Burgundy Asset Management Ltd.
Reported holdings as of Q3 2025, from 28 quarterly filings.
This filer last reported in Q3 2025; the most recent quarter on file across all filers is Q2 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| SS&C TECH HLDGS | SSNC | $460.5M | 5,193,498 | +0.12pp | 28q | -0.9%-$4.1M | |
| PRIMERICA INC | PRI | $356.9M | 1,324,968 | -0.18pp | 28q | -0.6%-$2.3M | |
| WILLIS TOWERS WATSON PLC LTD | WTW | $286.8M | 877,476 | +0.04pp | 19q | -1.8%-$5.4M | |
| EMCOR GROUP INC | EME | $275.3M | 443,982 | -0.16pp | 20q | -16.3%-$53.6M | |
| ARMSTRONG WORLD INDS INC NEW | AWI | $257.2M | 1,313,676 | +0.34pp | 23q | -0.6%-$1.4M | |
| OPENLANE INC | OPLN | $245.2M | 8,477,474 | -0.14pp | 23q | -17.7%-$52.9M | |
| HOULIHAN LOKEY INC | HLI | $243.0M | 1,219,617 | +0.15pp | 28q | -0.5%-$1.3M | |
| ALPHABET INC | GOOGL | $238.0M | 1,117,913 | +0.29pp | 28q | -1.9%-$4.7M | |
| US FOODS HLDG CORP | USFD | $230.6M | 2,971,782 | +0.52pp | 3q | +34.7%+$59.4M | |
| MICROSOFT CORP | MSFT | $230.1M | 454,086 | -0.29pp | 28q | -10.6%-$27.3M | |
| GENTEX CORP | GNTX | $221.9M | 7,923,912 | +0.39pp | 28q | -0.5%-$1.1M | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $219.7M | 1,243,864 | -0.19pp | 22q | -1.8%-$4.0M | |
| WYNDHAM HOTELS & RESORTS INC | WH | $212.6M | 2,454,330 | +0.06pp | 28q | HELD | |
| GLOBUS MED INC | GMED | $212.1M | 3,460,983 | flat | 10q | -0.6%-$1.3M | |
| MEDTRONIC PLC | MDT | $202.7M | 2,184,386 | +0.03pp | 4q | -1.5%-$3.1M | |
| JOHNSON & JOHNSON | JNJ | $201.4M | 1,136,939 | +0.18pp | 28q | -2.0%-$4.1M | |
| GRAND CANYON ED INC | LOPE | $197.0M | 977,397 | +0.05pp | 27q | -0.5%-$1.1M | |
| ALLISON TRANSMISSION HLDGS I | ALSN | $193.0M | 2,210,926 | -0.24pp | 28q | -0.8%-$1.6M | |
| MONDELEZ INTL INC | MDLZ | $178.1M | 2,898,948 | -0.25pp | 11q | -1.7%-$3.0M | |
| CENCORA INC | COR | $174.9M | 599,753 | -0.13pp | 28q | -1.8%-$3.1M | |
| ROSS STORES INC | ROST | $172.2M | 1,170,458 | +0.15pp | 14q | -1.7%-$3.1M | |
| ELECTRONIC ARTS INC | EA | $167.4M | 973,374 | +0.04pp | 18q | -1.7%-$2.9M | |
| PENSKE AUTOMOTIVE GRP INC | PAG | $163.4M | 885,860 | +0.05pp | 28q | -0.5%-$829.1K | |
| NEWS CORP NEW | NWSA | $160.4M | 5,454,879 | -0.09pp | 28q | -1.8%-$2.9M | |
| CME GROUP INC | CME | $153.3M | 575,337 | -0.13pp | 10q | -1.9%-$3.0M | |
| AMERICAN HOMES 4 RENT | AMH | $152.6M | 4,258,875 | -0.06pp | 28q | HELD | |
| AMAZON COM INC | AMZN | $152.3M | 665,179 | -0.01pp | 15q | -1.7%-$2.7M | |
| SCHEIN HENRY INC | HSIC | $151.0M | 2,170,871 | -0.14pp | 23q | -1.7%-$2.5M | |
| CBIZ INC | CBZ | $149.4M | 2,315,606 | -0.21pp | 28q | HELD | |
| KENVUE INC | KVUE | $145.6M | 7,030,246 | -0.08pp | 10q | -1.7%-$2.5M | |
| TORONTO DOMINION BK ONT | TD | $142.3M | 1,896,245 | -0.02pp | 28q | -0.6%-$917.1K | |
