PORTLAND INVESTMENT COUNSEL INC.

CIK

1081668

Location

BURLINGTON, A6

Portfolio Value

Small $308,681,168

Diversification

Diversified

Filing Date

Global Rank

#3,380 / 8,623 ▼ 20 · as of Mar 2026

Top Industry

Insurance - Diversified 16.3%

3Y Alpha vs SPY

-1.8%

Period ended 4 months ago

Filed May 14, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+57.0%

SPY

+65.0%

Annualised alpha

-2.0%

Max drawdown

−22.5%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

52 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

16.3%

+0.3 pts

Top 5

56.5%

+3.0 pts

Top 10

82.1%

+1.6 pts

HHI

848

Diversified+29

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	36.4%	$112,477,695	10
Healthcare	19.2%	$59,314,557	17
Communication Services	15.3%	$47,238,096	3
Energy	12.4%	$38,412,709	3
Utilities	9.8%	$30,181,763	2
Industrials	2.8%	$8,705,094	7
Technology	2.2%	$6,900,373	8
Consumer Cyclical	1.8%	$5,450,881	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

21 positions

Ticker	Company	Δ Shares	Shares	Value
SOBO	South Bow Corp	+219,017	970,061	$32,322,432
SMR	NUSCALE POWER Corp	+35,000	105,000	$1,138,200
ARES	Ares Management Corp	+25,350	121,074	$13,209,173
BN	BROOKFIELD Corp /ON/	+6,935	112,663	$4,559,471
LEU	Centrus Energy Corp	+3,500	14,750	$2,560,452
BWXT	BWX Technologies, Inc.	+3,000	10,000	$2,044,900
JPM	Jpmorgan Chase & Co	+2,752	5,752	$1,692,008
CCJ	Cameco Corp	+2,500	32,500	$3,529,825
AMZN	Amazon Com Inc	+1,705	8,825	$1,837,982
AAPL	Apple Inc.	+1,401	7,535	$1,912,307
BAM	Brookfield Asset Management Ltd.	+1,187	422,387	$18,775,102
NVDA	Nvidia Corp	+970	11,300	$1,970,720
BRK-B	Berkshire Hathaway Inc	+794	104,877	$50,257,058
COIN	Coinbase Global, Inc.	+768	3,905	$681,852
CRM	Salesforce, Inc.	+759	3,875	$723,346
MSFT	Microsoft Corp	+642	3,279	$1,213,787
HEI	Heico Corp	+548	2,792	$765,566
MA	Mastercard Inc	+319	1,682	$840,428
LLY	ELI LILLY & Co	+291	1,458	$1,341,024
META	Meta Platforms, Inc.	+266	3,257	$1,863,427
GS	Goldman Sachs Group Inc	+27	2,278	$1,927,165
No positions match the current search.

Trimmed

Positions the filer reduced

2 positions

Ticker	Company	Δ Shares	Shares	Value
OKLO	Oklo Inc.	−33,350	589,480	$29,232,313
GOOGL	Alphabet Inc.	−50	6,787	$1,951,669
No positions match the current search.

New Positions

Positions the filer opened this quarter

6 positions

Ticker	Company	Shares	Value
BNS	Bank Of Nova Scotia	37,800	$2,619,918
REGN	Regeneron Pharmaceuticals, Inc.	654	$505,306
PANW	Palo Alto Networks Inc	1,796	$287,934
CRWD	CrowdStrike Holdings, Inc.	716	$279,533
PLTR	Palantir Technologies Inc.	1,895	$277,200
ZS	Zscaler, Inc.	1,679	$235,546
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
MOS	Mosaic Co	541,202	$13,037,556
BTE	Baytex Energy Corp.	280,300	$905,369
LILA	Liberty Latin America Ltd.	71,100	$525,431
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

52 tracked positions · $308,681,168 total · filing declares 55 positions · $311,618,302 · as of Mar 31, 2026

All sectors Communication Services Consumer Cyclical Energy Financial Services Healthcare Industrials Technology Utilities

