PORTLAND INVESTMENT COUNSEL INC. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BNS	BANK NOVA SCOTIA B C	37,800	$2,621	0.8%	$74.94	0.0%	COM	064149107
REGN	REGENERON PHARMACEUTICALS	654	$505	0.2%	$769.15	0.0%	COM	75886F107
PANW	PALO ALTO NETWORKS INC	1,796	$288	0.1%	$172.15	0.0%	COM	697435105
CRWD	CROWDSTRIKE HLDGS INC	716	$280	0.1%	$431.12	0.0%	CL A	22788C105
PLTR	PALANTIR TECHNOLOGIES INC	1,895	$277	0.1%	$154.17	0.0%	CL A	69608A108
ZS	ZSCALER INC	1,679	$236	0.1%	$193.32	0.0%	COM	98980G102

Increased Positions (19)

SOBO SOUTH BOW CORP 10.4%

Value ($000) $32,273 (+56.2%) Shares 970,061 (+29.2%) Est. Cost $24.21 Unrealized +17.6%

ARES ARES MANAGEMENT CORPORATION 4.2%

Value ($000) $13,209 (-15.3%) Shares 121,074 (+26.5%) Est. Cost $128.36 Unrealized +15.8%

BWXT BWX TECHNOLOGIES INC 0.7%

Value ($000) $2,045 (+69.0%) Shares 10,000 (+42.9%) Est. Cost $132.51 Unrealized +53.2%

CCJ CAMECO CORP 1.1%

Value ($000) $3,534 (+28.7%) Shares 32,500 (+8.3%) Est. Cost $58.67 Unrealized +98.2%

JPM JPMORGAN CHASE & CO 0.5%

Value ($000) $1,692 (+74.4%) Shares 5,752 (+91.7%) Est. Cost $215.37 Unrealized +44.6%

BN BROOKFIELD CORP 1.5%

Value ($000) $4,559 (-6.4%) Shares 112,663 (+6.6%) Est. Cost $33.11 Unrealized +41.0%

AAPL APPLE INC 0.6%

Value ($000) $1,912 (+14.2%) Shares 7,535 (+22.8%) Est. Cost $160.97 Unrealized +63.3%

AMZN AMAZON COM INC 0.6%

Value ($000) $1,838 (+11.0%) Shares 8,825 (+23.9%) Est. Cost $146.28 Unrealized +55.1%

LEU CENTRUS ENERGY CORP 0.8%

Value ($000) $2,560 (-6.2%) Shares 14,750 (+31.1%) Est. Cost $108.40 Unrealized +146.7%

SMR NUSCALE PWR CORP 0.4%

Value ($000) $1,138 (+14.7%) Shares 105,000 (+50.0%) Est. Cost $15.55 Unrealized +11.0%

META META PLATFORMS INC 0.6%

Value ($000) $1,863 (-6.4%) Shares 3,257 (+8.9%) Est. Cost $388.77 Unrealized +68.6%

CRM SALESFORCE INC 0.2%

Value ($000) $723 (-12.7%) Shares 3,875 (+24.4%) Est. Cost $243.59 Unrealized -11.4%

LLY ELI LILLY & CO 0.4%

Value ($000) $1,341 (+6.4%) Shares 1,458 (+24.9%) Est. Cost $894.07 Unrealized +17.1%

MSFT MICROSOFT CORP 0.4%

Value ($000) $1,214 (-5.6%) Shares 3,279 (+24.3%) Est. Cost $296.29 Unrealized +46.7%

GS GOLDMAN SACHS GROUP INC 0.6%

Value ($000) $1,927 (-3.2%) Shares 2,278 (+1.2%) Est. Cost $325.03 Unrealized +186.9%

MA MASTERCARD INCORPORATED 0.3%

Value ($000) $840 (+6.8%) Shares 1,682 (+23.4%) Est. Cost $377.40 Unrealized +42.8%

COIN COINBASE GLOBAL INC 0.2%

Value ($000) $682 (-6.1%) Shares 3,905 (+24.5%) Est. Cost $294.88 Unrealized -32.0%

NVDA NVIDIA CORPORATION 0.6%

Value ($000) $1,971 (+1.7%) Shares 11,300 (+9.4%) Est. Cost $135.69 Unrealized +37.5%

