Cumberland Partners Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Cumberland Partners Ltd reported 172 stock positions worth $1.6 billion. Its top holding was Microsoft (MSFT) at 5.7% of the portfolio, followed by Nvidia (NVDA, 4.6%) and Walmart (WMT, 4.1%). Compared with Q3 2025, it opened 24 new positions, sold out of 14, added to 74 and reduced 67. The biggest buy was Shopify Class A (SHOP, shares +1781%) and the biggest sale an exit from Marsh & McLennan Cos (MRSH).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001578985
- Portfolio Value
- $1.6B (Q4 2025)
- SEC Filing
- 0001104659-26-011555 ↗ filed Feb 6, 2026
Holdings Value
Holdings 172 stocks · $1.6B
| MSFT Microsoft Corp. | 5.68% | 191,636 | $92.7M | Add +5.9% |
| NVDA Nvidia Corp. | 4.63% | 405,267 | $75.6M | Add +4.5% |
| WMT Walmart Inc. | 4.09% | 599,541 | $66.8M | Reduce -3.6% |
| RY Royal Bank of Canada | 4.09% | 391,226 | $66.7M | Reduce -1.6% |
| META Meta Platforms Inc. Class A | 3.90% | 96,456 | $63.7M | Add +5.0% |
| AMZN Amazon.com Inc. | 3.89% | 275,020 | $63.5M | Add +4.4% |
| AAPL Apple Inc. | 3.33% | 199,971 | $54.4M | Reduce -0.1% |
| GOOG Alphabet Inc. Class C | 3.27% | 170,208 | $53.4M | Reduce -0.4% |
| V Visa Inc. Class A | 3.05% | 141,961 | $49.8M | Add +4.0% |
| SPGI S&P Global Inc. | 2.98% | 93,240 | $48.7M | Reduce -3.1% |
| SHOP Shopify Inc. Class A | 2.69% | 272,184 | $43.9M | Add +1781.0% |
| AVGO Broadcom Inc. | 2.54% | 119,894 | $41.5M | Add +3.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.50% | 552,819 | $40.8M | Add +89.3% |
| ETN Eaton Corp. PLC | 2.25% | 115,148 | $36.7M | Reduce -2.4% |
| LLY Eli Lilly & Co. | 2.25% | 34,125 | $36.7M | Add +7.1% |
| COST Costco Wholesale Corp. | 2.24% | 42,398 | $36.6M | Reduce -2.1% |
| GOOGL Alphabet Inc. Class A | 2.18% | 113,905 | $35.7M | Add +6.8% |
| MA Mastercard Inc. Class A | 1.97% | 56,400 | $32.2M | Reduce -6.2% |
| LIN Linde PLC | 1.89% | 72,343 | $30.8M | Reduce -0.9% |
| TSM Taiwan Semiconductor-SP ADR | 1.32% | 71,152 | $21.6M | Add +79.2% |
| UNH Unitedhealth Group Inc. | 1.32% | 65,256 | $21.5M | Add +22.6% |
| HD Home Depot Inc. | 1.27% | 60,287 | $20.7M | Reduce -0.9% |
| APH Amphenol Corp. Class A | 1.26% | 152,105 | $20.6M | Reduce -0.2% |
| CP Canadian Pacific Kansas City | 1.08% | 238,318 | $17.6M | Reduce -38.1% |
| ORLY O'reilly Automotive Inc. | 0.99% | 177,807 | $16.2M | Reduce -0.9% |
| STN Stantec Inc. | 0.92% | 159,529 | $15.1M | Reduce -1.4% |
| PHM Pultegroup Inc. | 0.89% | 123,603 | $14.5M | New |
| CCJ Cameco Corp. | 0.88% | 157,246 | $14.4M | Reduce -14.3% |
| URNM Sprott Uranium Miners ETF | 0.76% | 224,686 | $12.3M | New |
| JNJ Johnson & Johnson | 0.75% | 59,375 | $12.3M | Reduce -12.4% |
