# PCJ Investment Counsel Ltd.: Form 13F holdings

An institutional investment manager in TORONTO. SEC CIK 1426318.

- Quarter ended: 2026-06-30
- Filed: 2026-08-12
- Reported value: $347.9m
- Positions: 62 (62 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1426318/000142631826000005/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [BROOKFIELD BUSINESS CORP (BBUC)](/companies/bbuc.md) | CL A SUB VTG SH | $23.3m | 6.7% | 781,064 |  | Reduced −197,848 |
| [ROYAL BK CDA (RY)](/companies/ry.md) | COM | $16.8m | 4.8% | 81,100 |  | Reduced −2,740 |
| [ENERFLEX LTD (EFXT)](/companies/efxt.md) | COM | $14.8m | 4.3% | 604,197 |  | Reduced −57,055 |
| [TORONTO DOMINION BK ONT (TD)](/companies/td.md) | COM NEW | $13.5m | 3.9% | 111,100 |  | Reduced −10,760 |
| [BAYTEX ENERGY CORP (BTE)](/companies/bte.md) | COM | $13.4m | 3.8% | 3,334,828 |  | Added +528,835 |
| CRH PLC | ORD | $11.5m | 3.3% | 107,410 |  | Reduced −5,363 |
| [HUDBAY MINERALS INC (HBM)](/companies/hbm.md) | COM | $11.2m | 3.2% | 475,210 |  | Added +313,550 |
| BROOKFIELD INFRASTRUCTURE PA | LP INT UNIT | $10.8m | 3.1% | 295,980 |  | Added +2,826 |
| [CENOVUS ENERGY INC (CVE)](/companies/cve.md) | COM | $9.2m | 2.6% | 368,790 |  | Reduced −74,075 |
| [TRANSALTA CORP (TAC)](/companies/tac.md) | COM | $9.0m | 2.6% | 653,290 |  | New +653,290 |
| [SHOPIFY INC (SHOP)](/companies/shop.md) | CL A SUB VTG SHS | $8.8m | 2.5% | 77,170 |  | Added +2,310 |
| [BANK NOVA SCOTIA B C (BNS)](/companies/bns.md) | COM | $8.6m | 2.5% | 99,350 |  | Added +92,610 |
| [CAE INC (CAE)](/companies/cae.md) | COM | $8.5m | 2.4% | 339,091 |  | Reduced −443,602 |
| [BANK MONTREAL MEDIUM (BMO)](/companies/bmo.md) | COM | $8.2m | 2.4% | 46,780 |  | Added +3,480 |
| [CANADIAN NATL RY CO (CNI)](/companies/cni.md) | COM | $7.7m | 2.2% | 64,960 |  | Added +2,700 |
| [DENISON MINES CORP (DNN)](/companies/dnn.md) | COM | $7.5m | 2.2% | 2,444,190 |  | Reduced −215,010 |
| [BROOKFIELD CORP (BN)](/companies/bn.md) | CL A LTD VT SH | $7.4m | 2.1% | 174,760 |  | Added +73,740 |
| ETF SER SOLUTIONS | US GLB JETS | $7.0m | 2.0% | 210,000 |  | New +210,000 |
| [ENBRIDGE INC (ENB)](/companies/enb.md) | COM | $6.9m | 2.0% | 127,750 |  | Added +4,210 |
| [CANADIAN IMPERIAL BANK OF CO (CM)](/companies/cm.md) | COM | $6.3m | 1.8% | 54,710 |  | Reduced −4,220 |
| [IAMGOLD CORP (IAG)](/companies/iag.md) | COM | $6.2m | 1.8% | 390,780 |  | Reduced −12,540 |
| [CELESTICA INC (CLS)](/companies/cls.md) | COM | $6.1m | 1.7% | 16,658 |  | Added +7,278 |
| [ALMONTY INDS INC (ALM)](/companies/alm.md) | COM NEW | $6.1m | 1.7% | 366,557 |  | Added +166,557 |
| [TREKOR METALS LTD (TGB)](/companies/tgb.md) | COM | $5.7m | 1.6% | 832,000 |  | New +832,000 |
| [KNIGHT-SWIFT TRANSN HLDGS IN (KNX)](/companies/knx.md) | CL A | $5.7m | 1.6% | 73,320 |  | Added +28,710 |
| [ERO COPPER CORP (ERO)](/companies/ero.md) | COM | $5.3m | 1.5% | 197,379 |  | Reduced −14,480 |
| [CANADIAN NAT RES LTD MED TER (CNQ)](/companies/cnq.md) | COM | $5.2m | 1.5% | 132,430 |  | Added +4,630 |
| [MANULIFE FINL CORP (MFC)](/companies/mfc.md) | COM | $5.0m | 1.4% | 122,261 |  | Added +21,500 |
| [CANADIAN PACIFIC KANSAS CITY (CP)](/companies/cp.md) | COM | $4.9m | 1.4% | 56,500 |  | Added +2,770 |
| [SUNCOR ENERGY INC NEW (SU)](/companies/su.md) | COM | $4.7m | 1.4% | 87,760 |  | Added +4,550 |
| [AGNICO EAGLE MINES LTD (AEM)](/companies/aem.md) | COM | $4.6m | 1.3% | 29,440 |  | Reduced −1,040 |
| [PEMBINA PIPELINE CORP (PBA)](/companies/pba.md) | COM | $4.5m | 1.3% | 97,870 |  | Reduced −1,675 |
| [OCEANAGOLD CORP (OGC)](/companies/ogc.md) | COM NEW | $4.2m | 1.2% | 166,270 |  | New +166,270 |
