Cumberland Partners Ltd
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 3, 2025), Cumberland Partners Ltd reported 164 stock positions worth $1.4 billion. Its top holding was Microsoft (MSFT) at 5.3% of the portfolio, followed by Walmart (WMT, 4.8%) and Meta Platforms Class A (META, 4.5%). Compared with Q3 2024, it opened 19 new positions, sold out of 33, added to 69 and reduced 59. The biggest buy was Broadcom (AVGO, shares +67%) and the biggest sale Unitedhealth (UNH, shares −43%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001578985
- Portfolio Value
- $1.4B (Q4 2024)
- SEC Filing
- 0001104659-25-008295 ↗ filed Feb 3, 2025
Holdings Value
Holdings 164 stocks · $1.4B
| MSFT Microsoft Corp. | 5.30% | 180,367 | $76.0M | Add +1.1% |
| WMT Walmart Inc. | 4.77% | 757,550 | $68.4M | Reduce -1.3% |
| META Meta Platforms Inc. Class A | 4.53% | 111,034 | $65.0M | Reduce -1.8% |
| ETN Eaton Corp. PLC | 4.14% | 179,012 | $59.4M | Add +7.6% |
| GOOG Alphabet Inc. Class C | 3.65% | 274,925 | $52.4M | Reduce -0.4% |
| RY Royal Bank of Canada | 3.43% | 409,160 | $49.2M | Add +0.1% |
| SPGI S&P Global Inc. | 3.42% | 98,423 | $49.0M | Add +0.3% |
| V Visa Inc. Class A | 3.36% | 152,652 | $48.2M | Add +0.5% |
| AMZN Amazon.com Inc. | 3.04% | 198,767 | $43.6M | Add +8.7% |
| COST Costco Wholesale Corp. | 3.04% | 47,590 | $43.6M | Reduce -0.3% |
| AVGO Broadcom Inc. | 2.69% | 166,430 | $38.6M | Add +67.2% |
| AAPL Apple Inc. | 2.66% | 152,264 | $38.1M | Reduce -0.2% |
| MA Mastercard Inc. Class A | 2.29% | 62,428 | $32.9M | Add +1.4% |
| LIN Linde PLC | 2.17% | 74,441 | $31.2M | Reduce -0.1% |
| HD Home Depot Inc. | 2.16% | 79,608 | $31.0M | Add +2.9% |
| MRSH Marsh & McLennan Cos | 2.05% | 138,707 | $29.5M | Reduce -0.6% |
| CP Canadian Pacific Kansas City | 1.98% | 393,030 | $28.4M | Reduce -9.4% |
| CNI Canadian Natl Railway Co. | 1.97% | 279,115 | $28.3M | Add +0.3% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.84% | 92,977 | $26.4M | Reduce -0.4% |
| TFII Tfi International Inc. | 1.73% | 184,312 | $24.9M | Add +0.5% |
| GOOGL Alphabet Inc. Class A | 1.50% | 113,538 | $21.5M | Reduce -1.3% |
| VRTX Vertex Pharmaceuticals Inc. | 1.33% | 47,326 | $19.1M | Add +9.6% |
| NVDA Nvidia Corp. | 1.30% | 139,284 | $18.7M | Add +6.5% |
| TRI Thomson Reuters Corp. | 1.29% | 115,393 | $18.5M | Reduce -0.2% |
| TMO Thermo Fisher Scientific Inc. | 1.26% | 34,695 | $18.0M | Reduce -0.2% |
| LLY Eli Lilly & Co. | 1.25% | 23,273 | $18.0M | Add +5.9% |
| UNH Unitedhealth Group Inc. | 1.24% | 35,030 | $17.7M | Reduce -42.5% |
| AMAT Applied Materials Inc. | 1.20% | 105,523 | $17.2M | Reduce -5.5% |
| ORLY O'reilly Automotive Inc. | 1.01% | 12,178 | $14.4M | Add +0.1% |
| CDNS Cadence Design SYS Inc. | 1.00% | 47,927 | $14.4M | Add +65.0% |
