# PORTLAND INVESTMENT COUNSEL INC.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1081668. Source: https://holderbook.com/funds/1081668-portland-investment-counsel-inc/

- Reported value: $357.9M
- Positions: 58
- Weight of the ten largest: 80.6%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $62.3M | 226,000 | 17.4% | 7 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $48.3M | 96,477 | 13.5% | 31 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $37.9M | 894,200 | 10.6% | 3 |
| SOUTH BOW CORP | [SOBO](https://holderbook.com/stocks/SOBO/) | $33.5M | 951,824 | 9.4% | 7 |
| OKLO INC | [OKLO](https://holderbook.com/stocks/OKLO/) | $30.8M | 589,480 | 8.6% | 9 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $22.7M | 186,700 | 6.3% | 31 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $18.9M | 422,387 | 5.3% | 15 |
| ARES MANAGEMENT CORPORATION | [ARES](https://holderbook.com/stocks/ARES/) | $13.5M | 121,074 | 3.8% | 26 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $11.9M | 62,654 | 3.3% | 30 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $8.7M | 120,500 | 2.4% | 1 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $4.8M | 112,663 | 1.3% | 15 |
| CARNIVAL CORP | [CCL](https://holderbook.com/stocks/CCL/) | $4.0M | 139,602 | 1.1% | 13 |
| BLOOM ENERGY CORP | [BE](https://holderbook.com/stocks/BE/) | $3.6M | 12,000 | 1.0% | 6 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $3.3M | 32,500 | 0.9% | 10 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $3.3M | 37,800 | 0.9% | 2 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $3.2M | 34,524 | 0.9% | 8 |
| TELIX PHARMACEUTICAL LTD | [TLX](https://holderbook.com/stocks/TLX/) | $3.1M | 266,200 | 0.9% | 4 |
| RADNET INC | [RDNT](https://holderbook.com/stocks/RDNT/) | $2.6M | 42,000 | 0.7% | 13 |
| CENTRUS ENERGY CORP | [LEU](https://holderbook.com/stocks/LEU/) | $2.5M | 14,750 | 0.7% | 10 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $2.4M | 6,787 | 0.7% | 22 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $2.3M | 11,300 | 0.6% | 7 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $2.2M | 7,535 | 0.6% | 22 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.1M | 8,825 | 0.6% | 22 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $2.1M | 2,078 | 0.6% | 11 |
| LANTHEUS HLDGS INC | [LNTH](https://holderbook.com/stocks/LNTH/) | $2.0M | 18,000 | 0.6% | 10 |
| BWX TECHNOLOGIES INC | [BWXT](https://holderbook.com/stocks/BWXT/) | $1.9M | 10,000 | 0.5% | 10 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $1.9M | 5,752 | 0.5% | 22 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.8M | 3,257 | 0.5% | 30 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $1.8M | 1,500 | 0.5% | 4 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $1.7M | 1,458 | 0.5% | 7 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $1.2M | 3,279 | 0.3% | 22 |
| X-ENERGY INC | [XE](https://holderbook.com/stocks/XE/) | $1.1M | 60,000 | 0.3% | 1 |
| NUSCALE PWR CORP | [SMR](https://holderbook.com/stocks/SMR/) | $1.1M | 105,000 | 0.3% | 12 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $1.0M | 12,125 | 0.3% | 1 |
| HEICO CORP NEW | [HEI](https://holderbook.com/stocks/HEI/) | $994.5K | 2,792 | 0.3% | 8 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $978.2K | 9,100 | 0.3% | 5 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $863.9K | 1,682 | 0.2% | 22 |
| BEONE MEDICINES LTD | [ONC](https://holderbook.com/stocks/ONC/) | $854.9K | 3,000 | 0.2% | 10 |
| ISORAY INC | [CATXXXXX](https://holderbook.com/stocks/CATXXXXX/) | $852.5K | 250,000 | 0.2% | 11 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $844.5K | 3,400 | 0.2% | 10 |
| SPACE EXPLORATION TECHN CORP | [SPCX](https://holderbook.com/stocks/SPCX/) | $693.7K | 4,060 | 0.2% | 1 |
| OLEMA PHARMACEUTICALS INC | [OLMA](https://holderbook.com/stocks/OLMA/) | $625.5K | 50,000 | 0.2% | 8 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $612.5K | 1,796 | 0.2% | 2 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $607.1K | 3,875 | 0.2% | 4 |
| COINBASE GLOBAL INC | [COIN](https://holderbook.com/stocks/COIN/) | $570.9K | 3,905 | 0.2% | 4 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $546.4K | 716 | 0.2% | 2 |
| AMGEN INC | - | $543.2K | 1,500 | 0.2% | 10 |
| IOVANCE BIOTHERAPEUTICS INC | [IOVA](https://holderbook.com/stocks/IOVA/) | $540.8K | 130,000 | 0.2% | 12 |
| ICON PUB LTD CO | [ICLR](https://holderbook.com/stocks/ICLR/) | $521.1K | 3,000 | 0.1% | 8 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $407.8K | 654 | 0.1% | 2 |
| NUVALENT INC | [NUVL](https://holderbook.com/stocks/NUVL/) | $247.0K | 2,000 | 0.1% | 3 |
| ZSCALER INC | [ZS](https://holderbook.com/stocks/ZS/) | $237.0K | 1,679 | 0.1% | 2 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $221.1K | 1,895 | 0.1% | 2 |
| RELAY THERAPEUTICS INC | [RLAY](https://holderbook.com/stocks/RLAY/) | $187.1K | 10,000 | 0.1% | 8 |
| SCHRODINGER INC | [SDGR](https://holderbook.com/stocks/SDGR/) | $162.5K | 10,000 | 0.0% | 5 |
| PLUG PWR INC | [PLUG](https://holderbook.com/stocks/PLUG/) | $135.5K | 50,000 | 0.0% | 12 |
| ARVINAS INC | [ARVN](https://holderbook.com/stocks/ARVN/) | $116.3K | 14,000 | 0.0% | 6 |
| BICYCLE THERAPEUTICS PLC | [BCYC](https://holderbook.com/stocks/BCYC/) | $63.6K | 15,000 | 0.0% | 6 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.3% | +14.8% | -8.5% | 100% |
| Q1 2026 | -6.2% | -4.6% | -1.6% | 99% |
| Q4 2025 | -5.4% | +2.4% | -7.7% | 100% |
| Q3 2025 | +17.8% | +7.8% | +10.0% | 100% |
| Q2 2025 | +13.7% | +10.5% | +3.2% | 100% |
| Q1 2025 | +5.2% | -4.6% | +9.7% | 99% |
| Q4 2024 | +2.2% | +2.1% | +0.0% | 99% |
| Q3 2024 | +11.8% | +5.4% | +6.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $357.9M | 58 |
| Q1 2026 | $311.6M | 55 |
| Q4 2025 | $332.1M | 53 |
| Q3 2025 | $365.4M | 52 |
| Q2 2025 | $340.0M | 48 |
| Q1 2025 | $329.2M | 49 |
| Q4 2024 | $389.8M | 52 |
| Q3 2024 | $278.4M | 51 |
| Q2 2024 | $277.5M | 52 |
| Q1 2024 | $332.4M | 52 |
| Q4 2023 | $279.4M | 39 |
| Q3 2023 | $217.6M | 38 |