| NEW YORK TIMES CO MTN BE | NYT | $141.0M | 2,357,049 | +0.04pp | 13q | HELD | |
| WABTEC | WAB | $139.1M | 718,779 | +0.01pp | 3q | +12.1%+$15.0M | |
| SIMPSON MFG INC | SSD | $131.9M | 689,900 | +0.20pp | 26q | -0.6%-$740.6K | |
| MARKETAXESS HLDGS INC | MKTX | $127.3M | 692,216 | +0.30pp | 28q | +67.1%+$51.1M | |
| LIGHT & WONDER INC | LNWO | $125.8M | 1,360,624 | -0.34pp | 15q | -16.7%-$25.1M | |
| STRATEGIC ED INC | STRA | $123.4M | 1,516,338 | -0.10pp | 28q | -0.5%-$649.1K | |
| GENERAC HLDGS INC | GNRC | $120.1M | 648,364 | +0.22pp | 28q | -0.5%-$614.1K | |
| MASTERCARD INCORPORATED | MA | $119.4M | 200,540 | +0.01pp | 17q | -1.8%-$2.2M | |
| ROGERS COMMUNICATIONS INC | RCI | $119.3M | 3,331,220 | -0.08pp | 24q | -20.2%-$30.1M | |
| BERKSHIRE HATHAWAY INC DEL | BRKA | $116.3M | 154 | +0.01pp | 28q | HELD | |
| EURONET WORLDWIDE INC | EEFT | $112.9M | 1,211,358 | -0.14pp | 9q | -0.5%-$584.6K | |
| HILLMAN SOLUTIONS CORP | HLMN | $110.3M | 11,164,985 | +0.26pp | 17q | HELD | |
| RESTAURANT BRANDS INTL INC | QSR | $110.3M | 1,742,299 | +0.02pp | 28q | +9.8%+$9.9M | |
| NIKE INC | NKE | $105.5M | 1,364,095 | +0.04pp | 3q | -1.6%-$1.7M | |
| ORACLE CORP | ORCL | $104.7M | 463,184 | -0.02pp | 28q | -2.0%-$2.1M | |
| TRUIST FINL CORP | TFC | $93.9M | 2,006,383 | +0.03pp | 24q | -2.0%-$1.9M | |
| STANTEC INC | STN | $93.2M | 858,122 | -0.03pp | 25q | HELD | |
| ROYAL BK CDA | RY | $92.8M | 639,134 | +0.06pp | 28q | HELD | |
| PEOPLE INC | PPLI | $91.6M | 2,501,914 | -0.05pp | 3q | -0.6%-$581.6K | |
| PPG INDS INC | PPG | $90.6M | 814,635 | -0.06pp | 2q | -1.1%-$1.0M | |
| GRACO INC | GGG | $84.3M | 987,333 | -0.03pp | 28q | HELD | |
| PROCTER & GAMBLE CO | PG | $83.3M | 530,142 | -0.05pp | 22q | -1.8%-$1.5M | |
| CANADIAN NATL RY CO | CNI | $81.8M | 845,531 | +0.05pp | 28q | +19.3%+$13.2M | |
| CGI INC | GIB | $77.6M | 799,246 | +0.09pp | 22q | +27.3%+$16.6M | |
| CABLE ONE INC | CABO | $76.2M | 472,067 | +0.09pp | 14q | -0.6%-$430.0K | |
| CARRIER GLOBAL CORPORATION | CARR | $76.0M | 1,165,423 | -0.24pp | 22q | -13.6%-$11.9M | |
| BANK NOVA SCOTIA B C | BNS | $74.8M | 1,199,190 | +0.06pp | 28q | HELD | |
| BROOKFIELD CORP | BN | $73.0M | 1,110,869 | +0.02pp | 12q | HELD | |
| COLLIERS INTL GROUP INC | CIGI | $70.1M | 424,796 | +0.12pp | 23q | HELD | |
| NEWS CORP NEW | NWS | $64.2M | 1,896,357 | -0.04pp | 17q | -1.7%-$1.1M | |
| CHAMPION HOMES INC | SKY | $63.7M | 844,413 | +0.09pp | 14q | +1.1%+$697.0K | |
| SYSCO CORP | SYY | $60.7M | 753,976 | -0.57pp | 5q | -51.4%-$64.2M | |
| D R HORTON INC | DHI | $59.4M | 350,704 | +0.11pp | 2q | -3.2%-$2.0M | |
| DOUBLEVERIFY HLDGS INC | DV | $58.7M | 3,608,272 | +0.03pp | 6q | HELD | |
| ALARM COM HLDGS INC | ALRM | $58.6M | 999,208 | +0.01pp | 4q | +1.4%+$781.3K | |
