# EDGAR Filing Document

**Accession Number:** 0001081668
**File Stem:** 0001081668-26-000003
**Filing Date:** 2026-2
**Character Count:** 8971
**Document Hash:** e0fefb70930ee8725faaaa58c046c919
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001081668-26-000003.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001081668-26-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**EFFECTIVENESS DATE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PORTLAND INVESTMENT COUNSEL INC.
- **CENTRAL INDEX KEY:** 0001081668

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10561
- **FILM NUMBER:** 26624098

**BUSINESS ADDRESS:**
- **STREET 1:** 1375 KERNS RD
- **STREET 2:** SUITE 100
- **CITY:** BURLINGTON
- **STATE:** A6
- **ZIP:** L7P 4V7
- **BUSINESS PHONE:** 9053314250

**MAIL ADDRESS:**
- **STREET 1:** 1375 KERNS RD
- **STREET 2:** SUITE 100
- **CITY:** BURLINGTON
- **STATE:** A6
- **ZIP:** L7P 4V7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIC LTD
- **DATE OF NAME CHANGE:** 19990311

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** PORTLAND INVESTMENT COUNSEL INC.<br>**Address:** 1375 KERNS RD<br>SUITE 100<br>BURLINGTON, A6 L7P 4V7

**Form 13F File Number:** 028-10561

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Nadine Milne<br>**Title:** Chief Compliance Officer<br>**Phone:** 9053314250

**Signature, Place, and Date of Signing:**

Nadine Milne  Burlington, A6  02-12-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 53

**Form 13F Information Table Value Total:** $332101452

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2145792 | 6837 | SH |  | SOLE |  | 6837 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 1655614 | 7120 | SH |  | SOLE |  | 7120 | 0 | 0 |
| AMGEN INC | COM | 031162101 |  | 490965 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1675073 | 6134 | SH |  | SOLE |  | 6134 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 15593029 | 95724 | SH |  | SOLE |  | 95724 | 0 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 166040 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| BAYTEX ENERGY CORP | COM | 07317Q105 |  | 911553 | 280300 | SH |  | SOLE |  | 280300 | 0 | 0 |
| BEONE MEDICINES LTD | SPONSORED ADS | 07725L102 |  | 911430 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 52414415 | 104083 | SH |  | SOLE |  | 104083 | 0 | 0 |
| BICYCLE THERAPEUTICS PLC | SPONSORED ADS | 088786108 |  | 106200 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| BLOOM ENERGY CORP | COM CL A | 093712107 |  | 1564020 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 4870163 | 105728 | SH |  | SOLE |  | 105728 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 22193674 | 421200 | SH |  | SOLE |  | 421200 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 1209880 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 2747004 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| CARNIVAL CORP | COMMON STOCK | 143658300 |  | 4271537 | 139602 | SH |  | SOLE |  | 139602 | 0 | 0 |
| CENTRUS ENERGY CORP | CL A | 15643U104 |  | 2731050 | 11250 | SH |  | SOLE |  | 11250 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 19871606 | 72200 | SH |  | SOLE |  | 72200 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 726529 | 3137 | SH |  | SOLE |  | 3137 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 1201118 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 14434564 | 62654 | SH |  | SOLE |  | 62654 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 20366955 | 58100 | SH |  | SOLE |  | 58100 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 980355 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 1260068 | 1167 | SH |  | SOLE |  | 1167 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1990829 | 2251 | SH |  | SOLE |  | 2251 | 0 | 0 |
| HEICO CORP | COM | 422806109 |  | 736615 | 2244 | SH |  | SOLE |  | 2244 | 0 | 0 |
| ICON PLC | SHS | G4705A100 |  | 546660 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| IOVANCE BIOTHERAPEUTICS INC | COM | 462260100 |  | 354900 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 970260 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| LANTHEUS HLDGS INC | COM | 516544103 |  | 1197900 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| LIBERTY LATIN AMERICA LTD | COM CL C | G9001E128 |  | 618618 | 82703 | SH |  | SOLE |  | 82703 | 0 | 0 |
| LIBERTY LATIN AMERICA LTD | COM CL A | G9001E102 |  | 526140 | 71100 | SH |  | SOLE |  | 71100 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 787023 | 1363 | SH |  | SOLE |  | 1363 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1991856 | 2991 | SH |  | SOLE |  | 2991 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1285485 | 2637 | SH |  | SOLE |  | 2637 | 0 | 0 |
| MOSAIC CO NEW | COM | 61945C103 |  | 13037556 | 541202 | SH |  | SOLE |  | 541202 | 0 | 0 |
| NUSCALE PWR CORP | CL A COM | 67079K100 |  | 991900 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| NUVALENT INC | COM | 670703107 |  | 201180 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1937288 | 10330 | SH |  | SOLE |  | 10330 | 0 | 0 |
| OKLO INC | COM CL A | 02156V109 |  | 44625544 | 622830 | SH |  | SOLE |  | 622830 | 0 | 0 |
| OLEMA PHARMACEUTICALS INC | COM | 68062P106 |  | 1250000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| PERSPECTIVE THERAPEUTICS INC | COM | 46489V104 |  | 687500 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| PLUG POWER INC | COM NEW | 72919P202 |  | 98500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 3000900 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| RELAY THERAPEUTICS INC | COM | 75943R102 |  | 84600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 828607 | 3116 | SH |  | SOLE |  | 3116 | 0 | 0 |
| SCHRODINGER INC | COM | 80810D103 |  | 178800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SOUTH BOW CORP | COM | 83671M105 |  | 20656380 | 751044 | SH |  | SOLE |  | 751044 | 0 | 0 |
| SPDR SER TR | BLOOMBERG 1-3 MO | 78468R663 |  | 2725043 | 29821 | SH |  | SOLE |  | 29821 | 0 | 0 |
| TELIX PHARMACEUTICAL LTD | SPONSORED ADS | 87961M105 |  | 2063050 | 266200 | SH |  | SOLE |  | 266200 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 18095605 | 192000 | SH |  | SOLE |  | 192000 | 0 | 0 |
| UNITED PARCEL SERVICE INC | COM | 911312106 |  | 902629 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 35231450 | 865000 | SH |  | SOLE |  | 865000 | 0 | 0 |

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