PCJ Focused Opportunities Fund
Quarterly Portfolio Disclosures
As of September 30, 2025
Summary of Investment Portfolio
Category
Long %
Short %
%
of Net
Asset Value
Asset Value
Energy
12.98
-6.09
6.89
Materials
12.01
-4.96
7.05
Gold & Precious Metals
0.00
0.00
0.00
Industrials
22.32
-6.13
16.19
Consumer Discretionary
3.17
-1.29
1.87
Consumer Staples
9.36
-1.02
8.34
Health Care
10.40
0.00
10.40
Financials
12.39
-4.55
7.83
Information Technology
6.84
-0.40
6.44
Communication Services
0.00
-0.47
-0.47
Utilities
2.30
0.00
2.30
Real Estate
3.74
-1.55
2.19
Index Funds
0.00
-5.74
-5.74
Cash
0.00
0.00
0.00
Top 25 Holdings - Long
% of NetAsset Value
CRH PLC
9.72
Premium Brands Holdings Corporation
7.51
Chartwell Retirement Residences
7.10
Fairfax Financial Holdings Ltd.
4.89
Constellation Software Inc.
4.33
Brookfield Corp
4.22
Black Diamond Group
4.22
Brookfield Business Partners
4.22
CAE Inc.
4.14
Dentalcorp Holdings Ltd
3.31
Capital One Financial Corp.
3.27
ADENTRA Inc
3.19
Carvana Co
3.17
Enerflex Ltd.
2.77
RB Global Inc
2.70
Tourmaline Oil Corp.
2.67
Kraken Robotics Inc
2.51
Keyera Corp.
2.51
European Residential REIT
2.34
Brookfield Infrastructure Partners LP
2.30
Amcor Plc
2.29
Advantage Energy Ltd
2.25
Aercap Holdings Nv
2.00
TerraVest Industries Inc
1.88
AtkinsRealis Group Inc
1.86
Top 25 Holdings - Short
% of NetAsset Value
Goeasy Ltd
-0.35
CarMax Inc
-0.36
Amentum Holdings Inc
-0.37
Badger Meter Inc
-0.40
Canadian Tire Corp. Ltd. Class A
-0.43
BCE Inc.
-0.47
Tesla Inc
-0.50
Riocan REIT Units
-0.54
Fiera Capital Corp.
-0.59
EQB Inc
-0.67
Toromont Industries Ltd.
-0.78
Intact Financial Corp.
-0.82
Copart Inc
-0.86
Ishares U.S. Consumer Staples
-0.92
Ishares Trust Dow Jones US Real Estate
-1.00
Invesco QQQ Trust Series 1
-1.18
Advanced Drainage Systems In
-1.20
AECOM
-1.20
iShares Russell 2000 ETF
-1.62
Industrial Select Sect SPDR
-1.73
IGM Financial Inc.
-2.13
Martin Marietta Materials
-2.47
Vulcan Materials Co
-2.49
iShares MSCI USA Momentum Factor ETF
-2.94
iShares S&P/TSX Capped Energy Index ETF
-6.09
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 19th, 2025