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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
WCN
51
Waste Connections
WCN
$41.8B
$2.23M 0.62%
12,670
-860
-6% -$157K
CCJ icon
52
Cameco
CCJ
$42.4B
$1.75M 0.49%
20,890
-2,060
-9% -$160K
NTR icon
53
Nutrien
NTR
$31.6B
$1.65M 0.46%
28,100
+3,370
+14% +$196K
TECK icon
54
Teck Resources
TECK
$32.8B
$1.61M 0.45%
36,630
-16,630
-31% -$604K
CGAU
55
Centerra Gold
CGAU
$4.17B
$1.6M 0.45%
149,520
-15,960
-10% -$127K
USAS
56
Americas Gold and Silver
USAS
$1.73B
$1.58M 0.44%
+425,000
New +$1.11M
CLS icon
57
Celestica
CLS
$39.7B
$1.55M 0.43%
+6,280
New +$1.27M
SLF icon
58
Sun Life Financial
SLF
$45.8B
$1.54M 0.43%
25,730
-8,560
-25% -$515K
LSPD icon
59
Lightspeed Commerce
LSPD
$1.36B
$1.45M 0.4%
126,020
-220
-0.2% -$2.69K
RCI icon
60
Rogers Communications
RCI
$18.7B
$1.31M 0.36%
38,030
-240
-0.6% -$8.26K
TRI icon
61
Thomson Reuters
TRI
$45.2B
$1.24M 0.35%
7,892
+449
+6% +$83.8K
DCBO
62
Docebo
DCBO
$594M
$1.18M 0.33%
43,280
-60
-0.1% -$1.81K
AER icon
63
AerCap
AER
$23.5B
$918K 0.26%
7,590
-38,000
-83% -$4.44M
ERO icon
64
Ero Copper
ERO
$3.81B
$695K 0.19%
+34,340
New +$523K
AGI icon
65
Alamos Gold
AGI
$13.9B
– –
-85,740
Closed -$2.28M
BURL icon
66
Burlington
BURL
$23.4B
– –
-7,000
Closed -$1.63M
FCX icon
67
Freeport-McMoran
FCX
$98.7B
– –
-35,000
Closed -$1.52M
GIB icon
68
CGI
GIB
$15.6B
– –
-11,870
Closed -$1.25M
HBM icon
69
Hudbay
HBM
$12.4B
– –
-50,000
Closed -$531K
MAG
70
DELISTED
MAG Silver
MAG
– –
-218,680
Closed -$4.65M
TFII icon
71
TFI International
TFII
$11.4B
– –
-22,320
Closed -$2M
TRP icon
72
TC Energy
TRP
$66B
– –
-49,040
Closed -$2.39M
TU icon
73
Telus
TU
$15.1B
– –
-76,727
Closed -$1.23M
WFC icon
74
Wells Fargo
WFC
$265B
– –
-40,000
Closed -$3.2M
1 2
3

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FWC
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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.