HEI HEICO CORP 0.2%

Value ($000) $766 (+3.9%) Shares 2,792 (+24.4%) Est. Cost $269.78 Unrealized +25.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SOBO	SOUTH BOW CORP	970,061 (+29.2%)	$32,273 (+56.2%)	10.4%	$24.21	+17.6%	COM	83671M105
ARES	ARES MANAGEMENT CORPORATION	121,074 (+26.5%)	$13,209 (-15.3%)	4.2%	$128.36	+15.8%	CL A COM STK	03990B101
BWXT	BWX TECHNOLOGIES INC	10,000 (+42.9%)	$2,045 (+69.0%)	0.7%	$132.51	+53.2%	COM	05605H100
CCJ	CAMECO CORP	32,500 (+8.3%)	$3,534 (+28.7%)	1.1%	$58.67	+98.2%	COM	13321L108
JPM	JPMORGAN CHASE & CO	5,752 (+91.7%)	$1,692 (+74.4%)	0.5%	$215.37	+44.6%	COM	46625H100
BN	BROOKFIELD CORP	112,663 (+6.6%)	$4,559 (-6.4%)	1.5%	$33.11	+41.0%	CL A LTD VT SH	11271J107
AAPL	APPLE INC	7,535 (+22.8%)	$1,912 (+14.2%)	0.6%	$160.97	+63.3%	COM	037833100
AMZN	AMAZON COM INC	8,825 (+23.9%)	$1,838 (+11.0%)	0.6%	$146.28	+55.1%	COM	023135106
LEU	CENTRUS ENERGY CORP	14,750 (+31.1%)	$2,560 (-6.2%)	0.8%	$108.40	+146.7%	CL A	15643U104
SMR	NUSCALE PWR CORP	105,000 (+50.0%)	$1,138 (+14.7%)	0.4%	$15.55	+11.0%	CL A COM	67079K100
META	META PLATFORMS INC	3,257 (+8.9%)	$1,863 (-6.4%)	0.6%	$388.77	+68.6%	CL A	30303M102
CRM	SALESFORCE INC	3,875 (+24.4%)	$723 (-12.7%)	0.2%	$243.59	-11.4%	COM	79466L302
LLY	ELI LILLY & CO	1,458 (+24.9%)	$1,341 (+6.4%)	0.4%	$894.07	+17.1%	COM	532457108
MSFT	MICROSOFT CORP	3,279 (+24.3%)	$1,214 (-5.6%)	0.4%	$296.29	+46.7%	COM	594918104
GS	GOLDMAN SACHS GROUP INC	2,278 (+1.2%)	$1,927 (-3.2%)	0.6%	$325.03	+186.9%	COM	38141G104
MA	MASTERCARD INCORPORATED	1,682 (+23.4%)	$840 (+6.8%)	0.3%	$377.40	+42.8%	CL A	57636Q104
COIN	COINBASE GLOBAL INC	3,905 (+24.5%)	$682 (-6.1%)	0.2%	$294.88	-32.0%	COM CL A	19260Q107
NVDA	NVIDIA CORPORATION	11,300 (+9.4%)	$1,971 (+1.7%)	0.6%	$135.69	+37.5%	COM	67066G104
HEI	HEICO CORP	2,792 (+24.4%)	$766 (+3.9%)	0.2%	$269.78	+25.6%	COM	422806109

Exited Positions (4)

MOS MOSAIC CO NEW 4.2%

Value ($000) $13,038 Shares 541,202 Est. Cost $26.75 Unrealized +4.2%

BTE BAYTEX ENERGY CORP 0.3%

Value ($000) $912 Shares 280,300 Est. Cost $3.90 Unrealized -11.6%

LILAK LIBERTY LATIN AMERICA LTD 0.2%

Value ($000) $619 Shares 82,703 Est. Cost $9.39 Unrealized -17.9%

LILA LIBERTY LATIN AMERICA LTD 0.2%

Value ($000) $526 Shares 71,100 Est. Cost $7.37 Unrealized +3.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MOS	MOSAIC CO NEW	541,202	$13,038	4.2%	$26.75	+4.2%	—	61945C103
BTE	BAYTEX ENERGY CORP	280,300	$912	0.3%	$3.90	-11.6%	—	07317Q105
LILAK	LIBERTY LATIN AMERICA LTD	82,703	$619	0.2%	$9.39	-17.9%	—	G9001E128
LILA	LIBERTY LATIN AMERICA LTD	71,100	$526	0.2%	$7.37	+3.5%	—	G9001E102

