Cumberland Partners Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Cumberland Partners Ltd reported 168 stock positions worth $1.3 billion. Its top holding was Microsoft (MSFT) at 5.1% of the portfolio, followed by Walmart (WMT, 5.0%) and Visa Class A (V, 4.1%). Compared with Q4 2024, it opened 32 new positions, sold out of 28, added to 51 and reduced 71. The biggest buy was Nvidia (NVDA, shares +130%) and the biggest sale Eaton (ETN, shares −39%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001578985
- Portfolio Value
- $1.3B (Q1 2025)
- SEC Filing
- 0001104659-25-046329 ↗ filed May 9, 2025
Holdings Value
Holdings 168 stocks · $1.3B
| MSFT Microsoft Corp. | 5.07% | 175,267 | $65.8M | Reduce -2.8% |
| WMT Walmart Inc. | 4.98% | 734,801 | $64.5M | Reduce -3.0% |
| V Visa Inc. Class A | 4.05% | 149,889 | $52.5M | Reduce -1.8% |
| META Meta Platforms Inc. Class A | 3.92% | 88,205 | $50.8M | Reduce -20.6% |
| SPGI S&P Global Inc. | 3.80% | 97,000 | $49.3M | Reduce -1.4% |
| COST Costco Wholesale Corp. | 3.53% | 48,338 | $45.7M | Add +1.6% |
| RY Royal Bank of Canada | 3.44% | 395,548 | $44.6M | Reduce -3.3% |
| GOOG Alphabet Inc. Class C | 3.27% | 271,583 | $42.4M | Reduce -1.2% |
| AMZN Amazon.com Inc. | 3.04% | 207,491 | $39.5M | Add +4.4% |
| NVDA Nvidia Corp. | 2.68% | 320,624 | $34.7M | Add +130.2% |
| LIN Linde PLC | 2.65% | 73,893 | $34.4M | Reduce -0.7% |
| MRSH Marsh & McLennan Cos | 2.56% | 136,164 | $33.2M | Reduce -1.8% |
| MA Mastercard Inc. Class A | 2.56% | 60,538 | $33.2M | Reduce -3.0% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 2.45% | 92,156 | $31.8M | Reduce -0.9% |
| AVGO Broadcom Inc. | 2.34% | 181,098 | $30.3M | Add +8.8% |
| ETN Eaton Corp. PLC | 2.29% | 109,090 | $29.7M | Reduce -39.1% |
| LLY Eli Lilly & Co. | 2.24% | 35,229 | $29.1M | Add +51.4% |
| HD Home Depot Inc. | 2.11% | 74,631 | $27.4M | Reduce -6.3% |
| CP Canadian Pacific Kansas City | 2.05% | 378,939 | $26.6M | Reduce -3.6% |
| VRTX Vertex Pharmaceuticals Inc. | 1.75% | 46,747 | $22.7M | Reduce -1.2% |
| TRI Thomson Reuters Corp. | 1.51% | 113,681 | $19.6M | Reduce -1.5% |
| GOOGL Alphabet Inc. Class A | 1.42% | 118,807 | $18.4M | Add +4.6% |
| ORLY O'reilly Automotive Inc. | 1.33% | 12,078 | $17.3M | Reduce -0.8% |
| TMO Thermo Fisher Scientific Inc. | 1.32% | 34,423 | $17.1M | Reduce -0.8% |
| AMAT Applied Materials Inc. | 1.17% | 104,400 | $15.2M | Reduce -1.1% |
| AAPL Apple Inc. | 1.14% | 66,394 | $14.7M | Reduce -56.4% |
| STN Stantec Inc. | 1.11% | 173,355 | $14.4M | Add +38.4% |
| NDAQ Nasdaq Inc. | 0.94% | 160,972 | $12.2M | Reduce -5.3% |
| CNI Canadian Natl Railway Co. | 0.78% | 103,754 | $10.1M | Reduce -62.8% |
