PORTLAND INVESTMENT COUNSEL INC.

CIK 0001081668 · Q1 2026

13F Equity AUM

$311.6M

-6.2% QoQ

Positions

+2 QoQ

AUM Rank

#5,761

Top 46%

Skill Alpha (FF)

-8.0%/yr^ns

No Clear Edge

Rank #7,841 · Top 95%

vs S&P -15.3%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 56.0%Top 10: 81.3%Top 20: 90.3%

BRK/B16.1%

BAC13.9%

SOBO10.4%

OKLO9.4%

CI6.2%

BAM6.0%

TD5.8%

ELV5.5%

ARES4.2%

DHR3.8%

Others (45)18.8%

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

Sector Allocation

Financial Services36.5%

Healthcare19.5%

Communication Services15.2%

Energy12.3%

Utilities10.5%

Technology2.2%

Industrials2.0%

Other1.8%

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

Position Sizing

Positions: 55Median: 0.44%Avg: 1.82%

0–0.5%

29(6.1%)

0.5–1%

13(8.9%)

1–3%

3(3.8%)

3–5%

2(8.1%)

5%+

8(73.2%)

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

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Portfolio Overlap

Shared: 53Unique: 2vs 20 funds

0.7%Low

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

BlackRock, Inc.

1.3%

JPMORGAN CHASE & CO

1.1%

BANK OF AMERICA CORP /DE/

1.1%

GEODE CAPITAL MANAGEMENT, LLC

1.5%

VANGUARD CAPITAL MANAGEMENT LLC

1.5%

FMR LLC

1.7%

STATE STREET CORP

1.4%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.6%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New6Increased21Decreased3Exited4

New Positions

BNS0.8%

+38K

REGN0.2%

+654

PLTR0.1%

+2K

CRWD0.1%

+716

PANW0.1%

+2K

ZS0.1%

+2K

Increased

SOBO10.4%

+219K(+29%)

SMR0.4%

+35K(+50%)

ARES4.2%

+25K(+26%)

BN1.5%

+7K(+7%)

LEU0.8%

+4K(+31%)

BWXT0.7%

+3K(+43%)

JPM0.5%

+3K(+92%)

CCO1.1%

+3K(+8%)

AMZN0.6%

+2K(+24%)

AAPL0.6%

+1K(+23%)

Decreased

OKLO9.4%

-33,350(-5%)

BIL0.5%

-14,047(-47%)

GOOGL0.6%

-50(-1%)

Exited

-541,202

-280,300

-82,703

-71,100

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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