1y return+27.6%S&P 500 +20.9%
3y return+70.3%S&P 500 +68.5%
5y return+61.9%S&P 500 +74.5%
10y return+168.9%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $269 against $357 in the S&P 500.2
PCJ Investment Counsel Ltd.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| BBUCBrookfield Business Corp | $23.3M | 6.7% | −20.2% |
| RYRoyal Bk Cda | $16.8M | 4.8% | −3.3% |
| EFXTEnerflex Ltd | $14.8M | 4.3% | −8.6% |
| TDToronto Dominion Bk Ont | $13.5M | 3.9% | −8.8% |
| BTEBaytex Energy Corp | $13.4M | 3.8% | +18.8% |
| Crh PLCCUSIP G25508105 | $11.5M | 3.3% | −4.8% |
| HBMHudbay Minerals Inc | $11.2M | 3.2% | +194.0% |
| Brookfield Infrastructure PaCUSIP G16252101 | $10.8M | 3.1% | |
| CVECenovus Energy Inc | $9.2M | 2.6% | −16.7% |
| TACTransalta Corp | $9.0M | 2.6% | New |
| SHOPShopify Inc | $8.8M | 2.5% | +3.1% |
| BNSBank Nova Scotia B C | $8.6M | 2.5% | +1374.0% |
| CAECae Inc | $8.5M | 2.4% | −56.7% |
| BMOBank Montreal Medium | $8.2M | 2.4% | +8.0% |
| CNICanadian Natl Ry Co | $7.7M | 2.2% | +4.3% |
| DNNDenison Mines Corp | $7.5M | 2.2% | −8.1% |
| BNBrookfield Corp | $7.4M | 2.1% | +73.0% |
| JETSEtf Ser Solutions | $7.0M | 2.0% | New |
| ENBEnbridge Inc | $6.9M | 2.0% | +3.4% |
| CMCanadian Imperial Bank Of Co | $6.3M | 1.8% | −7.2% |
| IAGIamgold Corp | $6.2M | 1.8% | −3.1% |
| CLSCelestica Inc | $6.1M | 1.7% | +77.6% |
| ALMAlmonty Inds Inc | $6.1M | 1.7% | +83.3% |
| TGBTrekor Metals Ltd | $5.7M | 1.6% | New |
| KNXKnight-swift Transn Hldgs In | $5.7M | 1.6% | +64.4% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| SKESkeena Res Ltd New | March 31, 2024 | +477.1% | $3.8M |
| CVECenovus Energy Inc | June 30, 2020 | +431.3% | $9.2M |
| CNQCanadian Nat Res Ltd Med Ter | June 30, 2020 | +354.1% | $5.2M |
| IAGIamgold Corp | June 30, 2024 | +322.4% | $6.2M |
| EFXTEnerflex Ltd | December 31, 2022 | +288.6% | $14.8M |
| SUSuncor Energy Inc New | June 30, 2020 | +218.4% | $4.7M |
| RYRoyal Bk Cda | June 30, 2020 | +205.3% | $16.8M |
| MFCManulife Finl Corp | June 30, 2020 | +197.5% | $5.0M |
| TDToronto Dominion Bk Ont | June 30, 2020 | +172.2% | $13.5M |
| AEMAgnico Eagle Mines Ltd | March 31, 2022 | +153.3% | $4.6M |
Sold off last quarter
- GFLGfl Environmental Inc was $7.8M
- Taseko Mines LtdCUSIP 876511106 was $6.6M
- Brookfield Renewable EnergyCUSIP G16258108 was $5.6M
- Orla Mng Ltd NewCUSIP 68634K106 was $4.9M
- CVNACarvana Co was $2.0M
- GIBCgi Inc was $1.5M
- AGIAlamos Gold Inc was $1.5M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −1.8% | +14.8% |
| March 31, 2026 | +1.7% | −4.6% |
| December 31, 2025 | +8.3% | +2.4% |
| September 30, 2025 | +17.8% | +7.8% |
| June 30, 2025 | +12.8% | +10.5% |
| March 31, 2025 | −3.3% | −4.6% |
| December 31, 2024 | −0.7% | +2.1% |
| September 30, 2024 | +12.9% | +5.4% |
| June 30, 2024 | −4.1% | +4.0% |
| March 31, 2024 | +8.1% | +10.0% |
| December 31, 2023 | +8.9% | +11.2% |
| September 30, 2023 | −3.3% | −3.6% |
| June 30, 2023 | +3.7% | +8.3% |
| March 31, 2023 | +3.4% | +7.0% |
| December 31, 2022 | +7.8% | +7.1% |
| September 30, 2022 | −10.0% | −5.3% |
| June 30, 2022 | −17.2% | −16.5% |
| March 31, 2022 | +5.6% | −4.9% |
| December 31, 2021 | +7.5% | +10.7% |
| September 30, 2021 | −2.7% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: PCJ Investment Counsel Ltd. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1426318&type=13F-HR&dateb=&owner=include&count=40CIK 1426318
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1426318/000142631826000005/Filed August 12, 2026 · accession 0001426318-26-000005