Decreased Positions (2)

OKLO OKLO INC 9.4%

Value ($000) $29,232 (-34.5%) Shares 589,480 (-5.4%) Est. Cost $7.63 Unrealized +953.2%

BIL SPDR SER TR 0.5%

Value ($000) $1,446 (-47.0%) Shares 15,774 (-47.1%) Est. Cost $52.69 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OKLO	OKLO INC	589,480 (-5.4%)	$29,232 (-34.5%)	9.4%	$7.63	+953.2%	COM CL A	02156V109
BIL	SPDR SER TR	15,774 (-47.1%)	$1,446 (-47.0%)	0.5%	$52.69	—	BLOOMBERG 1-3 MO	78468R663

Unchanged Positions (28)

VZ VERIZON COMMUNICATIONS INC 13.9%

Value ($000) $43,423 Shares 865,000 Est. Cost $40.48 Unrealized +8.2%

BAM BROOKFIELD ASSET MANAGMT LTD 6.0%

Value ($000) $18,724 Shares 422,387 Est. Cost $33.77 Unrealized +52.3%

ELV ELEVANCE HEALTH INC 5.5%

Value ($000) $17,009 Shares 58,100 Est. Cost $409.27 Unrealized -14.1%

DHR DANAHER CORPORATION 3.8%

Value ($000) $11,879 Shares 62,654 Est. Cost $209.69 Unrealized +7.1%

BRK/B BERKSHIRE HATHAWAY INC DEL 16.1%

Value ($000) $50,257 Shares 104,877 Est. Cost $263.77 Unrealized +87.1%

BE BLOOM ENERGY CORP 0.8%

Value ($000) $2,439 Shares 18,000 Est. Cost $23.12 Unrealized +525.6%

CCL CARNIVAL CORP 1.2%

Value ($000) $3,613 Shares 139,602 Est. Cost $17.18 Unrealized +80.6%

RDNT RADNET INC 0.8%

Value ($000) $2,347 Shares 42,000 Est. Cost $35.69 Unrealized +100.4%

CI THE CIGNA GROUP 6.2%

Value ($000) $19,259 Shares 72,200 Est. Cost $311.40 Unrealized -9.9%

OLMA OLEMA PHARMACEUTICALS INC 0.2%

Value ($000) $746 Shares 50,000 Est. Cost $8.18 Unrealized +211.2%

TLX TELIX PHARMACEUTICAL LTD 0.8%

Value ($000) $2,548 Shares 266,200 Est. Cost $8.63 Unrealized —

— PERSPECTIVE THERAPEUTICS INC 0.3%

Value ($000) $1,043 Shares 250,000 Est. Cost $2.26 Unrealized —

GEV GE VERNOVA INC 0.4%

Value ($000) $1,309 Shares 1,500 Est. Cost $607.63 Unrealized +21.3%

CEG CONSTELLATION ENERGY CORP 0.3%

Value ($000) $949 Shares 3,400 Est. Cost $204.12 Unrealized +47.5%

ICLR ICON PLC 0.1%

Value ($000) $332 Shares 3,000 Est. Cost $224.77 Unrealized -30.4%

GOOGL ALPHABET INC 0.6%

Value ($000) $1,952 Shares 6,787 Est. Cost $109.45 Unrealized +195.4%

LNTH LANTHEUS HLDGS INC 0.4%

Value ($000) $1,365 Shares 18,000 Est. Cost $68.30 Unrealized +0.2%

TD TORONTO DOMINION BK ONT 5.8%

Value ($000) $17,932 Shares 192,000 Est. Cost $57.62 Unrealized +65.3%

IOVA IOVANCE BIOTHERAPEUTICS INC 0.1%

Value ($000) $456 Shares 130,000 Est. Cost $6.15 Unrealized -56.4%

SDGR SCHRODINGER INC 0.0%

Value ($000) $114 Shares 10,000 Est. Cost $22.83 Unrealized -35.1%

— AMGEN INC 0.2%

Value ($000) $528 Shares 1,500 Est. Cost $133.33 Unrealized —

BCYC BICYCLE THERAPEUTICS PLC 0.0%

Value ($000) $70 Shares 15,000 Est. Cost $8.49 Unrealized —

