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PORTLAND INVESTMENT COUNSEL INC.

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13F filer, CIK 1081668, BURLINGTON, Ontario, Canada

PORTLAND INVESTMENT COUNSEL INC. reported $340,032,887 across 48 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-13. Its ten largest share positions make up 85.04% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001081668-25-000011

Period
2025-06-30
Reported value
$340M
Holdings
48
Top 10 weight
85.04%
New
2
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MGAadded+234,600$9.07M
BAMadded+19,950$1.1M
DHRadded+5,000$989K
UPSnew+9,100$921K
NVDAadded+5,323$841K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
CVEreduced-1,416,900-$19.5M
CIreduced-30,400-$10M
TDreduced-82,800-$6.09M
SOBOreduced-152,584-$3.96M
BRK-Breduced-5,675-$2.76M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001081668-25-000011, largest first. % of portfolio is the value over $340,032,887, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 106,908 shares; 2024Q4: 106,908 shares; 2025Q1: 106,458 shares; 2025Q2: 100,783 shares 100,783$49M14.4%-5,675Timeline
OKLOOKLO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 802,580 shares; 2024Q4: 802,580 shares; 2025Q1: 807,580 shares; 2025Q2: 766,480 shares 766,480$42.8M12.59%-41,100Timeline
MGAMAGNA INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 275,911 shares; 2024Q4: 520,100 shares; 2025Q1: 695,800 shares; 2025Q2: 930,400 shares 930,400$36M10.58%+234,600Timeline
TDTORONTO DOMINION BK ONTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 195,400 shares; 2024Q4: 452,400 shares; 2025Q1: 462,900 shares; 2025Q2: 380,100 shares 380,100$27.9M8.22%-82,800Timeline
SOBOSOUTH BOW CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,177,640 shares; 2025Q1: 1,146,228 shares; 2025Q2: 993,644 shares 993,644$25.8M7.59%-152,584Timeline
CITHE CIGNA GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 102,600 shares; 2025Q1: 102,600 shares; 2025Q2: 72,200 shares 72,200$23.9M7.01%-30,400Timeline
BAMBROOKFIELD ASSET MANAGMT LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 394,150 shares; 2024Q4: 394,150 shares; 2025Q1: 394,150 shares; 2025Q2: 414,100 shares 414,100$22.9M6.74%+19,950Timeline
BNSBANK NOVA SCOTIA B CQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 413,029 shares; 2024Q4: 409,629 shares; 2025Q1: 409,629 shares; 2025Q2: 409,629 shares 409,629$22.6M6.66%0Timeline
ELVELEVANCE HEALTH INC FORMERLYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 58,100 shares; 2025Q1: 58,100 shares; 2025Q2: 58,100 shares 58,100$22.6M6.64%0Timeline
ARESARES MANAGEMENT CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,393 shares; 2024Q4: 88,074 shares; 2025Q1: 95,774 shares; 2025Q2: 90,624 shares 90,624$15.7M4.62%-5,150Timeline
DHRDANAHER CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,454 shares; 2024Q4: 53,754 shares; 2025Q1: 54,754 shares; 2025Q2: 59,754 shares 59,754$11.8M3.48%+5,000Timeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,219 shares; 2024Q4: 60,219 shares; 2025Q1: 60,219 shares; 2025Q2: 60,219 shares 60,219$3.71M1.09%0Timeline
CCLCARNIVAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,702 shares; 2024Q4: 90,702 shares; 2025Q1: 110,702 shares; 2025Q2: 110,702 shares 110,702$3.02M0.89%0Timeline
RDNTRADNET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,500 shares; 2024Q4: 37,000 shares; 2025Q1: 40,000 shares; 2025Q2: 42,000 shares 42,000$2.39M0.7%+2,000Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,071 shares; 2025Q1: 6,948 shares; 2025Q2: 12,271 shares 12,271$1.94M0.57%+5,323Timeline
LEUCENTRUS ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,000 shares; 2024Q4: 8,000 shares; 2025Q1: 10,000 shares; 2025Q2: 11,250 shares 11,250$1.9M0.56%+1,250Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,626 shares; 2024Q4: 2,626 shares; 2025Q1: 2,626 shares; 2025Q2: 2,500 shares 2,500$1.85M0.54%-126Timeline
CCJCAMECO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,000 shares; 2024Q4: 18,000 shares; 2025Q1: 24,000 shares; 2025Q2: 24,000 shares 24,000$1.77M0.52%0Timeline
SMRNUSCALE PWR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,000 shares; 2024Q4: 40,000 shares; 2025Q1: 40,000 shares; 2025Q2: 45,000 shares 45,000$1.72M0.51%+5,000Timeline
