Cumberland Partners Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Cumberland Partners Ltd reported 162 stock positions worth $1.5 billion. Its top holding was Microsoft (MSFT) at 6.1% of the portfolio, followed by Nvidia (NVDA, 4.7%) and Meta Platforms Class A (META, 4.4%). Compared with Q2 2025, it opened 24 new positions, sold out of 31, added to 67 and reduced 56. The biggest buy was Apple (AAPL, shares +205%) and the biggest sale Thomson Reuters (TRI, shares −88%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001578985
Portfolio Value
$1.5B (Q3 2025)
SEC Filing
0001104659-25-108486 ↗ filed Nov 7, 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 Q1 2025 Q2 2025: $1.4B Q2 2025 Q3 2025: $1.5B $1.5B Q3 2025 Q4 2025: $1.6B Q4 2025 Q1 2026: $1.3B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 162 stocks · $1.5B
MSFT Microsoft Corp. 6.13% 181,031 $93.8M Add +4.5%
NVDA Nvidia Corp. 4.73% 387,928 $72.4M Reduce -0.4%
META Meta Platforms Inc. Class A 4.41% 91,840 $67.4M Add +7.4%
WMT Walmart Inc. 4.19% 621,774 $64.1M Reduce -14.7%
RY Royal Bank of Canada 3.83% 397,710 $58.6M Add +7.1%
AMZN Amazon.com Inc. 3.78% 263,505 $57.9M Add +16.8%
AAPL Apple Inc. 3.33% 200,179 $51.0M Add +205.1%
SPGI S&P Global Inc. 3.06% 96,246 $46.8M Reduce -1.9%
V Visa Inc. Class A 3.04% 136,471 $46.6M Add +0.4%
ETN Eaton Corp. PLC 2.88% 117,926 $44.1M Add +10.1%
GOOG Alphabet Inc. Class C 2.72% 170,934 $41.6M Reduce -0.2%
COST Costco Wholesale Corp. 2.62% 43,303 $40.1M Reduce -11.7%
AVGO Broadcom Inc. 2.50% 115,922 $38.2M Reduce -35.1%
LIN Linde PLC 2.27% 72,996 $34.7M Reduce -0.9%
MA Mastercard Inc. Class A 2.24% 60,149 $34.2M Reduce -1.2%
CP Canadian Pacific Kansas City 1.87% 385,255 $28.7M Reduce -1.8%
MRSH Marsh & McLennan Cos 1.76% 133,918 $27.0M Reduce -1.0%
GOOGL Alphabet Inc. Class A 1.69% 106,655 $25.9M Add +9.4%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 1.67% 82,593 $25.6M Reduce -1.1%
HD Home Depot Inc. 1.61% 60,820 $24.6M Reduce -1.4%
LLY Eli Lilly & Co. 1.59% 31,875 $24.3M Reduce -12.9%
CRM Salesforce Inc. 1.27% 82,212 $19.5M Reduce -4.6%
ORLY O'reilly Automotive Inc. 1.26% 179,406 $19.3M Reduce -0.3%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1.23% 292,060 $18.9M Add +560.3%
APH Amphenol Corp. Class A 1.23% 152,417 $18.9M Add +123.4%
UNH Unitedhealth Group Inc. 1.20% 53,222 $18.4M New
STN Stantec Inc. 1.14% 161,734 $17.4M Reduce -6.1%
CCJ Cameco Corp. 1.01% 183,472 $15.4M Reduce -6.1%
JNJ Johnson & Johnson 0.82% 67,815 $12.6M Add +474.7%
TSM Taiwan Semiconductor-SP ADR 0.72% 39,702 $11.1M Reduce -3.4%
NDAQ Nasdaq Inc. 0.71% 123,003 $10.9M Reduce -23.4%
ABBV Abbvie Inc. 0.67% 44,232 $10.2M Add +76.2%
TW Tradeweb Markets Inc. Class A 0.66% 91,271 $10.1M Add +283.8%
PM Philip Morris International 0.66% 61,950 $10.0M Reduce -2.5%
AZN Astrazeneca PLC-Spons ADR 0.63% 125,161 $9.6M Reduce -0.1%
CSCO Cisco Systems Inc. 0.61% 137,305 $9.4M New
GE General Electric filed as GE AEROSPACE 0.58% 29,565 $8.9M Add +10.5%
