PCJ Focused Opportunities Fund
Quarterly Portfolio Disclosures
As of March 31, 2026
Summary of Investment Portfolio
Category
Long %
Short %
%
of Net
Asset Value
Asset Value
Energy
15.17
-10.44
4.73
Materials (ex. Gold & Precious Metals)
8.39
-3.91
4.48
Gold & Precious Metals
0.00
0.00
0.00
Industrials
24.69
-6.12
18.57
Consumer Discretionary
0.80
-1.71
-0.91
Consumer Staples
9.23
-0.74
8.50
Health Care
12.46
0.00
12.46
Financials
4.85
-5.17
-0.32
Information Technology
2.44
0.00
2.44
Communication Services
0.00
-0.51
-0.51
Utilities
5.95
0.00
5.95
Real Estate
2.89
-1.38
1.51
Index Funds
0.00
-7.33
-7.33
Cash
0.00
0.00
0.00
Top 25 Holdings - Long
% of NetAsset Value
Premium Brands Holdings Corporation
6.74
Extendicare Inc
6.42
Brookfield Infrastructure Partners LP
5.95
CAE Inc.
5.87
Black Diamond Group
5.71
CRH PLC
5.64
Chartwell Retirement Residences
4.84
Advantage Energy Ltd
4.40
Brookfield Business Corp
3.68
Keyera Corp.
3.28
Boyd Group Services Inc
3.08
Primaris Reit
2.89
Alaris Equity Partners Income Trust
2.82
Tourmaline Oil Corp.
2.68
Agt Food & Ingredients Inc
2.50
Enerflex Ltd.
2.46
Knight-Swift Transportation Holdings Inc
2.31
ADENTRA Inc
2.15
Fairfax Financial Holdings Ltd.
2.03
Finning International Inc.
1.90
Amrize Ltd
1.85
TerraVest Industries Inc
1.69
Kraken Robotics Inc
1.46
Extendicare Inc - Restricted 04/04/2026
1.20
CGI Inc
0.98
Top 25 Holdings - Short
% of NetAsset Value
CarMax Inc
-0.31
Tesla Inc
-0.38
Fiera Capital Corp.
-0.44
Visa Inc-Class A
-0.46
Riocan REIT Units
-0.49
Mastercard Inc
-0.51
Cogeco Communications Inc
-0.51
Ishares U.S. Consumer Staples
-0.52
Copart Inc
-0.57
Advanced Drainage Systems In
-0.72
Royal Bank of Canada
-0.74
Bank of Nova Scotia
-0.74
Ishares Trust Dow Jones US Real Estate
-0.89
Richelieu Hardware Ltd.
-0.96
Union Pacific
-0.99
Canadian Tire Corp. Ltd. Class A
-1.02
Martin Marietta Materials
-1.35
Invesco QQQ Trust Series 1
-2.20
IGM Financial Inc.
-2.28
Precision Drilling Corp.
-2.30
State Street SPDR S&P 500 ETF
-2.48
Vulcan Materials Co
-2.56
iShares Russell 2000 ETF
-2.65
State Street Industrial Select
-2.88
iShares S&P/TSX Capped Energy Index ETF
-8.15
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