PORTLAND INVESTMENT COUNSEL INC. Long-Term Concentrated

CIK: 0001081668 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $332,101 (100.0% shares, 0.0% debt)

Holdings (53)

New Positions (3)

VZ VERIZON COMMUNICATIONS INC 10.6%

Value ($000) $35,231 Shares 865,000 Est. Cost $40.48 Unrealized 0.0%

MOS MOSAIC CO NEW 3.9%

Value ($000) $13,038 Shares 541,202 Est. Cost $26.75 Unrealized 0.0%

NUVL NUVALENT INC 0.1%

Value ($000) $201 Shares 2,000 Est. Cost $98.60 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VZ	VERIZON COMMUNICATIONS INC	865,000	$35,231	10.6%	$40.48	0.0%	COM	92343V104
MOS	MOSAIC CO NEW	541,202	$13,038	3.9%	$26.75	0.0%	COM	61945C103
NUVL	NUVALENT INC	2,000	$201	0.1%	$98.60	0.0%	COM	670703107

Increased Positions (14)

DHR DANAHER CORPORATION 4.3%

Value ($000) $14,435 (+21.8%) Shares 62,654 (+4.9%) Est. Cost $209.69 Unrealized +4.7%

BRK/B BERKSHIRE HATHAWAY INC DEL 15.8%

Value ($000) $52,414 (+3.4%) Shares 104,083 (+3.3%) Est. Cost $263.77 Unrealized +88.6%

BAM BROOKFIELD ASSET MANAGMT LTD 6.7%

Value ($000) $22,194 (-5.7%) Shares 421,200 (+1.7%) Est. Cost $33.77 Unrealized +58.3%

ARES ARES MANAGEMENT CORPORATION 4.7%

Value ($000) $15,593 (+7.6%) Shares 95,724 (+5.6%) Est. Cost $123.00 Unrealized +26.0%

CCL CARNIVAL CORP 1.3%

Value ($000) $4,272 (+33.5%) Shares 139,602 (+26.1%) Est. Cost $17.18 Unrealized +62.3%

TLX TELIX PHARMACEUTICAL LTD 0.6%

Value ($000) $2,063 (+68.4%) Shares 266,200 (+108.0%) Est. Cost $8.63 Unrealized —

BN BROOKFIELD CORP 1.5%

Value ($000) $4,870 (+17.9%) Shares 105,728 (+75.6%) Est. Cost $32.23 Unrealized +41.3%

CCJ CAMECO CORP 0.8%

Value ($000) $2,747 (+36.4%) Shares 30,000 (+25.0%) Est. Cost $53.87 Unrealized +66.9%

SMR NUSCALE PWR CORP 0.3%

Value ($000) $992 (-38.8%) Shares 70,000 (+55.6%) Est. Cost $14.69 Unrealized +94.7%

GEV GE VERNOVA INC 0.3%

Value ($000) $980 (+165.7%) Shares 1,500 (+150.0%) Est. Cost $607.63 Unrealized +0.2%

LLY ELI LILLY & CO 0.4%

Value ($000) $1,260 (+90.9%) Shares 1,167 (+34.9%) Est. Cost $855.92 Unrealized +11.6%

META META PLATFORMS INC 0.6%

Value ($000) $1,992 (+20.5%) Shares 2,991 (+32.9%) Est. Cost $365.05 Unrealized +82.8%

CRM SALESFORCE INC 0.2%

Value ($000) $829 (+66.3%) Shares 3,116 (+48.2%) Est. Cost $250.37 Unrealized -0.9%