ONC BEONE MEDICINES LTD 0.3%

Value ($000) $891 Shares 3,000 Est. Cost $107.67 Unrealized —

ARVN ARVINAS INC 0.0%

Value ($000) $148 Shares 14,000 Est. Cost $15.67 Unrealized -19.8%

RLAY RELAY THERAPEUTICS INC 0.0%

Value ($000) $100 Shares 10,000 Est. Cost $7.47 Unrealized +11.1%

PLUG PLUG POWER INC 0.0%

Value ($000) $113 Shares 50,000 Est. Cost $5.23 Unrealized -58.9%

UPS UNITED PARCEL SERVICE INC 0.3%

Value ($000) $895 Shares 9,100 Est. Cost $94.10 Unrealized +16.8%

NUVL NUVALENT INC 0.1%

Value ($000) $205 Shares 2,000 Est. Cost $98.60 Unrealized +5.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VZ	VERIZON COMMUNICATIONS INC	865,000	$43,423	13.9%	$40.48	+8.2%	COM	92343V104
BAM	BROOKFIELD ASSET MANAGMT LTD	422,387	$18,724	6.0%	$33.77	+52.3%	CL A LMT VTG SHS	113004105
ELV	ELEVANCE HEALTH INC	58,100	$17,009	5.5%	$409.27	-14.1%	COM	036752103
DHR	DANAHER CORPORATION	62,654	$11,879	3.8%	$209.69	+7.1%	COM	235851102
BRK/B	BERKSHIRE HATHAWAY INC DEL	104,877	$50,257	16.1%	$263.77	+87.1%	CL B NEW	084670702
BE	BLOOM ENERGY CORP	18,000	$2,439	0.8%	$23.12	+525.6%	COM CL A	093712107
CCL	CARNIVAL CORP	139,602	$3,613	1.2%	$17.18	+80.6%	COMMON STOCK	143658300
RDNT	RADNET INC	42,000	$2,347	0.8%	$35.69	+100.4%	COM	750491102
CI	THE CIGNA GROUP	72,200	$19,259	6.2%	$311.40	-9.9%	COM	125523100
OLMA	OLEMA PHARMACEUTICALS INC	50,000	$746	0.2%	$8.18	+211.2%	COM	68062P106
TLX	TELIX PHARMACEUTICAL LTD	266,200	$2,548	0.8%	$8.63	—	SPONSORED ADS	87961M105
—	PERSPECTIVE THERAPEUTICS INC	250,000	$1,043	0.3%	$2.26	—	COM	46489V104
GEV	GE VERNOVA INC	1,500	$1,309	0.4%	$607.63	+21.3%	COM	36828A101
CEG	CONSTELLATION ENERGY CORP	3,400	$949	0.3%	$204.12	+47.5%	COM	21037T109
ICLR	ICON PLC	3,000	$332	0.1%	$224.77	-30.4%	SHS	G4705A100
GOOGL	ALPHABET INC	6,787	$1,952	0.6%	$109.45	+195.4%	CAP STK CL A	02079K305
LNTH	LANTHEUS HLDGS INC	18,000	$1,365	0.4%	$68.30	+0.2%	COM	516544103
TD	TORONTO DOMINION BK ONT	192,000	$17,932	5.8%	$57.62	+65.3%	COM NEW	891160509
IOVA	IOVANCE BIOTHERAPEUTICS INC	130,000	$456	0.1%	$6.15	-56.4%	COM	462260100
SDGR	SCHRODINGER INC	10,000	$114	0.0%	$22.83	-35.1%	COM	80810D103
—	AMGEN INC	1,500	$528	0.2%	$133.33	—	COM	031162101
BCYC	BICYCLE THERAPEUTICS PLC	15,000	$70	0.0%	$8.49	—	SPONSORED ADS	088786108
ONC	BEONE MEDICINES LTD	3,000	$891	0.3%	$107.67	—	SPONSORED ADS	07725L102
ARVN	ARVINAS INC	14,000	$148	0.0%	$15.67	-19.8%	COM	04335A105
RLAY	RELAY THERAPEUTICS INC	10,000	$100	0.0%	$7.47	+11.1%	COM	75943R102
PLUG	PLUG POWER INC	50,000	$113	0.0%	$5.23	-58.9%	COM NEW	72919P202
UPS	UNITED PARCEL SERVICE INC	9,100	$895	0.3%	$94.10	+16.8%	COM	911312106
NUVL	NUVALENT INC	2,000	$205	0.1%	$98.60	+5.1%	COM	670703107