# EDGAR Filing Document

**Accession Number:** 0001426318
**File Stem:** 0001426318-23-000001
**Filing Date:** 2023-2
**Character Count:** 11249
**Document Hash:** cc2792acbc20f5ac7d0b4de9e96294fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001426318-23-000001.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001426318-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PCJ Investment Counsel Ltd.
- **CENTRAL INDEX KEY:** 0001426318
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12690
- **FILM NUMBER:** 23610486

**BUSINESS ADDRESS:**
- **STREET 1:** 130 KING STREET WEST
- **STREET 2:** SUITE 1400
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1C8
- **BUSINESS PHONE:** 416-862-2020

**MAIL ADDRESS:**
- **STREET 1:** 130 KING STREET WEST
- **STREET 2:** SUITE 1400
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1C8

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** PCJ Investment Counsel Ltd.<br>**Address:** 130 KING STREET WEST<br>SUITE 1400<br>TORONTO, A6 M5X 1C8

**Form 13F File Number:** 028-12690

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Heiki Altosaar<br>**Title:** Chief Compliance Officer<br>**Phone:** 416-862-2020

**Signature, Place, and Date of Signing:**

Heiki Altosaar  Toronto, A6  02-10-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 77

**Form 13F Information Table Value Total:** $230003249

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AECOM | COM | 00766T100 |  | 1486275 | 17500 | SH |  | SOLE | 1 | 17500 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 6914571 | 133047 | SH |  | SOLE | 1 | 133047 | 0 | 0 |
| ALGOMA STL GROUP INC | COM | 015658107 |  | 1130991 | 179100 | SH |  | SOLE | 1 | 179100 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 7347279 | 81101 | SH |  | SOLE | 1 | 81101 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 1687813 | 34447 | SH |  | SOLE | 1 | 34447 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 304278 | 17750 | SH |  | SOLE | 1 | 17750 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 4275178 | 97300 | SH |  | SOLE | 1 | 97300 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 7228097 | 229818 | SH |  | SOLE | 1 | 229818 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 2110453 | 109120 | SH |  | SOLE | 1 | 109120 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 2225632 | 98180 | SH |  | SOLE | 1 | 98180 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 5642390 | 101605 | SH |  | SOLE | 1 | 101605 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 5004281 | 42126 | SH |  | SOLE | 1 | 42126 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 6015807 | 80680 | SH |  | SOLE | 1 | 80680 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 1742732 | 89820 | SH |  | SOLE | 1 | 89820 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 4800441 | 55710 | SH |  | SOLE | 1 | 55710 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 3295182 | 35805 | SH |  | SOLE | 1 | 35805 | 0 | 0 |
| CRESCENT PT ENERGY CORP | COM | 22576C101 |  | 1670585 | 234150 | SH |  | SOLE | 1 | 234150 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 1314400 | 40000 | SH |  | SOLE | 1 | 40000 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 |  | 2232357 | 1950000 | SH |  | SOLE | 1 | 1950000 | 0 | 0 |
| DOCEBO INC | COM | 25609L105 |  | 3087769 | 93444 | SH |  | SOLE | 1 | 93444 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 721344 | 5100 | SH |  | SOLE | 1 | 5100 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 1772779 | 212600 | SH |  | SOLE | 1 | 212600 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 1538910 | 3000 | SH |  | SOLE | 1 | 3000 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 3632932 | 92948 | SH |  | SOLE | 1 | 92948 | 0 | 0 |
| ENDEAVOUR SILVER CORP | COM | 29258Y103 |  | 1378942 | 426260 | SH |  | SOLE | 1 | 426260 | 0 | 0 |
| ENERFLEX LTD | COM | 29269R105 |  | 1419181 | 225000 | SH |  | SOLE | 1 | 225000 | 0 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 2571839 | 415530 | SH |  | SOLE | 1 | 415530 | 0 | 0 |
| ENERPLUS CORP | COM | 292766102 |  | 3611081 | 204570 | SH |  | SOLE | 1 | 204570 | 0 | 0 |
| ERO COPPER CORP | COM | 296006109 |  | 2710816 | 196905 | SH |  | SOLE | 1 | 196905 | 0 | 0 |
| FIVE BELOW INC | COM | 33829M101 |  | 2653050 | 15000 | SH |  | SOLE | 1 | 15000 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 3184267 | 23350 | SH |  | SOLE | 1 | 23350 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 2850000 | 75000 | SH |  | SOLE | 1 | 75000 | 0 | 0 |
