PCJ Investment Counsel Ltd.

CIK 0001426318 · Q1 2026

13F Equity AUM

$352.1M

-12.9% QoQ

Positions

-2 QoQ

AUM Rank

#5,361

Top 43%

Skill Alpha (FF)

-2.1%/yr^ns

No Clear Edge

Rank #5,304 · Top 65%

vs S&P -6.7%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 25.9%Top 10: 42.3%Top 20: 63.3%

BROOKFIELD BUSINESS CORP8.8%

CAE5.8%

EFX3.9%

RY3.9%

BTE3.6%

BYD3.4%

CRH.L3.4%

CVE3.3%

TD3.2%

BIP3.0%

Others (49)57.7%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Basic Materials25.9%

Industrials16.3%

Energy16.1%

Financial Services15.4%

Unclassified9.5%

Utilities6.6%

Consumer Cyclical4.1%

Technology3.9%

Other2.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 59Median: 1.27%Avg: 1.69%

0–0.5%

7(2.0%)

0.5–1%

14(11.0%)

1–3%

28(44.8%)

3–5%

8(27.7%)

5%+

2(14.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 59Unique: 0vs 20 funds

0.8%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

1.1%

BANK OF AMERICA CORP /DE/

1.2%

GEODE CAPITAL MANAGEMENT, LLC

1.7%

VANGUARD CAPITAL MANAGEMENT LLC

1.7%

1.1%

1.7%

1.1%

0.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.4%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New11Increased25Decreased23Exited13

New Positions

BROOKFIELD BUSINESS …8.8%

+979K

GFL2.2%

+188K

BEPC1.6%

+171K

ARIS1.4%

+260K

PPTA1.3%

+164K

HBM1.0%

+162K

AII0.8%

+200K

FTS0.8%

+50K

AGI0.4%

+34K

ATS0.4%

+50K

Increased

BTE3.6%

+322K(+13%)

LSPD0.6%

+128K(+105%)

ERO1.6%

+119K(+127%)

BIP3.0%

+109K(+60%)

CG1.3%

+109K(+75%)

TGB1.9%

+68K(+7%)

CM1.6%

+53K(+981%)

CVE3.3%

+36K(+9%)

TECK/B0.9%

+35K(+117%)

CNR1.8%

+30K(+94%)

Decreased

SZ70.7%

-402,840(-47%)

EQX2.3%

-326,555(-37%)

DML2.7%

-259,610(-9%)

IMG2.1%

-238,730(-37%)

BN1.2%

-233,070(-70%)

EFX3.9%

-232,834(-26%)

FVI0.7%

-228,190(-47%)

OLA1.4%

-212,300(-41%)

NXE1.2%

-151,790(-30%)

EDR1.1%

-148,400(-26%)

Exited

-1,163,486

-208,630

-118,918

-20,400

-21,468

-256,360

-9,940

-117,498

-551,440

-360,395

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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