| PM Philip Morris International | 0.78% | 63,545 | $10.1M | Add +1.1% |
| MCK McKesson Corp. | 0.73% | 14,070 | $9.5M | Add +77.7% |
| AZN Astrazeneca PLC-Spons ADR | 0.71% | 125,344 | $9.2M | Add +2618.4% |
| CCJ Cameco Corp. | 0.70% | 220,159 | $9.1M | Reduce -12.5% |
| MSI Motorola Solutions Inc. | 0.60% | 17,630 | $7.7M | Reduce -8.3% |
| HWM Howmet Aerospace Inc. | 0.59% | 58,570 | $7.6M | Reduce -33.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.58% | 45,602 | $7.6M | Reduce -6.7% |
| AGI Alamos Gold Inc. Class A | 0.56% | 273,700 | $7.3M | Reduce -1.2% |
| DSGX The Descartes Systems Grp | 0.55% | 70,485 | $7.1M | Reduce -0.3% |
| ET Energy Transfer LP | 0.54% | 376,705 | $7.0M | Add +2.7% |
| DLR Digital Realty Trust Inc. | 0.51% | 46,540 | $6.7M | Reduce -0.1% |
| PH Parker Hannifin Corp. | 0.50% | 10,722 | $6.5M | Reduce -0.1% |
| ACN Accenture PLC Class A | 0.50% | 20,850 | $6.5M | Add +58.9% |
| ORCL Oracle Corp. | 0.47% | 43,785 | $6.1M | Add +1.8% |
| FSV Firstservice Corp. | 0.47% | 36,710 | $6.1M | Reduce -0.4% |
| GLD SPDR Gold Shares | 0.46% | 20,515 | $5.9M | Add +74.1% |
| GRTUF Granite Real Estate Investme | 0.44% | 122,250 | $5.7M | Add +8.7% |
| PGR Progressive Corp. | 0.44% | 20,065 | $5.7M | Add +161.3% |
| BAM Brookfield Asset Mgmt-A | 0.43% | 114,845 | $5.6M | New |
| ADSK Autodesk Inc. | 0.41% | 20,433 | $5.3M | New |
| BLK BlackRock Inc. | 0.40% | 5,445 | $5.2M | Reduce -45.6% |
| ARES Ares Management Corp. Class A | 0.38% | 34,030 | $5.0M | Reduce -33.9% |
| ABBV Abbvie Inc. | 0.38% | 23,557 | $4.9M | Add +21.5% |
| CNQ Canadian Natural Resources | 0.38% | 160,150 | $4.9M | Add +2.2% |
| WCN Waste Connections Inc. | 0.36% | 24,140 | $4.7M | Reduce -7.3% |
| TD Toronto-Dominion Bank | 0.35% | 76,698 | $4.6M | Add +4.8% |
| APH Amphenol Corp. Class A | 0.35% | 69,400 | $4.6M | Reduce -0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.35% | 8,517 | $4.5M | Reduce -2.9% |
| TUA Sim St Treas Fut Strat ETF filed as SIMPLIFY EXCHANGE TRADED FUN | 0.35% | 206,132 | $4.5M | Add +3.9% |
| EMN Eastman Chemical Co. | 0.32% | 47,330 | $4.2M | Reduce -25.0% |
| HLT Hilton Worldwide Holdings Inc. | 0.32% | 18,010 | $4.1M | Add +111.9% |
| MELI MercadoLibre Inc. | 0.32% | 2,100 | $4.1M | Reduce -8.7% |
| AON Aon PLC Class A | 0.30% | 9,730 | $3.9M | New |
| EUFN iShares MSCI Europe Financia | 0.27% | 122,935 | $3.5M | New |
| CRM Salesforce Inc. | 0.26% | 12,600 | $3.4M | Add +13.5% |
| CTA Simplify Managed Futures St | 0.26% | 111,979 | $3.3M | New |
| TPL Texas Pacific Land Corp. | 0.26% | 2,500 | $3.3M | Add +117.4% |
| MSCI MSCI Inc. | 0.25% | 5,750 | $3.3M | Add +4.5% |
| CDNS Cadence Design SYS Inc. | 0.24% | 12,430 | $3.2M | Reduce -74.1% |
