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PIC

Portland Investment Counsel Portfolio holdings

AUM $312M
1-Year Est. Return 53.32%
This Fund
S&P 500
This Quarter Est. Return
+28.77%
1 Year Est. Return
+53.32%
3 Year Est. Return
+103.89%
5 Year Est. Return
+49.43%
10 Year Est. Return
–
AUM
$365M
AUM Growth
+$25.4M
Cap. Flow
-$30.6M
Cap. Flow %
-8.38%
Top 10 Hldgs %
83.49%
Holding
53
New
5
Increased
2
Reduced
5
Closed
1

Top Buys

Rank Stock Value
1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$2.02M
2
TLX
Telix Pharmaceuticals
TLX
+$1.57M
3
CRM icon
Salesforce
CRM
+$530K
4
LILA icon
Liberty Latin America Class A
LILA
+$524K
5
COIN icon
Coinbase
COIN
+$517K

Top Sells

Rank Stock Value
1
MGA icon
Magna International
MGA
+$21.5M
2
TD icon
Toronto Dominion Bank
TD
+$7.39M
3
SOBO
South Bow Corp
SOBO
+$6.6M
4
LILAK icon
Liberty Latin America Class C
LILAK
+$534K
5
CVE icon
Cenovus Energy
CVE
+$249K

Sector Composition

Rank Sector Weight
1 Financials 39.92%
2 Utilities 23.72%
3 Healthcare 16.72%
4 Energy 7.5%
5 Consumer Discretionary 7.04%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BWXT icon
26
BWX Technologies
BWXT
$15.8B
$1.29M 0.35%
7,000
– –
TLX
27
Telix Pharmaceuticals
TLX
$4.06B
$1.22M 0.34%
+128,000
New +$1.57M
BIL icon
28
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.7B
$1.13M 0.31%
31,821
+22,032
+225% +$2.02M
CEG icon
29
Constellation Energy
CEG
$98.7B
$1.12M 0.31%
3,400
– –
ONC
30
BeOne Medicines Ltd
ONC
$40.6B
$1.02M 0.28%
3,000
– –
JPM icon
31
JPMorgan Chase
JPM
$971B
$946K 0.26%
3,000
– –
LNTH icon
32
Lantheus
LNTH
$6.57B
$923K 0.25%
18,000
+5,000
+38% +$312K
CATX icon
33
Perspective Therapeutics
CATX
$372M
$858K 0.23%
250,000
– –
MA icon
34
Mastercard
MA
$490B
$775K 0.21%
1,363
– –
UPS icon
35
United Parcel Service
UPS
$88.4B
$760K 0.21%
9,100
– –
HEI icon
36
HEICO Corp
HEI
$52.1B
$724K 0.2%
2,244
– –
LILAK icon
37
Liberty Latin America Class C
LILAK
$1.67B
$698K 0.19%
90,973
-78,210
-46% -$534K
LLY icon
38
Eli Lilly
LLY
$1.09T
$660K 0.18%
865
– –
BTE icon
39
Baytex Energy
BTE
$3.05B
$656K 0.18%
280,300
– –
LILA icon
40
Liberty Latin America Class A
LILA
$1.69B
$589K 0.16%
+104,659
New +$524K
ICLR icon
41
Icon
ICLR
$12.9B
$525K 0.14%
3,000
– –
COIN icon
42
Coinbase
COIN
$39.3B
$515K 0.14%
+1,526
New +$517K
CRM icon
43
Salesforce
CRM
$158B
$498K 0.14%
+2,102
New +$530K
OLMA icon
44
Olema Pharmaceuticals
OLMA
$913M
$490K 0.13%
50,000
– –
GEV icon
45
GE Vernova
GEV
$277B
$369K 0.1%
+600
New +$363K
IOVA icon
46
Iovance Biotherapeutics
IOVA
$3.05B
$282K 0.08%
130,000
– –
SDGR icon
47
Schrodinger
SDGR
$1.39B
$201K 0.05%
10,000
– –
ARVN icon
48
Arvinas
ARVN
$580M
$119K 0.03%
14,000
– –
PLUG icon
49
Plug Power
PLUG
$3.2B
$117K 0.03%
50,000
– –
BCYC
50
Bicycle Therapeutics
BCYC
$284M
$116K 0.03%
15,000
– –
1
2
3

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MIM
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Portland Investment Counsel's Q3 2025 Portfolio in Review

As of Q3 2025, Portland Investment Counsel held 53 positions worth $365M, up 7.5% from $340M the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Portland Investment Counsel withdrew a net $30.6M in Q3 2025, closing 1 position and reducing 5 holdings. Its most notable exit was Cenovus Energy, an estimated $249K position sold in full.

By sector, the portfolio is most concentrated in Financials at 40% of assets, down from 43% a quarter earlier, followed by Utilities and Healthcare.

Against the trend, Portland Investment Counsel opened a new position in Telix Pharmaceuticals worth $1.22M.

  • Portland Investment Counsel's largest Q3 2025 buy was Telix Pharmaceuticals: 128,000 shares worth $1.22M.
  • Portland Investment Counsel added most to State Street SPDR Bloomberg 1-3 Month T-Bill ETF in Q3 2025, an estimated $2.02M increase.
  • Portland Investment Counsel's biggest Q3 2025 reduction was Magna International, cutting an estimated $21.5M.
  • Portland Investment Counsel fully exited Cenovus Energy in Q3 2025, selling an estimated $249K.
  • Portland Investment Counsel's ten largest holdings make up 83% of its $365M portfolio in Q3 2025.
  • Portland Investment Counsel opened 5 new positions and closed 1 in Q3 2025.
  • Portland Investment Counsel's portfolio value rose 7.5% quarter-over-quarter to $365M.

Based on Portland Investment Counsel's 13F filing for Q3 2025, filed 13 Nov 2025.