| [LIGHTSPEED COMMERCE INC (LSPD)](/companies/lspd.md) | SUB VTG SHS | $4.2m | 1.2% | 397,910 |  | Added +147,010 |
| [SKEENA RES LTD NEW (SKE)](/companies/ske.md) | COM | $3.8m | 1.1% | 142,580 |  | Added +1,090 |
| [PERPETUA RESOURCES CORP (PPTA)](/companies/ppta.md) | COM | $3.7m | 1.1% | 180,390 |  | Added +16,320 |
| [ENDEAVOUR SILVER CORP (EXK)](/companies/exk.md) | COM | $3.5m | 1.0% | 416,430 |  | Added +3,190 |
| [BARRICK MNG CORP (B)](/companies/b.md) | COM SHS | $3.4m | 1.0% | 91,810 |  | Reduced −3,160 |
| [THOMSON REUTERS CORP (TRI)](/companies/tri.md) | COM | $3.3m | 1.0% | 41,040 |  | New +41,040 |
| [FORTUNA MNG CORP (FSM)](/companies/fsm.md) | COM NEW | $3.3m | 1.0% | 391,330 |  | Added +133,000 |
| [CAMECO CORP (CCJ)](/companies/ccj.md) | COM | $3.3m | 0.9% | 32,010 |  | Added +1,080 |
| [WHEATON PRECIOUS METALS CORP (WPM)](/companies/wpm.md) | COM | $3.2m | 0.9% | 28,710 |  | Reduced −1,280 |
| [EQUINOX GOLD CORP (EQX)](/companies/eqx.md) | COM | $3.2m | 0.9% | 329,720 |  | Reduced −225,665 |
| [TECK RESOURCES LTD (TECK)](/companies/teck.md) | CL B | $2.9m | 0.8% | 49,251 |  | Reduced −15,179 |
| [TFI INTERNATIONAL INC (TFII)](/companies/tfii.md) | COM | $2.8m | 0.8% | 19,600 |  | Reduced −16,420 |
| [NEXGEN ENERGY LTD (NXE)](/companies/nxe.md) | COM | $2.7m | 0.8% | 283,860 |  | Reduced −70,540 |
| [GREENFIRE RES LTD NEW (GFR)](/companies/gfr.md) | COM SHS | $2.5m | 0.7% | 444,657 |  | New +444,657 |
| [ATS CORPORATION (ATS)](/companies/ats.md) | COM | $2.5m | 0.7% | 85,640 |  | Added +35,640 |
| [ARIS MINING CORPORATION (ARIS)](/companies/aris.md) | COM | $2.3m | 0.6% | 151,160 |  | Reduced −108,605 |
| [FRANCO NEV CORP (FNV)](/companies/fnv.md) | COM | $2.2m | 0.6% | 10,630 |  | New +10,630 |
| [AMERICAS GOLD AND SILVER COR (USAS)](/companies/usas.md) | COM NEW | $2.2m | 0.6% | 461,860 |  | Added +3,610 |
| [CENTERRA GOLD INC (CGAU)](/companies/cgau.md) | COM | $2.1m | 0.6% | 133,940 |  | Reduced −121,330 |
| [FORTIS INC (FTS)](/companies/fts.md) | COM | $2.0m | 0.6% | 34,990 |  | Reduced −14,680 |
| [KINROSS GOLD CORP (KGC)](/companies/kgc.md) | COM | $1.7m | 0.5% | 71,670 |  | Reduced −15,950 |
| [TELESAT CORP (TSAT)](/companies/tsat.md) | CL A & CL B SHS | $1.6m | 0.5% | 31,180 |  | New +31,180 |
| [RB GLOBAL INC (RBA)](/companies/rba.md) | COM | $1.4m | 0.4% | 11,800 |  | Reduced −1,935 |
| [SUNSHINE SILVER MNG & REFNG (SSMR)](/companies/ssmr.md) | COMMON STOCK | $1.3m | 0.4% | 100,000 |  | New +100,000 |
| [NUTRIEN LTD (NTR)](/companies/ntr.md) | COM | $1.3m | 0.4% | 20,700 |  | Reduced −8,590 |
| [DOCEBO INC (DCBO)](/companies/dcbo.md) | COM | $1.2m | 0.3% | 65,500 |  | New +65,500 |
| [GILDAN ACTIVEWEAR INC (GIL)](/companies/gil.md) | COM | $1.1m | 0.3% | 22,131 |  | Added +14,220 |
| [BOYD GROUP SERVICES INC (BGSI)](/companies/bgsi.md) | COM | $387.1k | 0.1% | 4,092 |  | Reduced −89,801 |
| [WASTE CONNECTIONS INC (WCN)](/companies/wcn.md) | COM | $291.4k | <0.1% | 1,750 |  | Reduced −320 |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [ALAMOS GOLD INC (AGI)](/companies/agi.md) | COM CL A | $0 | 0.0% | 0 |  | Sold out −33,820 |
| BROOKFIELD RENEWABLE ENERGY | PARTNERSHIP UNIT | $0 | 0.0% | 0 |  | Sold out −170,580 |
| [CARVANA CO (CVNA)](/companies/cvna.md) | CL A | $0 | 0.0% | 0 |  | Sold out −6,496 |
| [CGI INC (GIB)](/companies/gib.md) | CL A SUB VTG | $0 | 0.0% | 0 |  | Sold out −20,780 |
| [GFL ENVIRONMENTAL INC (GFL)](/companies/gfl.md) | SUB VTG SHS | $0 | 0.0% | 0 |  | Sold out −187,807 |
| ORLA MNG LTD NEW | COM | $0 | 0.0% | 0 |  | Sold out −305,180 |
| TASEKO MINES LTD | COM | $0 | 0.0% | 0 |  | Sold out −1,017,980 |

Source: SEC EDGAR, Form 13F-HR, accession 0001426318-26-000005. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.