# Burgundy Asset Management Ltd.

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1315868. Source: https://holderbook.com/funds/1315868-burgundy-asset-management-ltd/

- Reported value: $10.6B
- Positions: 109
- Weight of the ten largest: 26.6%
- Filed: 2025-11-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SS&C TECH HLDGS | [SSNC](https://holderbook.com/stocks/SSNC/) | $460.5M | 5,193,498 | 4.3% | 28 |
| PRIMERICA INC | [PRI](https://holderbook.com/stocks/PRI/) | $356.9M | 1,324,968 | 3.4% | 28 |
| WILLIS TOWERS WATSON PLC LTD | [WTW](https://holderbook.com/stocks/WTW/) | $286.8M | 877,476 | 2.7% | 19 |
| EMCOR GROUP INC | [EME](https://holderbook.com/stocks/EME/) | $275.3M | 443,982 | 2.6% | 20 |
| ARMSTRONG WORLD INDS INC NEW | [AWI](https://holderbook.com/stocks/AWI/) | $257.2M | 1,313,676 | 2.4% | 23 |
| OPENLANE INC | [OPLN](https://holderbook.com/stocks/OPLN/) | $245.2M | 8,477,474 | 2.3% | 23 |
| HOULIHAN LOKEY INC | [HLI](https://holderbook.com/stocks/HLI/) | $243.0M | 1,219,617 | 2.3% | 28 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $238.0M | 1,117,913 | 2.2% | 28 |
| US FOODS HLDG CORP | [USFD](https://holderbook.com/stocks/USFD/) | $230.6M | 2,971,782 | 2.2% | 3 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $230.1M | 454,086 | 2.2% | 28 |
| GENTEX CORP | [GNTX](https://holderbook.com/stocks/GNTX/) | $221.9M | 7,923,912 | 2.1% | 28 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $219.7M | 1,243,864 | 2.1% | 22 |
| WYNDHAM HOTELS & RESORTS INC | [WH](https://holderbook.com/stocks/WH/) | $212.6M | 2,454,330 | 2.0% | 28 |
| GLOBUS MED INC | [GMED](https://holderbook.com/stocks/GMED/) | $212.1M | 3,460,983 | 2.0% | 10 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $202.7M | 2,184,386 | 1.9% | 4 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $201.4M | 1,136,939 | 1.9% | 28 |
| GRAND CANYON ED INC | [LOPE](https://holderbook.com/stocks/LOPE/) | $197.0M | 977,397 | 1.9% | 27 |
| ALLISON TRANSMISSION HLDGS I | [ALSN](https://holderbook.com/stocks/ALSN/) | $193.0M | 2,210,926 | 1.8% | 28 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $178.1M | 2,898,948 | 1.7% | 11 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $174.9M | 599,753 | 1.6% | 28 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $172.2M | 1,170,458 | 1.6% | 14 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $167.4M | 973,374 | 1.6% | 18 |
| PENSKE AUTOMOTIVE GRP INC | [PAG](https://holderbook.com/stocks/PAG/) | $163.4M | 885,860 | 1.5% | 28 |
| NEWS CORP NEW | [NWSA](https://holderbook.com/stocks/NWSA/) | $160.4M | 5,454,879 | 1.5% | 28 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $153.3M | 575,337 | 1.4% | 10 |
| AMERICAN HOMES 4 RENT | [AMH](https://holderbook.com/stocks/AMH/) | $152.6M | 4,258,875 | 1.4% | 28 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $152.3M | 665,179 | 1.4% | 15 |
| SCHEIN HENRY INC | [HSIC](https://holderbook.com/stocks/HSIC/) | $151.0M | 2,170,871 | 1.4% | 23 |
| CBIZ INC | [CBZ](https://holderbook.com/stocks/CBZ/) | $149.4M | 2,315,606 | 1.4% | 28 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $145.6M | 7,030,246 | 1.4% | 10 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $142.3M | 1,896,245 | 1.3% | 28 |
| NEW YORK TIMES CO MTN BE | [NYT](https://holderbook.com/stocks/NYT/) | $141.0M | 2,357,049 | 1.3% | 13 |
| WABTEC | [WAB](https://holderbook.com/stocks/WAB/) | $139.1M | 718,779 | 1.3% | 3 |