| NFLX Netflix Inc. | 0.71% | 123,159 | $11.5M | Add +326.2% |
| AZN Astrazeneca PLC-Spons ADR | 0.71% | 125,412 | $11.5M | Add +0.2% |
| TD Toronto-Dominion Bank | 0.63% | 109,259 | $10.3M | Add +0.1% |
| JPM JPMorgan Chase & Co. | 0.58% | 29,427 | $9.5M | Add +135.2% |
| NDAQ Nasdaq Inc. | 0.58% | 97,288 | $9.4M | Reduce -20.9% |
| CSCO Cisco Systems Inc. | 0.58% | 122,035 | $9.4M | Reduce -11.1% |
| AGI Alamos Gold Inc. Class A | 0.57% | 242,260 | $9.4M | Reduce -0.1% |
| PH Parker Hannifin Corp. | 0.57% | 10,550 | $9.3M | Reduce -1.0% |
| ABBV Abbvie Inc. | 0.56% | 40,032 | $9.1M | Reduce -9.5% |
| CNQ Canadian Natural Resources | 0.54% | 260,352 | $8.8M | Add +48.2% |
| HWM Howmet Aerospace Inc. | 0.54% | 42,670 | $8.7M | Reduce -4.5% |
| UBER Uber Technologies Inc. | 0.53% | 105,000 | $8.6M | Add +75.0% |
| GE General Electric filed as GE AEROSPACE | 0.51% | 27,065 | $8.3M | Reduce -8.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.50% | 52,802 | $8.1M | Add +73.0% |
| ADSK Autodesk Inc. | 0.47% | 25,646 | $7.6M | Add +65.7% |
| GRTUF Granite Real Estate Investme | 0.46% | 126,910 | $7.6M | Add +2.0% |
| GLD SPDR Gold Shares | 0.45% | 18,608 | $7.4M | Reduce -8.1% |
| DELL Dell Technologies -C | 0.45% | 57,980 | $7.3M | Add +314.1% |
| MCK McKesson Corp. | 0.40% | 8,025 | $6.6M | Reduce -23.1% |
| PM Philip Morris International | 0.40% | 40,630 | $6.5M | Reduce -34.4% |
| ET Energy Transfer LP | 0.38% | 380,005 | $6.3M | Add +0.9% |
| CRM Salesforce Inc. | 0.37% | 22,600 | $6.0M | Reduce -72.5% |
| AMAT Applied Materials Inc. | 0.37% | 23,253 | $6.0M | Reduce -1.1% |
| BLK BlackRock Inc. | 0.36% | 5,465 | $5.8M | Reduce -13.9% |
| TUA Sim St Treas Fut Strat ETF filed as SIMPLIFY EXCHANGE TRADED FUN | 0.36% | 265,795 | $5.8M | Add +22.1% |
| EXPE Expedia Group Inc. | 0.36% | 20,550 | $5.8M | Add +9.0% |
| VEEV Veeva Systems Inc. Class A | 0.36% | 26,000 | $5.8M | Add +67.7% |
| PBA Pembina Pipeline Corp. | 0.33% | 142,856 | $5.4M | Add +2.7% |
| MNST Monster Beverage Corp. | 0.33% | 69,782 | $5.4M | Add +46.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.33% | 41,008 | $5.3M | Add +89.6% |
| BAM Brookfield Asset Mgmt-A | 0.32% | 98,515 | $5.2M | Reduce -21.8% |
| MELI MercadoLibre Inc. | 0.31% | 2,550 | $5.1M | Add +2.0% |
| RMD Resmed Inc. | 0.31% | 21,000 | $5.1M | Add +61.5% |
| VIK Viking Holdings Ltd. | 0.31% | 70,000 | $5.0M | Add +75.0% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.30% | 19,022 | $4.9M | Reduce -77.0% |
| BKNG Booking Holdings Inc. | 0.30% | 900 | $4.8M | Add +38.5% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.29% | 285,000 | $4.8M | Add +137.5% |
