SEC 13F Intelligence

Managers / Q1 2026

PCJ Investment Counsel Ltd.

CIK 0001426318 · 130 KING STREET WEST, SUITE 1400, TORONTO, A6, M5X 1C8 · 416-862-2020

Reported Value
$352M
Q1 2026
Positions
59
Filings on Record
30
2019–present window
Filed
May 11, 2026
original filing

Summary

Pcj Investment Counsel Ltd. reported $352M in U.S.-listed holdings across 59 positions for Q1 2026.

Its largest position, BBUC, represents 8.8% of the portfolio.

Compared with Q4 2025, the fund opened 11 new positions and exited 13.

Portfolio Metrics

Turnover
+30.6%
vs prior filed quarter
Top-10 Concentration
+42.3%
share of reported value
Largest Position
+8.8%
Brookfield Business
New / Exited
11 / 13
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $1.1BQ4 ’18Q1 ’19: $1.2BQ2 ’19: $933MQ3 ’19: $192MQ4 ’19: $222MQ4 ’19Q1 ’20: $145MQ2 ’20: $206MQ3 ’20: $219MQ4 ’20: $213MQ4 ’20Q1 ’21: $254MQ2 ’21: $267MQ3 ’21: $278MQ4 ’21: $284MQ4 ’21Q1 ’22: $274MQ2 ’22: $202MQ3 ’22: $204MQ4 ’22: $230MQ4 ’22Q1 ’23: $252MQ2 ’23: $236MQ3 ’23: $217MQ4 ’23: $259MQ4 ’23Q1 ’24: $303MQ2 ’24: $241MQ3 ’24: $316MQ4 ’24: $296MQ4 ’24Q1 ’25: $256MQ2 ’25: $293MQ3 ’25: $359MQ4 ’25: $404MQ4 ’25Q1 ’26: $352Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 92.0%Other: 8.0%
  • Common Stock · 92.0% · $324M
  • Other · 8.0% · $28M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BBUCBROOKFIELD BUSINESS CORPNEW+978.9K978.9K+$31M$31M
GFLGFL ENVIRONMENTAL INCNEW+187.8K187.8K+$8M$8M
BROOKFIELD RENEWABLE ENERGYNEW+170.6K170.6K+$6M$6M
ARISARIS MINING CORPORATIONNEW+259.8K259.8K+$5M$5M
PPTAPERPETUA RESOURCES CORPNEW+164.1K164.1K+$5M$5M
HBMHUDBAY MINERALS INCNEW+161.7K161.7K+$3M$3M
AIIALMONTY INDS INCNEW+200.0K200.0K+$3M$3M
FTSFORTIS INCNEW+49.7K49.7K+$3M$3M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BBUCBROOKFIELD BUSINESS CORPhistory →CL A SUB VTG SH8.80%$31M978.9K
2CAECAE INChistory →COM5.80%$20M782.7K
3EFXENERFLEX LTDhistory →COM3.93%$14M661.3K
4RYROYAL BK CDAhistory →COM3.85%$14M83.8K
5BTEBAYTEX ENERGY CORPhistory →COM3.56%$13M2.81M
6BYD1CADBOYD GROUP SERVICES INChistory →COM3.41%$12M93.9K
7CRH PLCORD3.37%$12M112.8K
8CVECENOVUS ENERGY INChistory →COM3.33%$12M442.9K
9TDTORONTO DOMINION BK ONThistory →COM NEW3.23%$11M121.9K
10BROOKFIELD INFRASTRUCTURE PALP INT UNIT3.01%$11M293.2K
11DMLDENISON MINES CORPhistory →COM2.68%$9M2.66M
12SHOPSHOPIFY INChistory →CL A SUB VTG SHS2.52%$9M74.9K
13EQXEQUINOX GOLD CORPhistory →COM2.28%$8M555.4K
14GFLGFL ENVIRONMENTAL INChistory →SUB VTG SHS2.23%$8M187.8K
15IMGIAMGOLD CORPhistory →COM2.15%$8M403.3K
16ENBENBRIDGE INChistory →COM1.90%$7M123.5K
17TKOEURTASEKO MINES LTDhistory →COM1.87%$7M1.02M
18CNRCANADIAN NATL RY COhistory →COM1.82%$6M62.3K
19CRCCANADIAN NAT RES LTD MED TERhistory →COM1.77%$6M127.8K
20AEMAGNICO EAGLE MINES LTDhistory →COM1.76%$6M30.5K
21BMOBANK MONTREAL MEDIUMhistory →COM1.67%$6M43.3K
22EROERO COPPER CORPhistory →COM1.60%$6M211.9K
23CMCANADIAN IMPERIAL BANK OF COhistory →COM1.58%$6M58.9K
