PCJ Focused Opportunities Fund
Quarterly Portfolio Disclosures
As of September 30, 2026
Summary of Investment Portfolio
Category
Long %
Short %
%
of Net
Asset Value
Asset Value
Energy
17.66
-8.13
9.54
Materials (ex. Gold & Precious Metals)
2.09
-3.36
-1.27
Gold & Precious Metals
3.50
-1.55
1.95
Industrials
34.67
-6.47
28.20
Consumer Discretionary
0.00
-1.39
-1.39
Consumer Staples
5.84
-0.98
4.86
Health Care
12.37
0.00
12.37
Financials
3.10
-0.34
2.76
Information Technology
2.08
0.00
2.08
Communication Services
2.96
-4.71
-1.75
Utilities
9.36
0.00
9.36
Real Estate
4.22
-1.88
2.34
Index Funds
0.00
-7.86
-7.86
Cash
0.00
0.00
0.00
Top 25 Holdings - Long
% of NetAsset Value
Black Diamond Group
8.42
Extendicare Inc
6.94
Brookfield Infrastructure Partners LP
5.86
Greenfire Resources Ltd
5.51
Chartwell Retirement Residences
5.33
Primaris Reit
4.22
Transalta Corp.
3.50
Premium Brands Holdings Corporation
3.36
Alaris Equity Partners Income Trust
3.10
CAE Inc.
3.05
Aecon Group Inc.
3.01
Spartan Delta Corp
2.99
Rogers Comm Inc. Class B
2.96
Gfl Environmental Inc
2.65
Advantage Energy Ltd
2.60
Agt Food & Ingredients Inc
2.49
Heartland Express Inc
2.44
Finning International Inc.
2.41
Keyera Corp.
2.38
Civeo Corp
2.32
Rockpoint Gas Storage Inc
2.20
CRH PLC
2.09
Strathcona Resources Ltd
2.00
Brookfield Business Corp
1.93
Air Canada
1.92
Top 25 Holdings - Short
% of NetAsset Value
Cogeco Communications Inc
-0.37
Space Exploration Technologies
-0.42
Landstar System Inc
-0.43
Copart Inc
-0.46
Metro Inc.
-0.50
Werner Enterprises Inc
-0.55
Bird Construction Inc.
-0.61
Advanced Drainage Systems In
-0.66
Richelieu Hardware Ltd.
-0.83
Stella-Jones Inc.
-0.84
Ishares Trust Dow Jones US Real Estate
-0.89
State Street Industrial Select
-0.97
Riocan REIT Units
-0.99
Canadian Tire Corp. Ltd. Class A
-1.03
Quebecor Inc. Class B
-1.05
Telus Corp.
-1.06
Vulcan Materials Co
-1.24
Martin Marietta Materials
-1.29
Lundin Gold Inc
-1.55
BCE Inc.
-1.81
State Street Utilities Select
-1.89
Stantec Inc.
-1.96
iShares Russell 2000 ETF
-2.11
State Street SPDR S&P 500 ETF
-3.86
iShares S&P/TSX Capped Energy Index ETF
-8.13
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