Data as of Q4 2025 (Dec 31, 2025)·Next filing deadline: May 15, 2026

PCJ Investment Counsel Ltd.

•CIK: 1426318•Filing: Q4 2025

**PCJ Investment Counsel Ltd.** manages $404M across a diversified portfolio of 61 positions. The fund exhibits significant concentration in key names, notably maintaining a $41.2M position in PFG and $23.4M in BX. Further substantial allocations include $23.1M in CAE and $18.4M in BYD, indicating targeted exposure across various sectors. This structure suggests a conviction-driven approach utilizing established, large-cap holdings.

Total AUM

$404.2M

QoQ Performance

+12.4%

Positions

61

Top 10 Concentration

45.4%

Latest Filing

Q4 2025

Top Holdings Allocation

BBUC

CRH

CAE

BBUC10.2%

CRH5.8%

CAE5.7%

BYD4.5%

BN3.8%

EFX3.4%

RY3.4%

EQX3.1%

📈 Biggest Buys

BOYD GROUP SERVICES INC

NEW

4.5% of portfolio

BAYTEX ENERGY CORP

NEW

2.0% of portfolio

CGI INC

NEW

1.7% of portfolio

CAE INC

+42.5%

5.7% of portfolio

ROYAL GOLD INC

NEW

1.2% of portfolio

📉 Biggest Sells

BROOKFIELD BUSINESS PARTNERS

-13.0%

10.2% of portfolio

CAPITAL ONE FINL CORP

-55.2%

1.2% of portfolio

CANADIAN IMPERIAL BANK OF CO

-90.5%

0.1% of portfolio

ENERFLEX LTD

-23.4%

3.4% of portfolio

AMCOR PLC

-54.3%

0.7% of portfolio

Sector Breakdown

Other88.3%

Financial5.9%

Materials5.8%

🚪 Exited Positionssold since Q3 2025

SANDSTORM GOLD LTD

SOLD

$5.3M

DESCARTES SYS GROUP INC

SOLD

$4.5M

NEW GOLD INC CDA

SOLD

$4.2M

CITIGROUP INC

SOLD

$3.0M

STANTEC INC

SOLD

$2.7M

+7 more exited positions

Changes from Q3 2025

NEW9 new positions

↑28 increased

↓24 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

BROOKFIELD BUSINESS PARTNERS

BOYD GROUP SERVICES INC

BROOKFIELD CORP

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