| AME Ametek Inc. | 0.29% | 23,063 | $4.7M | New |
| VST Vistra Corp. | 0.29% | 29,025 | $4.7M | Reduce -7.9% |
| EUFN iShares MSCI Europe Financia | 0.29% | 126,135 | $4.7M | Reduce -1.0% |
| NTR Nutrien Ltd. | 0.29% | 75,650 | $4.7M | Reduce -3.1% |
| RJF Raymond James Financial Inc. | 0.29% | 29,100 | $4.7M | Add +56.5% |
| HBM Hudbay Minerals Inc. | 0.28% | 232,800 | $4.6M | Reduce -36.2% |
| LDOS Leidos Holdings Inc. | 0.28% | 25,000 | $4.5M | Add +150.0% |
| TEL Te Connectivity PLC | 0.27% | 19,325 | $4.4M | New |
| WSM Williams-Sonoma Inc. | 0.27% | 24,460 | $4.4M | Reduce -12.8% |
| VRTX Vertex Pharmaceuticals Inc. | 0.27% | 9,607 | $4.4M | Reduce -1.4% |
| CCEP Coca-Cola Europacific Partne | 0.26% | 47,690 | $4.3M | Reduce -0.5% |
| HLT Hilton Worldwide Holdings Inc. | 0.26% | 15,000 | $4.3M | Add +100.0% |
| ADBE Adobe Inc. | 0.26% | 12,000 | $4.2M | Add +108.7% |
| APP AppLovin Corp. Class A | 0.25% | 6,000 | $4.0M | Add +50.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.24% | 34,923 | $4.0M | Reduce -46.3% |
| MSCI MSCI Inc. | 0.24% | 6,750 | $3.9M | Add +92.9% |
| EME Emcor Group Inc. | 0.24% | 6,300 | $3.9M | Add +80.0% |
| HCA HCA Healthcare Inc. | 0.24% | 8,250 | $3.9M | Add +10.0% |
| FSV Firstservice Corp. | 0.23% | 24,550 | $3.8M | Reduce -27.3% |
| CDNS Cadence Design SYS Inc. | 0.23% | 12,132 | $3.8M | Reduce -1.0% |
| INTU Intuit Inc. | 0.23% | 5,550 | $3.7M | Reduce -30.3% |
| TW Tradeweb Markets Inc. Class A | 0.22% | 34,000 | $3.7M | Reduce -62.8% |
| WTS Watts Water Technologies-A | 0.22% | 13,000 | $3.6M | Add +100.0% |
| AON Aon PLC Class A | 0.21% | 9,730 | $3.4M | Reduce -1.5% |
| KLAC KLA Corp. | 0.21% | 2,800 | $3.4M | Add +12.0% |
| KKR KKR & Co. Inc. | 0.20% | 25,998 | $3.3M | Add +0.8% |
| PFE Pfizer Inc. | 0.20% | 130,570 | $3.3M | Add +70.5% |
| SII Sprott Inc. | 0.19% | 32,300 | $3.2M | Add +0.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.19% | 55,560 | $3.1M | Reduce -0.3% |
| CTA Simplify Managed Futures St | 0.18% | 110,322 | $3.0M | Reduce -5.2% |
| DE Deere & Co. | 0.18% | 6,423 | $3.0M | Reduce -62.2% |
| COF Capital One Financial Corp. | 0.18% | 12,000 | $2.9M | Add +60.0% |
| FTI Technipfmc PLC | 0.18% | 65,000 | $2.9M | Add +85.7% |
Portfolio Sells Q3 2025 → Q4 2025
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −1.76 |
| AJG Arthur J Gallagher & Co. | Reduce -77.0% | 0.30% | −1.37 |
| CRM Salesforce Inc. | Reduce -72.5% | 0.37% | −0.91 |
| CP Canadian Pacific Kansas City | Reduce -38.1% | 1.08% | −0.80 |
| ETN Eaton Corp. PLC | Reduce -2.4% | 2.25% | −0.64 |
| TW Tradeweb Markets Inc. Class A | Reduce -62.8% | 0.22% | −0.44 |
| COST Costco Wholesale Corp. | Reduce -2.1% | 2.24% | −0.38 |