GSGOLDMAN SACHS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,251 shares; 2024Q4: 2,251 shares; 2025Q1: 2,251 shares; 2025Q2: 2,251 shares 2,251$1.59M0.47%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,120 shares; 2024Q4: 7,120 shares; 2025Q1: 7,120 shares; 2025Q2: 7,120 shares 7,120$1.56M0.46%0Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,266 shares; 2024Q4: 8,266 shares; 2025Q1: 8,266 shares; 2025Q2: 8,266 shares 8,266$1.46M0.43%0Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,137 shares; 2024Q4: 2,137 shares; 2025Q1: 2,137 shares; 2025Q2: 2,637 shares 2,637$1.31M0.39%+500Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,134 shares; 2024Q4: 5,134 shares; 2025Q1: 5,134 shares; 2025Q2: 6,134 shares 6,134$1.26M0.37%+1,000Timeline
CEGCONSTELLATION ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,800 shares; 2024Q4: 1,800 shares; 2025Q1: 2,600 shares; 2025Q2: 3,400 shares 3,400$1.09M0.32%+800Timeline
LNTHLANTHEUS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,000 shares; 2024Q4: 13,000 shares; 2025Q1: 13,000 shares; 2025Q2: 13,000 shares 13,000$1.06M0.31%0Timeline
BWXTBWX TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: 4,000 shares; 2025Q1: 6,500 shares; 2025Q2: 7,000 shares 7,000$1M0.29%+500Timeline
LILAKLIBERTY LATIN AMERICA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,324 shares; 2024Q4: 115,803 shares; 2025Q1: 115,803 shares; 2025Q2: 153,803 shares 153,803$948K0.28%+38,000Timeline
PERSPECTIVE THERAPEUTICS INCPERSPECTIVE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 70,001 shares; 2024Q4: 150,000 shares; 2025Q1: 190,000 shares; 2025Q2: 250,000 shares 250,000$940K0.28%+60,000
UPSUNITED PARCEL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 9,100 shares 9,100$921K0.27%newTimeline
BILSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,467 shares; 2024Q4: 20,038 shares; 2025Q1: 23,214 shares; 2025Q2: 9,789 shares 9,789$898K0.26%-13,425Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,251 shares; 2024Q4: 6,251 shares; 2025Q1: 6,251 shares; 2025Q2: 3,000 shares 3,000$870K0.26%-3,251Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,363 shares; 2024Q4: 1,363 shares; 2025Q1: 1,363 shares; 2025Q2: 1,363 shares 1,363$766K0.23%0Timeline
HEIHEICO CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 808 shares; 2024Q4: 2,244 shares; 2025Q1: 2,244 shares; 2025Q2: 2,244 shares 2,244$736K0.22%0Timeline
ONCBEONE MEDICINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: 3,000 shares; 2025Q1: 3,000 shares; 2025Q2: 3,000 shares 3,000$724K0.21%0Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 865 shares; 2025Q1: 865 shares; 2025Q2: 865 shares 865$674K0.2%0Timeline
BTEBAYTEX ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 280,300 shares; 2024Q4: 280,300 shares; 2025Q1: 280,300 shares; 2025Q2: 280,300 shares 280,300$502K0.15%0Timeline
ICLRICON PUB LTD COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 800 shares; 2024Q4: 2,000 shares; 2025Q1: 2,000 shares; 2025Q2: 3,000 shares 3,000$434K0.13%+1,000Timeline
AMGEN INCAMGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,500 shares; 2024Q4: 1,500 shares; 2025Q1: 1,500 shares; 2025Q2: 1,500 shares 1,500$416K0.12%0
BEBLOOM ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,000 shares; 2025Q2: 18,000 shares 18,000$399K0.12%+3,000Timeline
CVECENOVUS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,435,000 shares; 2025Q2: 18,100 shares 18,100$249K0.07%-1,416,900Timeline
OLMAOLEMA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,000 shares; 2024Q4: 25,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares 50,000$231K0.07%0Timeline
IOVAIOVANCE BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,000 shares; 2024Q4: 55,000 shares; 2025Q1: 100,000 shares; 2025Q2: 130,000 shares 130,000$220K0.06%+30,000Timeline
SDGRSCHRODINGER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,000 shares 10,000$206K0.06%newTimeline
BCYCBICYCLE THERAPEUTICS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,000 shares; 2025Q2: 15,000 shares 15,000$109K0.03%0Timeline
ARVNARVINAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 14,000 shares; 2025Q2: 14,000 shares 14,000$106K0.03%0Timeline
PLUGPLUG PWR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares 50,000$58K0.02%0Timeline
RLAYRELAY THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,000 shares; 2024Q4: 10,000 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares 10,000$33K0.01%0Timeline

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
TDGTRANSDIGM GROUP INC496$686Kshares
VEREN INCVEREN INC101,200$670Kshares
OKTAOKTA INC2,450$258Kshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001081668-25-000011 base2025-08-13acceptance time not in the bulk data set