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PORTLAND INVESTMENT COUNSEL INC.

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

PORTLAND INVESTMENT COUNSEL INC. reported $332,101,452 across 53 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-12. Its ten largest share positions make up 79.34% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001081668-26-000003

Period
2025-12-31
Reported value
$332M
Holdings
53
Top 10 weight
79.34%
New
3
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
VZnew+865,000$35.2M
MOSnew+541,202$13M
BNadded+45,509$2.1M
BRK-Badded+3,300$1.66M
TLXadded+138,200$1.07M

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
BNSexited-409,629-$26.5M
MGAexited-442,068-$20.9M
OKLOreduced-143,650-$10.3M
TDreduced-89,700-$8.45M
GOOGLreduced-1,429-$448K

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, Q4 2025

Share positions as resolved from 13F-HR 0001081668-26-000003, largest first. % of portfolio is the value over $332,101,452, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 106,908 shares; 2024Q4: 106,908 shares; 2025Q1: 106,458 shares; 2025Q2: 100,783 shares; 2025Q3: 100,783 shares; 2025Q4: 104,083 shares 104,083$52.4M15.78%+3,300Timeline
OKLOOKLO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 802,580 shares; 2024Q4: 802,580 shares; 2025Q1: 807,580 shares; 2025Q2: 766,480 shares; 2025Q3: 766,480 shares; 2025Q4: 622,830 shares 622,830$44.6M13.44%-143,650Timeline
VZVERIZON COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 550,800 shares; 2024Q4: 554,600 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 865,000 shares 865,000$35.2M10.61%newTimeline
BAMBROOKFIELD ASSET MANAGMT LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 394,150 shares; 2024Q4: 394,150 shares; 2025Q1: 394,150 shares; 2025Q2: 414,100 shares; 2025Q3: 414,100 shares; 2025Q4: 421,200 shares 421,200$22.2M6.68%+7,100Timeline
SOBOSOUTH BOW CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 751,044 shares 751,044$20.7M6.22%0Timeline
ELVELEVANCE HEALTH INC FORMERLYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 58,100 shares; 2025Q1: 58,100 shares; 2025Q2: 58,100 shares; 2025Q3: 58,100 shares; 2025Q4: 58,100 shares 58,100$20.4M6.13%0Timeline
CITHE CIGNA GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 102,600 shares; 2025Q1: 102,600 shares; 2025Q2: 72,200 shares; 2025Q3: 72,200 shares; 2025Q4: 72,200 shares 72,200$19.9M5.98%0Timeline
TDTORONTO DOMINION BK ONTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 195,400 shares; 2024Q4: 452,400 shares; 2025Q1: 462,900 shares; 2025Q2: 380,100 shares; 2025Q3: 281,700 shares; 2025Q4: 192,000 shares 192,000$18.1M5.45%-89,700Timeline
ARESARES MANAGEMENT CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,393 shares; 2024Q4: 88,074 shares; 2025Q1: 95,774 shares; 2025Q2: 90,624 shares; 2025Q3: 90,624 shares; 2025Q4: 95,724 shares 95,724$15.6M4.7%+5,100Timeline
DHRDANAHER CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,454 shares; 2024Q4: 53,754 shares; 2025Q1: 54,754 shares; 2025Q2: 59,754 shares; 2025Q3: 59,754 shares; 2025Q4: 62,654 shares 62,654$14.4M4.35%+2,900Timeline
MOSMOSAIC COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 541,202 shares 541,202$13M3.93%newTimeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,219 shares; 2024Q4: 60,219 shares; 2025Q1: 60,219 shares; 2025Q2: 60,219 shares; 2025Q3: 60,219 shares; 2025Q4: 105,728 shares 105,728$4.87M1.47%+45,509Timeline
CCLCARNIVAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,702 shares; 2024Q4: 90,702 shares; 2025Q1: 110,702 shares; 2025Q2: 110,702 shares; 2025Q3: 110,702 shares; 2025Q4: 139,602 shares 139,602$4.27M1.29%+28,900Timeline
