Q2 2026 13F · SEC CIK 1081668

Portland Investment Counsel Inc.

Investment managerFiled 2026-08-13 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $357.9M
Reported positions: 58
Top holdings a year, 3 yrs: +16.1%
Average holding period: 4.1 yrs

Portland Investment Counsel Inc. is an investment manager that reported 58 positions worth $357.9M in its Q2 2026 13F, filed 2026-08-13. Its largest holdings were The Cigna Group (CI, 17.4%), Berkshire Hathaway Inc Del (BRK-B, 13.5%), Verizon Communications Inc Com (VZ, 10.6%). A portfolio copying its top holdings returned 16.1% a year over the last 3 years, against 20.4% for the S&P 500.

Portland Investment Counsel Inc. holdings largest 50 of 58 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Portland Investment Counsel Inc. 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
CIThe Cigna Group	17.4%	6.2%	226,000	+213.0%	$62.3M
BRK-BBerkshire Hathaway Inc Del	13.5%	16.1%	96,477	-8.0%	$48.3M
VZVerizon Communications Inc Com	10.6%	13.9%	894,200	+3.4%	$37.9M
SOBOSouth Bow Corp	9.4%	10.4%	951,824	-1.9%	$33.5M
OKLOOklo Inc	8.6%	9.4%	589,480	+0.0%	$30.8M
TDToronto Dominion Bank	6.3%	5.8%	186,700	-2.8%	$22.7M
BAMBrookfield Asset Management	5.3%	6.0%	422,387	+0.0%	$18.9M
ARESAres Management Corporation	3.8%	4.2%	121,074	+0.0%	$13.5M
DHRDanaher Corporation	3.3%	3.8%	62,654	+0.0%	$11.9M
UBERUber Technologies Inc	2.4%	—	120,500	—	$8.7M
BNBrookfield Corp	1.3%	1.5%	112,663	+0.0%	$4.8M
CUKCarnival Corp	1.1%	1.2%	139,602	+0.0%	$4.0M
BEBloom Energy Corp	1.0%	0.8%	12,000	-33.3%	$3.6M
CCJCameco Corp Com	0.9%	1.1%	32,500	+0.0%	$3.3M
BNSBank Nova Scotia B C	0.9%	0.8%	37,800	+0.0%	$3.3M
BILSPDR Brcy1-3 Ser	0.9%	0.5%	34,524	+118.9%	$3.2M
TLXTelix Pharmaceutical Ltd	0.9%	0.8%	266,200	+0.0%	$3.1M
RDNTRadNet Inc	0.7%	0.8%	42,000	+0.0%	$2.6M
LEUCentrus Energy Corp	0.7%	0.8%	14,750	+0.0%	$2.5M
GOOGLAlphabet Inc	0.7%	0.6%	6,787	+0.0%	$2.4M
NVDANvidia Corporation Com	0.6%	0.6%	11,300	+0.0%	$2.3M
AAPLApple Inc	0.6%	0.6%	7,535	+0.0%	$2.2M
AMZNAmazon Com Inc Com	0.6%	0.6%	8,825	+0.0%	$2.1M
GSGoldman Sachs Group Inc	0.6%	0.6%	2,078	-8.8%	$2.1M
LNTHLantheus Hldgs Inc	0.6%	0.4%	18,000	+0.0%	$2.0M
BWXTBwx Technologies Inc	0.5%	0.7%	10,000	+0.0%	$1.9M
JPMJpmorgan Chase & Co	0.5%	0.5%	5,752	+0.0%	$1.9M
METAMeta Platforms Inc Class A	0.5%	0.6%	3,257	+0.0%	$1.8M
GEVGe Vernova Inc	0.5%	0.4%	1,500	+0.0%	$1.8M
LLYLilly Eli & Co	0.5%	0.4%	1,458	+0.0%	$1.7M
MSFTMicrosoft Corp	0.3%	0.4%	3,279	+0.0%	$1.2M
XEX Energy Inc	0.3%	—	60,000	—	$1.1M
SMRNuscale Pwr Corp	0.3%	0.4%	105,000	+0.0%	$1.1M
SYYSysco Corp	0.3%	—	12,125	—	$1.0M
HEIHeico Corp New	0.3%	0.2%	2,792	+0.0%	$994K
UPSUnited Parcel Svcs Inc Cl B	0.3%	0.3%	9,100	+0.0%	$978K
MAMastercard Inc.	0.2%	0.3%	1,682	+0.0%	$864K
ONCBeone Medicines Ltd	0.2%	0.3%	3,000	+0.0%	$855K
CATXPerspective Therapeutics Inc	0.2%	0.3%	250,000	+0.0%	$853K
CEGConstellation Energy Corp	0.2%	0.3%	3,400	+0.0%	$844K
SPCXSpace Ex Tech Spacex Class A	0.2%	—	4,060	—	$694K
OLMAOlema Pharmaceuticals Inc	0.2%	0.2%	50,000	+0.0%	$626K
PANWPalo Alto Networks Inc	0.2%	0.1%	1,796	+0.0%	$612K
CRMSalesforce Inc Com	0.2%	0.2%	3,875	+0.0%	$607K
COINCoinbase Global Inc	0.2%	0.2%	3,905	+0.0%	$571K
CRWDCrowdstrike Hldgs Inc Class A	0.2%	0.1%	716	+0.0%	$546K
AMGNAmgen Inc	0.2%	0.2%	1,500	+0.0%	$543K
IOVAIovance Biotherapeutics Inc	0.2%	0.1%	130,000	+0.0%	$541K
ICLRIcon PLC	0.1%	0.1%	3,000	+0.0%	$521K
REGNRegeneron Pharmaceuticals	0.1%	0.2%	654	+0.0%	$408K

