PORTLAND INVESTMENT COUNSEL INC.
Long book
$311.6M
Q1 2026
Positions
55
Top-10 weight
81%
concentration
Last quarter
+8.2%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsPORTLAND INVESTMENT COUNSEL INC. is a concentrated fundamental stock-picker, running a $311.6M US long book across 55 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: BERKSHIRE HATHAWAY INC-CL B, VERIZON COMMUNICATIONS INC, SOUTH BOW CORP, OKLO INC, THE CIGNA GROUP.
Over the last 9 quarters its long book ran on average 1.1pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.3%
Q2 2024
+12.9%
Q3 2024
+2.9%
Q4 2024
+5.9%
Q1 2025
+14.3%
Q2 2025
+18.2%
Q3 2025
-5.2%
Q4 2025
-5.6%
Q1 2026
+8.2%
Sector allocation
Financials 47%
Communications 14%
Energy 11%
Utilities 10%
Technology 7%
Industrials 4%
Materials 2%
Healthcare 2%
Long book by quarter
What does PORTLAND INVESTMENT own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 104.9K | $50.3M | 16.1% | +0.8% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 865.0K | $43.4M | 13.9% | Held |
| SOBO SOUTH BOW CORP | Energy | 970.1K | $32.3M | 10.4% | +29.2% |
| OKLO OKLO INC | Utilities | 589.5K | $29.2M | 9.4% | -5.4% |
| CI THE CIGNA GROUP | Financials | 72.2K | $19.3M | 6.2% | Held |
| BAM BROOKFIELD ASSET MGMT-A | Financials | 422.4K | $18.7M | 6.0% | +0.3% |
| TD TORONTO-DOMINION BANK | Financials | 192.0K | $17.9M | 5.8% | Held |
| ELV ELEVANCE HEALTH INC | Financials | 58.1K | $17.0M | 5.5% | Held |
| ARES ARES MANAGEMENT CORP - A | Financials | 121.1K | $13.2M | 4.2% | +26.5% |
| DHR DANAHER CORP | Technology | 62.7K | $11.9M | 3.8% | Held |
| BN BROOKFIELD CORP | Real estate | 112.7K | $4.6M | 1.5% | +6.6% |
| CCL CARNIVAL CORP LTD | Industrials | 139.6K | $3.6M | 1.2% | Held |
| CCJ CAMECO CORP | Materials | 32.5K | $3.5M | 1.1% | +8.3% |
| BNS BANK OF NOVA SCOTIA | Financials | 37.8K | $2.6M | 0.8% | New |
| LEU CENTRUS ENERGY CORP-CLASS A | Materials | 14.8K | $2.6M | 0.8% | +31.1% |
| BE BLOOM ENERGY CORP- A | Industrials | 18.0K | $2.4M | 0.8% | Held |
| RDNT RADNET INC | Healthcare | 42.0K | $2.3M | 0.8% | Held |
| BWXT BWX TECHNOLOGIES INC | Industrials | 10.0K | $2.0M | 0.7% | +42.9% |
| NVDA NVIDIA CORP | Technology | 11.3K | $2.0M | 0.6% | +9.4% |
| GOOGL ALPHABET INC-CL A | Technology | 6.8K | $2.0M | 0.6% | -0.7% |
| GS GOLDMAN SACHS GROUP INC | Financials | 2.3K | $1.9M | 0.6% | +1.2% |
| AAPL APPLE INC | Technology | 7.5K | $1.9M | 0.6% | +22.8% |
| META META PLATFORMS INC-CLASS A | Technology | 3.3K | $1.9M | 0.6% | +8.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 8.8K | $1.8M | 0.6% | +23.9% |
| JPM JPMORGAN CHASE & CO | Financials | 5.8K | $1.7M | 0.5% | +91.7% |
| LNTH LANTHEUS HOLDINGS INC | Materials | 18.0K | $1.4M | 0.4% | Held |
| LLY ELI LILLY & CO | Healthcare | 1.5K | $1.3M | 0.4% | +24.9% |
| GEV GE VERNOVA INC | Industrials | 1.5K | $1.3M | 0.4% | Held |
| MSFT MICROSOFT CORP | Technology | 3.3K | $1.2M | 0.4% | +24.3% |
| SMR NUSCALE POWER CORP | Industrials | 105.0K | $1.1M | 0.4% | +50.0% |
| ISREUR ISORAY INC | — | 250.0K | $1.0M | 0.3% | Held |
| CEG CONSTELLATION ENERGY | Utilities | 3.4K | $949K | 0.3% | Held |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 9.1K | $895K | 0.3% | Held |
| MA MASTERCARD INC - A | Services media | 1.7K | $840K | 0.3% | +23.4% |
| HEI HEICO CORP | Industrials | 2.8K | $766K | 0.2% | +24.4% |
| OLMA OLEMA PHARMACEUTICALS INC | Healthcare | 50.0K | $746K | 0.2% | Held |
| CRM SALESFORCE INC | Technology | 3.9K | $723K | 0.2% | +24.4% |
| COIN COINBASE GLOBAL INC -CLASS A | Financials | 3.9K | $682K | 0.2% | +24.5% |
| AMGN AMGEN INC | Healthcare | 1.5K | $528K | 0.2% | Held |
| REGN REGENERON PHARMACEUTICALS | Healthcare | 654 | $505K | 0.2% | New |
| IOVA IOVANCE BIOTHERAPEUTICS INC | Healthcare | 130.0K | $456K | 0.1% | Held |
| ICLR ICON PLC | Healthcare | 3.0K | $332K | 0.1% | Held |
| PANW PALO ALTO NETWORKS INC | Technology | 1.8K | $288K | 0.1% | New |
| CRWD CROWDSTRIKE HOLDINGS INC - A | Technology | 716 | $280K | 0.1% | New |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 1.9K | $277K | 0.1% | New |
| ZS ZSCALER INC | Technology | 1.7K | $236K | 0.1% | New |
| NUVL NUVALENT INC-A | Healthcare | 2.0K | $205K | 0.1% | Held |
| ARVN ARVINAS INC | Healthcare | 14.0K | $148K | 0.0% | Held |
| SDGR SCHRODINGER INC | Healthcare | 10.0K | $114K | 0.0% | Held |
| PLUG PLUG POWER INC | Industrials | 50.0K | $113K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 55 | $311.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 53 | $332.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 52 | $365.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 48 | $340.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 49 | $329.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 52 | $389.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 51 | $278.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 52 | $277.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 52 | $321.0M | $K fixed canonical | SEC ↗ |
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