Burgundy Asset Management Ltd.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 13, 2024), Burgundy Asset Management Ltd. reported 101 stock positions worth $9.7 billion. Its top holding was Microsoft (MSFT) at 3.5% of the portfolio, followed by Alphabet Class A (GOOGL, 3.3%) and Allison Transmission (ALSN, 3.3%). Compared with Q4 2023, it opened 3 new positions, sold out of 8, added to 47 and reduced 45. The biggest buy was Emcor (EME, shares +2%) and the biggest sale Quidelortho (QDEL, shares −80%).
- Most Recent 13F
- Q3 2025
- Location
- Toronto, A6
- CIK
- 0001315868
- Portfolio Value
- $9.7B (Q1 2024)
- SEC Filing
- 0000950123-24-004674 ↗ filed May 13, 2024
Holdings Value
Holdings 101 stocks · $9.7B
| MSFT Microsoft Corp. | 3.48% | 801,895 | $337.4M | Reduce -4.1% |
| GOOGL Alphabet Inc. Class A | 3.33% | 2,140,455 | $323.1M | Reduce -5.3% |
| ALSN Allison Transmission Holding | 3.29% | 3,930,813 | $319.0M | Reduce -12.6% |
| PRI Primerica Inc. | 3.18% | 1,220,069 | $308.6M | Add +1.2% |
| SSNC Ss&c Technologies Holdings | 3.15% | 4,740,742 | $305.2M | Add +0.5% |
| WTW Willis Towers Watson PLC | 2.93% | 1,034,499 | $284.5M | Reduce -0.8% |
| ICE Intercontinental Exchange Inc. | 2.77% | 1,953,865 | $268.5M | Add +1.6% |
| DLTR Dollar Tree Inc. | 2.54% | 1,851,494 | $246.5M | Add +0.7% |
| EME Emcor Group Inc. | 2.50% | 691,381 | $242.1M | Add +1.7% |
| CARR Carrier Global Corp. | 2.27% | 3,785,963 | $220.1M | Reduce -0.7% |
| COR Cencora Inc. | 2.24% | 894,543 | $217.4M | Reduce -0.7% |
| MDLZ Mondelez International Inc. Class A | 2.07% | 2,866,982 | $200.7M | Add +6.1% |
| EA Electronic Arts Inc. | 2.01% | 1,470,575 | $195.1M | Reduce -0.9% |
| HLI Houlihan Lokey Inc. | 1.98% | 1,500,016 | $192.3M | Reduce -12.5% |
| ROST Ross Stores Inc. | 1.97% | 1,299,831 | $190.8M | Reduce -12.8% |
| NWSA News Corp. Class A | 1.91% | 7,065,867 | $185.0M | Reduce -8.2% |
| JNJ Johnson & Johnson | 1.89% | 1,161,816 | $183.8M | Add +2.1% |
| MA Mastercard Inc. Class A | 1.77% | 357,590 | $172.2M | Reduce -0.8% |
| CBZ Cbiz Inc. | 1.76% | 2,179,798 | $171.1M | Add +1.3% |
| AMZN Amazon.com Inc. | 1.73% | 931,285 | $168.0M | Reduce -0.7% |
| PG The Procter & Gamble Co. | 1.63% | 977,456 | $158.6M | Reduce -0.8% |
| GNTX Gentex Corp. | 1.57% | 4,217,464 | $152.3M | Add +1.2% |
| OPLN Openlane Inc. | 1.56% | 8,775,701 | $151.8M | Add +1.0% |
| CME Cme Group Inc. | 1.51% | 680,434 | $146.5M | Add +49.0% |
| AWI Armstrong World Industries | 1.45% | 1,134,367 | $140.9M | Add +1.2% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.43% | 556,521 | $139.2M | Add +1.1% |
| LNWO Light & Wonder Inc. | 1.38% | 1,315,572 | $134.3M | Add +1.2% |
| AMH American Homes 4 Rent- A | 1.38% | 3,637,992 | $133.8M | Reduce -5.8% |
| GMED Globus Medical Inc. Class A | 1.37% | 2,479,837 | $133.0M | Add +46.1% |
