# PCJ Investment Counsel Ltd.

> PCJ Investment Counsel Ltd. is an SEC-registered investment advisory firm in Toronto, Ontario, Canada, registered since 2015, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated June 26, 2026.

- CRD: 174083
- Filed as: PCJ INVESTMENT COUNSEL LTD.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Toronto, Ontario, Canada
- Filing period: October 2026
- Form ADV filing dated: June 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/174083
- AdvisorCensus page: https://advisorcensus.com/firm/pcj-investment-counsel-ltd-toronto-ontario-174083

## Quick answers

**How is PCJ Investment Counsel Ltd. compensated?**
On its Form ADV (Item 5.E, October 2026), PCJ Investment Counsel Ltd. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is PCJ Investment Counsel Ltd. located?**
PCJ Investment Counsel Ltd.'s principal office is in Toronto, Ontario, Canada, according to its Form ADV.

**Is PCJ Investment Counsel Ltd. registered with the SEC or a state?**
PCJ Investment Counsel Ltd. is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 174083.

**How much does PCJ Investment Counsel Ltd. manage?**
PCJ Investment Counsel Ltd. reports $924,342,654 in regulatory assets under management in its Form ADV filing dated June 26, 2026 (100% discretionary).

**How have PCJ Investment Counsel Ltd.'s assets and staff changed since 2021?**
In the Form ADV data for PCJ Investment Counsel Ltd.: Regulatory assets under management: $512,661,466 in the October 2021 data and $924,342,654 in the October 2026 data, up 80%. Total employees: 10 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does PCJ Investment Counsel Ltd. serve?**
By number of clients on Form ADV Item 5.D: investment companies (1); pooled investment vehicles (other than investment companies and business development companies) (1).

**Which custodians does PCJ Investment Counsel Ltd. use?**
PCJ Investment Counsel Ltd.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists RBC Investor Services Trust and State Street Company Canada as custodians holding 10% or more of its separately managed account assets.

**Does PCJ Investment Counsel Ltd. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/174083

**What changed in PCJ Investment Counsel Ltd.'s recent Form ADV filings?**
In the July 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Minimum annual fee: None

> There is no minimum annual fee charged.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- RBC Investor Services Trust
- State Street Company Canada

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $924,342,654
- Discretionary: $924,342,654
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $41,245,954 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $52,835,277 |
| Other investment advisers | Fewer than 5 | $828,365,863 |
| Insurance companies | Fewer than 5 | $1,451,894 |
| Corporations or other businesses not listed above | Fewer than 5 | $443,666 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Other

### Firm details
- Registered since: 2015 (11 years)
- Employees: 10 total, 9 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [cclgroup.com/pcj/en](https://cclgroup.com/pcj/en)
- LinkedIn @pcj-investment-counsel-ltd

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $512,661,466 | 10 | March 29, 2021 |
| October 2022 | $679,824,266 | 10 | March 29, 2022 |
| October 2023 | $551,917,488 | 10 | March 31, 2023 |
| October 2024 | $597,093,983 | 10 | March 28, 2024 |
| October 2025 | $703,970,311 | 10 | March 28, 2025 |
| October 2026 | $924,342,654 | 10 | June 26, 2026 |

Regulatory assets under management: $512,661,466 in the October 2021 data and $924,342,654 in the October 2026 data, up 80%.
Total employees: 10 in October 2021 and 10 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Regulatory assets under management went from $703,970,311 to $924,342,654 (+31%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. PCJ Investment Counsel Ltd. (CRD 174083): Form ADV filing data as of October 2026.