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

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.4B Q1 2024 Q2 2024: $1.4B Q2 2024 Q3 2024: $1.4B Q3 2024 Q4 2024: $1.4B $1.4B Q4 2024 Q1 2025: $1.3B Q1 2025 Q2 2025: $1.4B Q2 2025 Q3 2025: $1.5B Q3 2025 Q4 2025: $1.6B Q4 2025 Q1 2026: $1.3B Q1 2026 Q2 2026: $1.5B Q2 2026

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%
HLT Hilton Worldwide Holdings Inc. 0.15% 8,500 $2.1M Reduce -5.6%
KNSL Kinsale Capital Group Inc. 0.15% 4,500 $2.1M Add +80.0%
PFE Pfizer Inc. 0.14% 76,600 $2.0M New
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.14% 32,037 $2.0M Reduce -3.2%
BKNG Booking Holdings Inc. 0.13% 375 $1.9M Reduce -25.0%
GNTX Gentex Corp. 0.13% 64,820 $1.9M No change
CME Cme Group Inc. 0.13% 8,000 $1.9M New
PGR Progressive Corp. 0.13% 7,680 $1.8M Add +18.1%
MNST Monster Beverage Corp. 0.12% 33,782 $1.8M New
PAYC Paycom Software Inc. 0.12% 8,525 $1.7M New
FMX Fomento Economico Mex-SP ADR 0.12% 20,000 $1.7M Reduce -4.8%
SPOT Spotify Technology SA 0.12% 3,750 $1.7M Add +7.1%
ENB Enbridge Inc. 0.11% 38,464 $1.6M Add +10.0%
BND Vanguard Total Bond Market 0.11% 22,220 $1.6M No change
DPZ Domino's Pizza Inc. 0.11% 3,750 $1.6M Add +275.0%
NVR NVR Inc. 0.11% 190 $1.6M Reduce -15.6%
PAYX Paychex Inc. 0.11% 11,000 $1.5M Reduce -15.4%
ZTS Zoetis Inc. 0.10% 9,200 $1.5M New
PYPL PayPal Holdings Inc. 0.10% 17,535 $1.5M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.10% 6,685 $1.5M Reduce -10.0%
RJF Raymond James Financial Inc. 0.09% 8,700 $1.4M Reduce -4.4%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.09% 13,902 $1.3M Add +31.4%
TPL Texas Pacific Land Corp. 0.09% 1,150 $1.3M New
RYAN Ryan Specialty Holdings Inc. 0.09% 19,000 $1.2M Reduce -13.6%
FALN iShares Fallen Angels ETF 0.08% 45,200 $1.2M Add +34.5%
FTS Fortis Inc. 0.08% 27,900 $1.2M Add +6.5%
EME Emcor Group Inc. 0.08% 2,500 $1.1M Reduce -37.5%
SCHO Schwab Short-Term US Treas 0.08% 45,470 $1.1M Reduce -6.3%
BKLN Invesco Senior Loan ETF 0.07% 50,000 $1.1M No change
CMCSA Comcast Corp. Class A 0.07% 27,500 $1.0M New
EPAM Epam Systems Inc. 0.07% 4,000 $935K New
LECO Lincoln Electric Holdings 0.06% 4,900 $919K Reduce -41.0%
ASML ASML Holding NV-NY Reg SHS 0.06% 1,250 $866K Reduce -77.4%
FDS Factset Research Systems Inc. 0.06% 1,750 $840K New
KLAC KLA Corp. 0.06% 1,300 $819K Add +18.2%
VOO Vanguard S&P 500 ETF 0.06% 1,463 $788K No change
SLF Sun Life Financial Inc. 0.05% 11,546 $684K Add +94.2%
CPAY Corpay Inc. 0.05% 2,000 $677K New
IGSB iShares 1-5Y Inv Grade Corp. 0.05% 13,070 $676K Add +19.2%
UTHR United Therapeutics Corp. 0.05% 1,900 $670K Reduce -5.0%
WBD Warner Bros Discovery Inc. 0.04% 60,420 $639K Add +0.2%
INTU Intuit Inc. 0.04% 1,000 $629K Reduce -63.6%
XLF SS Financial Select Sector 0.04% 12,151 $587K Add +2.3%
IGIB iShares 5-10Y Inv Grade Corp. 0.04% 11,300 $582K Add +23.7%
CSL Carlisle Cos Inc. 0.04% 1,500 $553K New
USIG iShares Broad Usd Investment 0.04% 10,970 $552K Add +54.9%
AVY Avery Dennison Corp. 0.03% 2,265 $424K Reduce -92.5%
RSST Return Stacked US SM FTR ETF 0.03% 15,000 $359K No change
TSLA Tesla Inc. 0.02% 874 $353K Reduce -3.9%
CLS Celestica Inc. 0.02% 3,800 $351K Reduce -64.8%
RSSB RTRN Stack GLBL STK & BD ETF 0.02% 15,000 $349K No change
IQV Iqvia Holdings Inc. 0.02% 1,759 $346K Add +6.0%
TLH iShares 10-20 Year Treasury 0.02% 3,170 $316K Add +21.0%
BSV Vanguard Short-Term Bond ETF 0.02% 4,005 $309K No change
AZN Astrazeneca PLC-Spons ADR 0.02% 4,611 $302K Add +4.8%
GIB Cgi Inc. 0.02% 2,210 $242K New
GIL Gildan Activewear Inc. 0.02% 4,900 $230K No change
BIP Brookfield Infrastructure Pa 0.02% 7,192 $228K New
SJNK SS SPDR BB St Hi Yield ETF 0.02% 8,970 $226K No change
RBA RB Global Inc. 0.02% 2,500 $226K Reduce -28.6%
RCI Rogers Communications Inc. Class B 0.02% 7,280 $223K Reduce -8.8%
URI United Rentals Inc. 0.02% 308 $217K Reduce -47.6%
AME Ametek Inc. 0.01% 1,155 $208K New
TU Telus Corp. 0.01% 13,424 $182K Reduce -83.2%

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 153$1.5BRY, NVDA, MSFT, AMZN, GOOG
Q1 2026 157$1.3BNVDA, RY, MSFT, AMZN, WMT
Q4 2025 172$1.6BMSFT, NVDA, WMT, RY, META
Q3 2025 162$1.5BMSFT, NVDA, META, WMT, RY
Q2 2025 169$1.4BMSFT, WMT, META, NVDA, SPGI
Q1 2025 168$1.3BMSFT, WMT, V, META, SPGI
Q4 2024 164$1.4BMSFT, WMT, META, ETN, GOOG
Q3 2024 178$1.4BMSFT, META, WMT, ETN, RY
Q2 2024 169$1.4BMSFT, META, ETN, GOOG, WMT
Q1 2024 187$1.4BMSFT, ETN, META, GOOG, SPGI