| SIMPSON MFG INC | [SSD](https://holderbook.com/stocks/SSD/) | $131.9M | 689,900 | 1.2% | 26 |
| MARKETAXESS HLDGS INC | [MKTX](https://holderbook.com/stocks/MKTX/) | $127.3M | 692,216 | 1.2% | 28 |
| LIGHT & WONDER INC | [LNWO](https://holderbook.com/stocks/LNWO/) | $125.8M | 1,360,624 | 1.2% | 15 |
| STRATEGIC ED INC | [STRA](https://holderbook.com/stocks/STRA/) | $123.4M | 1,516,338 | 1.2% | 28 |
| GENERAC HLDGS INC | [GNRC](https://holderbook.com/stocks/GNRC/) | $120.1M | 648,364 | 1.1% | 28 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $119.4M | 200,540 | 1.1% | 17 |
| ROGERS COMMUNICATIONS INC | [RCI](https://holderbook.com/stocks/RCI/) | $119.3M | 3,331,220 | 1.1% | 24 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $116.3M | 154 | 1.1% | 28 |
| EURONET WORLDWIDE INC | [EEFT](https://holderbook.com/stocks/EEFT/) | $112.9M | 1,211,358 | 1.1% | 9 |
| HILLMAN SOLUTIONS CORP | [HLMN](https://holderbook.com/stocks/HLMN/) | $110.3M | 11,164,985 | 1.0% | 17 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $110.3M | 1,742,299 | 1.0% | 28 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $105.5M | 1,364,095 | 1.0% | 3 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $104.7M | 463,184 | 1.0% | 28 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $93.9M | 2,006,383 | 0.9% | 24 |
| STANTEC INC | [STN](https://holderbook.com/stocks/STN/) | $93.2M | 858,122 | 0.9% | 25 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $92.8M | 639,134 | 0.9% | 28 |
| PEOPLE INC | [PPLI](https://holderbook.com/stocks/PPLI/) | $91.6M | 2,501,914 | 0.9% | 3 |
| PPG INDS INC | [PPG](https://holderbook.com/stocks/PPG/) | $90.6M | 814,635 | 0.9% | 2 |
| GRACO INC | [GGG](https://holderbook.com/stocks/GGG/) | $84.3M | 987,333 | 0.8% | 28 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $83.3M | 530,142 | 0.8% | 22 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $81.8M | 845,531 | 0.8% | 28 |
| CGI INC | [GIB](https://holderbook.com/stocks/GIB/) | $77.6M | 799,246 | 0.7% | 22 |
| CABLE ONE INC | [CABO](https://holderbook.com/stocks/CABO/) | $76.2M | 472,067 | 0.7% | 14 |
| CARRIER GLOBAL CORPORATION | [CARR](https://holderbook.com/stocks/CARR/) | $76.0M | 1,165,423 | 0.7% | 22 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $74.8M | 1,199,190 | 0.7% | 28 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $73.0M | 1,110,869 | 0.7% | 12 |
| COLLIERS INTL GROUP INC | [CIGI](https://holderbook.com/stocks/CIGI/) | $70.1M | 424,796 | 0.7% | 23 |
| NEWS CORP NEW | [NWS](https://holderbook.com/stocks/NWS/) | $64.2M | 1,896,357 | 0.6% | 17 |
| CHAMPION HOMES INC | [SKY](https://holderbook.com/stocks/SKY/) | $63.7M | 844,413 | 0.6% | 14 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $60.7M | 753,976 | 0.6% | 5 |
| D R HORTON INC | [DHI](https://holderbook.com/stocks/DHI/) | $59.4M | 350,704 | 0.6% | 2 |
| DOUBLEVERIFY HLDGS INC | [DV](https://holderbook.com/stocks/DV/) | $58.7M | 3,608,272 | 0.6% | 6 |
| ALARM COM HLDGS INC | [ALRM](https://holderbook.com/stocks/ALRM/) | $58.6M | 999,208 | 0.6% | 4 |
| SIXTH STREET SPECIALTY LENDI | [TSLX](https://holderbook.com/stocks/TSLX/) | $57.8M | 2,362,088 | 0.5% | 13 |
| ATS CORPORATION | [ATS](https://holderbook.com/stocks/ATS/) | $50.0M | 1,807,557 | 0.5% | 10 |
| DOLLAR TREE INC | [DLTR](https://holderbook.com/stocks/DLTR/) | $49.4M | 452,794 | 0.5% | 23 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $48.7M | 236,772 | 0.5% | 1 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $47.5M | 11,324 | 0.4% | 28 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $47.1M | 93,695 | 0.4% | 28 |