COIN COINBASE GLOBAL INC 0.2%

Value ($000) $727 (+41.1%) Shares 3,137 (+105.6%) Est. Cost $317.97 Unrealized -6.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHR	DANAHER CORPORATION	62,654 (+4.9%)	$14,435 (+21.8%)	4.3%	$209.69	+4.7%	COM	235851102
BRK/B	BERKSHIRE HATHAWAY INC DEL	104,083 (+3.3%)	$52,414 (+3.4%)	15.8%	$263.77	+88.6%	CL B NEW	084670702
BAM	BROOKFIELD ASSET MANAGMT LTD	421,200 (+1.7%)	$22,194 (-5.7%)	6.7%	$33.77	+58.3%	CL A LMT VTG SHS	113004105
ARES	ARES MANAGEMENT CORPORATION	95,724 (+5.6%)	$15,593 (+7.6%)	4.7%	$123.00	+26.0%	CL A COM STK	03990B101
CCL	CARNIVAL CORP	139,602 (+26.1%)	$4,272 (+33.5%)	1.3%	$17.18	+62.3%	COMMON STOCK	143658300
TLX	TELIX PHARMACEUTICAL LTD	266,200 (+108.0%)	$2,063 (+68.4%)	0.6%	$8.63	—	SPONSORED ADS	87961M105
BN	BROOKFIELD CORP	105,728 (+75.6%)	$4,870 (+17.9%)	1.5%	$32.23	+41.3%	CL A LTD VT SH	11271J107
CCJ	CAMECO CORP	30,000 (+25.0%)	$2,747 (+36.4%)	0.8%	$53.87	+66.9%	COM	13321L108
SMR	NUSCALE PWR CORP	70,000 (+55.6%)	$992 (-38.8%)	0.3%	$14.69	+94.7%	CL A COM	67079K100
GEV	GE VERNOVA INC	1,500 (+150.0%)	$980 (+165.7%)	0.3%	$607.63	+0.2%	COM	36828A101
LLY	ELI LILLY & CO	1,167 (+34.9%)	$1,260 (+90.9%)	0.4%	$855.92	+11.6%	COM	532457108
META	META PLATFORMS INC	2,991 (+32.9%)	$1,992 (+20.5%)	0.6%	$365.05	+82.8%	CL A	30303M102
CRM	SALESFORCE INC	3,116 (+48.2%)	$829 (+66.3%)	0.2%	$250.37	-0.9%	COM	79466L302
COIN	COINBASE GLOBAL INC	3,137 (+105.6%)	$727 (+41.1%)	0.2%	$317.97	-6.3%	COM CL A	19260Q107

Exited Positions (2)

BNS BANK NOVA SCOTIA B C 8.0%

Value ($000) $26,487 Shares 409,629 Est. Cost $43.95 Unrealized +54.7%

MGA MAGNA INTL INC 6.3%

Value ($000) $20,946 Shares 442,068 Est. Cost $40.65 Unrealized +20.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BNS	BANK NOVA SCOTIA B C	409,629	$26,487	8.0%	$43.95	+54.7%	—	064149107
MGA	MAGNA INTL INC	442,068	$20,946	6.3%	$40.65	+20.2%	—	559222401

Decreased Positions (5)

OKLO OKLO INC 13.4%

Value ($000) $44,626 (-47.8%) Shares 622,830 (-18.7%) Est. Cost $7.63 Unrealized +1362.3%

TD TORONTO DOMINION BK ONT 5.4%

Value ($000) $18,096 (-19.7%) Shares 192,000 (-31.8%) Est. Cost $57.62 Unrealized +46.6%

BIL SPDR SER TR 0.8%

Value ($000) $2,725 (+142.1%) Shares 29,821 (-6.3%) Est. Cost $52.69 Unrealized —

NVDA NVIDIA CORPORATION 0.6%

Value ($000) $1,937 (-15.4%) Shares 10,330 (-15.8%) Est. Cost $130.90 Unrealized +42.2%

GOOGL ALPHABET INC 0.6%

Value ($000) $2,146 (+6.8%) Shares 6,837 (-17.3%) Est. Cost $109.45 Unrealized +160.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OKLO	OKLO INC	622,830 (-18.7%)	$44,626 (-47.8%)	13.4%	$7.63	+1362.3%	COM CL A	02156V109
TD	TORONTO DOMINION BK ONT	192,000 (-31.8%)	$18,096 (-19.7%)	5.4%	$57.62	+46.6%	COM NEW	891160509
BIL	SPDR SER TR	29,821 (-6.3%)	$2,725 (+142.1%)	0.8%	$52.69	—	BLOOMBERG 1-3 MO	78468R663
NVDA	NVIDIA CORPORATION	10,330 (-15.8%)	$1,937 (-15.4%)	0.6%	$130.90	+42.2%	COM	67066G104
GOOGL	ALPHABET INC	6,837 (-17.3%)	$2,146 (+6.8%)	0.6%	$109.45	+160.9%	CAP STK CL A	02079K305

Unchanged Positions (31)