| APO Apollo Global Management Inc. | 0.24% | 23,000 | $3.1M | New |
| RMD Resmed Inc. | 0.24% | 14,000 | $3.1M | Add +7.7% |
| DECK Deckers Outdoor Corp. | 0.24% | 27,991 | $3.1M | Add +0.3% |
| ABNB Airbnb Inc. Class A | 0.24% | 26,040 | $3.1M | Add +13.0% |
| WIX Wix.com Ltd. | 0.24% | 19,000 | $3.1M | Add +15.2% |
| PAYC Paycom Software Inc. | 0.24% | 14,025 | $3.1M | Add +64.5% |
| PBA Pembina Pipeline Corp. | 0.24% | 76,543 | $3.1M | Reduce -27.2% |
| DHR Danaher Corp. | 0.23% | 14,626 | $3.0M | Reduce -2.5% |
| FTNT Fortinet Inc. | 0.22% | 30,000 | $2.9M | No change |
| ADBE Adobe Inc. | 0.22% | 7,315 | $2.8M | Reduce -0.1% |
| XLE SS Energy Select Sector | 0.21% | 29,781 | $2.8M | New |
| HBM Hudbay Minerals Inc. | 0.21% | 364,700 | $2.8M | No change |
| NFLX Netflix Inc. | 0.21% | 2,940 | $2.7M | Reduce -23.8% |
| VEEV Veeva Systems Inc. Class A | 0.21% | 11,500 | $2.7M | Reduce -11.5% |
| ACGL Arch Capital Group Ltd. | 0.21% | 27,680 | $2.7M | No change |
| RSG Republic Services Inc. | 0.20% | 10,900 | $2.6M | Reduce -6.8% |
| UBER Uber Technologies Inc. | 0.20% | 35,000 | $2.6M | Reduce -30.0% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.20% | 32,300 | $2.5M | Add +2.7% |
| BKNG Booking Holdings Inc. | 0.20% | 550 | $2.5M | Add +46.7% |
| AESI Atlas Energy Solutions Inc. | 0.19% | 139,900 | $2.5M | No change |
| TW Tradeweb Markets Inc. Class A | 0.19% | 16,500 | $2.4M | Reduce -17.5% |
| JNJ Johnson & Johnson | 0.19% | 14,530 | $2.4M | Reduce -20.6% |
| SPLV Invesco S&P 500 Low Volatili | 0.19% | 32,175 | $2.4M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.18% | 56,485 | $2.4M | No change |
| SVOL Simplify Volatility Premium | 0.18% | 126,665 | $2.3M | Reduce -62.2% |
| LULU Lululemon Athletica Inc. | 0.17% | 8,000 | $2.3M | New |
| PEP Pepsico Inc. | 0.17% | 14,710 | $2.2M | Reduce -18.5% |
| SPOT Spotify Technology SA | 0.17% | 3,900 | $2.1M | Add +4.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.16% | 44,351 | $2.1M | Reduce -2.9% |
| TT Trane Technologies PLC | 0.16% | 6,175 | $2.1M | No change |
| GDDY GoDaddy Inc. Class A | 0.16% | 11,500 | $2.1M | No change |
| EXPE Expedia Group Inc. | 0.16% | 12,050 | $2.0M | New |
Portfolio Sells Q4 2024 → Q1 2025
| ETN Eaton Corp. PLC | Reduce -39.1% | 2.29% | −1.86 |
| TFII Tfi International Inc. | Sold out | 0.00% | −1.73 |
| AAPL Apple Inc. | Reduce -56.4% | 1.14% | −1.52 |
| CNI Canadian Natl Railway Co. | Reduce -62.8% | 0.78% | −1.19 |
| UNH Unitedhealth Group Inc. | Reduce -94.5% | 0.08% | −1.16 |
| BAH Booz Allen Hamilton Holdings | Reduce -85.4% | 0.12% | −0.77 |
| CDNS Cadence Design SYS Inc. | Reduce -74.1% | 0.24% | −0.76 |