| NDAQ Nasdaq Inc. | 0.92% | 169,995 | $13.1M | Add +19.3% |
| CCJ Cameco Corp. | 0.90% | 251,525 | $12.9M | Reduce -8.5% |
| BAH Booz Allen Hamilton Holdings | 0.89% | 99,330 | $12.8M | Add +92.2% |
| BLK BlackRock Inc. | 0.72% | 10,005 | $10.3M | Reduce -34.4% |
| STN Stantec Inc. | 0.68% | 125,290 | $9.8M | Add +11.7% |
| HWM Howmet Aerospace Inc. | 0.67% | 88,475 | $9.7M | Add +17.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.67% | 48,892 | $9.7M | No change |
| ARES Ares Management Corp. Class A | 0.64% | 51,515 | $9.1M | No change |
| MSI Motorola Solutions Inc. | 0.62% | 19,235 | $8.9M | Reduce -16.2% |
| DLR Digital Realty Trust Inc. | 0.58% | 46,595 | $8.3M | No change |
| DSGX The Descartes Systems Grp | 0.56% | 70,670 | $8.0M | Reduce -17.7% |
| PM Philip Morris International | 0.53% | 62,825 | $7.6M | Add +12.5% |
| ET Energy Transfer LP | 0.50% | 366,705 | $7.2M | No change |
| ORCL Oracle Corp. | 0.50% | 43,000 | $7.2M | Add +430.9% |
| SVOL Simplify Volatility Premium | 0.49% | 335,148 | $7.0M | Add +3.8% |
| PH Parker Hannifin Corp. | 0.48% | 10,736 | $6.8M | Reduce -0.1% |
| FSV Firstservice Corp. | 0.47% | 36,860 | $6.7M | Add +0.1% |
| EMN Eastman Chemical Co. | 0.40% | 63,125 | $5.8M | Add +22.5% |
| DECK Deckers Outdoor Corp. | 0.40% | 27,893 | $5.7M | Reduce -0.9% |
| GRTUF Granite Real Estate Investme | 0.38% | 112,500 | $5.5M | Add +21.2% |
| AGI Alamos Gold Inc. Class A | 0.36% | 277,000 | $5.1M | Add +0.6% |
| CNQ Canadian Natural Resources | 0.34% | 156,653 | $4.8M | Reduce -5.8% |
| APH Amphenol Corp. Class A | 0.34% | 69,447 | $4.8M | Add +0.2% |
| ACN Accenture PLC Class A | 0.32% | 13,125 | $4.6M | Add +62.7% |
| MCK McKesson Corp. | 0.31% | 7,920 | $4.5M | Reduce -33.0% |
| CARR Carrier Global Corp. | 0.31% | 65,465 | $4.5M | Reduce -21.8% |
| WCN Waste Connections Inc. | 0.31% | 26,040 | $4.5M | Add +1.2% |
| TUA Sim St Treas Fut Strat ETF filed as SIMPLIFY EXCHANGE TRADED FUN | 0.29% | 198,382 | $4.2M | Add +7.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.28% | 8,775 | $4.0M | Reduce -6.3% |
| MELI MercadoLibre Inc. | 0.27% | 2,300 | $3.9M | Add +27.8% |
| TD Toronto-Dominion Bank | 0.27% | 73,151 | $3.9M | Reduce -5.7% |
| PBA Pembina Pipeline Corp. | 0.27% | 105,080 | $3.9M | Add +9.6% |
| CRM Salesforce Inc. | 0.26% | 11,100 | $3.7M | Reduce -21.3% |
| EA Electronic Arts Inc. | 0.25% | 24,872 | $3.6M | Add +894.9% |
| WIX Wix.com Ltd. | 0.25% | 16,500 | $3.5M | Reduce -13.2% |
| DHR Danaher Corp. | 0.24% | 15,007 | $3.4M | Add +4.8% |
| ABBV Abbvie Inc. | 0.24% | 19,382 | $3.4M | Reduce -30.8% |
| NFLX Netflix Inc. | 0.24% | 3,857 | $3.4M | Reduce -33.3% |
| MSCI MSCI Inc. | 0.23% | 5,500 | $3.3M | Add +120.0% |
| ADBE Adobe Inc. | 0.23% | 7,320 | $3.3M | Add +166.4% |
| AESI Atlas Energy Solutions Inc. | 0.22% | 139,900 | $3.1M | Add +20.3% |
