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PIC

PCJ Investment Counsel Portfolio holdings

AUM $348M
1-Year Est. Return 54.69%
This Fund
S&P 500
This Quarter Est. Return
+7.46%
1 Year Est. Return
+54.69%
3 Year Est. Return
+163.85%
5 Year Est. Return
+241.17%
10 Year Est. Return
+907.22%
AUM
$352M
AUM Growth
-$52.2M
Cap. Flow
-$62.7M
Cap. Flow %
-17.81%
Top 10 Hldgs %
42.28%
Holding
72
New
11
Increased
25
Reduced
23
Closed
13

Top Buys

Rank Stock Value
1
BBUC
Brookfield Business Corp Class A Subordinate Voting Shares
BBUC
+$33.6M
2
GFL icon
GFL Environmental
GFL
+$8.03M
3
BEP icon
Brookfield Renewable
BEP
+$5.14M
4
CM icon
Canadian Imperial Bank of Commerce
CM
+$5.11M
5
PPTA
Perpetua Resources
PPTA
+$4.96M

Top Sells

Rank Stock Value
1
BBU
Brookfield Business Partners
BBU
+$41.2M
2
BN icon
Brookfield
BN
+$10.3M
3
CRH icon
CRH
CRH
+$8.74M
4
MEOH icon
Methanex
MEOH
+$8.28M
5
RBA icon
RB Global
RBA
+$7.31M

Sector Composition

Rank Sector Weight
1 Materials 28.87%
2 Industrials 22.55%
3 Energy 22.13%
4 Financials 12.61%
5 Utilities 5.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ORLA
26
DELISTED
Orla Mining
ORLA
$4.91M 1.39%
305,180
-212,300
-41% -$3.52M
ARIS
27
Aris Mining
ARIS
$3.7B
$4.82M 1.37%
+259,765
New +$4.91M
PPTA
28
Perpetua Resources
PPTA
$3.17B
$4.62M 1.31%
+164,070
New +$4.96M
CGAU
29
Centerra Gold
CGAU
$4.22B
$4.53M 1.29%
255,270
+109,290
+75% +$1.94M
PBA icon
30
Pembina Pipeline
PBA
$28.6B
$4.46M 1.27%
99,545
-40,775
-29% -$1.73M
CP icon
31
Canadian Pacific Kansas City
CP
$82.9B
$4.23M 1.2%
53,730
+2,020
+4% +$160K
SKE
32
Skeena Resources
SKE
$4.16B
$4.21M 1.2%
141,490
-980
-0.7% -$30.1K
NXE icon
33
NexGen Energy
NXE
$7.03B
$4.11M 1.17%
354,400
-151,790
-30% -$1.81M
BN icon
34
Brookfield
BN
$107B
$4.09M 1.16%
101,020
-233,070
-70% -$10.3M
WPM icon
35
Wheaton Precious Metals
WPM
$60.9B
$3.94M 1.12%
29,990
+1,600
+6% +$223K
TFII icon
36
TFI International
TFII
$12.1B
$3.92M 1.11%
36,020
+27,280
+312% +$3.05M
B
37
Barrick Mining
B
$67.9B
$3.88M 1.1%
94,970
-10,910
-10% -$504K
EXK
38
Endeavour Silver
EXK
$3.16B
$3.86M 1.1%
413,240
-148,400
-26% -$1.68M
MFC icon
39
Manulife Financial
MFC
$73.6B
$3.47M 0.99%
100,761
-6,200
-6% -$223K
HBM icon
40
Hudbay
HBM
$11.9B
$3.39M 0.96%
+161,660
New +$3.78M
CCJ icon
41
Cameco
CCJ
$42.8B
$3.36M 0.95%
30,930
+8,440
+38% +$966K
TECK icon
42
Teck Resources
TECK
$31.3B
$3.33M 0.95%
64,430
+34,730
+117% +$1.86M
ALM
43
Almonty Industries
ALM
$4.34B
$2.91M 0.83%
+200,000
New +$2.86M
FTS icon
44
Fortis
FTS
$28.9B
$2.77M 0.79%
+49,670
New +$2.73M
KGC icon
45
Kinross Gold
KGC
$32.4B
$2.68M 0.76%
87,620
-3,560
-4% -$117K
CLS icon
46
Celestica
CLS
$42.8B
$2.65M 0.75%
9,380
+4,770
+103% +$1.38M
FSM icon
47
Fortuna Silver Mines
FSM
$3.17B
$2.57M 0.73%
258,330
-228,190
-47% -$2.47M
KNX icon
48
Knight Transportation
KNX
$11.9B
$2.57M 0.73%
44,610
+14,950
+50% +$857K
USAS
49
Americas Gold and Silver
USAS
$1.79B
$2.39M 0.68%
458,250
-402,840
-47% -$2.94M
LSPD icon
50
Lightspeed Commerce
LSPD
$1.38B
$2.24M 0.64%
250,900
+128,270
+105% +$1.28M
1
2
3

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PCJ Investment Counsel's Q1 2026 Portfolio in Review

As of Q1 2026, PCJ Investment Counsel held 72 positions worth $352M, down 13% from $404M the previous quarter. Its ten largest holdings account for 42% of the portfolio.

PCJ Investment Counsel withdrew a net $62.7M in Q1 2026, closing 13 positions and reducing 23 holdings. Its most notable exit was Brookfield Business Partners, an estimated $41.2M position sold in full.

By sector, the portfolio is most concentrated in Materials at 29% of assets, down from 32% a quarter earlier, followed by Industrials and Energy.

Against the trend, PCJ Investment Counsel opened a new position in Brookfield Business Corp Class A Subordinate Voting Shares worth $31M.

  • PCJ Investment Counsel's largest Q1 2026 buy was Brookfield Business Corp Class A Subordinate Voting Shares: 978,912 shares worth $31M.
  • PCJ Investment Counsel added most to Canadian Imperial Bank of Commerce in Q1 2026, an estimated $5.11M increase.
  • PCJ Investment Counsel's biggest Q1 2026 reduction was Brookfield, cutting an estimated $10.3M.
  • PCJ Investment Counsel fully exited Brookfield Business Partners in Q1 2026, selling an estimated $41.2M.
  • PCJ Investment Counsel's ten largest holdings make up 42% of its $352M portfolio in Q1 2026.
  • PCJ Investment Counsel opened 11 new positions and closed 13 in Q1 2026.
  • PCJ Investment Counsel's portfolio value fell 13% quarter-over-quarter to $352M.

Based on PCJ Investment Counsel's 13F filing for Q1 2026, filed 11 May 2026.