24BROOKFIELD RENEWABLE ENERGYPARTNERSHIP UNIT1.58%$6M170.6K
25SUSUNCOR ENERGY INC NEWhistory →COM1.56%$6M83.2K
26OLAORLA MNG LTD NEWhistory →COM1.39%$5M305.2K
27ARISARIS MINING CORPORATIONhistory →COM1.37%$5M259.8K
28PPTAPERPETUA RESOURCES CORPhistory →COM1.31%$5M164.1K
29CGCENTERRA GOLD INChistory →COM1.29%$5M255.3K
30PPLPEMBINA PIPELINE CORPhistory →COM1.27%$4M99.5K
31CPCANADIAN PACIFIC KANSAS CITYhistory →COM1.20%$4M53.7K
32SKESKEENA RES LTD NEWhistory →COM1.20%$4M141.5K
33NXENEXGEN ENERGY LTDhistory →COM1.17%$4M354.4K
34BNBROOKFIELD CORPhistory →CL A LTD VT SH1.16%$4M101.0K
35WPMWHEATON PRECIOUS METALS CORPhistory →COM1.12%$4M30.0K
36TFIITRANSFORCE INChistory →COM1.11%$4M36.0K
37BBARRICK MNG CORPhistory →COM SHS1.10%$4M95.0K
38EDRENDEAVOUR SILVER CORPhistory →COM1.10%$4M413.2K
39MFCMANULIFE FINL CORPCOM0.99%$3M100.8K
40HBMHUDBAY MINERALS INCCOM0.96%$3M161.7K
41CCOCAMECO CORPCOM0.95%$3M30.9K
42TECK/BTECK RESOURCES LTDCL B0.95%$3M64.4K
43AIIALMONTY INDS INCCOM NEW0.83%$3M200.0K
44FTSFORTIS INCCOM0.79%$3M49.7K
45KGCKINROSS GOLD CORPCOM0.76%$3M87.6K
46CLSCELESTICA INCCOM0.75%$3M9.4K
47FVIFORTUNA MNG CORPCOM NEW0.73%$3M258.3K
48KNXKNIGHT-SWIFT TRANSN HLDGS INCL A0.73%$3M44.6K
49SZ7AMERICAS GOLD AND SILVER CORCOM NEW0.68%$2M458.3K
50LSPDLIGHTSPEED COMMERCE INCSUB VTG SHS0.64%$2M250.9K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$352M59May 11, 202613F-HRchanges · EDGAR ↗
Q4 2025$404M61Feb 10, 202613F-HRchanges · EDGAR ↗
Q3 2025$359M64Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$293M65Aug 7, 202513F-HRchanges · EDGAR ↗
Q1 2025$256M64May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$296M69Feb 7, 202513F-HRchanges · EDGAR ↗
Q3 2024$316M70Nov 8, 202413F-HRchanges · EDGAR ↗
Q2 2024$241M73Aug 8, 202413F-HRchanges · EDGAR ↗
Q1 2024$303M79May 8, 202413F-HRchanges · EDGAR ↗
Q4 2023$259M70Feb 9, 202413F-HRchanges · EDGAR ↗
Q3 2023$217M68Nov 9, 202313F-HRchanges · EDGAR ↗
Q2 2023$236M68Aug 10, 202313F-HRchanges · EDGAR ↗
Q1 2023$252M76May 5, 202313F-HRchanges · EDGAR ↗
Q4 2022$230M77Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$204M84Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$202M88Aug 5, 202213F-HRchanges · EDGAR ↗
Q1 2022$274M80May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$284M88Feb 10, 202213F-HRchanges · EDGAR ↗
Q3 2021$278M91Nov 10, 202113F-HRchanges · EDGAR ↗
Q2 2021$267M79Aug 2, 202113F-HRchanges · EDGAR ↗
Q1 2021$254M79Apr 30, 202113F-HRchanges · EDGAR ↗
Q4 2020$213M86Feb 10, 202113F-HRchanges · EDGAR ↗
Q3 2020$219M89Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$206M70Aug 13, 202013F-HRchanges · EDGAR ↗
Q1 2020$145M56May 13, 202013F-HRchanges · EDGAR ↗
Q4 2019$222M64Feb 12, 202013F-HRchanges · EDGAR ↗
Q3 2019$192M62Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$933M63Aug 7, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.2B66May 8, 201913F-HRchanges · EDGAR ↗
Q4 2018$1.1B58Feb 12, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.