| TOL Toll Brothers Inc. | 0.21% | 24,050 | $3.0M | Reduce -16.5% |
| ABNB Airbnb Inc. Class A | 0.21% | 23,040 | $3.0M | Reduce -23.3% |
| UBER Uber Technologies Inc. | 0.21% | 50,000 | $3.0M | New |
| RMD Resmed Inc. | 0.21% | 13,000 | $3.0M | Add +550.0% |
| HBM Hudbay Minerals Inc. | 0.21% | 364,700 | $3.0M | Reduce -12.1% |
| GLD SPDR Gold Shares | 0.20% | 11,785 | $2.9M | Add +6.3% |
| FTNT Fortinet Inc. | 0.20% | 30,000 | $2.8M | Add +13.2% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.20% | 48,035 | $2.8M | Add +37.1% |
| PEP Pepsico Inc. | 0.19% | 18,055 | $2.7M | No change |
| VEEV Veeva Systems Inc. Class A | 0.19% | 13,000 | $2.7M | New |
| JNJ Johnson & Johnson | 0.18% | 18,300 | $2.6M | Add +18.4% |
| TW Tradeweb Markets Inc. Class A | 0.18% | 20,000 | $2.6M | Add +11.1% |
| ACGL Arch Capital Group Ltd. | 0.18% | 27,680 | $2.6M | Reduce -39.1% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.18% | 29,679 | $2.6M | New |
| MKTX Marketaxess Holdings Inc. | 0.17% | 11,000 | $2.5M | Add +450.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.17% | 56,485 | $2.5M | Add +2.7% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.17% | 31,450 | $2.5M | No change |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.17% | 45,683 | $2.4M | Reduce -39.9% |
| NOA North American Construction | 0.17% | 110,100 | $2.4M | No change |
| RSG Republic Services Inc. | 0.16% | 11,700 | $2.4M | Add +9.9% |
| TT Trane Technologies PLC | 0.16% | 6,175 | $2.3M | New |
| GDDY GoDaddy Inc. Class A | 0.16% | 11,500 | $2.3M | Reduce -4.2% |
| SCCO Southern Copper Corp. | 0.16% | 24,683 | $2.2M | Add +0.6% |
| PEGA Pegasystems Inc. | 0.16% | 24,000 | $2.2M | Add +20.0% |
| ICLR Icon PLC | 0.15% | 10,470 | $2.2M | Reduce -57.3% |
| BX Blackstone Inc. | 0.15% | 12,500 | $2.2M | Add +25.0% |
| DCBO Docebo Inc. | 0.15% | 47,700 | $2.1M | New |
| EMR Emerson Electric Co. | 0.15% | 17,200 | $2.1M | Add +45.1% |
| APP AppLovin Corp. Class A | 0.15% | 6,500 | $2.1M | Reduce -65.8% |
Portfolio Sells Q3 2024 → Q4 2024
| UNH Unitedhealth Group Inc. | Reduce -42.5% | 1.24% | −1.24 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.70 |
| CP Canadian Pacific Kansas City | Reduce -9.4% | 1.98% | −0.60 |
| AVY Avery Dennison Corp. | Reduce -92.5% | 0.03% | −0.43 |
| AMAT Applied Materials Inc. | Reduce -5.5% | 1.20% | −0.37 |
| ADI Analog Devices Inc. | Sold out | 0.00% | −0.37 |
| ICLR Icon PLC | Reduce -57.3% | 0.15% | −0.34 |
| LIN Linde PLC | Reduce -0.1% | 2.17% | −0.29 |
| BLK BlackRock Inc. | Reduce -34.4% | 0.72% | −0.29 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -77.4% | 0.06% | −0.26 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.2% | 1.26% | −0.23 |
| AMT American Tower Corp. | Sold out | 0.00% | −0.21 |
