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PORTLAND INVESTMENT COUNSEL INC. — 13F Holdings & Portfolio

CIK 1081668 · latest 13F-HR filed 2026-08-13

Backtest portfolio

PORTLAND INVESTMENT COUNSEL INC. manages $357.9M in 13F-reported U.S. long-equity assets across 58 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are CI (17.41%), BRK.B (13.49%), VZ (10.58%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 4 new positions and exited 1; 29 existing positions rose in reported value and 12 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$357.9M

Long-equity book

Holdings
58

Distinct positions

Period
2026-06-30

Filed 2026-08-13

Q/Q Activity
+4 / −1 / ↑29 / ↓12

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
CI17.4% · +213%BRK.B13.5% · -8%VZ10.6% · +3%SOBO9.4% · -2%OKLO8.6% · 0%TD6.3% · -3%BAM5.3% · 0%ARES3.8% · 0%DHR3.3% · 0%UBER2.4% · newBN1.3% · 0%CCL1.1% · 0%BE1.0% · -33%CCJ0.9% · 0%BNS0.9% · 0%BIL0.9% · +119%TLX0.9% · 0%RDNT0.7% · 0%LEU0.7% · 0%GOOGL0.7% · 0%NVDA0.6% · 0%AAPL0.6% · 0%AMZN0.6% · 0%GS0.6% · -9%LNTH0.6% · 0%BWXT0.5% · 0%JPM0.5% · 0%META0.5% · 0%GEV0.5% · 0%LLY0.5% · 0%MSFT0.3% · 0%XE0.3% · newSMR0.3% · 0%SYY0.3% · newHEI0.3% · 0%UPS0.3% · 0%MA0.2% · 0%ONC0.2% · 0%CATX0.2% · 0%CEG0.2% · 0%SPCX0.2% · newOLMA0.2% · 0%PANW0.2% · 0%CRM0.2% · 0%COIN0.2% · 0%CRWD0.2% · 0%AMGN0.2% · 0%IOVA0.2% · 0%ICLR0.1% · 0%REGN0.1% · 0%NUVL0.1% · 0%ZS0.1% · 0%PLTR0.1% · 0%RLAY0.1% · 0%SDGR0.0% · 0%PLUG0.0% · 0%ARVN0.0% · 0%BCYC0.0% · 0%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 80.6%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People
Assets Under Management
$1.38B
Discretionary
$1.38B
Accounts
17
Address
1375 KERNS ROAD
SUITE 100
BURLINGTON, ONTARIO L7P 4V7
Canada
Phone
(905) 331-4250
Website
This firm reports 2 disclosure items on its registration.
Name Title / Status Ownership Type
AIC GLOBAL HOLDINGS INC. (FORMERLY NAMED AIC LIMITED) ControlCONTROLLING SHAREHOLDER75% or moreForeign Entity
AIC LIMITED ControlCONTROLLING SHAREHOLDER75% or moreForeign Entity
ALMEIDA, ROBERT, WILFRED ControlDIRECTOR AND SENIOR VICE PRESIDENTLess than 5%Individual
GOULD, KEVIN, JAMES ControlCHIEF FINANCIAL OFFICERLess than 5%Individual
LAFERRIERE, FRANCIS, HENRY XAVIER ControlDIRECTOR, CHIEF OPERATING OFFICER AND SENIOR VICE-PRESIDENTLess than 5%Individual
LEE-CHIN, MICHAEL, ANTHONY ControlDIRECTOR, PRESIDENT AND CONTROLLING SHAREHOLDER75% or moreIndividual
LEE-CHIN, MICHAEL, ANTHONY ControlDIRECTOR, EXECUTIVE CHAIRMAN, CHIEF EXECUTIVE OFFICERLess than 5%Individual
MILNE, NADINE, CATHERINE ControlACTING CHIEF COMPLIANCE OFFICERLess than 5%Individual
MYERS, BARRY, JAMES ControlDIRECTORLess than 5%Individual
PORTLAND HOLDINGS INC. ControlCONTROLLING SHAREHOLDER75% or moreForeign Entity

