PCJ Investment Counsel Ltd. recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
PCJ Investment Counsel Ltd. is an investment management firm based out of Toronto, Canada. The company was originally established in 1996 by founding partners Neero Giovanni Piticco and Jack T. Campbell, both of whom are still with the company acting as its President and Vice President, respectively, and also acting as directors and portfolio managers. PCJ Investment Counsel conducts its research internally, utilizing a fundamental and quantitative methodology to make its investment decisions. The company invests in the growth stocks of companies with small and large capitalizations, allocating its assets in the public equity markets within Canada with a top down and bottom up approach. PCJ Investment Counsel invests most heavily in the finance sector, which alone makes up over a third of its total asset allocations, and also invests in the energy, transports, materials, and consumer discretionary sectors, among other sectors to a lesser degree, in order of decreasing allocation. The company holds its allocations for 6.6 quarters on average and holds its top 10 allocations, which account for over half of the firm’s total holdings, for 10.8 quarters on average. In the most recent quarter, PCJ Investment Counsel had a turnover rate of approximately 37.9%. The company operates with 7 employees, all of which are investment professionals. PCJ Investment Counsel manages over $2.1 billion in total assets under management spread across 35 total accounts, all of which are discretionary accounts. Both of the firm’s total number of accounts and total assets under management have been increasing in recent years. PCJ Investment Counsel caters mainly to pension and profit sharing plans and pooled investment vehicles, each of which make up over a third of its client base, and also provides services to high net worth individuals, insurance companies, corporations, and charities, in order of decreasing clientele. The company currently offers its Large Cap Equity, Small Cap Equity, and Absolute Return strategies.
As of the latest 13F report, the guru’s equity portfolio contained 77 stocks valued at a total of $230.00Mil. The top holdings were RY(5.89%), TD(4.67%), and URI(4.08%).
According to GuruFocus data, these were PCJ Investment Counsel Ltd.’s top five trades of the quarter.
Bank of Montreal
PCJ Investment Counsel Ltd. reduced their investment in NYSE:BMO by 56,560 shares. The trade had a 2.43% impact on the equity portfolio. During the quarter, the stock traded for an average price of $92.56.
On 02/13/2023, Bank of Montreal traded for a price of $101.43 per share and a market cap of $70.81Bil. The stock has returned -11.34% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Bank of Montreal has a price-earnings ratio of 6.75, a price-book ratio of 1.34, a price-earnings-to-growth (PEG) ratio of 0.68 and a price-sales ratio of 3.50.
The price-to-GF Value ratio is 1.12, earning the stock a GF Value rank of 5.
Brookfield Infrastructure Partners LP
The guru sold out of their 110,900-share investment in NYSE:BIP. Previously, the stock had a 1.95% weight in the equity portfolio. Shares traded for an average price of $34.93 during the quarter.
On 02/13/2023, Brookfield Infrastructure Partners LP traded for a price of $34.18 per share and a market cap of $15.56Bil. The stock has returned -12.51% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Brookfield Infrastructure Partners LP has a price-earnings ratio of 260.91, a price-book ratio of 2.44, a price-earnings-to-growth (PEG) ratio of 9.85, a EV-to-Ebitda ratio of 7.68 and a price-sales ratio of 1.11.
The price-to-GF Value ratio is 0.71, earning the stock a GF Value rank of 10.
UnitedHealth Group Inc
The guru sold out of their 7,500-share investment in NYSE:UNH. Previously, the stock had a 1.86% weight in the equity portfolio. Shares traded for an average price of $529.71 during the quarter.
On 02/13/2023, UnitedHealth Group Inc traded for a price of $494.25 per share and a market cap of $461.80Bil. The stock has returned 2.86% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, UnitedHealth Group Inc has a price-earnings ratio of 23.32, a price-book ratio of 5.67, a price-earnings-to-growth (PEG) ratio of 1.77, a EV-to-Ebitda ratio of 15.44 and a price-sales ratio of 1.46.
The price-to-GF Value ratio is 0.96, earning the stock a GF Value rank of 6.
Humana Inc
PCJ Investment Counsel Ltd. reduced their investment in NYSE:HUM by 7,500 shares. The trade had a 1.78% impact on the equity portfolio. During the quarter, the stock traded for an average price of $525.59.
On 02/13/2023, Humana Inc traded for a price of $498.62 per share and a market cap of $62.31Bil. The stock has returned 16.10% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Humana Inc has a price-earnings ratio of 22.62, a price-book ratio of 4.07, a price-earnings-to-growth (PEG) ratio of 2.98, a EV-to-Ebitda ratio of 14.27 and a price-sales ratio of 0.68.
The price-to-GF Value ratio is 0.93, earning the stock a GF Value rank of 6.
CGI Inc
During the quarter, PCJ Investment Counsel Ltd. bought 41,890 shares of NYSE:GIB for a total holding of 55,710. The trade had a 1.57% impact on the equity portfolio. During the quarter, the stock traded for an average price of $82.40000000000001.
On 02/13/2023, CGI Inc traded for a price of $92.73999999999999 per share and a market cap of $21.95Bil. The stock has returned 7.67% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, CGI Inc has a price-earnings ratio of 20.13, a price-book ratio of 3.74, a price-earnings-to-growth (PEG) ratio of 1.77, a EV-to-Ebitda ratio of 12.53 and a price-sales ratio of 2.26.
The price-to-GF Value ratio is 1.06, earning the stock a GF Value rank of 5.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
Want to provide feedback on this article? Have questions or concerns? Get in touch with us here, or email us at [email protected]!
This article is general in nature and does not represent the opinions of GuruFocus or any of its affiliates. This article is not intended to be financial advice, nor does it constitute investment advice or recommendations. It was written without regard to your individual situation or financial goals. We aim to bring you fundamental, data-driven analysis, The information on this site is in no way guaranteed for completeness, accuracy or in any other way.