HWM Howmet Aerospace Inc. 0.57% 44,670 $8.8M Reduce -6.1%
TD Toronto-Dominion Bank 0.57% 109,173 $8.7M Add +8.6%
AGI Alamos Gold Inc. Class A 0.55% 242,460 $8.4M Reduce -0.4%
PH Parker Hannifin Corp. 0.53% 10,661 $8.1M Add +0.5%
MCK McKesson Corp. 0.53% 10,440 $8.1M Reduce -34.0%
DE Deere & Co. 0.51% 16,981 $7.8M Add +68.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.49% 65,088 $7.5M Add +189.1%
BLK BlackRock Inc. 0.48% 6,350 $7.4M Add +25.7%
GLD SPDR Gold Shares 0.47% 20,247 $7.2M Add +6.7%
BAM Brookfield Asset Mgmt-A 0.47% 126,015 $7.2M Add +78.0%
PGR Progressive Corp. 0.46% 28,270 $7.0M Reduce -25.3%
GRTUF Granite Real Estate Investme 0.45% 124,410 $6.9M Add +1.0%
ET Energy Transfer LP 0.42% 376,705 $6.5M No change
FSV Firstservice Corp. 0.42% 33,780 $6.4M Reduce -8.2%
VST Vistra Corp. 0.40% 31,525 $6.2M Add +103.4%
UBER Uber Technologies Inc. 0.38% 60,000 $5.9M Add +3.5%
MELI MercadoLibre Inc. 0.38% 2,500 $5.8M Add +19.1%
ARES Ares Management Corp. Class A 0.38% 36,170 $5.8M Add +61.0%
PBA Pembina Pipeline Corp. 0.37% 139,081 $5.6M Add +28.4%
CNQ Canadian Natural Resources 0.37% 175,625 $5.6M Add +14.8%
HBM Hudbay Minerals Inc. 0.36% 364,700 $5.5M No change
WSM Williams-Sonoma Inc. 0.36% 28,060 $5.5M New
INTU Intuit Inc. 0.36% 7,965 $5.4M New
DSGX The Descartes Systems Grp 0.35% 56,159 $5.3M Reduce -20.2%
ADSK Autodesk Inc. 0.32% 15,482 $4.9M Add +5.2%
AMAT Applied Materials Inc. 0.31% 23,515 $4.8M Reduce -70.6%
ORCL Oracle Corp. 0.31% 16,960 $4.8M Reduce -52.5%
TUA Sim St Treas Fut Strat ETF filed as SIMPLIFY EXCHANGE TRADED FUN 0.31% 217,780 $4.8M Add +5.3%
VEEV Veeva Systems Inc. Class A 0.30% 15,500 $4.6M Add +24.0%
NTR Nutrien Ltd. 0.30% 78,050 $4.6M New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.29% 30,527 $4.4M Add +5.1%
EUFN iShares MSCI Europe Financia 0.29% 127,435 $4.4M No change
CCEP Coca-Cola Europacific Partne 0.28% 47,920 $4.3M Add +90.6%
CDNS Cadence Design SYS Inc. 0.28% 12,251 $4.3M Add +0.0%
EXPE Expedia Group Inc. 0.26% 18,850 $4.0M Reduce -54.2%
JPM JPMorgan Chase & Co. 0.26% 12,514 $3.9M New
VRTX Vertex Pharmaceuticals Inc. 0.25% 9,744 $3.8M Reduce -79.1%
TMUS T-Mobile US Inc. 0.25% 15,895 $3.8M Add +189.0%
RMD Resmed Inc. 0.23% 13,000 $3.6M No change
AON Aon PLC Class A 0.23% 9,880 $3.5M No change
BKNG Booking Holdings Inc. 0.23% 650 $3.5M Add +30.0%
NFLX Netflix Inc. 0.23% 2,890 $3.5M Add +20.9%
KKR KKR & Co. Inc. 0.22% 25,791 $3.4M Add +816.2%
CTA Simplify Managed Futures St 0.21% 116,423 $3.3M Add +3.8%
MNST Monster Beverage Corp. 0.21% 47,782 $3.2M Add +289.0%
RJF Raymond James Financial Inc. 0.21% 18,600 $3.2M Add +104.4%
HCA HCA Healthcare Inc. 0.21% 7,500 $3.2M Add +25.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.19% 55,735 $2.9M Reduce -34.0%
APP AppLovin Corp. Class A 0.19% 4,000 $2.9M No change
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.18% 21,627 $2.8M Add +4.0%
DECK Deckers Outdoor Corp. 0.18% 27,778 $2.8M Reduce -0.2%
PODD Insulet Corp. 0.18% 9,000 $2.8M New
