PCJ Absolute Return II Fund
Quarterly Portfolio Disclosures
As of September 30, 2026
Summary of Investment Portfolio
Category
Long %
Short %
%
of Net
Asset Value
Asset Value
Energy
19.52
-17.25
2.27
Materials (ex. Gold & Precious Metals)
2.40
-2.86
-0.47
Gold & Precious Metals
3.03
-2.74
0.29
Industrials
22.18
-5.87
16.31
Consumer Discretionary
0.00
-1.65
-1.65
Consumer Staples
2.86
-2.84
0.01
Health Care
9.88
0.00
9.88
Financials
3.82
-0.30
3.52
Information Technology
2.06
-0.39
1.67
Communication Services
2.95
-4.90
-1.94
Utilities
4.29
0.00
4.29
Real Estate
6.47
-16.46
-9.99
Index Funds
0.00
-16.52
-16.52
Cash
92.85
-0.52
92.33
Top 25 Holdings - Long
% of NetAsset Value
Black Diamond Group
7.75
Extendicare Inc
6.97
Primaris Reit
3.99
Keyera Corp.
3.43
Brookfield Infrastructure Partners L.P.
2.96
Rogers Comm Inc. Class B
2.95
Premium Brands Holdings Corporation
2.86
Chartwell Retirement Residences
2.80
iShares S&P/TSX Global Gold Index ETF
2.54
CRH PLC
2.40
Gfl Environmental Inc
2.38
MetLife Inc.
2.33
Cenovus Energy inc.
2.28
Advantage Energy Ltd
2.28
Rockpoint Gas Storage Inc
2.15
Dream Industrial Real Estate Investment Trust
1.99
Spartan Delta Corp
1.61
Brookfield Business Corp
1.59
Enerflex Ltd.
1.55
Knight-Swift Transportation Holdings Inc
1.33
Transalta Corp.
1.33
Baytex Energy Corp
1.32
CAE Inc.
1.31
Russel Metals Inc.
1.30
Greenfire Resources Ltd
1.30
Top 25 Holdings - Short
% of NetAsset Value
Quebecor Inc. Class B
-1.21
Stantec Inc.
-1.27
Lundin Gold Inc
-1.34
iShares Russell 2000 ETF
-1.34
StorageVault Canada Inc.
-1.37
Whitecap Resources Inc.
-1.40
Parex Resources Inc.
-1.51
Riocan REIT Units
-1.51
State Street SPDR S&P Oil & Ga
-1.61
Gibson Energy
-1.76
CT Real Estate Investment Trust
-1.82
PrairieSky Royalty Ltd.
-1.83
iShares S&P/TSX Capped Energy Index ETF
-1.86
BCE Inc.
-1.88
State Street Utilities Select
-1.90
iShares S&P/TSX 60 Index ETF
-2.03
iShares MSCI USA Momentum Factor ETF
-2.07
iShares Core S&P/TSX Capped Composite Index ETF
-2.13
Canadian Apt Pptys REIT
-2.18
SmartCentres Real Estate Investment Trust
-2.18
Imperial Oil Limited
-2.22
Choice Properties REIT
-2.22
TC Energy Corp
-2.62
iShares S&P/TSX Capped REIT Index ETF
-2.71
State Street SPDR S&P 500 ETF
-5.76
For further information, please contact Connor, Clark & Lunn Funds Inc. Toll Free at 1-888-824-3120.
The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the Fund. Updates are available quarterly. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
CC&L Funds Inc.
September 19, 2025