| TFC Truist Financial Corp. | 1.29% | 3,199,526 | $124.7M | Reduce -0.8% |
| PAG Penske Automotive Group Inc. | 1.27% | 763,606 | $123.7M | Add +1.1% |
| STRA Strategic Education Inc. | 1.27% | 1,183,831 | $123.3M | Add +4.0% |
| HSIC Henry Schein Inc. | 1.26% | 1,623,903 | $122.6M | Reduce -0.8% |
| KMT Kennametal Inc. | 1.26% | 4,910,370 | $122.5M | Add +1.2% |
| SSD Simpson Manufacturing Co. Inc. | 1.26% | 596,271 | $122.3M | Add +1.1% |
| EBAY eBay Inc. | 1.24% | 2,285,503 | $120.6M | Reduce -1.2% |
| VAC Marriott Vacations World | 1.22% | 1,096,286 | $118.1M | Add +3.0% |
| LOPE Grand Canyon Education Inc. | 1.18% | 839,164 | $114.3M | Add +3.7% |
| KVUE Kenvue Inc. | 1.13% | 5,109,035 | $109.6M | Add +18.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.07% | 163 | $103.4M | Reduce -0.6% |
| WH Wyndham Hotels & Resorts Inc. | 1.02% | 1,293,916 | $99.3M | Add +1.4% |
| QSR Restaurant Brands Intern | 0.96% | 1,170,268 | $92.9M | Reduce -3.7% |
| ORCL Oracle Corp. | 0.93% | 716,226 | $90.0M | Reduce -0.4% |
| HLMN Hillman Solutions Corp. | 0.91% | 8,290,117 | $88.2M | Add +2.3% |
| CABO Cable One Inc. | 0.89% | 204,081 | $86.4M | Add +26.2% |
| STN Stantec Inc. | 0.88% | 1,034,108 | $85.9M | Reduce -1.9% |
| EEFT Euronet Worldwide Inc. | 0.86% | 756,604 | $83.2M | Add +1.3% |
| BN Brookfield Corp. | 0.85% | 1,978,459 | $82.8M | Reduce -11.1% |
| RCI Rogers Communications Inc. Class B | 0.82% | 1,932,606 | $79.2M | Reduce -2.3% |
| GGG Graco Inc. | 0.81% | 842,754 | $78.8M | Add +2.4% |
| EFX Equifax Inc. | 0.75% | 272,451 | $72.9M | Reduce -15.8% |
| GIB Cgi Inc. | 0.74% | 652,857 | $72.0M | Reduce -2.9% |
| EQC Equity Commonwealth | 0.71% | 3,658,928 | $69.1M | Add +27.5% |
| RY Royal Bank of Canada | 0.70% | 673,064 | $67.9M | Reduce -1.4% |
| AZO AutoZone Inc. | 0.70% | 21,408 | $67.5M | Reduce -0.5% |
| BAM Brookfield Asset Mgmt-A | 0.69% | 1,602,578 | $67.3M | Reduce -4.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.67% | 1,247,980 | $64.6M | Reduce -3.0% |
| SNX TD Synnex Corp. | 0.66% | 565,761 | $64.0M | Add +1.1% |
| SKY Champion Homes Inc. filed as SKYLINE CHAMPION CORPORATION | 0.65% | 743,993 | $63.2M | Add +1.0% |
| CNI Canadian Natl Railway Co. | 0.65% | 477,348 | $62.9M | Reduce -3.6% |
| NWS News Corp. Class B | 0.64% | 2,278,228 | $61.6M | Reduce -0.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.59% | 136,336 | $57.3M | Reduce -4.1% |
| CIGI Colliers Intl GR-Subord Vot | 0.56% | 445,126 | $54.4M | Reduce -1.3% |
| GNRC Generac Holdings Inc. | 0.54% | 415,583 | $52.4M | Add +1.0% |
| MAIN Main Street Capital Corp. | 0.53% | 1,089,159 | $51.5M | Add +1.4% |
| TD Toronto-Dominion Bank | 0.53% | 847,203 | $51.1M | Reduce -0.3% |
| JEF Jefferies Financial Group Inc. | 0.48% | 1,051,969 | $46.4M | Add +1.1% |