RDNTRADNET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,500 shares; 2024Q4: 37,000 shares; 2025Q1: 40,000 shares; 2025Q2: 42,000 shares; 2025Q3: 42,000 shares; 2025Q4: 42,000 shares 42,000$3M0.9%0Timeline
CCJCAMECO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,000 shares; 2024Q4: 18,000 shares; 2025Q1: 24,000 shares; 2025Q2: 24,000 shares; 2025Q3: 24,000 shares; 2025Q4: 30,000 shares 30,000$2.75M0.83%+6,000Timeline
LEUCENTRUS ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,000 shares; 2024Q4: 8,000 shares; 2025Q1: 10,000 shares; 2025Q2: 11,250 shares; 2025Q3: 11,250 shares; 2025Q4: 11,250 shares 11,250$2.73M0.82%0Timeline
BILSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,467 shares; 2024Q4: 20,038 shares; 2025Q1: 23,214 shares; 2025Q2: 9,789 shares; 2025Q3: 31,821 shares; 2025Q4: 29,821 shares 29,821$2.73M0.82%-2,000Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,266 shares; 2024Q4: 8,266 shares; 2025Q1: 8,266 shares; 2025Q2: 8,266 shares; 2025Q3: 8,266 shares; 2025Q4: 6,837 shares 6,837$2.15M0.65%-1,429Timeline
TLXTELIX PHARMACEUTICAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 128,000 shares; 2025Q4: 266,200 shares 266,200$2.06M0.62%+138,200Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,626 shares; 2024Q4: 2,626 shares; 2025Q1: 2,626 shares; 2025Q2: 2,500 shares; 2025Q3: 2,250 shares; 2025Q4: 2,991 shares 2,991$1.99M0.6%+741Timeline
GSGOLDMAN SACHS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,251 shares; 2024Q4: 2,251 shares; 2025Q1: 2,251 shares; 2025Q2: 2,251 shares; 2025Q3: 2,251 shares; 2025Q4: 2,251 shares 2,251$1.99M0.6%0Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,071 shares; 2025Q1: 6,948 shares; 2025Q2: 12,271 shares; 2025Q3: 12,271 shares; 2025Q4: 10,330 shares 10,330$1.94M0.58%-1,941Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,134 shares; 2024Q4: 5,134 shares; 2025Q1: 5,134 shares; 2025Q2: 6,134 shares; 2025Q3: 6,134 shares; 2025Q4: 6,134 shares 6,134$1.68M0.5%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,120 shares; 2024Q4: 7,120 shares; 2025Q1: 7,120 shares; 2025Q2: 7,120 shares; 2025Q3: 7,120 shares; 2025Q4: 7,120 shares 7,120$1.66M0.5%0Timeline
BEBLOOM ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,000 shares; 2025Q2: 18,000 shares; 2025Q3: 18,000 shares; 2025Q4: 18,000 shares 18,000$1.56M0.47%0Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,137 shares; 2024Q4: 2,137 shares; 2025Q1: 2,137 shares; 2025Q2: 2,637 shares; 2025Q3: 2,637 shares; 2025Q4: 2,637 shares 2,637$1.29M0.39%0Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 865 shares; 2025Q1: 865 shares; 2025Q2: 865 shares; 2025Q3: 865 shares; 2025Q4: 1,167 shares 1,167$1.26M0.38%+302Timeline
OLMAOLEMA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,000 shares; 2024Q4: 25,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares; 2025Q4: 50,000 shares 50,000$1.25M0.38%0Timeline
BWXTBWX TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: 4,000 shares; 2025Q1: 6,500 shares; 2025Q2: 7,000 shares; 2025Q3: 7,000 shares; 2025Q4: 7,000 shares 7,000$1.21M0.36%0Timeline
CEGCONSTELLATION ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,800 shares; 2024Q4: 1,800 shares; 2025Q1: 2,600 shares; 2025Q2: 3,400 shares; 2025Q3: 3,400 shares; 2025Q4: 3,400 shares 3,400$1.2M0.36%0Timeline
LNTHLANTHEUS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,000 shares; 2024Q4: 13,000 shares; 2025Q1: 13,000 shares; 2025Q2: 13,000 shares; 2025Q3: 18,000 shares; 2025Q4: 18,000 shares 18,000$1.2M0.36%0Timeline
SMRNUSCALE PWR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,000 shares; 2024Q4: 40,000 shares; 2025Q1: 40,000 shares; 2025Q2: 45,000 shares; 2025Q3: 45,000 shares; 2025Q4: 70,000 shares 70,000$992K0.3%+25,000Timeline
