Portland Investment Counsel Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Portland Investment Counsel Inc. reported 52 stock positions worth $389.8 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 12.4% of the portfolio, followed by Cigna (CI, 7.3%) and South Bow (SOBO, 7.1%). Compared with Q3 2024, it opened 7 new positions, sold out of 7, added to 17 and reduced 3. The biggest buy was a new position in Cigna (CI) and the biggest sale AT&T (T, shares −58%).
- Most Recent 13F
- Q2 2026
- Location
- BURLINGTON, A6
- CIK
- 0001081668
- Portfolio Value
- $389.8M (Q4 2024)
- SEC Filing
- 0001081668-25-000003 ↗ filed Feb 14, 2025
Holdings Value
Holdings 52 stocks · $389.8M
| BRK.B Berkshire Hathaway Inc. Class B | 12.43% | 106,908 | $48.5M | No change |
| CI The Cigna Group | 7.27% | 102,600 | $28.3M | New |
| SOBO South Bow Corp. | 7.13% | 1,177,640 | $27.8M | Add +5633.4% |
| TD Toronto-Dominion Bank | 6.18% | 452,400 | $24.1M | Add +131.5% |
| KHC The Kraft Heinz Co. | 6.11% | 775,300 | $23.8M | New |
| VZ Verizon Communications Inc. | 5.69% | 554,600 | $22.2M | Add +0.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 5.64% | 409,629 | $22.0M | Reduce -0.8% |
| MGA Magna International Inc. | 5.58% | 520,100 | $21.7M | Add +88.5% |
| ELV Elevance Health Inc. | 5.50% | 58,100 | $21.4M | New |
| BAM Brookfield Asset Mgmt-A | 5.47% | 394,150 | $21.3M | No change |
| NTR Nutrien Ltd. | 4.65% | 405,500 | $18.1M | Add +31.3% |
| OKLO Oklo Inc. | 4.37% | 802,580 | $17.0M | No change |
| ARES Ares Management Corp. Class A | 4.00% | 88,074 | $15.6M | Add +107.8% |
| DHR Danaher Corp. | 3.17% | 53,754 | $12.3M | Add +2.5% |
| T AT&T Inc. | 3.07% | 525,900 | $12.0M | Reduce -58.5% |
| C Citigroup Inc. | 2.90% | 160,500 | $11.3M | Reduce -53.5% |
| CVS CVS Health Corp. | 2.31% | 200,800 | $9.0M | No change |
| BN Brookfield Corp. | 0.89% | 60,219 | $3.5M | No change |
| RDNT Radnet Inc. | 0.66% | 37,000 | $2.6M | Add +7.3% |
| CCL Carnival Corp. | 0.58% | 90,702 | $2.3M | No change |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.47% | 20,038 | $1.8M | Add +74.7% |
| GOOGL Alphabet Inc. Class A | 0.40% | 8,266 | $1.6M | No change |
| AMZN Amazon.com Inc. | 0.40% | 7,120 | $1.6M | No change |
| META Meta Platforms Inc. Class A | 0.39% | 2,626 | $1.5M | No change |
| JPM JPMorgan Chase & Co. | 0.38% | 6,251 | $1.5M | No change |
| GS Goldman Sachs Group Inc. | 0.33% | 2,251 | $1.3M | No change |
| AAPL Apple Inc. | 0.33% | 5,134 | $1.3M | No change |
| NEW FORTRESS ENERGY INC | 0.33% | 83,938 | $1.3M | New |
| LNTH Lantheus Holdings Inc. | 0.30% | 13,000 | $1.2M | Add +30.0% |
| CCJ Cameco Corp. | 0.24% | 18,000 | $926K | No change |
| MSFT Microsoft Corp. | 0.23% | 2,137 | $901K | No change |
| LILAK Liberty Latin Americ Class C | 0.19% | 115,803 | $736K | Add +62.4% |
| BTE Baytex Energy Corp. | 0.18% | 280,300 | $720K | No change |
| MA Mastercard Inc. Class A | 0.18% | 1,363 | $718K | No change |
| SMR Nuscale Power Corp. | 0.18% | 40,000 | $717K | No change |
| NVDA Nvidia Corp. | 0.17% | 5,071 | $681K | New |
| LLY Eli Lilly & Co. | 0.17% | 865 | $668K | New |
| TDG Transdigm Group Inc. | 0.16% | 496 | $629K | New |
| ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD | 0.14% | 3,000 | $554K | No change |
| HEI Heico Corp. | 0.14% | 2,244 | $533K | Add +177.7% |