Showing 1–50 of 52 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
BRK-B	Berkshire Hathaway Inc Financial Services	Added	104,877	+794	$50,257,058	−3.9%	16.28%
VZ	Verizon Communications Inc Communication Services	Held	865,000	0	$43,423,000	+23.3%	14.07%
SOBO	South Bow Corp Energy	Added	970,061	+219,017	$32,322,432	+56.7%	10.47%
OKLO	Oklo Inc. Utilities	Reduced	589,480	-33,350	$29,232,313	−34.6%	9.47%
CI	Cigna Group Healthcare	Held	72,200	0	$19,259,350	−3.1%	6.24%
BAM	Brookfield Asset Management Ltd. Financial Services	Added	422,387	+1,187	$18,775,102	−14.9%	6.08%
TD	Toronto Dominion Bank Financial Services	Held	192,000	0	$17,915,520	−0.9%	5.80%
ELV	Elevance Health, Inc. Healthcare	Held	58,100	0	$17,008,775	−16.5%	5.51%
ARES	Ares Management Corp Financial Services	Added	121,074	+25,350	$13,209,173	−14.6%	4.28%
DHR	Danaher Corp /De/ Healthcare	Held	62,654	0	$11,879,198	−17.2%	3.85%
BN	BROOKFIELD Corp /ON/ Financial Services	Added	112,663	+6,935	$4,559,471	−6.0%	1.48%
CCL	Carnival Corp Ltd. Consumer Cyclical	Held	139,602	0	$3,612,899	−15.3%	1.17%
CCJ	Cameco Corp Energy	Added	32,500	+2,500	$3,529,825	+28.6%	1.14%
BNS	Bank Of Nova Scotia Financial Services	NEW	37,800	NEW	$2,619,918	NEW	0.85%
LEU	Centrus Energy Corp Energy	Added	14,750	+3,500	$2,560,452	−6.2%	0.83%
TLX	Telix Pharmaceuticals Ltd Healthcare	Held	266,200	0	$2,547,534	+27.8%	0.83%
BE	Bloom Energy Corp Industrials	Held	18,000	0	$2,438,820	+55.9%	0.79%
RDNT	RadNet, Inc. Healthcare	Held	42,000	0	$2,347,380	−21.7%	0.76%
BWXT	BWX Technologies, Inc. Industrials	Added	10,000	+3,000	$2,044,900	+69.0%	0.66%
NVDA	Nvidia Corp Technology	Added	11,300	+970	$1,970,720	+2.3%	0.64%
GOOGL	Alphabet Inc. Communication Services	Reduced	6,787	-50	$1,951,669	−8.8%	0.63%
GS	Goldman Sachs Group Inc Financial Services	Added	2,278	+27	$1,927,165	−2.6%	0.62%
AAPL	Apple Inc. Technology	Added	7,535	+1,401	$1,912,307	+14.7%	0.62%
META	Meta Platforms, Inc. Communication Services	Added	3,257	+266	$1,863,427	−5.6%	0.60%
AMZN	Amazon Com Inc Consumer Cyclical	Added	8,825	+1,705	$1,837,982	+11.8%	0.60%
JPM	Jpmorgan Chase & Co Financial Services	Added	5,752	+2,752	$1,692,008	+75.0%	0.55%
LNTH	Lantheus Holdings, Inc. Healthcare	Held	18,000	0	$1,365,300	+14.0%	0.44%
LLY	ELI LILLY & Co Healthcare	Added	1,458	+291	$1,341,024	+6.9%	0.43%
GEV	GE Vernova Inc. Industrials	Held	1,500	0	$1,309,350	+33.6%	0.42%
MSFT	Microsoft Corp Technology	Added	3,279	+642	$1,213,787	−4.8%	0.39%
SMR	NUSCALE POWER Corp Industrials	Added	105,000	+35,000	$1,138,200	+14.7%	0.37%
CEG	Constellation Energy Corp Utilities	Held	3,400	0	$949,450	−21.0%	0.31%
UPS	United Parcel Service Inc Industrials	Held	9,100	0	$895,258	−0.8%	0.29%
ONC	BeOne Medicines Ltd. Healthcare	Held	3,000	0	$890,910	−2.3%	0.29%
MA	Mastercard Inc Financial Services	Added	1,682	+319	$840,428	+8.0%	0.27%
HEI	Heico Corp Industrials	Added	2,792	+548	$765,566	+5.4%	0.25%
OLMA	Olema Pharmaceuticals, Inc. Healthcare	Held	50,000	0	$745,500	−40.4%	0.24%
CRM	Salesforce, Inc. Technology	Added	3,875	+759	$723,346	−12.4%	0.23%
COIN	Coinbase Global, Inc. Financial Services	Added	3,905	+768	$681,852	−3.9%	0.22%
REGN	Regeneron Pharmaceuticals, Inc. Healthcare	NEW	654	NEW	$505,306	NEW	0.16%
IOVA	Iovance Biotherapeutics, Inc. Healthcare	Held	130,000	0	$456,300	+28.6%	0.15%
ICLR	Icon PLC Healthcare	Held	3,000	0	$331,980	−39.3%	0.11%
PANW	Palo Alto Networks Inc Technology	NEW	1,796	NEW	$287,934	NEW	0.09%
CRWD	CrowdStrike Holdings, Inc. Technology	NEW	716	NEW	$279,533	NEW	0.09%
PLTR	Palantir Technologies Inc. Technology	NEW	1,895	NEW	$277,200	NEW	0.09%
ZS	Zscaler, Inc. Technology	NEW	1,679	NEW	$235,546	NEW	0.08%
NUVL	Nuvalent, Inc. Healthcare	Held	2,000	0	$204,900	+1.8%	0.07%
ARVN	Arvinas, Inc. Healthcare	Held	14,000	0	$148,400	−10.6%	0.05%
SDGR	Schrodinger, Inc. Healthcare	Held	10,000	0	$113,600	−36.5%	0.04%
PLUG	Plug Power Inc Industrials	Held	50,000	0	$113,000	+14.7%	0.04%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.