GEVGE VERNOVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 600 shares; 2025Q4: 1,500 shares 1,500$980K0.3%+900Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,251 shares; 2024Q4: 6,251 shares; 2025Q1: 6,251 shares; 2025Q2: 3,000 shares; 2025Q3: 3,000 shares; 2025Q4: 3,000 shares 3,000$970K0.29%0Timeline
BTEBAYTEX ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 280,300 shares; 2024Q4: 280,300 shares; 2025Q1: 280,300 shares; 2025Q2: 280,300 shares; 2025Q3: 280,300 shares; 2025Q4: 280,300 shares 280,300$912K0.27%0Timeline
ONCBEONE MEDICINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: 3,000 shares; 2025Q1: 3,000 shares; 2025Q2: 3,000 shares; 2025Q3: 3,000 shares; 2025Q4: 3,000 shares 3,000$911K0.27%0Timeline
UPSUNITED PARCEL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 9,100 shares; 2025Q3: 9,100 shares; 2025Q4: 9,100 shares 9,100$903K0.27%0Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,102 shares; 2025Q4: 3,116 shares 3,116$829K0.25%+1,014Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,363 shares; 2024Q4: 1,363 shares; 2025Q1: 1,363 shares; 2025Q2: 1,363 shares; 2025Q3: 1,363 shares; 2025Q4: 1,363 shares 1,363$787K0.24%0Timeline
HEIHEICO CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 808 shares; 2024Q4: 2,244 shares; 2025Q1: 2,244 shares; 2025Q2: 2,244 shares; 2025Q3: 2,244 shares; 2025Q4: 2,244 shares 2,244$737K0.22%0Timeline
COINCOINBASE GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,526 shares; 2025Q4: 3,137 shares 3,137$727K0.22%+1,611Timeline
PERSPECTIVE THERAPEUTICS INCPERSPECTIVE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 70,001 shares; 2024Q4: 150,000 shares; 2025Q1: 190,000 shares; 2025Q2: 250,000 shares; 2025Q3: 250,000 shares; 2025Q4: 250,000 shares 250,000$688K0.21%0
LILAKLIBERTY LATIN AMERICA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,324 shares; 2024Q4: 115,803 shares; 2025Q1: 115,803 shares; 2025Q2: 153,803 shares; 2025Q3: 82,703 shares; 2025Q4: 82,703 shares 82,703$619K0.19%0Timeline
ICLRICON PUB LTD COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 800 shares; 2024Q4: 2,000 shares; 2025Q1: 2,000 shares; 2025Q2: 3,000 shares; 2025Q3: 3,000 shares; 2025Q4: 3,000 shares 3,000$547K0.16%0Timeline
LILALIBERTY LATIN AMERICA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 71,100 shares; 2025Q4: 71,100 shares 71,100$526K0.16%0Timeline
AMGEN INCAMGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,500 shares; 2024Q4: 1,500 shares; 2025Q1: 1,500 shares; 2025Q2: 1,500 shares; 2025Q3: 1,500 shares; 2025Q4: 1,500 shares 1,500$491K0.15%0
IOVAIOVANCE BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,000 shares; 2024Q4: 55,000 shares; 2025Q1: 100,000 shares; 2025Q2: 130,000 shares; 2025Q3: 130,000 shares; 2025Q4: 130,000 shares 130,000$355K0.11%0Timeline
NUVLNUVALENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,000 shares 2,000$201K0.06%newTimeline
SDGRSCHRODINGER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares 10,000$179K0.05%0Timeline
ARVNARVINAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 14,000 shares; 2025Q2: 14,000 shares; 2025Q3: 14,000 shares; 2025Q4: 14,000 shares 14,000$166K0.05%0Timeline
BCYCBICYCLE THERAPEUTICS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,000 shares; 2025Q2: 15,000 shares; 2025Q3: 15,000 shares; 2025Q4: 15,000 shares 15,000$106K0.03%0Timeline
PLUGPLUG PWR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares; 2025Q4: 50,000 shares 50,000$98.5K0.03%0Timeline
RLAYRELAY THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,000 shares; 2024Q4: 10,000 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares 10,000$84.6K0.03%0Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
BNSBANK NOVA SCOTIA B C409,629$26.5Mshares
MGAMAGNA INTL INC442,068$20.9Mshares

How Q4 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 0001081668-26-000003 base2026-02-12acceptance time not in the bulk data set