| TSLX Sixth Street Specialty Lendi | 0.46% | 2,076,819 | $44.5M | Add +0.9% |
| NYT New York Times Co. Class A | 0.45% | 1,010,129 | $43.7M | Add +21.9% |
| CPRT Copart Inc. | 0.42% | 695,981 | $40.3M | Reduce -0.6% |
| WCN Waste Connections Inc. | 0.41% | 232,991 | $40.1M | Reduce -1.4% |
| MKTX Marketaxess Holdings Inc. | 0.40% | 178,145 | $39.1M | Add +1.1% |
| WLY Wiley (john) & Sons Class A | 0.38% | 972,240 | $37.1M | Add +2.3% |
| GOGO Gogo Inc. | 0.28% | 3,064,421 | $26.9M | Add +27.7% |
| MGNI Magnite Inc. | 0.27% | 2,457,031 | $26.4M | Add +1.1% |
| HDB HDFC Bank Ltd.-ADR | 0.21% | 371,180 | $20.8M | New |
| LH Laboratory CRP of Amer Hldgs | 0.19% | 85,086 | $18.6M | Reduce -0.6% |
| MCD McDonald's Corp. | 0.18% | 63,373 | $17.9M | Add +7.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.16% | 160,000 | $15.6M | No change |
| TRP TC Energy Corp. | 0.14% | 332,211 | $13.4M | Reduce -3.8% |
| QDEL Quidelortho Corp. | 0.12% | 233,766 | $11.2M | Reduce -79.9% |
| BA The Boeing Co. | 0.10% | 50,000 | $9.6M | Add +42.9% |
| FAF First American Financial | 0.10% | 154,394 | $9.4M | Reduce -0.6% |
| LOW Lowe's Cos Inc. | 0.09% | 35,451 | $9.0M | New |
| ATAT Atour Lifestyle Holdings-ADR | 0.08% | 433,350 | $7.8M | Add +0.5% |
| ENB Enbridge Inc. | 0.07% | 192,442 | $7.0M | Reduce -10.0% |
| NTR Nutrien Ltd. | 0.05% | 95,500 | $5.2M | Add +12.3% |
| MMM 3M Co. | 0.05% | 45,000 | $4.8M | Add +125.0% |
| CNQ Canadian Natural Resources | 0.02% | 29,908 | $2.3M | Add +1.1% |
| ATS Ats Corp. | 0.02% | 54,453 | $1.8M | Reduce -0.1% |
| YUMC Yum China Holdings Inc. | 0.02% | 44,890 | $1.8M | Reduce -4.5% |
| TU Telus Corp. | 0.02% | 102,286 | $1.6M | Add +33.7% |
| BIPC Brookfield Infrastructure-A | 0.02% | 40,858 | $1.5M | Add +9.1% |
| SU Suncor Energy Inc. | 0.01% | 35,061 | $1.3M | Reduce -44.7% |
| BABA Alibaba Group Holding-SP ADR | 0.01% | 17,213 | $1.2M | Reduce -7.6% |
| CW Curtiss-Wright Corp. | 0.01% | 2,387 | $611K | No change |
| EVRI Everi Holdings Inc. | 0.01% | 51,394 | $517K | New |
| LSTR Landstar System Inc. | 0.01% | 2,573 | $496K | No change |
| CDW CDW Corp. | 0.01% | 1,892 | $484K | No change |
| CRL Charles River Laboratories | 0.00% | 1,073 | $291K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| QDEL Quidelortho Corp. | Reduce -79.9% | 0.12% | −0.83 |
| EFA iShares MSCI Eafe ETF | Sold out | 0.00% | −0.33 |
| ROST Ross Stores Inc. | Reduce -12.8% | 1.97% | −0.32 |
| HLI Houlihan Lokey Inc. | Reduce -12.5% | 1.98% | −0.30 |
| EA Electronic Arts Inc. | Reduce -0.9% | 2.01% | −0.24 |
| RCI Rogers Communications Inc. Class B | Reduce -2.3% | 0.82% | −0.21 |
| NWSA News Corp. Class A | Reduce -8.2% | 1.91% | −0.19 |
| GOOGL Alphabet Inc. Class A | Reduce -5.3% | 3.33% | −0.17 |
| BFAM Bright Horizons Family Solut | Sold out | 0.00% | −0.17 |
| AMH American Homes 4 Rent- A | Reduce -5.8% | 1.38% | −0.16 |