| GFL ENVIRONMENTAL INC | SUB VTG SHS | 36168Q104 |  | 5596522 | 191530 | SH |  | SOLE | 1 | 191530 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 |  | 1808250 | 15000 | SH |  | SOLE | 1 | 15000 | 0 | 0 |
| GRIFFON CORP | COM | 398433102 |  | 3002781 | 83900 | SH |  | SOLE | 1 | 83900 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 2287999 | 452900 | SH |  | SOLE | 1 | 452900 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 768285 | 1500 | SH |  | SOLE | 1 | 1500 | 0 | 0 |
| I-80 GOLD CORP | COM | 44955L106 |  | 558366 | 200000 | SH |  | SOLE | 1 | 200000 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 1025149 | 400000 | SH |  | SOLE | 1 | 400000 | 0 | 0 |
| LIGHTSPEED COMMERCE INC | SUB VTG SHS | 53229C107 |  | 1126511 | 78800 | SH |  | SOLE | 1 | 78800 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 972980 | 2000 | SH |  | SOLE | 1 | 2000 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 2961267 | 166021 | SH |  | SOLE | 1 | 166021 | 0 | 0 |
| MAVERIX METALS INC | COM NEW | 57776F405 |  | 2351183 | 503700 | SH |  | SOLE | 1 | 503700 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 904625 | 12500 | SH |  | SOLE | 1 | 12500 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 2025617 | 457750 | SH |  | SOLE | 1 | 457750 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 2135867 | 29255 | SH |  | SOLE | 1 | 29255 | 0 | 0 |
| OLLIES BARGAIN OUTLET HLDGS | COM | 681116109 |  | 234200 | 5000 | SH |  | SOLE | 1 | 5000 | 0 | 0 |
| OSISKO GOLD ROYALTIES LTD | COM | 68827L101 |  | 6856100 | 568800 | SH |  | SOLE | 1 | 568800 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 2228158 | 65640 | SH |  | SOLE | 1 | 65640 | 0 | 0 |
| PRECISION DRILLING CORP | COM NEW | 74022D407 |  | 4818021 | 62900 | SH |  | SOLE | 1 | 62900 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 648550 | 5000 | SH |  | SOLE | 1 | 5000 | 0 | 0 |
| RADIUS GLOBAL INFRASTRCTRE I | COM CL A | 750481103 |  | 606248 | 51290 | SH |  | SOLE | 1 | 51290 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 504600 | 5000 | SH |  | SOLE | 1 | 5000 | 0 | 0 |
| REINSURANCE GRP OF AMERICA I | COM NEW | 759351604 |  | 426270 | 3000 | SH |  | SOLE | 1 | 3000 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 1847834 | 28570 | SH |  | SOLE | 1 | 28570 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 5991544 | 127960 | SH |  | SOLE | 1 | 127960 | 0 | 0 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 |  | 13541749 | 144029 | SH |  | SOLE | 1 | 144029 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 |  | 1696889 | 322683 | SH |  | SOLE | 1 | 322683 | 0 | 0 |
| SHOPIFY INC | CL A | 82509L107 |  | 2180803 | 62810 | SH |  | SOLE | 1 | 62810 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 478114 | 14200 | SH |  | SOLE | 1 | 14200 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 7005090 | 146140 | SH |  | SOLE | 1 | 146140 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 3053954 | 65790 | SH |  | SOLE | 1 | 65790 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 3148884 | 99265 | SH |  | SOLE | 1 | 99265 | 0 | 0 |
| SUNOPTA INC | COM | 8676EP108 |  | 1388512 | 165200 | SH |  | SOLE | 1 | 165200 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 3761833 | 94365 | SH |  | SOLE | 1 | 94365 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 1436139 | 38000 | SH |  | SOLE | 1 | 38000 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 358963 | 18600 | SH |  | SOLE | 1 | 18600 | 0 | 0 |
| THOMSON REUTERS CORP. | COM NEW | 884903709 |  | 2453883 | 21510 | SH |  | SOLE | 1 | 21510 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 1910400 | 24000 | SH |  | SOLE | 1 | 24000 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 10748305 | 165991 | SH |  | SOLE | 1 | 165991 | 0 | 0 |
| TRANSALTA CORP | COM | 89346D107 |  | 9060819 | 1012000 | SH |  | SOLE | 1 | 1012000 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 927375 | 37500 | SH |  | SOLE | 1 | 37500 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 1172675 | 2500 | SH |  | SOLE | 1 | 2500 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 9383088 | 26400 | SH |  | SOLE | 1 | 26400 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 3303200 | 80000 | SH |  | SOLE | 1 | 80000 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 |  | 1084350 | 15000 | SH |  | SOLE | 1 | 15000 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 2659645 | 68070 | SH |  | SOLE | 1 | 68070 | 0 | 0 |

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