Portland Investment Counsel Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Portland Investment Counsel Inc. reported 48 stock positions worth $340.0 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 14.4% of the portfolio, followed by Oklo (OKLO, 12.6%) and Magna International (MGA, 10.6%). Compared with Q1 2025, it opened 2 new positions, sold out of 3, added to 16 and reduced 10. The biggest buy was Magna International (MGA, shares +34%) and the biggest sale Cenovus Energy (CVE, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- BURLINGTON, A6
- CIK
- 0001081668
- Portfolio Value
- $340.0M (Q2 2025)
- SEC Filing
- 0001081668-25-000011 ↗ filed Aug 13, 2025
Holdings Value
Holdings 48 stocks · $340.0M
| BRK.B Berkshire Hathaway Inc. Class B | 14.40% | 100,783 | $49.0M | Reduce -5.3% |
| OKLO Oklo Inc. | 12.59% | 766,480 | $42.8M | Reduce -5.1% |
| MGA Magna International Inc. | 10.58% | 930,400 | $36.0M | Add +33.7% |
| TD Toronto-Dominion Bank | 8.22% | 380,100 | $27.9M | Reduce -17.9% |
| SOBO South Bow Corp. | 7.59% | 993,644 | $25.8M | Reduce -13.3% |
| CI The Cigna Group | 7.01% | 72,200 | $23.9M | Reduce -29.6% |
| BAM Brookfield Asset Mgmt-A | 6.74% | 414,100 | $22.9M | Add +5.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 6.66% | 409,629 | $22.6M | No change |
| ELV Elevance Health Inc. | 6.64% | 58,100 | $22.6M | No change |
| ARES Ares Management Corp. Class A | 4.62% | 90,624 | $15.7M | Reduce -5.4% |
| DHR Danaher Corp. | 3.48% | 59,754 | $11.8M | Add +9.1% |
| BN Brookfield Corp. | 1.09% | 60,219 | $3.7M | No change |
| CCL Carnival Corp. | 0.89% | 110,702 | $3.0M | No change |
| RDNT Radnet Inc. | 0.70% | 42,000 | $2.4M | Add +5.0% |
| NVDA Nvidia Corp. | 0.57% | 12,271 | $1.9M | Add +76.6% |
| LEU Centrus Energy Corp. Class A | 0.56% | 11,250 | $1.9M | Add +12.5% |
| META Meta Platforms Inc. Class A | 0.54% | 2,500 | $1.8M | Reduce -4.8% |
| CCJ Cameco Corp. | 0.52% | 24,000 | $1.8M | No change |
| SMR Nuscale Power Corp. | 0.51% | 45,000 | $1.7M | Add +12.5% |
| GS Goldman Sachs Group Inc. | 0.47% | 2,251 | $1.6M | No change |
| AMZN Amazon.com Inc. | 0.46% | 7,120 | $1.6M | No change |
| GOOGL Alphabet Inc. Class A | 0.43% | 8,266 | $1.5M | No change |
| MSFT Microsoft Corp. | 0.39% | 2,637 | $1.3M | Add +23.4% |
| AAPL Apple Inc. | 0.37% | 6,134 | $1.3M | Add +19.5% |
| CEG Constellation Energy | 0.32% | 3,400 | $1.1M | Add +30.8% |
| LNTH Lantheus Holdings Inc. | 0.31% | 13,000 | $1.1M | No change |
| BWXT BWX Technologies Inc. | 0.29% | 7,000 | $1.0M | Add +7.7% |
| LILAK Liberty Latin Americ Class C | 0.28% | 153,803 | $948K | Add +32.8% |
| CATX Perspective Therapeutics Inc. | 0.28% | 250,000 | $940K | Add +31.6% |
| UPS United Parcel Service Class B | 0.27% | 9,100 | $921K | New |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.26% | 9,789 | $898K | Reduce -57.8% |
| JPM JPMorgan Chase & Co. | 0.26% | 3,000 | $870K | Reduce -52.0% |
