PCJ Investment Counsel Ltd.

Q3 2025 13F-HR Holdings

Location
Toronto, A6
Holdings as of
9/30/2025
Date filed
11/13/2025
Form type
13F-HR
Num holdings
64
Total value ($000)
$359,489
Net value change ($000)
+66,704 (22.8%)
New positions
9
Sold out positions
10
Turnover %
11.6%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/7/2025 Next filing: 2/10/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
CAE 14,778 1441.8%
BBU 10,749 32.5%
BN 9,108 132.8%
IAG 6,444 201.0%
PAAS 6,136 561.9%
CVE 5,928 540.4%
EQX 4,917 191.3%
CRH 4,222 23.8%
SAND 3,703 225.1%
CVNA 3,573 63.9%
Top Reduces (Value $000, Stocks/ETFs)
CNQ -4,714 -56.0%
MAG SILVER CORP -4,649 -100.0%
AER -4,416 -82.8%
BIP -3,220 -36.6%
WFC -3,205 -100.0%
RBA -3,014 -25.8%
CP -2,694 -42.2%
TRP -2,393 -100.0%
AGI -2,282 -100.0%
PBA -2,042 -28.3%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type