| CARR Carrier Global Corp. | Reduce -0.7% | 2.27% | −0.16 |
| BN Brookfield Corp. | Reduce -11.1% | 0.85% | −0.14 |
| EFX Equifax Inc. | Reduce -15.8% | 0.75% | −0.14 |
| HSIC Henry Schein Inc. | Reduce -0.8% | 1.26% | −0.11 |
| QSR Restaurant Brands Intern | Reduce -3.7% | 0.96% | −0.10 |
| TD Toronto-Dominion Bank | Reduce -0.3% | 0.53% | −0.08 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -1.3% | 0.56% | −0.07 |
| MTB M & T Bank Corp. | Sold out | 0.00% | −0.07 |
| RY Royal Bank of Canada | Reduce -1.4% | 0.70% | −0.07 |
| GIB Cgi Inc. | Reduce -2.9% | 0.74% | −0.06 |
| STN Stantec Inc. | Reduce -1.9% | 0.88% | −0.06 |
| BAM Brookfield Asset Mgmt-A | Reduce -4.0% | 0.69% | −0.05 |
| CNI Canadian Natl Railway Co. | Reduce -3.6% | 0.65% | −0.04 |
| TFC Truist Financial Corp. | Reduce -0.8% | 1.29% | −0.04 |
| BNS Bank of Nova Scotia | Reduce -3.0% | 0.67% | −0.03 |
| LH Laboratory CRP of Amer Hldgs | Reduce -0.6% | 0.19% | −0.02 |
| EWJ iShares MSCI Japan ETF | Sold out | 0.00% | −0.02 |
| NWS News Corp. Class B | Reduce -0.9% | 0.64% | −0.02 |
| FAF First American Financial | Reduce -0.6% | 0.10% | −0.01 |
| ENB Enbridge Inc. | Reduce -10.0% | 0.07% | −0.01 |
| TRP TC Energy Corp. | Reduce -3.8% | 0.14% | −0.01 |
| MSFT Microsoft Corp. | Reduce -4.1% | 3.48% | −0.01 |
| SU Suncor Energy Inc. | Reduce -44.7% | 0.01% | −0.01 |
| RTX RTX Corp. | Sold out | 0.00% | −0.01 |
| ATS Ats Corp. | Reduce -0.1% | 0.02% | −0.01 |
| YUMC Yum China Holdings Inc. | Reduce -4.5% | 0.02% | −0.00 |
| SELF Global Self Storage Inc. | Sold out | 0.00% | −0.00 |
| BABA Alibaba Group Holding-SP ADR | Reduce -7.6% | 0.01% | −0.00 |
| IART Integra Lifesciences Holding | Sold out | 0.00% | −0.00 |
| MRVI Maravai Lifesciences Hldgs-A | Sold out | 0.00% | −0.00 |
| WCN Waste Connections Inc. | Reduce -1.4% | 0.41% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.1% | 0.59% | +0.03 |
| PG The Procter & Gamble Co. | Reduce -0.8% | 1.63% | +0.03 |
| CPRT Copart Inc. | Reduce -0.6% | 0.42% | +0.03 |
| MA Mastercard Inc. Class A | Reduce -0.8% | 1.77% | +0.07 |
| AZO AutoZone Inc. | Reduce -0.5% | 0.70% | +0.08 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -0.6% | 1.07% | +0.08 |
| ORCL Oracle Corp. | Reduce -0.4% | 0.93% | +0.09 |
| EBAY eBay Inc. | Reduce -1.2% | 1.24% | +0.12 |
| WTW Willis Towers Watson PLC | Reduce -0.8% | 2.93% | +0.14 |
Portfolio Buys Q4 2023 → Q1 2024
| EME Emcor Group Inc. | Add +1.7% | 2.50% | +0.87 |
| CME Cme Group Inc. | Add +49.0% | 1.51% | +0.44 |
| PRI Primerica Inc. | Add +1.2% | 3.18% | +0.43 |
| GMED Globus Medical Inc. Class A | Add +46.1% | 1.37% | +0.37 |
| CBZ Cbiz Inc. | Add +1.3% | 1.76% | +0.27 |
| AWI Armstrong World Industries | Add +1.2% | 1.45% | +0.23 |
| VAC Marriott Vacations World | Add +3.0% | 1.22% | +0.22 |