| SIXTH STREET SPECIALTY LENDI | TSLX | $57.8M | 2,362,088 | -0.01pp | 13q | -0.7%-$412.7K | |
| ATS CORPORATION | ATS | $50.0M | 1,807,557 | -0.09pp | 10q | HELD | |
| DOLLAR TREE INC | DLTR | $49.4M | 452,794 | +0.02pp | 23q | -1.7%-$855.7K | |
| DANAHER CORP DEL | DHR | $48.7M | 236,772 | - | new | NEW | |
| AUTOZONE INC | AZO | $47.5M | 11,324 | +0.03pp | 28q | -1.9%-$919.5K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $47.1M | 93,695 | -0.02pp | 28q | -4.1%-$2.0M | |
| CHARLES RIV LABS INTL INC | CRL | $45.5M | 278,329 | +0.02pp | 8q | -0.7%-$300.7K | |
| WASTE CONNECTIONS INC | WCN | $41.4M | 224,049 | -0.02pp | 8q | HELD | |
| LAUDER ESTEE COS INC | EL | $40.4M | 440,241 | +0.03pp | 5q | -1.9%-$762.4K | |
| ATOUR LIFESTYLE HLDGS LTD | ATAT | $30.2M | 774,823 | +0.08pp | 10q | +22.3%+$5.5M | |
| KINDERCARE LEARNING COMPANIE | KLC | $28.2M | 3,919,470 | flat | 3q | +47.5%+$9.1M | |
| LABCORP HOLDINGS INC | LH | $26.0M | 93,448 | flat | 6q | -2.5%-$665.5K | |
| TD SYNNEX CORPORATION | SNX | $23.5M | 158,963 | +0.01pp | 20q | -0.5%-$123.5K | |
| INSTALLED BLDG PRODS INC | IBP | $20.0M | 76,498 | +0.05pp | 2q | -0.6%-$124.9K | |
| BOEING CO | BA | $19.9M | 85,000 | +0.01pp | 23q | HELD | |
| JEFFERIES FINANCIAL GROUP IN | JEF | $19.1M | 294,896 | +0.02pp | 2q | -1.7%-$328.3K | |
| MCDONALDS CORP | MCD | $19.0M | 60,642 | +0.01pp | 28q | HELD | |
| 3M CO | MMM | $17.1M | 110,000 | flat | 11q | HELD | |
| COPART INC | CPRT | $15.6M | 319,054 | -0.01pp | 28q | -2.5%-$394.1K | |
| LANDSTAR SYS INC | LSTR | $11.3M | 85,380 | +0.01pp | 13q | +19.2%+$1.8M | |
| ALIGN TECHNOLOGY INC | ALGN | $11.2M | 78,625 | - | new | NEW | |
| NUTRIEN LTD | NTR | $9.5M | 165,000 | flat | 28q | HELD | |
| ENBRIDGE INC | ENB | $8.0M | 164,767 | flat | 28q | +3.2%+$244.1K | |
| NATIONAL VISION HLDGS INC | EYE | $5.8M | 251,576 | -0.51pp | 5q | -90.0%-$51.7M | |
| FULL TRUCK ALLIANCE CO LTD | YMM | $5.3M | 408,685 | -0.07pp | 6q | -61.2%-$8.4M | |
| TELUS CORPORATION | TU | $3.4M | 206,581 | flat | 23q | +4.8%+$156.5K | |
| BROOKFIELD INFRASTRUCTURE CO | BIPC | $2.8M | 70,760 | flat | 3q | +7.6%+$200.3K | |
| CANADIAN NAT RES LTD MED TER | CNQ | $2.8M | 89,097 | flat | 28q | +18.6%+$441.9K | |
| CARMAX INC | KMX | $2.5M | 41,459 | +0.01pp | 2q | +62.8%+$981.5K | |
| GRANITE REAL ESTATE INVT TR | GRTUF | $2.3M | 40,742 | flat | 3q | HELD | |
| BROOKFIELD ASSET MANAGMT LTD | BAM | $2.2M | 35,864 | flat | 12q | -11.0%-$266.9K | |
| TC ENERGY CORP | TRP | $2.2M | 41,363 | flat | 26q | HELD | |
| VANGUARD INTL EQUITY INDEX F | VGK | $1.5M | 19,136 | flat | 2q | +1.2%+$17.7K | |
| CURTISS WRIGHT CORP | CW | $852.5K | 1,783 | flat | 19q | HELD | |
| YUM CHINA HLDGS INC | YUMC | $517.1K | 11,564 | flat | 19q | +12.1%+$55.6K | |
| CDW CORP | CDW | $432.8K | 2,627 | flat | 28q | HELD | |
