PCJ Investment Counsel Ltd.

Institutional manager·CIK 0001426318
Latest Qtr return
+45.0%
SPY latest qtr
+17.6%
Alpha
+27.4ptsvs SPY
Invested
$352.1M
Holdings
59
Trades YTD
0

Performance · Fund vs SPY

Cumulative return · quarterly snapshots
+0%+125%PCJ +121.0%SPY +72.2%Q1 '25Q2 '25Q3 '25Q4 '25

Coverage 97%. 4 quarters of 2025 measured against SPY adj-close benchmark.

EDITORIAL BRIEF · refreshed Jul 2, 2026

Why follow PCJ Investment Counsel Ltd. right now?

PCJ Investment Counsel Ltd. reported $352M across 59 positions as of 31 March 2026, with Brookfield Business Corp as the largest holding at 8.8% of the portfolio. The top-ten is concentrated in Canadian financials, energy, and infrastructure names — Royal Bank, TD, Baytex, Cenovus, and two Brookfield vehicles collectively account for roughly 22% of disclosed assets. Notable position increases include Canadian Imperial Bank of Commerce (+981%), TFI International (+312%), and Teck Resources (+117%), per the 13F-HR filing.

Reported quarterly returns of +45.0% against SPY's +17.6% in Q1 2026 represent alpha of +27.4 percentage points; the three prior quarters showed alpha of +20.2, +7.7, and +7.1 points respectively. Past performance is not indicative of future results.

Generated from public SEC filings. Not investment advice.…

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Top holdings · current snapshot

Source: 13F-HR
01
$BBUC
BROOKFIELD BUSINESS CORP
Held since at least Q1 2024
8.8%
+0.8%
~$31.63 Mar 2026
02
$CAE
CAE INC
Q4 2025: Increased +2.9% (760.6k → 782.7k shares)
5.8%
+0.6%
~$26.07 Mar 2026
03
$EFXT
ENERFLEX LTD
Q4 2025: Sold 26.0% (894.1k → 661.3k shares)
3.9%
+1.0%
~$20.92 Mar 2026
04
$RY
ROYAL BK CDA
Q4 2025: Increased +3.7% (80.9k → 83.8k shares)
3.9%
+27.7%
~$161.69 Mar 2026
05
$BTE
BAYTEX ENERGY CORP
Q4 2025: Increased +13.0% (2.48M → 2.81M shares)
3.6%
-7.2%
~$4.47 Mar 2026
06
$BGSI
BOYD GROUP SERVICES INC
Q4 2025: Sold 18.5% (115.2k → 93.9k shares)
3.4%
-13.7%
~$127.69 Mar 2026
07
$CRH
CRH PLC
Q4 2025: Sold 39.8% (187.2k → 112.8k shares)
3.4%
-5.2%
~$105.12 Mar 2026
08
$CVE
CENOVUS ENERGY INC
Q4 2025: Increased +8.9% (406.5k → 442.9k shares)
3.3%
+9.7%
~$26.50 Mar 2026
09
$TD
TORONTO DOMINION BK ONT
Q4 2025: Increased +5.5% (115.5k → 121.9k shares)
3.2%
+25.4%
~$93.29 Mar 2026
10
$BIP
BROOKFIELD INFRASTRUCTURE PA
Q4 2025: Increased +59.5% (183.8k → 293.2k shares)
3.0%
+18.1%
~$36.10 Mar 2026
See all 59 holdings · Pro →

Recent trades · Last 90 days

No Form 4 / 13D / 13G trade events on file in the recent window. 13F filers report position snapshots quarterly rather than per-trade events, so this section is most useful for managers who also file Form 4 or 13D/G.

Convergence · PCJ Investment Counsel Ltd.

Pattern cards reflect public SEC EDGAR and Congressional filing data only. Detection uses filing dates; trade execution dates may differ. Past convergence patterns do not predict future returns. Nothing here is investment advice.

Source data: SEC EDGAR · 13F-HR filings · Performance through 2026-03-31 · Last refreshed 11:04 UTC.