PORTLAND INVESTMENT COUNSEL INC.

CIK

1081668

Location

BURLINGTON, A6

Portfolio Value

Small $308,471,518

Diversification

Diversified

Filing Date

Global Rank

#3,380 / 8,616 ▼ 27 · as of Mar 2026

Top Industry

Insurance - Diversified 16.3%

3Y Alpha vs SPY

-1.9%

Period ended 4 months ago

Filed May 14, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+63.4%

SPY

+72.4%

Annualised alpha

-2.1%

Max drawdown

−22.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

16.3%

+0.3 pts

Top 5

56.6%

+3.0 pts

Top 10

82.1%

+1.6 pts

HHI

849

Diversified+30

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	36.5%	$112,477,695	10
Healthcare	19.2%	$59,314,557	17
Communication Services	15.3%	$47,238,096	3
Energy	12.5%	$38,412,709	3
Utilities	9.8%	$30,181,763	2
Industrials	2.8%	$8,705,094	7
Technology	2.2%	$6,690,723	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
PLTR	Palantir Technologies Inc.	1,895	$277,200
ZS	Zscaler, Inc.	1,679	$235,546
CRWD	CrowdStrike Holdings, Inc.	716	$69,883
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	$356,950
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

52 positions · $308,471,518 total · 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%	16.29%
VZ	Verizon Communications Inc Communication Services	Held	865,000	0	$43,423,000	+23.3%	14.08%
SOBO	South Bow Corp Energy	Added	970,061	+219,017	$32,322,432	+56.7%	10.48%
OKLO	Oklo Inc. Utilities	Reduced	589,480	-33,350	$29,232,313	−34.6%	9.48%
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%	6.09%
TD	Toronto Dominion Bank Financial Services	Held	192,000	0	$17,915,520	−0.9%	5.81%
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%
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%
RLAY	Relay Therapeutics, Inc. Healthcare	Held	10,000	0	$99,500	+17.6%	0.03%