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 29 →

Top Trims

Show all 12 →

New Positions

Show all 4 →

Exited Positions

Show all 1 →

PORTLAND INVESTMENT COUNSEL INC. Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 THE CIGNA GROUP CI 125523100 $62.3M 17.41% 226,000 SH
2 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $48.3M 13.49% 96,477 SH
3 VERIZON COMMUNICATIONS INC VZ 92343V104 $37.9M 10.58% 894,200 SH
4 SOUTH BOW CORP SOBO 83671M105 $33.5M 9.37% 951,824 SH
5 OKLO INC OKLO 02156V109 $30.8M 8.62% 589,480 SH
6 TORONTO DOMINION BK ONT TD 891160509 $22.7M 6.34% 186,700 SH
7 BROOKFIELD ASSET MANAGMT LTD BAM 113004105 $18.9M 5.28% 422,387 SH
8 ARES MANAGEMENT CORPORATION ARES 03990B101 $13.5M 3.77% 121,074 SH
9 DANAHER CORPORATION DHR 235851102 $11.9M 3.33% 62,654 SH
10 UBER TECHNOLOGIES INC UBER 90353T100 $8.7M 2.43% 120,500 SH
11 BROOKFIELD CORP BN 11271J107 $4.8M 1.34% 112,663 SH
12 CARNIVAL CORP CCL 143658300 $4.0M 1.11% 139,602 SH
13 BLOOM ENERGY CORP BE 093712107 $3.6M 1.01% 12,000 SH
14 CAMECO CORP CCJ 13321L108 $3.3M 0.93% 32,500 SH
15 BANK NOVA SCOTIA B C BNS 064149107 $3.3M 0.92% 37,800 SH
16 SPDR SER TR BIL 78468R663 $3.2M 0.88% 34,524 SH
17 TELIX PHARMACEUTICAL LTD TLX 87961M105 $3.1M 0.86% 266,200 SH
18 RADNET INC RDNT 750491102 $2.6M 0.72% 42,000 SH
19 CENTRUS ENERGY CORP LEU 15643U104 $2.5M 0.69% 14,750 SH
20 ALPHABET INC GOOGL 02079K305 $2.4M 0.68% 6,787 SH
21 NVIDIA CORPORATION NVDA 67066G104 $2.3M 0.63% 11,300 SH
22 APPLE INC AAPL 037833100 $2.2M 0.61% 7,535 SH
23 AMAZON COM INC AMZN 023135106 $2.1M 0.59% 8,825 SH
24 GOLDMAN SACHS GROUP INC GS 38141G104 $2.1M 0.59% 2,078 SH
25 LANTHEUS HLDGS INC LNTH 516544103 $2.0M 0.56% 18,000 SH
26 BWX TECHNOLOGIES INC BWXT 05605H100 $1.9M 0.54% 10,000 SH
27 JPMORGAN CHASE & CO JPM 46625H100 $1.9M 0.53% 5,752 SH
28 META PLATFORMS INC META 30303M102 $1.8M 0.51% 3,257 SH
29 GE VERNOVA INC GEV 36828A101 $1.8M 0.49% 1,500 SH
30 ELI LILLY & CO LLY 532457108 $1.7M 0.49% 1,458 SH
31 MICROSOFT CORP MSFT 594918104 $1.2M 0.34% 3,279 SH
32 X-ENERGY INC XE 98386P102 $1.1M 0.31% 60,000 SH
33 NUSCALE PWR CORP SMR 67079K100 $1.1M 0.29% 105,000 SH
34 SYSCO CORP SYY 871829107 $1.0M 0.28% 12,125 SH
35 HEICO CORP HEI 422806109 $994.5K 0.28% 2,792 SH
36 UNITED PARCEL SERVICE INC UPS 911312106 $978.2K 0.27% 9,100 SH
37 MASTERCARD INCORPORATED MA 57636Q104 $863.9K 0.24% 1,682 SH
38 BEONE MEDICINES LTD ONC 07725L102 $854.9K 0.24% 3,000 SH
39 PERSPECTIVE THERAPEUTICS INC CATX 46489V104 $852.5K 0.24% 250,000 SH
40 CONSTELLATION ENERGY CORP CEG 21037T109 $844.5K 0.24% 3,400 SH
41 SPACE EXPLORATION TECHN CORP SPCX 84615Q103 $693.7K 0.19% 4,060 SH
42 OLEMA PHARMACEUTICALS INC OLMA 68062P106 $625.5K 0.17% 50,000 SH
43 PALO ALTO NETWORKS INC PANW 697435105 $612.5K 0.17% 1,796 SH
44 SALESFORCE INC CRM 79466L302 $607.1K 0.17% 3,875 SH
45 COINBASE GLOBAL INC COIN 19260Q107 $570.9K 0.16% 3,905 SH
46 CROWDSTRIKE HLDGS INC CRWD 22788C105 $546.4K 0.15% 716 SH
47 AMGEN INC AMGN 031162101 $543.2K 0.15% 1,500 SH
48 IOVANCE BIOTHERAPEUTICS INC IOVA 462260100 $540.8K 0.15% 130,000 SH
49 ICON PLC ICLR G4705A100 $521.1K 0.15% 3,000 SH
50 REGENERON PHARMACEUTICALS REGN 75886F107 $407.8K 0.11% 654 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-13 $357.9M 58 0001081668-26-000008
2026-03-31 2026-05-14 $311.6M 55 0001081668-26-000007
2025-12-31 2026-02-12 $332.1M 53 0001081668-26-000003
2025-09-30 2025-11-13 $365.4M 52 0001081668-25-000014
Filer Information
Address
1375 KERNS RD
SUITE 100
BURLINGTON, A6 L7P 4V7
Phone
(905) 331-4250
Filing Manager
PORTLAND INVESTMENT COUNSEL INC.
BURLINGTON, A6
Signatory
Nadine Milne
Chief Compliance Officer