FTNT Fortinet Inc. 0.18% 32,500 $2.7M Reduce -18.8%
KLAC KLA Corp. 0.18% 2,500 $2.7M Add +42.9%
SII Sprott Inc. 0.17% 32,180 $2.7M New
EFA iShares MSCI Eafe ETF 0.17% 28,441 $2.7M Reduce -2.5%
DLTR Dollar Tree Inc. 0.17% 27,500 $2.6M New
VIK Viking Holdings Ltd. 0.16% 40,000 $2.5M Add +6.7%
PAYC Paycom Software Inc. 0.16% 11,525 $2.4M Reduce -17.8%
EME Emcor Group Inc. 0.15% 3,500 $2.3M Add +27.3%
RSG Republic Services Inc. 0.15% 9,800 $2.2M Add +11.4%
CME Cme Group Inc. 0.14% 8,200 $2.2M Add +720.0%
SHOP Shopify Inc. Class A 0.14% 14,470 $2.1M Reduce -0.2%
TRI Thomson Reuters Corp. 0.14% 13,738 $2.1M Reduce -87.9%
EMR Emerson Electric Co. 0.14% 16,200 $2.1M Reduce -0.9%
ADBE Adobe Inc. 0.13% 5,750 $2.0M Reduce -20.3%
MSCI MSCI Inc. 0.13% 3,500 $2.0M Reduce -50.0%
DELL Dell Technologies -C 0.13% 14,000 $2.0M New
FERG Ferguson Enterprises Inc. 0.13% 8,745 $2.0M New
PFE Pfizer Inc. 0.13% 76,600 $2.0M No change
HLT Hilton Worldwide Holdings Inc. 0.13% 7,500 $1.9M Add +50.0%
CCK Crown Holdings Inc. 0.13% 20,000 $1.9M Add +300.0%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.13% 120,000 $1.9M Add +6.7%
VCSH Vanguard S/T Corp. Bond ETF 0.13% 24,000 $1.9M Reduce -3.2%
LDOS Leidos Holdings Inc. 0.12% 10,000 $1.9M Add +66.7%
WTS Watts Water Technologies-A 0.12% 6,500 $1.8M Add +116.7%
SSNC Ss&c Technologies Holdings 0.12% 20,000 $1.8M Add +21.2%
IGIB iShares 5-10Y Inv Grade Corp. 0.11% 30,810 $1.7M Add +13.0%
AESI Atlas Energy Solutions Inc. 0.11% 144,900 $1.6M No change
COF Capital One Financial Corp. 0.10% 7,500 $1.6M New
SPOT Spotify Technology SA 0.10% 2,250 $1.6M Reduce -18.2%
DG Dollar General Corp. 0.10% 15,000 $1.6M New
IBKR Interactive Brokers Gro Class A 0.10% 22,500 $1.5M New
IGSB iShares 1-5Y Inv Grade Corp. 0.10% 27,689 $1.5M Add +7.1%
LECO Lincoln Electric Holdings 0.09% 5,900 $1.4M No change
FTI Technipfmc PLC 0.09% 35,000 $1.4M Reduce -36.4%
BND Vanguard Total Bond Market 0.08% 17,475 $1.3M Reduce -6.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.08% 4,250 $1.2M Add +4.7%
WBD Warner Bros Discovery Inc. 0.08% 60,300 $1.2M No change
PYPL PayPal Holdings Inc. 0.08% 17,535 $1.2M No change
WCN Waste Connections Inc. 0.07% 6,150 $1.1M Reduce -82.9%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 0.07% 13,250 $1.1M Reduce -8.0%
BKLN Invesco Senior Loan ETF 0.07% 50,000 $1.0M No change
FALN iShares Fallen Angels ETF 0.07% 37,100 $1.0M Reduce -14.3%
FTS Fortis Inc. 0.06% 19,350 $981K Reduce -23.5%
USIG iShares Broad Usd Investment 0.06% 18,107 $946K Add +8.4%
CAH Cardinal Health Inc. 0.06% 6,000 $942K New
DKNG Draftkings Inc. Class A 0.06% 25,000 $935K New
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.06% 11,765 $901K No change
VOO Vanguard S&P 500 ETF 0.06% 1,463 $896K No change
SCHO Schwab Short-Term US Treas 0.06% 36,001 $878K Reduce -32.0%
GDX Vaneck Gold Miners ETF 0.05% 10,440 $798K New
ENB Enbridge Inc. 0.05% 14,504 $732K Add +12.8%
BTGD STKD 100% Bitco & 100% Gold 0.05% 16,200 $697K New
