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PORTLAND INVESTMENT COUNSEL INC.

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

PORTLAND INVESTMENT COUNSEL INC. reported $365,391,456 across 52 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 83.49% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001081668-25-000014

Period
2025-09-30
Reported value
$365M
Holdings
52
Top 10 weight
83.49%
New
5
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TLXnew+128,000$1.22M
BILadded+22,032$779K
LILAnew+71,100$589K
COINnew+1,526$515K
CRMnew+2,102$498K

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
MGAreduced-488,332-$23.1M
TDreduced-98,400-$7.87M
SOBOreduced-242,600-$6.86M
LILAKreduced-71,100-$600K
CVEexited-18,100-$249K

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, Q3 2025

Share positions as resolved from 13F-HR 0001081668-25-000014, largest first. % of portfolio is the value over $365,391,454, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
OKLOOKLO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 802,580 shares; 2024Q4: 802,580 shares; 2025Q1: 807,580 shares; 2025Q2: 766,480 shares; 2025Q3: 766,480 shares 766,480$85.6M23.42%0Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 106,908 shares; 2024Q4: 106,908 shares; 2025Q1: 106,458 shares; 2025Q2: 100,783 shares; 2025Q3: 100,783 shares 100,783$50.7M13.87%0Timeline
BNSBANK NOVA SCOTIA B CQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 413,029 shares; 2024Q4: 409,629 shares; 2025Q1: 409,629 shares; 2025Q2: 409,629 shares; 2025Q3: 409,629 shares 409,629$26.5M7.25%0Timeline
BAMBROOKFIELD ASSET MANAGMT LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 394,150 shares; 2024Q4: 394,150 shares; 2025Q1: 394,150 shares; 2025Q2: 414,100 shares; 2025Q3: 414,100 shares 414,100$23.5M6.44%0Timeline
TDTORONTO DOMINION BK ONTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 195,400 shares; 2024Q4: 452,400 shares; 2025Q1: 462,900 shares; 2025Q2: 380,100 shares; 2025Q3: 281,700 shares 281,700$22.5M6.16%-98,400Timeline
SOBOSOUTH BOW CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,177,640 shares; 2025Q1: 1,146,228 shares; 2025Q2: 993,644 shares; 2025Q3: 751,044 shares 751,044$21.3M5.82%-242,600Timeline
MGAMAGNA INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 275,911 shares; 2024Q4: 520,100 shares; 2025Q1: 695,800 shares; 2025Q2: 930,400 shares; 2025Q3: 442,068 shares 442,068$20.9M5.73%-488,332Timeline
CITHE CIGNA GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 102,600 shares; 2025Q1: 102,600 shares; 2025Q2: 72,200 shares; 2025Q3: 72,200 shares 72,200$20.8M5.7%0Timeline
ELVELEVANCE HEALTH INC FORMERLYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 58,100 shares; 2025Q1: 58,100 shares; 2025Q2: 58,100 shares; 2025Q3: 58,100 shares 58,100$18.8M5.14%0Timeline
ARESARES MANAGEMENT CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,393 shares; 2024Q4: 88,074 shares; 2025Q1: 95,774 shares; 2025Q2: 90,624 shares; 2025Q3: 90,624 shares 90,624$14.5M3.97%0Timeline
DHRDANAHER CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,454 shares; 2024Q4: 53,754 shares; 2025Q1: 54,754 shares; 2025Q2: 59,754 shares; 2025Q3: 59,754 shares 59,754$11.8M3.24%0Timeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,219 shares; 2024Q4: 60,219 shares; 2025Q1: 60,219 shares; 2025Q2: 60,219 shares; 2025Q3: 60,219 shares 60,219$4.13M1.13%0Timeline
LEUCENTRUS ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,000 shares; 2024Q4: 8,000 shares; 2025Q1: 10,000 shares; 2025Q2: 11,250 shares; 2025Q3: 11,250 shares 11,250$3.49M0.95%0Timeline
RDNTRADNET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,500 shares; 2024Q4: 37,000 shares; 2025Q1: 40,000 shares; 2025Q2: 42,000 shares; 2025Q3: 42,000 shares 42,000$3.2M0.88%0Timeline
CCLCARNIVAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,702 shares; 2024Q4: 90,702 shares; 2025Q1: 110,702 shares; 2025Q2: 110,702 shares; 2025Q3: 110,702 shares 110,702$3.2M0.88%0Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,071 shares; 2025Q1: 6,948 shares; 2025Q2: 12,271 shares; 2025Q3: 12,271 shares 12,271$2.29M0.63%0Timeline
CCJCAMECO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,000 shares; 2024Q4: 18,000 shares; 2025Q1: 24,000 shares; 2025Q2: 24,000 shares; 2025Q3: 24,000 shares 24,000$2.01M0.55%0Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,266 shares; 2024Q4: 8,266 shares; 2025Q1: 8,266 shares; 2025Q2: 8,266 shares; 2025Q3: 8,266 shares 8,266$2.01M0.55%0Timeline
GSGOLDMAN SACHS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,251 shares; 2024Q4: 2,251 shares; 2025Q1: 2,251 shares; 2025Q2: 2,251 shares; 2025Q3: 2,251 shares 2,251$1.79M0.49%0Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,626 shares; 2024Q4: 2,626 shares; 2025Q1: 2,626 shares; 2025Q2: 2,500 shares; 2025Q3: 2,250 shares 2,250$1.65M0.45%-250Timeline
SMRNUSCALE PWR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,000 shares; 2024Q4: 40,000 shares; 2025Q1: 40,000 shares; 2025Q2: 45,000 shares; 2025Q3: 45,000 shares 45,000$1.62M0.44%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,120 shares; 2024Q4: 7,120 shares; 2025Q1: 7,120 shares; 2025Q2: 7,120 shares; 2025Q3: 7,120 shares 7,120$1.56M0.43%0Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,134 shares; 2024Q4: 5,134 shares; 2025Q1: 5,134 shares; 2025Q2: 6,134 shares; 2025Q3: 6,134 shares 6,134$1.56M0.43%0Timeline