| LEU Centrus Energy Corp. Class A | 0.14% | 8,000 | $533K | No change |
| VRN Veren Inc. | 0.13% | 101,200 | $519K | No change |
| CATX Perspective Therapeutics Inc. | 0.12% | 150,000 | $479K | Add +114.3% |
| BWXT BWX Technologies Inc. | 0.11% | 4,000 | $446K | Add +33.3% |
| ICLR Icon PLC | 0.11% | 2,000 | $419K | Add +150.0% |
| IOVA Iovance Biotherapeutics Inc. | 0.10% | 55,000 | $407K | Add +37.5% |
| CEG Constellation Energy | 0.10% | 1,800 | $403K | No change |
| AMGEN INC | 0.10% | 1,500 | $391K | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.07% | 843 | $288K | No change |
| OLMA Olema Pharmaceuticals Inc. | 0.04% | 25,000 | $146K | Add +108.3% |
| PLUG Plug Power Inc. | 0.03% | 50,000 | $107K | No change |
| RLAY Relay Therapeutics Inc. | 0.01% | 10,000 | $41K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| T AT&T Inc. | Reduce -58.5% | 3.07% | −6.93 |
| C Citigroup Inc. | Reduce -53.5% | 2.90% | −4.86 |
| BNS Bank of Nova Scotia | Reduce -0.8% | 5.64% | −2.44 |
| TRP TC Energy Corp. | Sold out | 0.00% | −1.75 |
| NOMD Nomad Foods Ltd. | Sold out | 0.00% | −0.45 |
| BMO Bank of Montreal | Sold out | 0.00% | −0.26 |
| BBIO Bridgebio Pharma Inc. | Sold out | 0.00% | −0.14 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.12 |
| SU Suncor Energy Inc. | Sold out | 0.00% | −0.07 |
| NUVL Nuvalent Inc. Class A | Sold out | 0.00% | −0.07 |
Portfolio Buys Q3 2024 → Q4 2024
| CI The Cigna Group | New | 7.27% | +7.27 |
| SOBO South Bow Corp. | Add +5633.4% | 7.13% | +6.95 |
| KHC The Kraft Heinz Co. | New | 6.11% | +6.11 |
| ELV Elevance Health Inc. | New | 5.50% | +5.50 |
| TD Toronto-Dominion Bank | Add +131.5% | 6.18% | +1.74 |
| ARES Ares Management Corp. Class A | Add +107.8% | 4.00% | +1.63 |
| MGA Magna International Inc. | Add +88.5% | 5.58% | +1.51 |
| NEW FORTRESS ENERGY INC | New | 0.33% | +0.33 |
| NVDA Nvidia Corp. | New | 0.17% | +0.17 |
| LLY Eli Lilly & Co. | New | 0.17% | +0.17 |
| TDG Transdigm Group Inc. | New | 0.16% | +0.16 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +74.7% | 0.47% | +0.09 |
| HEI Heico Corp. | Add +177.7% | 0.14% | +0.06 |
| ICLR Icon PLC | Add +150.0% | 0.11% | +0.03 |
| BWXT BWX Technologies Inc. | Add +33.3% | 0.11% | −0.00 |
| OLMA Olema Pharmaceuticals Inc. | Add +108.3% | 0.04% | −0.01 |
| IOVA Iovance Biotherapeutics Inc. | Add +37.5% | 0.10% | −0.03 |
| LILAK Liberty Latin Americ Class C | Add +62.4% | 0.19% | −0.06 |
| LNTH Lantheus Holdings Inc. | Add +30.0% | 0.30% | −0.10 |
| RDNT Radnet Inc. | Add +7.3% | 0.66% | −0.20 |
| CATX Perspective Therapeutics Inc. | Add +114.3% | 0.12% | −0.21 |
| NTR Nutrien Ltd. | Add +31.3% | 4.65% | −0.68 |
| DHR Danaher Corp. | Add +2.5% | 3.17% | −2.07 |
| VZ Verizon Communications Inc. | Add +0.7% | 5.69% | −3.20 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 58 | $357.9M | CI, BRK.B, VZ, SOBO, OKLO |
| Q1 2026 | 55 | $311.6M | BRK.B, VZ, SOBO, OKLO, CI |
| Q4 2025 | 53 | $332.1M | BRK.B, OKLO, VZ, BAM, SOBO |
| Q3 2025 | 52 | $365.4M | OKLO, BRK.B, BNS, BAM, TD |
| Q2 2025 | 48 | $340.0M | BRK.B, OKLO, MGA, TD, SOBO |
| Q1 2025 | 49 | $329.2M | BRK.B, CI, SOBO, TD, ELV |
| Q4 2024 | 52 | $389.8M | BRK.B, CI, SOBO, TD, KHC |
| Q3 2024 | 51 | $278.4M | BRK.B, T, VZ, BNS, C |
| Q2 2024 | 52 | $277.5M | BRK.B, T, VZ, C, BNS |
| Q1 2024 | 52 | $332.4M | AMGEN INC, ONC, NTR, VZ, META |