| META Meta Platforms Inc. Class A | Reduce -20.6% | 3.92% | −0.61 |
| GOOG Alphabet Inc. Class C | Reduce -1.2% | 3.27% | −0.38 |
| BLK BlackRock Inc. | Reduce -45.6% | 0.40% | −0.32 |
| SVOL Simplify Volatility Premium | Reduce -62.2% | 0.18% | −0.31 |
| EA Electronic Arts Inc. | Sold out | 0.00% | −0.25 |
| ARES Ares Management Corp. Class A | Reduce -33.9% | 0.38% | −0.25 |
| MSFT Microsoft Corp. | Reduce -2.8% | 5.07% | −0.23 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.21 |
| CARR Carrier Global Corp. | Reduce -66.3% | 0.11% | −0.20 |
| CCJ Cameco Corp. | Reduce -12.5% | 0.70% | −0.20 |
| MKTX Marketaxess Holdings Inc. | Sold out | 0.00% | −0.17 |
| SCCO Southern Copper Corp. | Sold out | 0.00% | −0.16 |
| PEGA Pegasystems Inc. | Sold out | 0.00% | −0.16 |
| ICLR Icon PLC | Sold out | 0.00% | −0.15 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -84.2% | 0.03% | −0.15 |
| BX Blackstone Inc. | Sold out | 0.00% | −0.15 |
| KNSL Kinsale Capital Group Inc. | Sold out | 0.00% | −0.15 |
| WRB WR Berkley Corp. | Reduce -75.5% | 0.06% | −0.13 |
| GNTX Gentex Corp. | Sold out | 0.00% | −0.13 |
| MNST Monster Beverage Corp. | Sold out | 0.00% | −0.12 |
| DPZ Domino's Pizza Inc. | Sold out | 0.00% | −0.11 |
| CM Can Imperial BK of Commerce | Reduce -70.0% | 0.04% | −0.10 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -6.7% | 0.58% | −0.09 |
| HWM Howmet Aerospace Inc. | Reduce -33.8% | 0.59% | −0.09 |
| CME Cme Group Inc. | Reduce -75.0% | 0.04% | −0.09 |
| RYAN Ryan Specialty Holdings Inc. | Sold out | 0.00% | −0.09 |
| EMN Eastman Chemical Co. | Reduce -25.0% | 0.32% | −0.08 |
| EME Emcor Group Inc. | Sold out | 0.00% | −0.08 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.07 |
| ZTS Zoetis Inc. | Reduce -67.4% | 0.04% | −0.07 |
| EPAM Epam Systems Inc. | Sold out | 0.00% | −0.07 |
| DLR Digital Realty Trust Inc. | Reduce -0.1% | 0.51% | −0.06 |
| FDS Factset Research Systems Inc. | Sold out | 0.00% | −0.06 |
| KLAC KLA Corp. | Sold out | 0.00% | −0.06 |
| HD Home Depot Inc. | Reduce -6.3% | 2.11% | −0.05 |
| ENB Enbridge Inc. | Reduce -50.1% | 0.07% | −0.05 |
| APP AppLovin Corp. Class A | Reduce -23.1% | 0.10% | −0.04 |
| INTU Intuit Inc. | Sold out | 0.00% | −0.04 |
| CSL Carlisle Cos Inc. | Sold out | 0.00% | −0.04 |
| PBA Pembina Pipeline Corp. | Reduce -27.2% | 0.24% | −0.03 |
| EMR Emerson Electric Co. | Reduce -20.1% | 0.12% | −0.03 |
| AVY Avery Dennison Corp. | Sold out | 0.00% | −0.03 |
| AMAT Applied Materials Inc. | Reduce -1.1% | 1.17% | −0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Add +130.2% | 2.68% | +1.38 |
| LLY Eli Lilly & Co. | Add +51.4% | 2.24% | +0.99 |
| AZN Astrazeneca PLC-Spons ADR | Add +2618.4% | 0.71% | +0.69 |
