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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
CCJ icon
51
Cameco
CCJ
$42.4B
$2.06M 0.51%
22,490
+1,600
+8% +$144K
KNX icon
52
Knight Transportation
KNX
$11.2B
$1.55M 0.38%
+29,660
New +$1.39M
LSPD icon
53
Lightspeed Commerce
LSPD
$1.36B
$1.48M 0.37%
122,630
-3,390
-3% -$40.1K
NTR icon
54
Nutrien
NTR
$31.6B
$1.48M 0.37%
23,930
-4,170
-15% -$245K
TECK icon
55
Teck Resources
TECK
$32.8B
$1.42M 0.35%
29,700
-6,930
-19% -$300K
CLS icon
56
Celestica
CLS
$36.2B
$1.36M 0.34%
4,610
-1,670
-27% -$503K
UUUU icon
57
Energy Fuels
UUUU
$3.57B
$1.06M 0.26%
+72,980
New +$1.24M
ODFL icon
58
Old Dominion Freight Line
ODFL
$44.1B
$938K 0.23%
+5,980
New +$857K
TFII icon
59
TFI International
TFII
$11.4B
$903K 0.22%
+8,740
New +$813K
OR icon
60
OR Royalties Inc
OR
$6.32B
$881K 0.22%
24,890
-60,010
-71% -$2.1M
CM icon
61
Canadian Imperial Bank of Commerce
CM
$109B
$494K 0.12%
5,450
-51,670
-90% -$4.43M
AER icon
62
AerCap
AER
$23.5B
– –
-7,590
Closed -$918K
BLDR icon
63
Builders FirstSource
BLDR
$7.74B
– –
-22,130
Closed -$2.68M
C icon
64
Citigroup
C
$227B
– –
-29,870
Closed -$3.03M
DCBO
65
Docebo
DCBO
$594M
– –
-43,280
Closed -$1.18M
DSGX icon
66
Descartes Systems
DSGX
$6.86B
– –
-48,080
Closed -$4.53M
NGD
67
DELISTED
New Gold Inc
NGD
– –
-585,660
Closed -$4.19M
RCI icon
68
Rogers Communications
RCI
$18.7B
– –
-38,030
Closed -$1.31M
SAND
69
DELISTED
Sandstorm Gold
SAND
– –
-427,350
Closed -$5.35M
SLF icon
70
Sun Life Financial
SLF
$45.8B
– –
-25,730
Closed -$1.54M
STN icon
71
Stantec
STN
$8.35B
– –
-25,000
Closed -$2.69M
TRI icon
72
Thomson Reuters
TRI
$45.2B
– –
-7,892
Closed -$1.24M
WCN
73
Waste Connections
WCN
$41.9B
– –
-12,670
Closed -$2.23M
1 2
3

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EC
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ACA
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ES
Enavate Sciences Menlo Park, California $352M AUM 220.14% 1-Year Est. Return
BL
BCWM LLC Overland Park, Kansas $353M AUM 20.1% 1-Year Est. Return
AW
Alaethes Wealth Glenbrook, Nevada $351M AUM 22.79% 1-Year Est. Return
FWC
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SMC
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FC
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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.