PCJ Investment Counsel Ltd.

Long Only Manager

PCJ Investment Counsel Ltd. is a Long Only Manager led by Timothy Michael Marzec, reporting $704.0M in AUM as of Q3 2025 with BBU as the largest holding (12% allocation).

PresidentTimothy Michael Marzec

Portfolio Value: $359.5M
Positions: 64
Top Holding: BBU at 12.18%
Last Reported: Q3 2025

Address130 King Street West, Suite 1400, Toronto, Ontario, M5X 1C8, Canada

Top Holdings

Largest long holdings in PCJ Investment Counsel Ltd.'s portfolio (44.6% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Brookfield Business Partners BBU	Conglomerates Industrials	$43.8M	12.18%	+$2.2M Bought	1.51% 1.3M shares	Q4 2023 Held for 1y 11m
2 CRH CRH	Construction Materials Basic Materials	$21.9M	6.10%	-$1.2M Sold	0.03% 182.9K shares	Q3 2024 Held for 1y 2m
3 Brookfield BN	Asset Management Financial Services	$16.0M	4.44%	+$8.4M Bought	0.02% 232.8K shares	Q4 2022 Held for 2y 11m
4 CAE CAE	Aerospace & Defense Industrials	$15.8M	4.40%	+$14.8M Bought	0.17% 533.7K shares	Q4 2024 Held for 11 months
5 Enerflex EFXT	Oil & Gas Equipment & Services Energy	$12.6M	3.50%	-$3.5M Sold	0.95% 1.2M shares	Q4 2022 Held for 2y 11m
6 Royal Bank of Canada RY	Banks - Diversified Financial Services	$11.8M	3.28%	+$293.2K Bought	0.01% 80.0K shares	≤ Q2 2013 Held for 12y 5m+
7 Shopify SHOP	Software - Application Technology	$10.1M	2.82%	-$289.6K Sold	0.01% 68.2K shares	Q1 2017 Held for 8y 8m
8 Capital One Financial COF	Financial - Credit Services Financial Services	$9.7M	2.69%	+$1.1M Bought	0.01% 45.6K shares	Q2 2025 Held for 5 months
9 IAMGold IAG	Gold Basic Materials	$9.6M	2.68%	+$4.0M Bought	0.13% 747.1K shares	Q4 2022 Held for 2y 11m
10 Carvana CVNA	Specialty Retail Consumer Cyclical	$9.2M	2.55%	+$2.9M Bought	0.02% 24.3K shares	Q2 2024 Held for 1y 5m

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in PCJ Investment Counsel Ltd.'s latest filing

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GthenC

Market Value

$359.5M

Prior: $292.8M

Q/Q Change

+22.78%

+$66.7M

Net Flows % of MV

+0.797%

Turnover Ratio

18.95%

New Purchases

3 stocks

$7.1M

Added To

22 stocks

+$55.5M

Sold Out Of

10 stocks

$20.7M

Reduced Holdings

33 stocks

-$39.0M

Increased Positions

Position	Shares Δ	Change
1 Taseko Mines TGB	New	0 → 726.7K +$3.1M
2 VZLA Vizsla Silver VZLA	New	0 → 566.7K +$2.4M
3 Americas Gold and Silver USAS	New	0 → 425.0K +$1.6M
4 CAE CAE	+1,427.15%	35.0K → 533.7K +$14.8M
5 Cenovus Energy CVE	+412.96%	80.6K → 413.6K +$5.7M

Decreased Positions

Position	Shares Δ	Change
1 MAG Silver MAG	Sold	218.7K → 0 −$4.6M
2 Wells Fargo & Company WFC	Sold	40.0K → 0 −$3.2M
3 TC Energy TRP	Sold	49.0K → 0 −$2.4M
4 Alamos Gold Inc. AGI	Sold	85.7K → 0 −$2.3M
5 TFI International TFII	Sold	22.3K → 0 −$2.0M