Q4 2025 · 13F-HR
PORTLAND INVESTMENT COUNSEL INC.holdings as filed
Filed 2026-02-12 · accession 0001081668-26-000003
$332.1M
Reported value
53
Positions
2025-12-31
Period end
The Brief · PORTLAND INVESTMENT COUNSEL INC. · Q4 2025
AI · grounded in 13F
PORTLAND INVESTMENT COUNSEL INC. established a new position in VZ valued at $35.2M. The fund closed its positions in BNS and MGA, reducing exposure by $26.5M and $20.9M respectively. Other notable activity includes a new position in MOS for $13M and share increases in ARES and DHR.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $52.4M | 15.8% | 104,083 | Common | SOLE |
| 02156V109 | OKLO | OKLO INC | $44.6M | 13.4% | 622,830 | Common | SOLE |
| 92343V104 | VZ | VERIZON COMMUNICATIONS INC | $35.2M | 10.6% | 865,000 | Common | SOLE |
| 113004105 | BAM | BROOKFIELD ASSET MANAGMT LTD | $22.2M | 6.68% | 421,200 | Common | SOLE |
| 83671M105 | SOBO | SOUTH BOW CORP | $20.7M | 6.22% | 751,044 | Common | SOLE |
| 036752103 | ELV | ELEVANCE HEALTH INC | $20.4M | 6.13% | 58,100 | Common | SOLE |
| 125523100 | CI | THE CIGNA GROUP | $19.9M | 5.98% | 72,200 | Common | SOLE |
| 891160509 | TD | TORONTO DOMINION BK ONT | $18.1M | 5.45% | 192,000 | Common | SOLE |
| 03990B101 | ARES | ARES MANAGEMENT CORPORATION | $15.6M | 4.70% | 95,724 | Common | SOLE |
| 235851102 | DHR | DANAHER CORPORATION | $14.4M | 4.35% | 62,654 | Common | SOLE |
| 61945C103 | MOS | MOSAIC CO NEW | $13.0M | 3.93% | 541,202 | Common | SOLE |
| 11271J107 | BN | BROOKFIELD CORP | $4.9M | 1.47% | 105,728 | Common | SOLE |
| 143658300 | CCL1EUR | CARNIVAL CORP | $4.3M | 1.29% | 139,602 | Common | SOLE |
| 750491102 | RDNT | RADNET INC | $3.0M | 0.90% | 42,000 | Common | SOLE |
| 13321L108 | CCJ | CAMECO CORP | $2.7M | 0.83% | 30,000 | Common | SOLE |
| 15643U104 | LEU | CENTRUS ENERGY CORP | $2.7M | 0.82% | 11,250 | Common | SOLE |
| 78468R663 | BIL | SPDR SER TR | $2.7M | 0.82% | 29,821 | Common | SOLE |
| 02079K305 | GOOGL | ALPHABET INC | $2.1M | 0.65% | 6,837 | Common | SOLE |
| 87961M105 | TLX | TELIX PHARMACEUTICAL LTD | $2.1M | 0.62% | 266,200 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $2.0M | 0.60% | 2,991 | Common | SOLE |
| 38141G104 | GS | GOLDMAN SACHS GROUP INC | $2.0M | 0.60% | 2,251 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $1.9M | 0.58% | 10,330 | Common | SOLE |
| 037833100 | AAPL | APPLE INC | $1.7M | 0.50% | 6,134 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $1.7M | 0.50% | 7,120 | Common | SOLE |
| 093712107 | BE | BLOOM ENERGY CORP | $1.6M | 0.47% | 18,000 | Common | SOLE |
| 594918104 | MSFT | MICROSOFT CORP | $1.3M | 0.39% | 2,637 | Common | SOLE |
| 532457108 | LLY | ELI LILLY & CO | $1.3M | 0.38% | 1,167 | Common | SOLE |
| 68062P106 | OLMA | OLEMA PHARMACEUTICALS INC | $1.3M | 0.38% | 50,000 | Common | SOLE |
| 05605H100 | BWXT | BWX TECHNOLOGIES INC | $1.2M | 0.36% | 7,000 | Common | SOLE |
| 21037T109 | CEG | CONSTELLATION ENERGY CORP | $1.2M | 0.36% | 3,400 | Common | SOLE |
| 516544103 | LNTH | LANTHEUS HLDGS INC | $1.2M | 0.36% | 18,000 | Common | SOLE |
| 67079K100 | SMR | NUSCALE PWR CORP | $991,900 | 0.30% | 70,000 | Common | SOLE |
| 36828A101 | GEV | GE VERNOVA INC | $980,355 | 0.30% | 1,500 | Common | SOLE |
| 46625H100 | JPM | JPMORGAN CHASE & CO | $970,260 | 0.29% | 3,000 | Common | SOLE |
| 07317Q105 | BTE | BAYTEX ENERGY CORP | $911,553 | 0.27% | 280,300 | Common | SOLE |
| 07725L102 | ONC | BEONE MEDICINES LTD | $911,430 | 0.27% | 3,000 | Common | SOLE |
| 911312106 | UPS | UNITED PARCEL SERVICE INC | $902,629 | 0.27% | 9,100 | Common | SOLE |
| 79466L302 | CRM | SALESFORCE INC | $828,607 | 0.25% | 3,116 | Common | SOLE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $787,023 | 0.24% | 1,363 | Common | SOLE |
| 422806109 | HEI | HEICO CORP | $736,615 | 0.22% | 2,244 | Common | SOLE |
| 19260Q107 | COIN | COINBASE GLOBAL INC | $726,529 | 0.22% | 3,137 | Common | SOLE |
| 46489V104 | ISREUR | PERSPECTIVE THERAPEUTICS INC | $687,500 | 0.21% | 250,000 | Common | SOLE |
| G9001E128 | LILAK | LIBERTY LATIN AMERICA LTD | $618,618 | 0.19% | 82,703 | Common | SOLE |
| G4705A100 | ICLR | ICON PLC | $546,660 | 0.16% | 3,000 | Common | SOLE |
| G9001E102 | LILA | LIBERTY LATIN AMERICA LTD | $526,140 | 0.16% | 71,100 | Common | SOLE |
| 031162101 | AMGN | AMGEN INC | $490,965 | 0.15% | 1,500 | Common | SOLE |
| 462260100 | IOVA | IOVANCE BIOTHERAPEUTICS INC | $354,900 | 0.11% | 130,000 | Common | SOLE |
| 670703107 | NUVL | NUVALENT INC | $201,180 | 0.06% | 2,000 | Common | SOLE |
| 80810D103 | SDGR | SCHRODINGER INC | $178,800 | 0.05% | 10,000 | Common | SOLE |
| 04335A105 | ARVN | ARVINAS INC | $166,040 | 0.05% | 14,000 | Common | SOLE |
| 088786108 | BCYC | BICYCLE THERAPEUTICS PLC | $106,200 | 0.03% | 15,000 | Common | SOLE |
| 72919P202 | PLUG | PLUG POWER INC | $98,500 | 0.03% | 50,000 | Common | SOLE |
| 75943R102 | RLAY | RELAY THERAPEUTICS INC | $84,600 | 0.03% | 10,000 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.