M
MFC icon
38
Manulife Financial
MFC
$73.3B
$3.22M 0.9%
103,341
-11,080
-10% -$342K
WPM icon
39
Wheaton Precious Metals
WPM
$60.6B
$3.18M 0.88%
28,400
-30
-0.1% -$2.93K
TGB
40
Trekor Metals
TGB
$3.21B
$3.08M 0.86%
+726,660
New +$2.47M
SU icon
41
Suncor Energy
SU
$73.4B
$3.05M 0.85%
72,870
+6,110
+9% +$245K
C icon
42
Citigroup
C
$227B
$3.03M 0.84%
+29,870
New +$2.83M
TSAT icon
43
Telesat
TSAT
$864M
$2.93M 0.81%
112,180
-1,670
-1% -$39.8K
B
44
Barrick Mining
B
$68.5B
$2.86M 0.8%
87,170
+39,170
+82% +$993K
STN icon
45
Stantec
STN
$8.35B
$2.69M 0.75%
+25,000
New +$2.73M
SKE
46
Skeena Resources
SKE
$4.1B
$2.69M 0.75%
145,880
-180
-0.1% -$2.94K
BLDR icon
47
Builders FirstSource
BLDR
$7.74B
$2.68M 0.75%
+22,130
New +$2.94M
ORLA
48
DELISTED
Orla Mining
ORLA
$2.68M 0.75%
248,560
-17,690
-7% -$190K
VZLA
49
Vizsla Silver
VZLA
$1.36B
$2.45M 0.68%
+566,740
New +$1.96M
CNI icon
50
Canadian National Railway
CNI
$75.7B
$2.36M 0.66%
24,990
-16,470
-40% -$1.59M
1
2
3

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PCJ Investment Counsel's Q3 2025 Portfolio in Review

As of Q3 2025, PCJ Investment Counsel held 74 positions worth $359M, up 23% from $293M the previous quarter. Its ten largest holdings account for 45% of the portfolio.

PCJ Investment Counsel deployed $11.8M of net new capital in Q3 2025, opening 9 new positions and adding to 22 existing holdings. Its largest new stake was Gildan: 56,970 shares worth $3.29M.

By sector, the portfolio is most concentrated in Materials at 31% of assets, up from 26% a quarter earlier, followed by Industrials and Financials.

On the sell side, the largest reduction was Canadian Natural Resources, an estimated $4.75M trimmed.

  • PCJ Investment Counsel's largest Q3 2025 buy was Gildan: 56,970 shares worth $3.29M.
  • PCJ Investment Counsel added most to CAE Inc. Common Shares in Q3 2025, an estimated $14M increase.
  • PCJ Investment Counsel's biggest Q3 2025 reduction was Canadian Natural Resources, cutting an estimated $4.75M.
  • PCJ Investment Counsel fully exited MAG Silver in Q3 2025, selling an estimated $4.65M.
  • PCJ Investment Counsel's ten largest holdings make up 45% of its $359M portfolio in Q3 2025.
  • PCJ Investment Counsel opened 9 new positions and closed 10 in Q3 2025.
  • PCJ Investment Counsel's portfolio value rose 23% quarter-over-quarter to $359M.

Based on PCJ Investment Counsel's 13F filing for Q3 2025, filed 13 Nov 2025.