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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
BRK.B icon
1
Berkshire Hathaway Class B
BRK.B
$1.13T
$52.4M 15.78%
104,083
+3,300
+3% +$1.64M
OKLO
2
Oklo
OKLO
$8.28B
$44.6M 13.44%
622,830
-143,650
-19% -$16M
VZ icon
3
Verizon
VZ
$195B
$35.2M 10.61%
+865,000
New +$35.1M
BAM icon
4
Brookfield Asset Management
BAM
$84.4B
$22.2M 6.68%
421,200
+7,100
+2% +$382K
SOBO
5
South Bow Corp
SOBO
$7.49B
$20.7M 6.22%
751,044
– –
ELV icon
6
Elevance Health
ELV
$86.2B
$20.4M 6.13%
58,100
– –
CI icon
7
Cigna
CI
$73.6B
$19.9M 5.98%
72,200
– –
TD icon
8
Toronto Dominion Bank
TD
$200B
$18.1M 5.45%
192,000
-89,700
-32% -$7.57M
ARES icon
9
Ares Management
ARES
$31B
$15.6M 4.7%
95,724
+5,100
+6% +$795K
DHR icon
10
Danaher
DHR
$147B
$14.4M 4.35%
62,654
+2,900
+5% +$638K
MOS icon
11
The Mosaic Company
MOS
$7.46B
$13M 3.93%
+541,202
New +$14.6M
BN icon
12
Brookfield
BN
$109B
$4.87M 1.47%
105,728
+15,399
+17% +$702K
CCL icon
13
Carnival Corporation Ltd
CCL
$38B
$4.27M 1.29%
139,602
+28,900
+26% +$806K
RDNT icon
14
RadNet
RDNT
$6.08B
$3M 0.9%
42,000
– –
CCJ icon
15
Cameco
CCJ
$42.4B
$2.75M 0.83%
30,000
+6,000
+25% +$540K
LEU icon
16
Centrus Energy
LEU
$3.78B
$2.73M 0.82%
11,250
– –
BIL icon
17
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.7B
$2.73M 0.82%
29,821
-2,000
-6% -$183K
GOOGL icon
18
Alphabet (Google) Class A
GOOGL
$4.37T
$2.15M 0.65%
6,837
-1,429
-17% -$408K
TLX
19
Telix Pharmaceuticals
TLX
$3.99B
$2.06M 0.62%
266,200
+138,200
+108% +$1.33M
META icon
20
Meta Platforms (Facebook)
META
$1.52T
$1.99M 0.6%
2,991
+741
+33% +$495K
GS icon
21
Goldman Sachs
GS
$301B
$1.99M 0.6%
2,251
– –
NVDA icon
22
NVIDIA
NVDA
$5.27T
$1.94M 0.58%
10,330
-1,941
-16% -$361K
AAPL icon
23
Apple
AAPL
$4.5T
$1.68M 0.5%
6,134
– –
AMZN icon
24
Amazon
AMZN
$3T
$1.66M 0.5%
7,120
– –
BE icon
25
Bloom Energy
BE
$62B
$1.56M 0.47%
18,000
– –
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.