Portland Investment Counsel Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Portland Investment Counsel Inc. reported 49 stock positions worth $329.2 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 17.2% of the portfolio, followed by Cigna (CI, 10.3%) and South Bow (SOBO, 8.9%). Compared with Q4 2024, it opened 5 new positions, sold out of 8, added to 16 and reduced 2. The biggest buy was a new position in Cenovus Energy (CVE) and the biggest sale an exit from Kraft Heinz (KHC).
- Most Recent 13F
- Q2 2026
- Location
- BURLINGTON, A6
- CIK
- 0001081668
- Portfolio Value
- $329.2M (Q1 2025)
- SEC Filing
- 0001081668-25-000006 ↗ filed May 14, 2025
Holdings Value
Holdings 49 stocks · $329.2M
| BRK.B Berkshire Hathaway Inc. Class B | 17.22% | 106,458 | $56.7M | Reduce -0.4% |
| CI The Cigna Group | 10.25% | 102,600 | $33.8M | No change |
| SOBO South Bow Corp. | 8.89% | 1,146,228 | $29.3M | Reduce -2.7% |
| TD Toronto-Dominion Bank | 8.43% | 462,900 | $27.7M | Add +2.3% |
| ELV Elevance Health Inc. | 7.68% | 58,100 | $25.3M | No change |
| MGA Magna International Inc. | 7.18% | 695,800 | $23.6M | Add +33.8% |
| CVE Cenovus Energy Inc. | 6.06% | 1,435,000 | $19.9M | New |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 5.90% | 409,629 | $19.4M | No change |
| BAM Brookfield Asset Mgmt-A | 5.80% | 394,150 | $19.1M | No change |
| OKLO Oklo Inc. | 5.27% | 807,580 | $17.4M | Add +0.6% |
| ARES Ares Management Corp. Class A | 4.27% | 95,774 | $14.0M | Add +8.7% |
| DHR Danaher Corp. | 3.41% | 54,754 | $11.2M | Add +1.9% |
| BN Brookfield Corp. | 0.96% | 60,219 | $3.2M | No change |
| CCL Carnival Corp. | 0.66% | 110,702 | $2.2M | Add +22.1% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.65% | 23,214 | $2.1M | Add +15.8% |
| RDNT Radnet Inc. | 0.60% | 40,000 | $2.0M | Add +8.1% |
| JPM JPMorgan Chase & Co. | 0.47% | 6,251 | $1.5M | No change |
| META Meta Platforms Inc. Class A | 0.46% | 2,626 | $1.5M | No change |
| AMZN Amazon.com Inc. | 0.41% | 7,120 | $1.4M | No change |
| GOOGL Alphabet Inc. Class A | 0.39% | 8,266 | $1.3M | No change |
| LNTH Lantheus Holdings Inc. | 0.39% | 13,000 | $1.3M | No change |
| GS Goldman Sachs Group Inc. | 0.37% | 2,251 | $1.2M | No change |
| AAPL Apple Inc. | 0.35% | 5,134 | $1.1M | No change |
| CCJ Cameco Corp. | 0.30% | 24,000 | $988K | Add +33.3% |
| ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD | 0.25% | 3,000 | $817K | No change |
| MSFT Microsoft Corp. | 0.24% | 2,137 | $802K | No change |
| NVDA Nvidia Corp. | 0.23% | 6,948 | $753K | Add +37.0% |
| MA Mastercard Inc. Class A | 0.23% | 1,363 | $747K | No change |
| LILAK Liberty Latin Americ Class C | 0.22% | 115,803 | $728K | No change |
| LLY Eli Lilly & Co. | 0.22% | 865 | $714K | No change |
| TDG Transdigm Group Inc. | 0.21% | 496 | $686K | No change |
| VRN Veren Inc. | 0.20% | 101,200 | $670K | No change |
| BWXT BWX Technologies Inc. | 0.19% | 6,500 | $641K | Add +62.5% |