| GSK GSK PLC-Spon ADR | Sold out | 0.00% | −0.18 |
| ACGL Arch Capital Group Ltd. | Reduce -39.1% | 0.18% | −0.17 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.16 |
| CARR Carrier Global Corp. | Reduce -21.8% | 0.31% | −0.16 |
| ALSN Allison Transmission Holding | Sold out | 0.00% | −0.15 |
| AZO AutoZone Inc. | Sold out | 0.00% | −0.15 |
| ABBV Abbvie Inc. | Reduce -30.8% | 0.24% | −0.14 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.13 |
| NSSC Napco Security Technologies | Sold out | 0.00% | −0.12 |
| BNS Bank of Nova Scotia | Reduce -39.9% | 0.17% | −0.12 |
| PLD Prologis Inc. | Sold out | 0.00% | −0.11 |
| AIT Applied Industrial Tech Inc. | Sold out | 0.00% | −0.11 |
| FIX Comfort Systems USA Inc. | Sold out | 0.00% | −0.11 |
| CI The Cigna Group | Sold out | 0.00% | −0.11 |
| MRSH Marsh & McLennan Cos | Reduce -0.6% | 2.05% | −0.11 |
| AXP American Express Co. | Sold out | 0.00% | −0.10 |
| HCA HCA Healthcare Inc. | Sold out | 0.00% | −0.10 |
| TOL Toll Brothers Inc. | Reduce -16.5% | 0.21% | −0.10 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −0.10 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −0.10 |
| MSI Motorola Solutions Inc. | Reduce -16.2% | 0.62% | −0.10 |
| MKL Markel Group Inc. | Sold out | 0.00% | −0.09 |
| MCK McKesson Corp. | Reduce -33.0% | 0.31% | −0.09 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −0.08 |
| IBKR Interactive Brokers Gro Class A | Sold out | 0.00% | −0.08 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.08 |
| MEDP Medpace Holdings Inc. | Sold out | 0.00% | −0.08 |
| TRI Thomson Reuters Corp. | Reduce -0.2% | 1.29% | −0.08 |
| TU Telus Corp. | Reduce -83.2% | 0.01% | −0.08 |
| DCI Donaldson Co. Inc. | Sold out | 0.00% | −0.08 |
| INTU Intuit Inc. | Reduce -63.6% | 0.04% | −0.07 |
| TD Toronto-Dominion Bank | Reduce -5.7% | 0.27% | −0.07 |
| HBM Hudbay Minerals Inc. | Reduce -12.1% | 0.21% | −0.06 |
| DSGX The Descartes Systems Grp | Reduce -17.7% | 0.56% | −0.05 |
| ABNB Airbnb Inc. Class A | Reduce -23.3% | 0.21% | −0.05 |
| SBAC SBA Communications Corp. | Sold out | 0.00% | −0.05 |
| CNQ Canadian Natural Resources | Reduce -5.8% | 0.34% | −0.05 |
| LECO Lincoln Electric Holdings | Reduce -41.0% | 0.06% | −0.05 |
Portfolio Buys Q3 2024 → Q4 2024
| AVGO Broadcom Inc. | Add +67.2% | 2.69% | +1.50 |
| AMZN Amazon.com Inc. | Add +8.7% | 3.04% | +0.68 |
| V Visa Inc. Class A | Add +0.5% | 3.36% | +0.47 |
| CDNS Cadence Design SYS Inc. | Add +65.0% | 1.00% | +0.46 |
| ORCL Oracle Corp. | Add +430.9% | 0.50% | +0.40 |
| ETN Eaton Corp. PLC | Add +7.6% | 4.14% | +0.32 |
| BAH Booz Allen Hamilton Holdings | Add +92.2% | 0.89% | +0.31 |
| EA Electronic Arts Inc. | Add +894.9% | 0.25% | +0.23 |
| UBER Uber Technologies Inc. | New | 0.21% | +0.21 |
| NVDA Nvidia Corp. | Add +6.5% | 1.30% | +0.20 |