| COST Costco Wholesale Corp. | Add +1.6% | 3.53% | +0.48 |
| BAM Brookfield Asset Mgmt-A | New | 0.43% | +0.43 |
| STN Stantec Inc. | Add +38.4% | 1.11% | +0.42 |
| MCK McKesson Corp. | Add +77.7% | 0.73% | +0.42 |
| ADSK Autodesk Inc. | New | 0.41% | +0.41 |
| PGR Progressive Corp. | Add +161.3% | 0.44% | +0.31 |
| AON Aon PLC Class A | New | 0.30% | +0.30 |
| EUFN iShares MSCI Europe Financia | New | 0.27% | +0.27 |
| GLD SPDR Gold Shares | Add +74.1% | 0.46% | +0.26 |
| CTA Simplify Managed Futures St | New | 0.26% | +0.26 |
| PM Philip Morris International | Add +1.1% | 0.78% | +0.25 |
| APO Apollo Global Management Inc. | New | 0.24% | +0.24 |
| XLE SS Energy Select Sector | New | 0.21% | +0.21 |
| SPLV Invesco S&P 500 Low Volatili | New | 0.19% | +0.19 |
| ACN Accenture PLC Class A | Add +58.9% | 0.50% | +0.18 |
| LULU Lululemon Athletica Inc. | New | 0.17% | +0.17 |
| HLT Hilton Worldwide Holdings Inc. | Add +111.9% | 0.32% | +0.17 |
| TPL Texas Pacific Land Corp. | Add +117.4% | 0.26% | +0.17 |
| EXPE Expedia Group Inc. | New | 0.16% | +0.16 |
| SCHW Schwab (charles) Corp. | New | 0.15% | +0.15 |
| TEAM Atlassian Corp. Class A | New | 0.14% | +0.14 |
| ABBV Abbvie Inc. | Add +21.5% | 0.38% | +0.14 |
| PODD Insulet Corp. | New | 0.13% | +0.13 |
| COF Capital One Financial Corp. | New | 0.13% | +0.13 |
| CPRT Copart Inc. | New | 0.12% | +0.12 |
| PAYC Paycom Software Inc. | Add +64.5% | 0.24% | +0.11 |
| SHOP Shopify Inc. Class A | New | 0.11% | +0.11 |
| HOOD Robinhood Markets Inc. Class A | New | 0.10% | +0.10 |
| IDXX Idexx Laboratories Inc. | New | 0.09% | +0.09 |
| SLF Sun Life Financial Inc. | Add +167.8% | 0.14% | +0.09 |
| TD Toronto-Dominion Bank | Add +4.8% | 0.35% | +0.08 |
| FTI Technipfmc PLC | New | 0.07% | +0.07 |
| LYV Live Nation Entertainment Inc. | New | 0.07% | +0.07 |
| BKNG Booking Holdings Inc. | Add +46.7% | 0.20% | +0.07 |
| AEM Agnico Eagle Mines Ltd. | New | 0.06% | +0.06 |
| AN Autonation Inc. | New | 0.06% | +0.06 |
| GRTUF Granite Real Estate Investme | Add +8.7% | 0.44% | +0.06 |
| TUA Sim St Treas Fut Strat ETF | Add +3.9% | 0.35% | +0.06 |
| FCX Freeport-McMoran Inc. | New | 0.05% | +0.05 |
| SPOT Spotify Technology SA | Add +4.0% | 0.17% | +0.05 |
| PINS Pinterest Inc. Class A | New | 0.05% | +0.05 |
| CNQ Canadian Natural Resources | Add +2.2% | 0.38% | +0.04 |
| GDX Vaneck Gold Miners ETF | New | 0.04% | +0.04 |
| FALN iShares Fallen Angels ETF | Add +34.5% | 0.13% | +0.04 |
| ET Energy Transfer LP | Add +2.7% | 0.54% | +0.04 |
| UTHR United Therapeutics Corp. | Add +84.2% | 0.08% | +0.04 |
| PAYX Paychex Inc. | Add +9.1% | 0.14% | +0.04 |
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 |