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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
-4.77%
1 Year Est. Return
+53.32%
3 Year Est. Return
+103.89%
5 Year Est. Return
+49.43%
10 Year Est. Return
–
AUM
$332M
AUM Growth
-$33.3M
Cap. Flow
-$12.5M
Cap. Flow %
-3.77%
Top 10 Hldgs %
79.34%
Holding
55
New
3
Increased
14
Reduced
5
Closed
2

Top Buys

Rank Stock Value
1
VZ icon
Verizon
VZ
+$35.1M
2
MOS icon
The Mosaic Company
MOS
+$14.6M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$1.64M
4
TLX
Telix Pharmaceuticals
TLX
+$1.33M
5
CCL icon
Carnival Corporation Ltd
CCL
+$806K

Top Sells

Rank Stock Value
1
BNS icon
Scotiabank
BNS
+$26.5M
2
MGA icon
Magna International
MGA
+$20.9M
3
OKLO
Oklo
OKLO
+$16M
4
TD icon
Toronto Dominion Bank
TD
+$7.57M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$408K

Sector Composition

Rank Sector Weight
1 Financials 35.42%
2 Healthcare 20.08%
3 Utilities 13.8%
4 Communication Services 12.2%
5 Energy 8.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
26
Microsoft
MSFT
$3.66T
$1.29M 0.39%
2,637
– –
LLY icon
27
Eli Lilly
LLY
$1.09T
$1.26M 0.38%
1,167
+302
+35% +$289K
OLMA icon
28
Olema Pharmaceuticals
OLMA
$913M
$1.25M 0.38%
50,000
– –
BWXT icon
29
BWX Technologies
BWXT
$15.8B
$1.21M 0.36%
7,000
– –
CEG icon
30
Constellation Energy
CEG
$98.7B
$1.2M 0.36%
3,400
– –
LNTH icon
31
Lantheus
LNTH
$6.57B
$1.2M 0.36%
18,000
– –
SMR icon
32
NuScale Power
SMR
$3.94B
$992K 0.3%
70,000
+25,000
+56% +$715K
GEV icon
33
GE Vernova
GEV
$277B
$980K 0.3%
1,500
+900
+150% +$548K
JPM icon
34
JPMorgan Chase
JPM
$971B
$970K 0.29%
3,000
– –
BTE icon
35
Baytex Energy
BTE
$3.05B
$912K 0.27%
280,300
– –
ONC
36
BeOne Medicines Ltd
ONC
$40.6B
$911K 0.27%
3,000
– –
UPS icon
37
United Parcel Service
UPS
$88.4B
$903K 0.27%
9,100
– –
CRM icon
38
Salesforce
CRM
$158B
$829K 0.25%
3,116
+1,014
+48% +$252K
MA icon
39
Mastercard
MA
$490B
$787K 0.24%
1,363
– –
HEI icon
40
HEICO Corp
HEI
$52.1B
$737K 0.22%
2,244
– –
COIN icon
41
Coinbase
COIN
$39.3B
$727K 0.22%
3,137
+1,611
+106% +$480K
CATX icon
42
Perspective Therapeutics
CATX
$372M
$688K 0.21%
250,000
– –
LILAK icon
43
Liberty Latin America Class C
LILAK
$1.67B
$619K 0.19%
90,973
– –
ICLR icon
44
Icon
ICLR
$12.9B
$547K 0.16%
3,000
– –
LILA icon
45
Liberty Latin America Class A
LILA
$1.69B
$526K 0.16%
104,659
– –
IOVA icon
46
Iovance Biotherapeutics
IOVA
$3.05B
$355K 0.11%
130,000
– –
NUVL
47
DELISTED
Nuvalent
NUVL
$201K 0.06%
+2,000
New +$197K
SDGR icon
48
Schrodinger
SDGR
$1.39B
$179K 0.05%
10,000
– –
ARVN icon
49
Arvinas
ARVN
$580M
$166K 0.05%
14,000
– –
BCYC
50
Bicycle Therapeutics
BCYC
$284M
$106K 0.03%
15,000
– –
1
2
3

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Portland Investment Counsel's Q4 2025 Portfolio in Review

As of Q4 2025, Portland Investment Counsel held 55 positions worth $332M, down 9.1% from $365M the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Portland Investment Counsel withdrew a net $12.5M in Q4 2025, closing 2 positions and reducing 5 holdings. Its most notable exit was Scotiabank, an estimated $26.5M position sold in full.

By sector, the portfolio is most concentrated in Financials at 35% of assets, down from 40% a quarter earlier, followed by Healthcare and Utilities.

Against the trend, Portland Investment Counsel opened a new position in Verizon worth $35.2M.

  • Portland Investment Counsel's largest Q4 2025 buy was Verizon: 865,000 shares worth $35.2M.
  • Portland Investment Counsel added most to Berkshire Hathaway Class B in Q4 2025, an estimated $1.64M increase.
  • Portland Investment Counsel's biggest Q4 2025 reduction was Oklo, cutting an estimated $16M.
  • Portland Investment Counsel fully exited Scotiabank in Q4 2025, selling an estimated $26.5M.
  • Portland Investment Counsel's ten largest holdings make up 79% of its $332M portfolio in Q4 2025.
  • Portland Investment Counsel opened 3 new positions and closed 2 in Q4 2025.
  • Portland Investment Counsel's portfolio value fell 9.1% quarter-over-quarter to $332M.

Based on Portland Investment Counsel's 13F filing for Q4 2025, filed 12 Feb 2026.