| MA Mastercard Inc. Class A | 0.23% | 1,363 | $766K | No change |
| HEI Heico Corp. | 0.22% | 2,244 | $736K | No change |
| ONC Beone Medicines Ltd.-ADR | 0.21% | 3,000 | $724K | No change |
| LLY Eli Lilly & Co. | 0.20% | 865 | $674K | No change |
| BTE Baytex Energy Corp. | 0.15% | 280,300 | $502K | No change |
| ICLR Icon PLC | 0.13% | 3,000 | $434K | Add +50.0% |
| AMGEN INC | 0.12% | 1,500 | $416K | No change |
| BE Bloom Energy Corp. Class A | 0.12% | 18,000 | $399K | Add +20.0% |
| CVE Cenovus Energy Inc. | 0.07% | 18,100 | $249K | Reduce -98.7% |
| OLMA Olema Pharmaceuticals Inc. | 0.07% | 50,000 | $231K | No change |
| IOVA Iovance Biotherapeutics Inc. | 0.06% | 130,000 | $220K | Add +30.0% |
| SDGR Schrodinger Inc. | 0.06% | 10,000 | $206K | New |
| BCYC Bicycle Therapeutics PLC-ADR | 0.03% | 15,000 | $109K | No change |
| ARVN Arvinas Inc. | 0.03% | 14,000 | $106K | No change |
| PLUG Plug Power Inc. | 0.02% | 50,000 | $58K | No change |
| RLAY Relay Therapeutics Inc. | 0.01% | 10,000 | $33K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| CVE Cenovus Energy Inc. | Reduce -98.7% | 0.07% | −5.99 |
| CI The Cigna Group | Reduce -29.6% | 7.01% | −3.24 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.3% | 14.40% | −2.83 |
| SOBO South Bow Corp. | Reduce -13.3% | 7.59% | −1.31 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -57.8% | 0.26% | −0.38 |
| JPM JPMorgan Chase & Co. | Reduce -52.0% | 0.26% | −0.21 |
| TDG Transdigm Group Inc. | Sold out | 0.00% | −0.21 |
| TD Toronto-Dominion Bank | Reduce -17.9% | 8.22% | −0.21 |
| VRN Veren Inc. | Sold out | 0.00% | −0.20 |
| OKTA Okta Inc. | Sold out | 0.00% | −0.08 |
| META Meta Platforms Inc. Class A | Reduce -4.8% | 0.54% | +0.08 |
| ARES Ares Management Corp. Class A | Reduce -5.4% | 4.62% | +0.35 |
| OKLO Oklo Inc. | Reduce -5.1% | 12.59% | +7.31 |
Portfolio Buys Q1 2025 → Q2 2025
| MGA Magna International Inc. | Add +33.7% | 10.58% | +3.39 |
| BAM Brookfield Asset Mgmt-A | Add +5.1% | 6.74% | +0.94 |
| LEU Centrus Energy Corp. Class A | Add +12.5% | 0.56% | +0.41 |
| NVDA Nvidia Corp. | Add +76.6% | 0.57% | +0.34 |
| SMR Nuscale Power Corp. | Add +12.5% | 0.51% | +0.33 |
| UPS United Parcel Service Class B | New | 0.27% | +0.27 |
| CEG Constellation Energy | Add +30.8% | 0.32% | +0.16 |
| CATX Perspective Therapeutics Inc. | Add +31.6% | 0.28% | +0.15 |
| MSFT Microsoft Corp. | Add +23.4% | 0.39% | +0.14 |
| BWXT BWX Technologies Inc. | Add +7.7% | 0.29% | +0.10 |
| RDNT Radnet Inc. | Add +5.0% | 0.70% | +0.10 |
| DHR Danaher Corp. | Add +9.1% | 3.48% | +0.07 |
| SDGR Schrodinger Inc. | New | 0.06% | +0.06 |
| LILAK Liberty Latin Americ Class C | Add +32.8% | 0.28% | +0.06 |
| BE Bloom Energy Corp. Class A | Add +20.0% | 0.12% | +0.03 |
| AAPL Apple Inc. | Add +19.5% | 0.37% | +0.02 |
| ICLR Icon PLC | Add +50.0% | 0.13% | +0.02 |
| IOVA Iovance Biotherapeutics Inc. | Add +30.0% | 0.06% | −0.04 |
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 |