XLF SS Financial Select Sector 0.04% 12,533 $675K Add +17.6%
TLH iShares 10-20 Year Treasury 0.04% 5,230 $539K Add +10.9%
CLS Celestica Inc. 0.03% 1,690 $416K Reduce -45.5%
GIL Gildan Activewear Inc. 0.03% 7,000 $404K Reduce -23.1%
SLF Sun Life Financial Inc. 0.03% 6,678 $401K Reduce -80.8%
KGC Kinross Gold Corp. 0.03% 15,700 $389K New
TU Telus Corp. 0.03% 24,264 $382K Reduce -12.3%
SJNK SS SPDR BB St Hi Yield ETF 0.02% 14,238 $364K Add +22.3%
SRLN SS Blackstone Sr Loan ETF 0.02% 8,074 $336K Add +10.5%
EOG EOG Resources Inc. 0.02% 2,908 $326K Add +2.8%
BBU Brookfield Business PT-Unit 0.02% 9,700 $318K New
OTEX Open Text Corp. 0.02% 8,500 $318K New
QSR Restaurant Brands Intern 0.02% 4,900 $314K Reduce -14.0%
IQV Iqvia Holdings Inc. 0.02% 1,637 $311K No change
PFFA Virtus Infracap US Pref STCK 0.02% 14,282 $310K Add +12.5%
PAAS Pan American Silver Corp. 0.02% 8,000 $310K New
ROK Rockwell Automation Inc. 0.02% 745 $260K Reduce -2.1%
SPHY SS SPDR P High Yield ETF 0.02% 10,876 $260K Add +4.5%
ADI Analog Devices Inc. 0.02% 972 $239K New
PFF iShares Preferred & Income S 0.02% 7,490 $237K Add +6.5%
RCI Rogers Communications Inc. Class B 0.01% 5,920 $204K New

Portfolio Sells Q2 2025 → Q3 2025
TRI Thomson Reuters Corp. Reduce -87.9% 0.14% −1.44
VRTX Vertex Pharmaceuticals Inc. Reduce -79.1% 0.25% −1.19
AVGO Broadcom Inc. Reduce -35.1% 2.50% −0.92
WMT Walmart Inc. Reduce -14.7% 4.19% −0.76
CNI Canadian Natl Railway Co. Sold out 0.00% −0.75
COST Costco Wholesale Corp. Reduce -11.7% 2.62% −0.75
AMAT Applied Materials Inc. Reduce -70.6% 0.31% −0.70
ACN Accenture PLC Class A Sold out 0.00% −0.56
SPGI S&P Global Inc. Reduce -1.9% 3.06% −0.53
MSI Motorola Solutions Inc. Sold out 0.00% −0.49
WCN Waste Connections Inc. Reduce -82.9% 0.07% −0.39
LLY Eli Lilly & Co. Reduce -12.9% 1.59% −0.39
DLR Digital Realty Trust Inc. Sold out 0.00% −0.37
CRM Salesforce Inc. Reduce -4.6% 1.27% −0.36
MRSH Marsh & McLennan Cos Reduce -1.0% 1.76% −0.29
CP Canadian Pacific Kansas City Reduce -1.8% 1.87% −0.29
NDAQ Nasdaq Inc. Reduce -23.4% 0.71% −0.28
BRK.B Berkshire Hathaway Inc. Class B Sold out 0.00% −0.28
MCK McKesson Corp. Reduce -34.0% 0.53% −0.28
PGR Progressive Corp. Reduce -25.3% 0.46% −0.24
ORCL Oracle Corp. Reduce -52.5% 0.31% −0.23
EXPE Expedia Group Inc. Reduce -54.2% 0.26% −0.22
MCD McDonald's Corp. Sold out 0.00% −0.21
ZTS Zoetis Inc. Sold out 0.00% −0.19
AJG Arthur J Gallagher & Co. Reduce -1.1% 1.67% −0.18
NVR NVR Inc. Sold out 0.00% −0.18
KNSL Kinsale Capital Group Inc. Sold out 0.00% −0.18
ACGL Arch Capital Group Ltd. Sold out 0.00% −0.17
DPZ Domino's Pizza Inc. Sold out 0.00% −0.17
TPL Texas Pacific Land Corp. Sold out 0.00% −0.16
STN Stantec Inc. Reduce -6.1% 1.14% −0.16
CHE Chemed Corp. Sold out 0.00% −0.15
MSCI MSCI Inc. Reduce -50.0% 0.13% −0.15
DSGX The Descartes Systems Grp Reduce -20.2% 0.35% −0.15
PM Philip Morris International Reduce -2.5% 0.66% −0.15
MA Mastercard Inc. Class A Reduce -1.2% 2.24% −0.14