What Portland Investment Counsel Inc. bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +3.0% /yr; S&P 500 +20.1%
3 years: +16.1% /yr; S&P 500 +20.4%
5 years: +3.1% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$357.9M	58
Q1 2026	$311.6M	55
Q4 2025	$332.1M	53
Q3 2025	$365.4M	52
Q2 2025	$340.0M	48
Q1 2025	$329.2M	49
Q4 2024	$389.8M	52
Q3 2024	$278.4M	51
Q2 2024	$277.5M	52
Q1 2024	$332.4M	52
Q4 2023	$279.4M	39
Q3 2023	$217.6M	38

Questions about Portland Investment Counsel Inc.'s portfolio

What stocks does Portland Investment Counsel Inc. own?

Portland Investment Counsel Inc.'s latest 13F, for Q2 2026 and filed Aug 13, 2026, lists 58 positions worth $357.9M. The largest are The Cigna Group (CI) at 17.4%, Berkshire Hathaway Inc Del (BRK-B) at 13.5%, Verizon Communications Inc Com (VZ) at 10.6%, South Bow Corp (SOBO) at 9.4% and Oklo Inc (OKLO) at 8.6%.

What did Portland Investment Counsel Inc. buy last quarter?

In Q2 2026, Portland Investment Counsel Inc. added The Cigna Group (CI) (+213.0% shares) and SPDR Brcy1-3 Ser (BIL) (+118.9% shares), compared with its Q1 2026 filing.

What did Portland Investment Counsel Inc. sell last quarter?

In Q2 2026, Portland Investment Counsel Inc. cut from its top 50 Elevance Health Inc Formerly (ELV), cut from its top 50 Palantir Technologies Inclass Class A (PLTR), cut from its top 50 Zscaler Inc (ZS), cut from its top 50 Nuvalent Inc (NUVL), Bloom Energy Corp (BE) (-33.3% shares), Goldman Sachs Group Inc (GS) (-8.8% shares) and Berkshire Hathaway Inc Del (BRK-B) (-8.0% shares), compared with its Q1 2026 filing.

How has Portland Investment Counsel Inc.'s portfolio performed?

A portfolio copying Portland Investment Counsel Inc.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +16.1% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +3.0% against +20.1%. Over 5 years: +3.1% a year against +11.6%.

When is Portland Investment Counsel Inc.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. Portland Investment Counsel Inc.'s filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.