UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549

FORM 13F

FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 30, 2008

Check here if Amendment |_|; Amendment Number:

This Amendment (Check only one.): |_| is a restatement.
|_| adds new holdings entries.
Institutional Investment Manager Filing this Report:

Name: W.P. Stewart & Co., Ltd.
Address: Trinity Hall
 43 Cedar Avenue, P.O. Box HM 2905
 Hamilton, Bermuda HM LX
Form 13F File Number: 28-1432

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name: Seth L. Pearlstein
Title: General Counsel
Phone: 212-750-8585

Signature, Place, and Date of Signing:

/s/ Seth L. Pearlstein New York, NY 14 November 2008
---------------------- ------------ -----------------

Report Type (Check only one.):

|X| 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)

|_| 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)

|_| 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manger are reported in this report and a portion are reported by other reporting manager(s).)

1

FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 0
 ---------------------
Form 13F Information Table Entry Total: 31
 ---------------------
Form 13F Information Table Value Total: $1,805,929
 ---------------------
 (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

None.

2

 TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
 NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
----------------------- -------- -------- -------- ------- --- ---- ------- -------- ------ -------- ------
ADOBE SYS INC COM COMMON STOCK 00724f101 79070 2003286 SH Sole 2003286
AMERICAN EXPRESS CO COM COMMON STOCK 025816109 55772 1574154 SH Sole 1574154
APPLE INC COM COMMON STOCK 037833100 455 4000 SH Sole 4000
AUTOMATIC DATA PROCESSING INC COMMON STOCK 053015103 123748 2894691 SH Sole 2894691
BECTON DICKINSON & CO COM COMMON STOCK 075887109 104917 1307219 SH Sole 1307219
BOEING CO COM COMMON STOCK 097023105 459 8000 SH Sole 8000
CHIPOTLE MEXICAN GRILL INC CL COMMON STOCK 169656204 33800 723000 SH Sole 723000
DISNEY WALT CO COM DISNEY COMMON STOCK 254687106 24601 801607 SH Sole 801607
FASTENAL CO COM COMMON STOCK 311900104 112683 2281486 SH Sole 2281486
GENERAL ELECTRIC CO COM COMMON STOCK 369604103 1389 54475 SH Sole 54475
JOHNSON & JOHNSON COM COMMON STOCK 478160104 1151 16610 SH Sole 16610
KELLOGG CO COM COMMON STOCK 487836108 15685 279588 SH Sole 279588
MASTERCARD INC CL A COMMON STOCK 57636q104 114919 648053 SH Sole 648053
MCGRAW HILL COS INC COM COMMON STOCK 580645109 52835 1671478 SH Sole 1671478
MICROSOFT CORP COM COMMON STOCK 594918104 515 19300 SH Sole 19300
MSCI INC CL A COMMON STOCK 55354g100 29911 1246275 SH Sole 1246275
PAYCHEX INC COM COMMON STOCK 704326107 90632 2743944 SH Sole 2743944
PEPSICO INC COM COMMON STOCK 713448108 132464 1858625 SH Sole 1858625
POLO RALPH LAUREN CORP CL A COMMON STOCK 731572103 90064 1351502 SH Sole 1351502
PROCTER & GAMBLE CO COM COMMON STOCK 742718109 141490 2030270 SH Sole 2030270
QUALCOMM INC COM COMMON STOCK 747525103 112112 2609073 SH Sole 2609073
SCHEIN HENRY INC COM COMMON STOCK 806407102 91588 1701119 SH Sole 1701119
SCHLUMBERGER LTD COM COMMON STOCK 806857108 402 5150 SH Sole 5150
SCHWAB CHARLES CORP NEW COM COMMON STOCK 808513105 145292 5588147 SH Sole 5588147
STAPLES INC COM COMMON STOCK 855030102 73931 3285820 SH Sole 3285820
STRYKER CORP COM COMMON STOCK 863667101 14722 236315 SH Sole 236315
TARGET CORP COM COMMON STOCK 87612e106 53447 1089652 SH Sole 1089652
UNITED TECHNOLOGIES CORP COM COMMON STOCK 913017109 99638 1658982 SH Sole 1658982
WALGREEN CO COM COMMON STOCK 931422109 5021 162161 SH Sole 162161
WRIGLEY WM JR CO COM COMMON STOCK 982526105 413 5200 SH Sole 5200
WYETH COM COMMON STOCK 983024100 2803 75890 SH Sole 75890

 1805929 No. of Other Managers 0

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