| CHARLES RIV LABS INTL INC | [CRL](https://holderbook.com/stocks/CRL/) | $45.5M | 278,329 | 0.4% | 8 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $41.4M | 224,049 | 0.4% | 8 |
| LAUDER ESTEE COS INC | [EL](https://holderbook.com/stocks/EL/) | $40.4M | 440,241 | 0.4% | 5 |
| ATOUR LIFESTYLE HLDGS LTD | [ATAT](https://holderbook.com/stocks/ATAT/) | $30.2M | 774,823 | 0.3% | 10 |
| KINDERCARE LEARNING COMPANIE | [KLC](https://holderbook.com/stocks/KLC/) | $28.2M | 3,919,470 | 0.3% | 3 |
| LABCORP HOLDINGS INC | [LH](https://holderbook.com/stocks/LH/) | $26.0M | 93,448 | 0.2% | 6 |
| TD SYNNEX CORPORATION | [SNX](https://holderbook.com/stocks/SNX/) | $23.5M | 158,963 | 0.2% | 20 |
| INSTALLED BLDG PRODS INC | [IBP](https://holderbook.com/stocks/IBP/) | $20.0M | 76,498 | 0.2% | 2 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $19.9M | 85,000 | 0.2% | 23 |
| JEFFERIES FINANCIAL GROUP IN | [JEF](https://holderbook.com/stocks/JEF/) | $19.1M | 294,896 | 0.2% | 2 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $19.0M | 60,642 | 0.2% | 28 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $17.1M | 110,000 | 0.2% | 11 |
| COPART INC | [CPRT](https://holderbook.com/stocks/CPRT/) | $15.6M | 319,054 | 0.1% | 28 |
| LANDSTAR SYS INC | [LSTR](https://holderbook.com/stocks/LSTR/) | $11.3M | 85,380 | 0.1% | 13 |
| ALIGN TECHNOLOGY INC | [ALGN](https://holderbook.com/stocks/ALGN/) | $11.2M | 78,625 | 0.1% | 1 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $9.5M | 165,000 | 0.1% | 28 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $8.0M | 164,767 | 0.1% | 28 |
| NATIONAL VISION HLDGS INC | [EYE](https://holderbook.com/stocks/EYE/) | $5.8M | 251,576 | 0.1% | 5 |
| FULL TRUCK ALLIANCE CO LTD | [YMM](https://holderbook.com/stocks/YMM/) | $5.3M | 408,685 | 0.1% | 6 |
| TELUS CORPORATION | [TU](https://holderbook.com/stocks/TU/) | $3.4M | 206,581 | 0.0% | 23 |
| BROOKFIELD INFRASTRUCTURE CO | [BIPC](https://holderbook.com/stocks/BIPC/) | $2.8M | 70,760 | 0.0% | 3 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $2.8M | 89,097 | 0.0% | 28 |
| CARMAX INC | [KMX](https://holderbook.com/stocks/KMX/) | $2.5M | 41,459 | 0.0% | 2 |
| GRANITE REAL ESTATE INVT TR | [GRTUF](https://holderbook.com/stocks/GRTUF/) | $2.3M | 40,742 | 0.0% | 3 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $2.2M | 35,864 | 0.0% | 12 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $2.2M | 41,363 | 0.0% | 26 |
| VANGUARD INTL EQUITY INDEX F | [VGK](https://holderbook.com/stocks/VGK/) | $1.5M | 19,136 | 0.0% | 2 |
| CURTISS WRIGHT CORP | [CW](https://holderbook.com/stocks/CW/) | $852.5K | 1,783 | 0.0% | 19 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2025 | +4.8% | +7.8% | -3.0% | 100% |
| Q2 2025 | +5.1% | +10.5% | -5.4% | 100% |
| Q1 2025 | -1.0% | -4.6% | +3.5% | 100% |
| Q4 2024 | +0.5% | +2.1% | -1.7% | 100% |
| Q3 2024 | +7.4% | +5.4% | +2.0% | 100% |
| Q2 2024 | -2.0% | +4.0% | -6.1% | 100% |
| Q1 2024 | +8.4% | +10.0% | -1.7% | 100% |
| Q4 2023 | +10.9% | +11.2% | -0.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $10.6B | 109 |
| Q2 2025 | $10.3B | 109 |
| Q1 2025 | $9.6B | 109 |
| Q4 2024 | $9.9B | 104 |
| Q3 2024 | $10.1B | 106 |
| Q2 2024 | $9.5B | 103 |
| Q1 2024 | $9.7B | 101 |
| Q4 2023 | $9.0B | 106 |
| Q3 2023 | $8.1B | 101 |
| Q2 2023 | $8.5B | 106 |
| Q1 2023 | $8.1B | 104 |
| Q4 2022 | $7.7B | 106 |