ELV ELEVANCE HEALTH INC 6.1%

Value ($000) $20,367 Shares 58,100 Est. Cost $409.27 Unrealized -17.7%

CI THE CIGNA GROUP 6.0%

Value ($000) $19,872 Shares 72,200 Est. Cost $311.40 Unrealized -10.3%

OLMA OLEMA PHARMACEUTICALS INC 0.4%

Value ($000) $1,250 Shares 50,000 Est. Cost $8.18 Unrealized +117.5%

LEU CENTRUS ENERGY CORP 0.8%

Value ($000) $2,731 Shares 11,250 Est. Cost $58.91 Unrealized +412.6%

SOBO SOUTH BOW CORP 6.2%

Value ($000) $20,656 Shares 751,044 Est. Cost $22.97 Unrealized +18.3%

LNTH LANTHEUS HLDGS INC 0.4%

Value ($000) $1,198 Shares 18,000 Est. Cost $68.30 Unrealized -14.8%

BTE BAYTEX ENERGY CORP 0.3%

Value ($000) $912 Shares 280,300 Est. Cost $3.90 Unrealized -28.6%

RDNT RADNET INC 0.9%

Value ($000) $3,001 Shares 42,000 Est. Cost $35.69 Unrealized +116.3%

GS GOLDMAN SACHS GROUP INC 0.6%

Value ($000) $1,991 Shares 2,251 Est. Cost $317.74 Unrealized +156.0%

— PERSPECTIVE THERAPEUTICS INC 0.2%

Value ($000) $688 Shares 250,000 Est. Cost $2.26 Unrealized —

UPS UNITED PARCEL SERVICE INC 0.3%

Value ($000) $903 Shares 9,100 Est. Cost $94.10 Unrealized -1.4%

AAPL APPLE INC 0.5%

Value ($000) $1,675 Shares 6,134 Est. Cost $137.71 Unrealized +94.9%

ONC BEONE MEDICINES LTD 0.3%

Value ($000) $911 Shares 3,000 Est. Cost $107.67 Unrealized —

AMZN AMAZON COM INC 0.5%

Value ($000) $1,656 Shares 7,120 Est. Cost $126.99 Unrealized +80.2%

CEG CONSTELLATION ENERGY CORP 0.4%

Value ($000) $1,201 Shares 3,400 Est. Cost $204.12 Unrealized +77.9%

BWXT BWX TECHNOLOGIES INC 0.4%

Value ($000) $1,210 Shares 7,000 Est. Cost $102.31 Unrealized +83.2%

MSFT MICROSOFT CORP 0.4%

Value ($000) $1,285 Shares 2,637 Est. Cost $262.62 Unrealized +90.6%

LILAK LIBERTY LATIN AMERICA LTD 0.2%

Value ($000) $619 Shares 82,703 Est. Cost $9.39 Unrealized -12.4%

IOVA IOVANCE BIOTHERAPEUTICS INC 0.1%

Value ($000) $355 Shares 130,000 Est. Cost $6.15 Unrealized -62.4%

— AMGEN INC 0.1%

Value ($000) $491 Shares 1,500 Est. Cost $133.33 Unrealized —

LILA LIBERTY LATIN AMERICA LTD 0.2%

Value ($000) $526 Shares 71,100 Est. Cost $7.37 Unrealized +10.3%

ARVN ARVINAS INC 0.0%

Value ($000) $166 Shares 14,000 Est. Cost $15.67 Unrealized -30.3%

BE BLOOM ENERGY CORP 0.5%

Value ($000) $1,564 Shares 18,000 Est. Cost $23.12 Unrealized +354.4%

RLAY RELAY THERAPEUTICS INC 0.0%

Value ($000) $85 Shares 10,000 Est. Cost $7.47 Unrealized -4.5%

JPM JPMORGAN CHASE & CO 0.3%

Value ($000) $970 Shares 3,000 Est. Cost $127.25 Unrealized +143.2%

SDGR SCHRODINGER INC 0.1%

Value ($000) $179 Shares 10,000 Est. Cost $22.83 Unrealized -17.0%

ICLR ICON PLC 0.2%

Value ($000) $547 Shares 3,000 Est. Cost $224.77 Unrealized -20.8%