| FIRST AMERN FINL CORP | FAF | $421.1K | 6,381 | flat | 11q | HELD | |
| TENCENT MUSIC ENTMT GROUP | TME | $293.9K | 11,985 | flat | 5q | -32.8%-$143.3K | |
| THOMSON REUTERS CORP | TRIXXXX | $282.7K | 1,593 | flat | 6q | HELD | |
| META PLATFORMS INC | META | $277.0K | 375 | flat | 5q | HELD | |
| CANADIAN PACIFIC KANSAS CITY | CP | $271.1K | 3,561 | - | new | NEW | |
| SOUTH BOW CORP | SOBO | $229.1K | 8,272 | flat | 3q | HELD | |
| MIDDLEBY CORP | MIDD | $219.5K | 1,604 | flat | 4q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Software & IT Services | $1.5B | 14.5% |
| Business Services | $1.0B | 9.7% |
| Retail & Consumer | $978.4M | 9.2% |
| Insurance | $807.5M | 7.6% |
| Capital Markets | $764.5M | 7.2% |
| Chemicals | $732.1M | 6.9% |
| Wholesale & Distribution | $640.8M | 6.0% |
| Autos & Aerospace | $574.0M | 5.4% |
| Telecom & Media | $564.9M | 5.3% |
| Banks & Lending | $516.8M | 4.9% |
| Industrials | $453.5M | 4.3% |
| Medical Devices | $448.8M | 4.2% |
| Other sectors | $1.5B | 14.6% |
| Not classified | $1.8M | 0.0% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2025 | $10.6B | 109 | 3 | 18 | 60 | 3 | 26.6% | 43 |
| Q2 2025 | $10.3B | 109 | 6 | 43 | 39 | 6 | 26.7% | 44 |
| Q1 2025 | $9.6B | 109 | 10 | 50 | 44 | 5 | 26.7% | 43 |
| Q4 2024 | $9.9B | 104 | 5 | 43 | 44 | 7 | 28.1% | 49 |
| Q3 2024 | $10.1B | 106 | 6 | 49 | 32 | 3 | 28.6% | 43 |
| Q2 2024 | $9.5B | 103 | 7 | 47 | 40 | 5 | 29.2% | 43 |
| Q1 2024 | $9.7B | 101 | 3 | 47 | 42 | 8 | 29.4% | 43 |
| Q4 2023 | $9.0B | 106 | 7 | 47 | 44 | 2 | 29.0% | 44 |
| Q3 2023 | $8.1B | 101 | 3 | 42 | 40 | 8 | 30.1% | 40 |
| Q2 2023 | $8.5B | 106 | 6 | 37 | 44 | 4 | 31.3% | 42 |
| Q1 2023 | $8.1B | 104 | 5 | 20 | 43 | 7 | 30.6% | 41 |
| Q4 2022 | $7.7B | 106 | 5 | 19 | 44 | 9 | 30.2% | 41 |
| Q3 2022 | $7.2B | 110 | 6 | 17 | 73 | 7 | 30.5% | 45 |
| Q2 2022 | $8.0B | 111 | 4 | 38 | 42 | 5 | 31.1% | 41 |
| Q1 2022 | $9.4B | 112 | 7 | 19 | 59 | 6 | 31.2% | 42 |
| Q4 2021 | $10.3B | 111 | 4 | 43 | 41 | 6 | 31.6% | 41 |
| Q3 2021 | $10.2B | 113 | 4 | 37 | 43 | 6 | 31.4% | 43 |
| Q2 2021 | $10.2B | 115 | 9 | 28 | 46 | 10 | 32.3% | 44 |
| Q1 2021 | $9.8B | 116 | 6 | 25 | 39 | 2 | 32.3% | 44 |
| Q4 2020 | $9.1B | 112 | 8 | 34 | 41 | 2 | 34.1% | 43 |
| Q3 2020 | $8.8B | 106 | 4 | 36 | 43 | 3 | 38.7% | 44 |
| Q2 2020 | $8.5B | 105 | 7 | 37 | 38 | 5 | 38.3% | 45 |
| Q1 2020 | $7.4B | 103 | 18 | 41 | 30 | 18 | 40.4% | 44 |
| Q4 2019 | $10.2B | 103 | 3 | 20 | 58 | 4 | 38.5% | 45 |
| Q3 2019 | $10.0B | 104 | 6 | 39 | 29 | 5 | 37.8% | 45 |
| Q2 2019 | $10.0B | 103 | 5 | 29 | 34 | 4 | 36.6% | 45 |
| Q1 2019 | $9.7B | 102 | 2 | 30 | 54 | 5 | 37.4% | 44 |
| Q4 2018 | $9.4B | 105 | 0 | 0 | 0 | 0 | 37.4% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.