BRO Brown & Brown Inc. Sold out 0.00% −0.13
SLF Sun Life Financial Inc. Reduce -80.8% 0.03% −0.13
LIN Linde PLC Reduce -0.9% 2.27% −0.13
NOA North American Construction Sold out 0.00% −0.12
FTNT Fortinet Inc. Reduce -18.8% 0.18% −0.11
ABT Abbott Laboratories Sold out 0.00% −0.11
FMX Fomento Economico Mex-SP ADR Sold out 0.00% −0.11
GDDY GoDaddy Inc. Class A Sold out 0.00% −0.10
ELV Elevance Health Inc. Sold out 0.00% −0.09
BAC Bank of America Corp. Reduce -34.0% 0.19% −0.09
WIX Wix.com Ltd. Sold out 0.00% −0.09
MO Altria Group Inc. Sold out 0.00% −0.08
PAYX Paychex Inc. Sold out 0.00% −0.07
PAYC Paycom Software Inc. Reduce -17.8% 0.16% −0.07

Portfolio Buys Q2 2025 → Q3 2025
AAPL Apple Inc. Add +205.1% 3.33% +2.40
UNH Unitedhealth Group Inc. New 1.20% +1.20
BNS Bank of Nova Scotia Add +560.3% 1.23% +1.06
APH Amphenol Corp. Class A Add +123.4% 1.23% +0.77
JNJ Johnson & Johnson Add +474.7% 0.82% +0.70
CSCO Cisco Systems Inc. New 0.61% +0.61
GOOGL Alphabet Inc. Class A Add +9.4% 1.69% +0.50
RY Royal Bank of Canada Add +7.1% 3.83% +0.44
TW Tradeweb Markets Inc. Class A Add +283.8% 0.66% +0.42
WSM Williams-Sonoma Inc. New 0.36% +0.36
INTU Intuit Inc. New 0.36% +0.36
AMZN Amazon.com Inc. Add +16.8% 3.78% +0.35
ABBV Abbvie Inc. Add +76.2% 0.67% +0.35
NTR Nutrien Ltd. New 0.30% +0.30
DIS The Walt Disney Co. Add +189.1% 0.49% +0.29
JPM JPMorgan Chase & Co. New 0.26% +0.26
ETN Eaton Corp. PLC Add +10.1% 2.88% +0.23
BAM Brookfield Asset Mgmt-A Add +78.0% 0.47% +0.20
VST Vistra Corp. Add +103.4% 0.40% +0.20
KKR KKR & Co. Inc. Add +816.2% 0.22% +0.19
PODD Insulet Corp. New 0.18% +0.18
SII Sprott Inc. New 0.17% +0.17
DLTR Dollar Tree Inc. New 0.17% +0.17
TMUS T-Mobile US Inc. Add +189.0% 0.25% +0.16
MNST Monster Beverage Corp. Add +289.0% 0.21% +0.16
MSFT Microsoft Corp. Add +4.5% 6.13% +0.15
DE Deere & Co. Add +68.0% 0.51% +0.15
DELL Dell Technologies -C New 0.13% +0.13
FERG Ferguson Enterprises Inc. New 0.13% +0.13
CME Cme Group Inc. Add +720.0% 0.14% +0.13
CCEP Coca-Cola Europacific Partne Add +90.6% 0.28% +0.12
BLK BlackRock Inc. Add +25.7% 0.48% +0.12
RJF Raymond James Financial Inc. Add +104.4% 0.21% +0.11
ARES Ares Management Corp. Class A Add +61.0% 0.38% +0.11
COF Capital One Financial Corp. New 0.10% +0.10
GE General Electric Add +10.5% 0.58% +0.10
DG Dollar General Corp. New 0.10% +0.10
IBKR Interactive Brokers Gro Class A New 0.10% +0.10
CCK Crown Holdings Inc. Add +300.0% 0.13% +0.09
PBA Pembina Pipeline Corp. Add +28.4% 0.37% +0.09
GLD SPDR Gold Shares Add +6.7% 0.47% +0.07
KLAC KLA Corp. Add +42.9% 0.18% +0.07
WTS Watts Water Technologies-A Add +116.7% 0.12% +0.07
CAH Cardinal Health Inc. New 0.06% +0.06
DKNG Draftkings Inc. Class A New 0.06% +0.06
LDOS Leidos Holdings Inc. Add +66.7% 0.12% +0.06
TD Toronto-Dominion Bank Add +8.6% 0.57% +0.06
GDX Vaneck Gold Miners ETF New 0.05% +0.05
VEEV Veeva Systems Inc. Class A Add +24.0% 0.30% +0.05
HCA HCA Healthcare Inc. Add +25.0% 0.21% +0.05

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