PLUG PLUG POWER INC 0.0%

Value ($000) $99 Shares 50,000 Est. Cost $5.23 Unrealized -50.0%

HEI HEICO CORP 0.2%

Value ($000) $737 Shares 2,244 Est. Cost $252.89 Unrealized +25.0%

MA MASTERCARD INCORPORATED 0.2%

Value ($000) $787 Shares 1,363 Est. Cost $339.57 Unrealized +64.6%

BCYC BICYCLE THERAPEUTICS PLC 0.0%

Value ($000) $106 Shares 15,000 Est. Cost $8.49 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELV	ELEVANCE HEALTH INC	58,100	$20,367	6.1%	$409.27	-17.7%	COM	036752103
CI	THE CIGNA GROUP	72,200	$19,872	6.0%	$311.40	-10.3%	COM	125523100
OLMA	OLEMA PHARMACEUTICALS INC	50,000	$1,250	0.4%	$8.18	+117.5%	COM	68062P106
LEU	CENTRUS ENERGY CORP	11,250	$2,731	0.8%	$58.91	+412.6%	CL A	15643U104
SOBO	SOUTH BOW CORP	751,044	$20,656	6.2%	$22.97	+18.3%	COM	83671M105
LNTH	LANTHEUS HLDGS INC	18,000	$1,198	0.4%	$68.30	-14.8%	COM	516544103
BTE	BAYTEX ENERGY CORP	280,300	$912	0.3%	$3.90	-28.6%	COM	07317Q105
RDNT	RADNET INC	42,000	$3,001	0.9%	$35.69	+116.3%	COM	750491102
GS	GOLDMAN SACHS GROUP INC	2,251	$1,991	0.6%	$317.74	+156.0%	COM	38141G104
—	PERSPECTIVE THERAPEUTICS INC	250,000	$688	0.2%	$2.26	—	COM	46489V104
UPS	UNITED PARCEL SERVICE INC	9,100	$903	0.3%	$94.10	-1.4%	COM	911312106
AAPL	APPLE INC	6,134	$1,675	0.5%	$137.71	+94.9%	COM	037833100
ONC	BEONE MEDICINES LTD	3,000	$911	0.3%	$107.67	—	SPONSORED ADS	07725L102
AMZN	AMAZON COM INC	7,120	$1,656	0.5%	$126.99	+80.2%	COM	023135106
CEG	CONSTELLATION ENERGY CORP	3,400	$1,201	0.4%	$204.12	+77.9%	COM	21037T109
BWXT	BWX TECHNOLOGIES INC	7,000	$1,210	0.4%	$102.31	+83.2%	COM	05605H100
MSFT	MICROSOFT CORP	2,637	$1,285	0.4%	$262.62	+90.6%	COM	594918104
LILAK	LIBERTY LATIN AMERICA LTD	82,703	$619	0.2%	$9.39	-12.4%	COM CL C	G9001E128
IOVA	IOVANCE BIOTHERAPEUTICS INC	130,000	$355	0.1%	$6.15	-62.4%	COM	462260100
—	AMGEN INC	1,500	$491	0.1%	$133.33	—	COM	031162101
LILA	LIBERTY LATIN AMERICA LTD	71,100	$526	0.2%	$7.37	+10.3%	COM CL A	G9001E102
ARVN	ARVINAS INC	14,000	$166	0.0%	$15.67	-30.3%	COM	04335A105
BE	BLOOM ENERGY CORP	18,000	$1,564	0.5%	$23.12	+354.4%	COM CL A	093712107
RLAY	RELAY THERAPEUTICS INC	10,000	$85	0.0%	$7.47	-4.5%	COM	75943R102
JPM	JPMORGAN CHASE & CO	3,000	$970	0.3%	$127.25	+143.2%	COM	46625H100
SDGR	SCHRODINGER INC	10,000	$179	0.1%	$22.83	-17.0%	COM	80810D103
ICLR	ICON PLC	3,000	$547	0.2%	$224.77	-20.8%	SHS	G4705A100
PLUG	PLUG POWER INC	50,000	$99	0.0%	$5.23	-50.0%	COM NEW	72919P202
HEI	HEICO CORP	2,244	$737	0.2%	$252.89	+25.0%	COM	422806109
MA	MASTERCARD INCORPORATED	1,363	$787	0.2%	$339.57	+64.6%	CL A	57636Q104
BCYC	BICYCLE THERAPEUTICS PLC	15,000	$106	0.0%	$8.49	—	SPONSORED ADS	088786108