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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
+11.72%
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
$404M
AUM Growth
+$44.7M
Cap. Flow
+$7.63M
Cap. Flow %
1.89%
Top 10 Hldgs %
45.42%
Holding
73
New
9
Increased
27
Reduced
25
Closed
12

Top Buys

Rank Stock Value
1
BGSI
Boyd Group Services
BGSI
+$18.5M
2
BTE icon
Baytex Energy
BTE
+$6.92M
3
GIB icon
CGI
GIB
+$6.77M
4
CAE icon
CAE Inc. Common Shares
CAE
+$6.36M
5
RGLD icon
Royal Gold
RGLD
+$4.26M

Top Sells

Rank Stock Value
1
BBU
Brookfield Business Partners
BBU
+$5.99M
2
COF icon
Capital One
COF
+$5.6M
3
SAND
Sandstorm Gold
SAND
+$5.35M
4
DSGX icon
Descartes Systems
DSGX
+$4.53M
5
CM icon
Canadian Imperial Bank of Commerce
CM
+$4.43M

Sector Composition

Rank Sector Weight
1 Materials 31.82%
2 Industrials 20.58%
3 Financials 15.81%
4 Energy 15.14%
5 Consumer Discretionary 8.98%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TGB
26
Trekor Metals
TGB
$3.21B
$5.38M 1.33%
950,290
+223,630
+31% +$1.05M
PBA icon
27
Pembina Pipeline
PBA
$27.8B
$5.34M 1.32%
140,320
+12,540
+10% +$482K
ENB icon
28
Enbridge
ENB
$112B
$5.33M 1.32%
111,310
+5,760
+5% +$275K
EXK
29
Endeavour Silver
EXK
$3.03B
$5.28M 1.31%
561,640
-115,580
-17% -$980K
COF icon
30
Capital One
COF
$134B
$4.94M 1.22%
20,400
-25,150
-55% -$5.6M
RGLD icon
31
Royal Gold
RGLD
$19.8B
$4.77M 1.18%
+21,468
New +$4.26M
FSM icon
32
Fortuna Silver Mines
FSM
$3.18B
$4.77M 1.18%
486,520
+94,790
+24% +$853K
NXE icon
33
NexGen Energy
NXE
$6.91B
$4.66M 1.15%
506,190
-14,010
-3% -$124K
B
34
Barrick Mining
B
$68.5B
$4.61M 1.14%
105,880
+18,710
+21% +$702K
USAS
35
Americas Gold and Silver
USAS
$1.73B
$4.42M 1.09%
861,090
+436,090
+103% +$1.96M
AG icon
36
First Majestic Silver
AG
$9.29B
$4.28M 1.06%
256,360
-107,420
-30% -$1.49M
CNQ icon
37
Canadian Natural Resources
CNQ
$97.4B
$4.06M 1%
119,800
+3,990
+3% +$129K
MFC icon
38
Manulife Financial
MFC
$73.3B
$3.88M 0.96%
106,961
+3,620
+4% +$123K
CP icon
39
Canadian Pacific Kansas City
CP
$79.6B
$3.81M 0.94%
51,710
+2,130
+4% +$157K
AXP icon
40
American Express
AXP
$229B
$3.68M 0.91%
+9,940
New +$3.56M
TSAT icon
41
Telesat
TSAT
$864M
$3.39M 0.84%
117,498
+5,318
+5% +$155K
SKE
42
Skeena Resources
SKE
$4.1B
$3.38M 0.84%
142,470
-3,410
-2% -$67.3K
WPM icon
43
Wheaton Precious Metals
WPM
$60.6B
$3.34M 0.83%
28,390
-10
-0% -$1.07K
SU icon
44
Suncor Energy
SU
$73.4B
$3.34M 0.83%
75,180
+2,310
+3% +$97.6K
CNI icon
45
Canadian National Railway
CNI
$75.7B
$3.18M 0.79%
32,150
+7,160
+29% +$688K
VZLA
46
Vizsla Silver
VZLA
$1.36B
$3.02M 0.75%
551,440
-15,300
-3% -$71.8K
AMCR icon
47
Amcor
AMCR
$21.8B
$3.01M 0.74%
72,079
-85,550
-54% -$3.53M
ERO icon
48
Ero Copper
ERO
$3.81B
$2.64M 0.65%
93,219
+58,879
+171% +$1.37M
KGC icon
49
Kinross Gold
KGC
$32.5B
$2.57M 0.64%
91,180
-47,090
-34% -$1.22M
CGAU
50
Centerra Gold
CGAU
$4.17B
$2.1M 0.52%
145,980
-3,540
-2% -$44.3K
1
2
3

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ACA
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ES
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BL
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AW
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FWC
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SMC
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PCJ Investment Counsel's Q4 2025 Portfolio in Review

As of Q4 2025, PCJ Investment Counsel held 73 positions worth $404M, up 12% from $359M the previous quarter. Its ten largest holdings account for 45% of the portfolio.

PCJ Investment Counsel's Q4 2025 filing shows 9 new, 27 increased, 25 reduced and 12 closed positions. Its largest new stake was Boyd Group Services: 115,230 shares worth $18.4M. The largest sale was Brookfield Business Partners, an estimated $5.99M.

By sector, the portfolio is most concentrated in Materials at 32% of assets, up from 31% a quarter earlier, followed by Industrials and Financials.

  • PCJ Investment Counsel's largest Q4 2025 buy was Boyd Group Services: 115,230 shares worth $18.4M.
  • PCJ Investment Counsel added most to CAE Inc. Common Shares in Q4 2025, an estimated $6.36M increase.
  • PCJ Investment Counsel's biggest Q4 2025 reduction was Brookfield Business Partners, cutting an estimated $5.99M.
  • PCJ Investment Counsel fully exited Sandstorm Gold in Q4 2025, selling an estimated $5.35M.
  • PCJ Investment Counsel's ten largest holdings make up 45% of its $404M portfolio in Q4 2025.
  • PCJ Investment Counsel opened 9 new positions and closed 12 in Q4 2025.
  • PCJ Investment Counsel's portfolio value rose 12% quarter-over-quarter to $404M.

Based on PCJ Investment Counsel's 13F filing for Q4 2025, filed 10 Feb 2026.