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

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 Q4 2024 Q1 2025: $1.3B $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 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
SCHW Schwab (charles) Corp. 0.15% 25,000 $2.0M New
PFE Pfizer Inc. 0.15% 76,600 $1.9M No change
TEAM Atlassian Corp. Class A 0.14% 8,750 $1.9M New
PAYX Paychex Inc. 0.14% 12,000 $1.9M Add +9.1%
DCBO Docebo Inc. 0.14% 63,600 $1.8M Add +33.3%
SLF Sun Life Financial Inc. 0.14% 30,916 $1.8M Add +167.8%
NOA North American Construction 0.13% 110,100 $1.7M No change
FMX Fomento Economico Mex-SP ADR 0.13% 17,500 $1.7M Reduce -12.5%
PODD Insulet Corp. 0.13% 6,500 $1.7M New
COF Capital One Financial Corp. 0.13% 9,500 $1.7M New
FALN iShares Fallen Angels ETF 0.13% 60,800 $1.6M Add +34.5%
CPRT Copart Inc. 0.12% 27,500 $1.6M New
BAH Booz Allen Hamilton Holdings 0.12% 14,515 $1.5M Reduce -85.4%
EMR Emerson Electric Co. 0.12% 13,750 $1.5M Reduce -20.1%
FTS Fortis Inc. 0.12% 32,950 $1.5M Add +18.1%
CARR Carrier Global Corp. 0.11% 22,095 $1.4M Reduce -66.3%
SHOP Shopify Inc. Class A 0.11% 14,495 $1.4M New
BND Vanguard Total Bond Market 0.11% 18,640 $1.4M Reduce -16.1%
APP AppLovin Corp. Class A 0.10% 5,000 $1.3M Reduce -23.1%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.10% 13,550 $1.3M Reduce -2.5%
HOOD Robinhood Markets Inc. Class A 0.10% 30,000 $1.2M New
SCHO Schwab Short-Term US Treas 0.09% 47,555 $1.2M Add +4.6%
IDXX Idexx Laboratories Inc. 0.09% 2,750 $1.2M New
PYPL PayPal Holdings Inc. 0.09% 17,535 $1.1M No change
LECO Lincoln Electric Holdings 0.09% 5,900 $1.1M Add +20.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.08% 4,410 $1.1M Reduce -34.0%
NVR NVR Inc. 0.08% 150 $1.1M Reduce -21.1%
UTHR United Therapeutics Corp. 0.08% 3,500 $1.1M Add +84.2%
RJF Raymond James Financial Inc. 0.08% 7,700 $1.1M Reduce -11.5%
CPAY Corpay Inc. 0.08% 3,000 $1.0M Add +50.0%
BKLN Invesco Senior Loan ETF 0.08% 50,000 $1.0M No change
UNH Unitedhealth Group Inc. 0.08% 1,920 $1.0M Reduce -94.5%
FTI Technipfmc PLC 0.07% 30,000 $951K New
LYV Live Nation Entertainment Inc. 0.07% 7,000 $914K New
ENB Enbridge Inc. 0.07% 19,173 $849K Reduce -50.1%
AEM Agnico Eagle Mines Ltd. 0.06% 7,750 $840K New
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.06% 11,765 $837K Reduce -75.5%
IGSB iShares 1-5Y Inv Grade Corp. 0.06% 15,490 $811K Add +18.5%
AN Autonation Inc. 0.06% 5,000 $810K New
VOO Vanguard S&P 500 ETF 0.06% 1,463 $752K No change
IGIB iShares 5-10Y Inv Grade Corp. 0.06% 13,905 $730K Add +23.1%
ASML ASML Holding NV-NY Reg SHS 0.05% 1,000 $663K Reduce -20.0%
WBD Warner Bros Discovery Inc. 0.05% 60,420 $648K No change
USIG iShares Broad Usd Investment 0.05% 12,575 $642K Add +14.6%
FCX Freeport-McMoran Inc. 0.05% 16,750 $634K New
PINS Pinterest Inc. Class A 0.05% 20,000 $620K New
GDX Vaneck Gold Miners ETF 0.04% 12,160 $559K New
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.04% 9,607 $541K Reduce -70.0%
CME Cme Group Inc. 0.04% 2,000 $531K Reduce -75.0%
XLF SS Financial Select Sector 0.04% 10,281 $512K Reduce -15.4%
ZTS Zoetis Inc. 0.04% 3,000 $494K Reduce -67.4%
CLS Celestica Inc. 0.03% 5,450 $430K Add +43.4%
TU Telus Corp. 0.03% 28,924 $415K Add +115.5%
TLH iShares 10-20 Year Treasury 0.03% 3,825 $397K Add +20.7%
EOG EOG Resources Inc. 0.03% 2,915 $374K New
UNP Union Pacific Corp. 0.03% 1,430 $338K New
KKR KKR & Co. Inc. 0.03% 2,875 $332K New
RSST Return Stacked US SM FTR ETF 0.03% 15,000 $331K No change
NVO Novo-Nordisk A/S-Spons ADR 0.03% 4,679 $325K Reduce -84.2%
RBA RB Global Inc. 0.02% 3,100 $311K Add +24.0%
IQV Iqvia Holdings Inc. 0.02% 1,714 $302K Reduce -2.6%
GIB Cgi Inc. 0.02% 2,810 $280K Add +27.1%
SJNK SS SPDR BB St Hi Yield ETF 0.02% 10,865 $273K Add +21.1%
GIL Gildan Activewear Inc. 0.02% 5,900 $261K Add +20.4%
QSR Restaurant Brands Intern 0.02% 3,900 $260K New
SRLN SS Blackstone Sr Loan ETF 0.02% 5,495 $226K New
SHYG iShares 0-5 YR HY Corp. Bond 0.02% 5,242 $223K New
LRCX Lam Research Corp. 0.02% 3,000 $218K 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

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