| LIN Linde PLC | Reduce -0.9% | 1.89% | −0.38 |
| HD Home Depot Inc. | Reduce -0.9% | 1.27% | −0.34 |
| PGR Progressive Corp. | Reduce -67.2% | 0.13% | −0.33 |
| DE Deere & Co. | Reduce -62.2% | 0.18% | −0.32 |
| ORLY O'reilly Automotive Inc. | Reduce -0.9% | 0.99% | −0.27 |
| ARES Ares Management Corp. Class A | Reduce -69.3% | 0.11% | −0.27 |
| MA Mastercard Inc. Class A | Reduce -6.2% | 1.97% | −0.26 |
| PM Philip Morris International | Reduce -34.4% | 0.40% | −0.26 |
| ORCL Oracle Corp. | Reduce -72.3% | 0.06% | −0.26 |
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −0.25 |
| DIS The Walt Disney Co. | Reduce -46.3% | 0.24% | −0.24 |
| STN Stantec Inc. | Reduce -1.4% | 0.92% | −0.22 |
| FSV Firstservice Corp. | Reduce -27.3% | 0.23% | −0.19 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.18 |
| DSGX The Descartes Systems Grp | Reduce -44.0% | 0.17% | −0.18 |
| DLTR Dollar Tree Inc. | Sold out | 0.00% | −0.17 |
| BAM Brookfield Asset Mgmt-A | Reduce -21.8% | 0.32% | −0.15 |
| CME Cme Group Inc. | Sold out | 0.00% | −0.14 |
| NDAQ Nasdaq Inc. | Reduce -20.9% | 0.58% | −0.13 |
| INTU Intuit Inc. | Reduce -30.3% | 0.23% | −0.13 |
| CCK Crown Holdings Inc. | Sold out | 0.00% | −0.13 |
| BLK BlackRock Inc. | Reduce -13.9% | 0.36% | −0.13 |
| MCK McKesson Corp. | Reduce -23.1% | 0.40% | −0.12 |
| CCJ Cameco Corp. | Reduce -14.3% | 0.88% | −0.12 |
| VST Vistra Corp. | Reduce -7.9% | 0.29% | −0.12 |
| SSNC Ss&c Technologies Holdings | Sold out | 0.00% | −0.12 |
| ABBV Abbvie Inc. | Reduce -9.5% | 0.56% | −0.11 |
| DG Dollar General Corp. | Sold out | 0.00% | −0.10 |
| IBKR Interactive Brokers Gro Class A | Sold out | 0.00% | −0.10 |
| FERG Ferguson Enterprises Inc. | Reduce -74.3% | 0.03% | −0.10 |
| WMT Walmart Inc. | Reduce -3.6% | 4.09% | −0.10 |
| WSM Williams-Sonoma Inc. | Reduce -12.8% | 0.27% | −0.09 |
| HBM Hudbay Minerals Inc. | Reduce -36.2% | 0.28% | −0.08 |
| SPGI S&P Global Inc. | Reduce -3.1% | 2.98% | −0.08 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −0.08 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.08 |
| PAYC Paycom Software Inc. | Reduce -26.0% | 0.08% | −0.07 |
| GE General Electric | Reduce -8.5% | 0.51% | −0.07 |
| JNJ Johnson & Johnson | Reduce -12.4% | 0.75% | −0.07 |
| EMR Emerson Electric Co. | Reduce -42.0% | 0.08% | −0.06 |
| AESI Atlas Energy Solutions Inc. | Reduce -44.7% | 0.05% | −0.06 |
| DKNG Draftkings Inc. Class A | Sold out | 0.00% | −0.06 |
| PODD Insulet Corp. | Reduce -16.7% | 0.13% | −0.05 |
Portfolio Buys Q3 2025 → Q4 2025
| SHOP Shopify Inc. Class A | Add +1781.0% | 2.69% | +2.55 |
| BNS Bank of Nova Scotia | Add +89.3% | 2.50% | +1.26 |
| PHM Pultegroup Inc. | New | 0.89% | +0.89 |