| NDAQ Nasdaq Inc. | Add +19.3% | 0.92% | +0.19 |
| VEEV Veeva Systems Inc. Class A | New | 0.19% | +0.19 |
| MA Mastercard Inc. Class A | Add +1.4% | 2.29% | +0.18 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.18% | +0.18 |
| RMD Resmed Inc. | Add +550.0% | 0.21% | +0.17 |
| TT Trane Technologies PLC | New | 0.16% | +0.16 |
| HWM Howmet Aerospace Inc. | Add +17.9% | 0.67% | +0.15 |
| DCBO Docebo Inc. | New | 0.15% | +0.15 |
| PFE Pfizer Inc. | New | 0.14% | +0.14 |
| MKTX Marketaxess Holdings Inc. | Add +450.0% | 0.17% | +0.14 |
| CME Cme Group Inc. | New | 0.13% | +0.13 |
| MSCI MSCI Inc. | Add +120.0% | 0.23% | +0.13 |
| ADBE Adobe Inc. | Add +166.4% | 0.23% | +0.13 |
| ACN Accenture PLC Class A | Add +62.7% | 0.32% | +0.12 |
| MNST Monster Beverage Corp. | New | 0.12% | +0.12 |
| PAYC Paycom Software Inc. | New | 0.12% | +0.12 |
| ZTS Zoetis Inc. | New | 0.10% | +0.10 |
| TPL Texas Pacific Land Corp. | New | 0.09% | +0.09 |
| DPZ Domino's Pizza Inc. | Add +275.0% | 0.11% | +0.08 |
| CMCSA Comcast Corp. Class A | New | 0.07% | +0.07 |
| EPAM Epam Systems Inc. | New | 0.07% | +0.07 |
| KNSL Kinsale Capital Group Inc. | Add +80.0% | 0.15% | +0.07 |
| EMR Emerson Electric Co. | Add +45.1% | 0.15% | +0.06 |
| FDS Factset Research Systems Inc. | New | 0.06% | +0.06 |
| WRB WR Berkley Corp. | Add +37.1% | 0.20% | +0.06 |
| STN Stantec Inc. | Add +11.7% | 0.68% | +0.06 |
| PM Philip Morris International | Add +12.5% | 0.53% | +0.06 |
| FTNT Fortinet Inc. | Add +13.2% | 0.20% | +0.06 |
| PEGA Pegasystems Inc. | Add +20.0% | 0.16% | +0.05 |
| CPAY Corpay Inc. | New | 0.05% | +0.05 |
| BX Blackstone Inc. | Add +25.0% | 0.15% | +0.04 |
| AESI Atlas Energy Solutions Inc. | Add +20.3% | 0.22% | +0.04 |
| CSL Carlisle Cos Inc. | New | 0.04% | +0.04 |
| ORLY O'reilly Automotive Inc. | Add +0.1% | 1.01% | +0.03 |
| TW Tradeweb Markets Inc. Class A | Add +11.1% | 0.18% | +0.03 |
| BMO Bank of Montreal | Add +31.4% | 0.09% | +0.03 |
| SPOT Spotify Technology SA | Add +7.1% | 0.12% | +0.03 |
| SLF Sun Life Financial Inc. | Add +94.2% | 0.05% | +0.02 |
| APH Amphenol Corp. Class A | Add +0.2% | 0.34% | +0.02 |
| BAC Bank of America Corp. | Add +2.7% | 0.17% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 153 | $1.5B | RY, NVDA, MSFT, AMZN, GOOG |
| Q1 2026 | 157 | $1.3B | NVDA, RY, MSFT, AMZN, WMT |
| Q4 2025 | 172 | $1.6B | MSFT, NVDA, WMT, RY, META |
| Q3 2025 | 162 | $1.5B | MSFT, NVDA, META, WMT, RY |
| Q2 2025 | 169 | $1.4B | MSFT, WMT, META, NVDA, SPGI |
| Q1 2025 | 168 | $1.3B | MSFT, WMT, V, META, SPGI |
| Q4 2024 | 164 | $1.4B | MSFT, WMT, META, ETN, GOOG |
| Q3 2024 | 178 | $1.4B | MSFT, META, WMT, ETN, RY |
| Q2 2024 | 169 | $1.4B | MSFT, META, ETN, GOOG, WMT |
| Q1 2024 | 187 | $1.4B | MSFT, ETN, META, GOOG, SPGI |