BEBLOOM ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,000 shares; 2025Q2: 18,000 shares; 2025Q3: 18,000 shares 18,000$1.52M0.42%0Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,137 shares; 2024Q4: 2,137 shares; 2025Q1: 2,137 shares; 2025Q2: 2,637 shares; 2025Q3: 2,637 shares 2,637$1.37M0.37%0Timeline
BWXTBWX TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: 4,000 shares; 2025Q1: 6,500 shares; 2025Q2: 7,000 shares; 2025Q3: 7,000 shares 7,000$1.29M0.35%0Timeline
TLXTELIX PHARMACEUTICAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 128,000 shares 128,000$1.22M0.34%newTimeline
BILSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,467 shares; 2024Q4: 20,038 shares; 2025Q1: 23,214 shares; 2025Q2: 9,789 shares; 2025Q3: 31,821 shares 31,821$1.13M0.31%+22,032Timeline
CEGCONSTELLATION ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,800 shares; 2024Q4: 1,800 shares; 2025Q1: 2,600 shares; 2025Q2: 3,400 shares; 2025Q3: 3,400 shares 3,400$1.12M0.31%0Timeline
ONCBEONE MEDICINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: 3,000 shares; 2025Q1: 3,000 shares; 2025Q2: 3,000 shares; 2025Q3: 3,000 shares 3,000$1.02M0.28%0Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,251 shares; 2024Q4: 6,251 shares; 2025Q1: 6,251 shares; 2025Q2: 3,000 shares; 2025Q3: 3,000 shares 3,000$946K0.26%0Timeline
LNTHLANTHEUS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,000 shares; 2024Q4: 13,000 shares; 2025Q1: 13,000 shares; 2025Q2: 13,000 shares; 2025Q3: 18,000 shares 18,000$923K0.25%+5,000Timeline
PERSPECTIVE THERAPEUTICS INCPERSPECTIVE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 70,001 shares; 2024Q4: 150,000 shares; 2025Q1: 190,000 shares; 2025Q2: 250,000 shares; 2025Q3: 250,000 shares 250,000$858K0.23%0
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,363 shares; 2024Q4: 1,363 shares; 2025Q1: 1,363 shares; 2025Q2: 1,363 shares; 2025Q3: 1,363 shares 1,363$775K0.21%0Timeline
UPSUNITED PARCEL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 9,100 shares; 2025Q3: 9,100 shares 9,100$760K0.21%0Timeline
HEIHEICO CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 808 shares; 2024Q4: 2,244 shares; 2025Q1: 2,244 shares; 2025Q2: 2,244 shares; 2025Q3: 2,244 shares 2,244$724K0.2%0Timeline
LILAKLIBERTY LATIN AMERICA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,324 shares; 2024Q4: 115,803 shares; 2025Q1: 115,803 shares; 2025Q2: 153,803 shares; 2025Q3: 82,703 shares 82,703$698K0.19%-71,100Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 865 shares; 2025Q1: 865 shares; 2025Q2: 865 shares; 2025Q3: 865 shares 865$660K0.18%0Timeline
BTEBAYTEX ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 280,300 shares; 2024Q4: 280,300 shares; 2025Q1: 280,300 shares; 2025Q2: 280,300 shares; 2025Q3: 280,300 shares 280,300$656K0.18%0Timeline
LILALIBERTY LATIN AMERICA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 71,100 shares 71,100$589K0.16%newTimeline
ICLRICON PUB LTD COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 800 shares; 2024Q4: 2,000 shares; 2025Q1: 2,000 shares; 2025Q2: 3,000 shares; 2025Q3: 3,000 shares 3,000$525K0.14%0Timeline
COINCOINBASE GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,526 shares 1,526$515K0.14%newTimeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,102 shares 2,102$498K0.14%newTimeline
OLMAOLEMA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,000 shares; 2024Q4: 25,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares 50,000$490K0.13%0Timeline
AMGEN INCAMGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,500 shares; 2024Q4: 1,500 shares; 2025Q1: 1,500 shares; 2025Q2: 1,500 shares; 2025Q3: 1,500 shares 1,500$423K0.12%0
GEVGE VERNOVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 600 shares 600$369K0.1%newTimeline
IOVAIOVANCE BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,000 shares; 2024Q4: 55,000 shares; 2025Q1: 100,000 shares; 2025Q2: 130,000 shares; 2025Q3: 130,000 shares 130,000$282K0.08%0Timeline
SDGRSCHRODINGER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares 10,000$201K0.05%0Timeline
ARVNARVINAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 14,000 shares; 2025Q2: 14,000 shares; 2025Q3: 14,000 shares 14,000$119K0.03%0Timeline
PLUGPLUG PWR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares 50,000$116K0.03%0Timeline
BCYCBICYCLE THERAPEUTICS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,000 shares; 2025Q2: 15,000 shares; 2025Q3: 15,000 shares 15,000$116K0.03%0Timeline
RLAYRELAY THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,000 shares; 2024Q4: 10,000 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares 10,000$52.2K0.01%0Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
CVECENOVUS ENERGY INC18,100$249Kshares

How Q3 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 0001081668-25-000014 base2025-11-13acceptance time not in the bulk data set