| URNM Sprott Uranium Miners ETF | New | 0.76% | +0.76 |
| LLY Eli Lilly & Co. | Add +7.1% | 2.25% | +0.66 |
| TSM Taiwan Semiconductor-SP ADR | Add +79.2% | 1.32% | +0.60 |
| GOOGL Alphabet Inc. Class A | Add +6.8% | 2.18% | +0.49 |
| NFLX Netflix Inc. | Add +326.2% | 0.71% | +0.48 |
| JPM JPMorgan Chase & Co. | Add +135.2% | 0.58% | +0.32 |
| DELL Dell Technologies -C | Add +314.1% | 0.45% | +0.32 |
| AME Ametek Inc. | New | 0.29% | +0.29 |
| TEL Te Connectivity PLC | New | 0.27% | +0.27 |
| TJX TJX Companies Inc. | Add +73.0% | 0.50% | +0.21 |
| CNQ Canadian Natural Resources | Add +48.2% | 0.54% | +0.17 |
| KVUE Kenvue Inc. | New | 0.17% | +0.17 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +137.5% | 0.29% | +0.17 |
| IQV Iqvia Holdings Inc. | Add +676.9% | 0.18% | +0.16 |
| LDOS Leidos Holdings Inc. | Add +150.0% | 0.28% | +0.15 |
| KNSL Kinsale Capital Group Inc. | New | 0.14% | +0.14 |
| VIK Viking Holdings Ltd. | Add +75.0% | 0.31% | +0.14 |
| ADSK Autodesk Inc. | Add +65.7% | 0.47% | +0.14 |
| BMO Bank of Montreal | Add +89.6% | 0.33% | +0.14 |
| UBER Uber Technologies Inc. | Add +75.0% | 0.53% | +0.14 |
| CELH Celsius Holdings Inc. | New | 0.14% | +0.14 |
| HLT Hilton Worldwide Holdings Inc. | Add +100.0% | 0.26% | +0.14 |
| BGSI Boyd Group Services Inc. | New | 0.13% | +0.13 |
| ADBE Adobe Inc. | Add +108.7% | 0.26% | +0.12 |
| UNH Unitedhealth Group Inc. | Add +22.6% | 1.32% | +0.12 |
| MNST Monster Beverage Corp. | Add +46.0% | 0.33% | +0.12 |
| MSCI MSCI Inc. | Add +92.9% | 0.24% | +0.11 |
| AMZN Amazon.com Inc. | Add +4.4% | 3.89% | +0.11 |
| OKE Oneok Inc. | New | 0.11% | +0.11 |
| WTS Watts Water Technologies-A | Add +100.0% | 0.22% | +0.10 |
| EXPE Expedia Group Inc. | Add +9.0% | 0.36% | +0.09 |
| EME Emcor Group Inc. | Add +80.0% | 0.24% | +0.09 |
| FTI Technipfmc PLC | Add +85.7% | 0.18% | +0.09 |
| CNI Canadian Natl Railway Co. | New | 0.09% | +0.09 |
| RPRX Royalty Pharma PLC Class A | New | 0.08% | +0.08 |
| AZN Astrazeneca PLC-Spons ADR | Add +0.2% | 0.71% | +0.08 |
| EOG EOG Resources Inc. | Add +432.0% | 0.10% | +0.08 |
| RMD Resmed Inc. | Add +61.5% | 0.31% | +0.08 |
| RJF Raymond James Financial Inc. | Add +56.5% | 0.29% | +0.08 |
| COF Capital One Financial Corp. | Add +60.0% | 0.18% | +0.07 |
| PFE Pfizer Inc. | Add +70.5% | 0.20% | +0.07 |
| COPX Global X Copper Miners ETF | New | 0.07% | +0.07 |
| BKNG Booking Holdings Inc. | Add +38.5% | 0.30% | +0.07 |
| GIL Gildan Activewear Inc. | Add +230.0% | 0.09% | +0.06 |
| TD Toronto-Dominion Bank | Add +0.1% | 0.63% | +0.06 |
| APP AppLovin Corp. Class A | Add +50.0% | 0.25% | +0.06 |
| QCOM Qualcomm Inc. | New | 0.06% | +0.06 |
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 |