| BTE Baytex Energy Corp. | 0.19% | 280,300 | $622K | No change |
| HEI Heico Corp. | 0.18% | 2,244 | $600K | No change |
| SMR Nuscale Power Corp. | 0.17% | 40,000 | $566K | No change |
| CEG Constellation Energy | 0.16% | 2,600 | $524K | Add +44.4% |
| LEU Centrus Energy Corp. Class A | 0.15% | 10,000 | $497K | Add +25.0% |
| AMGEN INC | 0.14% | 1,500 | $467K | No change |
| CATX Perspective Therapeutics Inc. | 0.12% | 190,000 | $405K | Add +26.7% |
| ICLR Icon PLC | 0.11% | 2,000 | $350K | No change |
| IOVA Iovance Biotherapeutics Inc. | 0.10% | 100,000 | $333K | Add +81.8% |
| BE Bloom Energy Corp. Class A | 0.09% | 15,000 | $295K | New |
| OKTA Okta Inc. | 0.08% | 2,450 | $258K | New |
| OLMA Olema Pharmaceuticals Inc. | 0.06% | 50,000 | $188K | Add +100.0% |
| BCYC Bicycle Therapeutics PLC-ADR | 0.04% | 15,000 | $127K | New |
| ARVN Arvinas Inc. | 0.03% | 14,000 | $98K | New |
| PLUG Plug Power Inc. | 0.02% | 50,000 | $68K | No change |
| RLAY Relay Therapeutics Inc. | 0.01% | 10,000 | $26K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| KHC The Kraft Heinz Co. | Sold out | 0.00% | −6.11 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −5.69 |
| NTR Nutrien Ltd. | Sold out | 0.00% | −4.65 |
| T AT&T Inc. | Sold out | 0.00% | −3.07 |
| C Citigroup Inc. | Sold out | 0.00% | −2.90 |
| CVS CVS Health Corp. | Sold out | 0.00% | −2.31 |
| NEW FORTRESS ENERGY INC | Sold out | 0.00% | −0.33 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.07 |
| SOBO South Bow Corp. | Reduce -2.7% | 8.89% | +1.77 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.4% | 17.22% | +4.79 |
Portfolio Buys Q4 2024 → Q1 2025
| CVE Cenovus Energy Inc. | New | 6.06% | +6.06 |
| TD Toronto-Dominion Bank | Add +2.3% | 8.43% | +2.25 |
| MGA Magna International Inc. | Add +33.8% | 7.18% | +1.61 |
| OKLO Oklo Inc. | Add +0.6% | 5.27% | +0.90 |
| ARES Ares Management Corp. Class A | Add +8.7% | 4.27% | +0.27 |
| DHR Danaher Corp. | Add +1.9% | 3.41% | +0.24 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +15.8% | 0.65% | +0.18 |
| BE Bloom Energy Corp. Class A | New | 0.09% | +0.09 |
| BWXT BWX Technologies Inc. | Add +62.5% | 0.19% | +0.08 |
| OKTA Okta Inc. | New | 0.08% | +0.08 |
| CCL Carnival Corp. | Add +22.1% | 0.66% | +0.08 |
| CCJ Cameco Corp. | Add +33.3% | 0.30% | +0.06 |
| CEG Constellation Energy | Add +44.4% | 0.16% | +0.06 |
| NVDA Nvidia Corp. | Add +37.0% | 0.23% | +0.05 |
| BCYC Bicycle Therapeutics PLC-ADR | New | 0.04% | +0.04 |
| ARVN Arvinas Inc. | New | 0.03% | +0.03 |
| OLMA Olema Pharmaceuticals Inc. | Add +100.0% | 0.06% | +0.02 |
| LEU Centrus Energy Corp. Class A | Add +25.0% | 0.15% | +0.01 |
| CATX Perspective Therapeutics Inc. | Add +26.7% | 0.12% | +0.00 |
| IOVA Iovance Biotherapeutics Inc. | Add +81.8% | 0.10% | −0.00 |
| RDNT Radnet Inc. | Add +8.1% | 0.60% | −0.06 |
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 |