PCJ Absolute Return II Fund
Quarterly Portfolio Disclosures
As of March 31, 2026
Summary of Investment Portfolio
Category
Long %
Short %
%
of Net
Asset Value
Asset Value
Energy
18.51
-19.14
-0.63
Materials (ex. Gold & Precious Metals)
5.69
-2.67
3.02
Gold & Precious Metals
0.56
0.00
0.56
Industrials
23.43
-5.04
18.39
Consumer Discretionary
0.78
-3.74
-2.96
Consumer Staples
15.01
-9.65
5.36
Health Care
10.11
0.00
10.11
Financials
1.88
-7.80
-5.91
Information Technology
0.04
0.00
0.04
Communication Services
0.00
-1.73
-1.73
Utilities
4.97
-2.78
2.18
Real Estate
3.98
-10.74
-6.76
Index Funds
0.00
-12.54
-12.54
Cash
96.12
-5.25
90.87
Bonds
0.00
0.00
0.00
Top 25 Holdings - Long
% of NetAsset Value
Premium Brands Holdings Corporation
7.05
George Weston Ltd.
7.02
CAE Inc.
5.98
Black Diamond Group
5.00
Keyera Corp.
4.94
Brookfield Business Corp
4.85
Extendicare Inc
4.78
CRH PLC
4.65
Chartwell Retirement Residences
4.42
Advantage Energy Ltd
3.52
Cenovus Energy inc.
2.99
Brookfield Infrastructure Partners L.P.
2.68
Primaris Reit
2.55
Brookfield Renewable Partners LP
2.29
iA Financial Corp Inc
1.88
Enerflex Ltd.
1.67
Kelt Exploration Ltd.
1.63
Gfl Environmental Inc
1.56
ADENTRA Inc
1.46
Headwater Exploration Inc
1.23
Amrize Ltd
1.04
Baytex Energy Corp
1.01
Knight-Swift Transportation Holdings Inc
1.01
Dream Industrial Real Estate Investment Trust
0.98
Extendicare Inc - Restricted 04/04/2026
0.90
Top 25 Holdings - Short
% of NetAsset Value
Bank of Nova Scotia
-0.77
Royal Bank of Canada
-0.78
Gran Tierra Energy Inc.
-0.94
ARC Resources Ltd
-0.97
Manulife Financial Corp.
-1.00
Precision Drilling Corp.
-1.05
CT Real Estate Investment Trust
-1.06
Canadian Tire Corp. Ltd. Class A
-1.08
Choice Properties REIT
-1.11
CarMax Inc
-1.12
IGM Financial Inc.
-1.20
Parex Resources Inc.
-1.23
Richelieu Hardware Ltd.
-1.31
Martin Marietta Materials
-1.33
Vulcan Materials Co
-1.34
Riocan REIT Units
-1.42
Whitecap Resources Inc.
-1.69
PrairieSky Royalty Ltd.
-1.73
StorageVault Canada Inc.
-2.02
Canadian Apt Pptys REIT
-2.30
Brookfield Renewable Corp
-2.78
Gibson Energy
-2.88
TC Energy Corp
-2.96
Imperial Oil Limited
-2.97
Loblaw Companies Ltd.
-6.21
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