PORTLAND INVESTMENT COUNSEL INC.

CIK 0001081668 · Q2 2026

13F Equity AUM

$357.9M

+14.9% QoQ

Positions

+3 QoQ

AUM Rank

#5,970

Top 48%

Skill Alpha (FF)

-8.6%/yr^ns

No Clear Edge

Rank #7,987 · Top 96%

vs S&P -12.5%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 59.5%Top 10: 80.6%Top 20: 89.8%

CI17.4%

BRK/B13.5%

BAC10.6%

SOBO9.4%

OKLO8.6%

TD6.3%

BAM5.3%

ARES3.8%

DHR3.3%

UBER2.4%

Others (48)19.4%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services33.5%

Healthcare24.8%

Communication Services11.8%

Energy11.0%

Utilities9.6%

Technology4.6%

Industrials2.1%

Other2.5%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 58Median: 0.49%Avg: 1.72%

0–0.5%

30(5.7%)

0.5–1%

15(10.2%)

1–3%

4(5.9%)

3–5%

2(7.1%)

5%+

7(71.1%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 58vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New4Increased3Decreased5Exited1

New Positions

UBER2.4%

+121K

X-ENERGY INC0.3%

+60K

SYY0.3%

+12K

SPACE EXPLORATION TE…0.2%

+4K

Increased

CI17.4%

+154K(+213%)

BAC10.6%

+29K(+3%)

BIL0.9%

+19K(+119%)

Decreased

SOBO9.4%

-18,237(-2%)

BRK/B13.5%

-8,400(-8%)

BE1.0%

-6,000(-33%)

TD6.3%

-5,300(-3%)

GS0.6%

-200(-9%)

Exited

ELV

-58,100

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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