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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
BBUC
1
Brookfield Business Corp Class A Subordinate Voting Shares
BBUC
$6.12B
$31M 8.8%
+978,912
New +$33.6M
CAE icon
2
CAE Inc. Common Shares
CAE
$8.51B
$20.4M 5.8%
782,693
+22,108
+3% +$669K
EFXT
3
Enerflex
EFXT
$2.68B
$13.8M 3.93%
661,252
-232,834
-26% -$4.45M
RY icon
4
Royal Bank of Canada
RY
$299B
$13.6M 3.85%
83,840
+2,990
+4% +$500K
BTE icon
5
Baytex Energy
BTE
$3.06B
$12.5M 3.56%
2,805,993
+322,355
+13% +$1.19M
BGSI
6
Boyd Group Services
BGSI
$2.53B
$12M 3.41%
93,893
-21,337
-19% -$3.44M
CRH icon
7
CRH
CRH
$64.4B
$11.9M 3.37%
112,773
-74,457
-40% -$8.74M
CVE icon
8
Cenovus Energy
CVE
$57.8B
$11.7M 3.33%
442,865
+36,395
+9% +$776K
TD icon
9
Toronto Dominion Bank
TD
$204B
$11.4M 3.23%
121,860
+6,320
+5% +$601K
BIP icon
10
Brookfield Infrastructure Partners
BIP
$18.2B
$10.6M 3.01%
293,154
+109,374
+60% +$4.01M
DNN icon
11
Denison Mines
DNN
$2.98B
$9.43M 2.68%
2,659,200
-259,610
-9% -$976K
SHOP icon
12
Shopify
SHOP
$199B
$8.88M 2.52%
74,860
+4,150
+6% +$545K
EQX icon
13
Equinox Gold
EQX
$13.5B
$8.02M 2.28%
555,385
-326,555
-37% -$4.99M
GFL icon
14
GFL Environmental
GFL
$15.1B
$7.84M 2.23%
+187,807
New +$8.03M
IAG icon
15
IAMGOLD
IAG
$10.5B
$7.59M 2.15%
403,320
-238,730
-37% -$4.73M
ENB icon
16
Enbridge
ENB
$111B
$6.7M 1.9%
123,540
+12,230
+11% +$623K
TGB
17
Trekor Metals
TGB
$3.11B
$6.59M 1.87%
1,017,980
+67,690
+7% +$492K
CNI icon
18
Canadian National Railway
CNI
$77B
$6.41M 1.82%
62,260
+30,110
+94% +$3.11M
CNQ icon
19
Canadian Natural Resources
CNQ
$99.7B
$6.23M 1.77%
127,800
+8,000
+7% +$329K
AEM icon
20
Agnico Eagle Mines
AEM
$94.3B
$6.19M 1.76%
30,480
-1,690
-5% -$352K
BMO icon
21
Bank of Montreal
BMO
$129B
$5.87M 1.67%
43,300
+1,450
+3% +$201K
ERO icon
22
Ero Copper
ERO
$3.56B
$5.65M 1.6%
211,859
+118,640
+127% +$3.57M
CM icon
23
Canadian Imperial Bank of Commerce
CM
$113B
$5.58M 1.58%
58,930
+53,480
+981% +$5.11M
BEP icon
24
Brookfield Renewable
BEP
$10.4B
$5.57M 1.58%
+170,580
New +$5.14M
SU icon
25
Suncor Energy
SU
$77.9B
$5.5M 1.56%
83,210
+8,030
+11% +$444K
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.