| HDB HDFC Bank Ltd.-ADR | New | 0.21% | +0.21 |
| LNWO Light & Wonder Inc. | Add +1.2% | 1.38% | +0.20 |
| OPLN Openlane Inc. | Add +1.0% | 1.56% | +0.14 |
| STRA Strategic Education Inc. | Add +4.0% | 1.27% | +0.10 |
| EQC Equity Commonwealth | Add +27.5% | 0.71% | +0.10 |
| KVUE Kenvue Inc. | Add +18.2% | 1.13% | +0.10 |
| LOW Lowe's Cos Inc. | New | 0.09% | +0.09 |
| HLMN Hillman Solutions Corp. | Add +2.3% | 0.91% | +0.08 |
| AJG Arthur J Gallagher & Co. | Add +1.1% | 1.43% | +0.06 |
| GNTX Gentex Corp. | Add +1.2% | 1.57% | +0.06 |
| WLY Wiley (john) & Sons Class A | Add +2.3% | 0.38% | +0.05 |
| SKY Champion Homes Inc. | Add +1.0% | 0.65% | +0.05 |
| ICE Intercontinental Exchange Inc. | Add +1.6% | 2.77% | +0.03 |
| MMM 3M Co. | Add +125.0% | 0.05% | +0.02 |
| MGNI Magnite Inc. | Add +1.1% | 0.27% | +0.02 |
| GGG Graco Inc. | Add +2.4% | 0.81% | +0.02 |
| EEFT Euronet Worldwide Inc. | Add +1.3% | 0.86% | +0.02 |
| MAIN Main Street Capital Corp. | Add +1.4% | 0.53% | +0.02 |
| JEF Jefferies Financial Group Inc. | Add +1.1% | 0.48% | +0.01 |
| GOGO Gogo Inc. | Add +27.7% | 0.28% | +0.01 |
| EVRI Everi Holdings Inc. | New | 0.01% | +0.01 |
| CNQ Canadian Natural Resources | Add +1.1% | 0.02% | +0.00 |
| TU Telus Corp. | Add +33.7% | 0.02% | +0.00 |
| BIPC Brookfield Infrastructure-A | Add +9.1% | 0.02% | +0.00 |
| NTR Nutrien Ltd. | Add +12.3% | 0.05% | +0.00 |
| NYT New York Times Co. Class A | Add +21.9% | 0.45% | −0.00 |
| BA The Boeing Co. | Add +42.9% | 0.10% | −0.00 |
| ATAT Atour Lifestyle Holdings-ADR | Add +0.5% | 0.08% | −0.00 |
| LOPE Grand Canyon Education Inc. | Add +3.7% | 1.18% | −0.01 |
| SNX TD Synnex Corp. | Add +1.1% | 0.66% | −0.01 |
| MCD McDonald's Corp. | Add +7.6% | 0.18% | −0.01 |
| SSD Simpson Manufacturing Co. Inc. | Add +1.1% | 1.26% | −0.03 |
| TSLX Sixth Street Specialty Lendi | Add +0.9% | 0.46% | −0.03 |
| GNRC Generac Holdings Inc. | Add +1.0% | 0.54% | −0.05 |
| SSNC Ss&c Technologies Holdings | Add +0.5% | 3.15% | −0.05 |
| PAG Penske Automotive Group Inc. | Add +1.1% | 1.27% | −0.07 |
| JNJ Johnson & Johnson | Add +2.1% | 1.89% | −0.08 |
| MDLZ Mondelez International Inc. Class A | Add +6.1% | 2.07% | −0.10 |
| CABO Cable One Inc. | Add +26.2% | 0.89% | −0.11 |
| WH Wyndham Hotels & Resorts Inc. | Add +1.4% | 1.02% | −0.11 |
| KMT Kennametal Inc. | Add +1.2% | 1.26% | −0.13 |
| MKTX Marketaxess Holdings Inc. | Add +1.1% | 0.40% | −0.17 |
| DLTR Dollar Tree Inc. | Add +0.7% | 2.54% | −0.36 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q3 2025 | 109 | $10.6B | SSNC, PRI, WTW, EME, AWI |
| Q2 2025 | 109 | $10.3B | SSNC, PRI, EME, WTW, MSFT |
| Q1 2025 | 109 | $9.6B | SSNC, PRI, WTW, ICE, WH |
| Q4 2024 | 104 | $9.9B | SSNC, PRI, WTW, MSFT, GOOGL |
| Q3 2024 | 106 | $10.1B | SSNC, PRI, MSFT, ICE, WTW |
| Q2 2024 | 103 | $9.5B | MSFT, GOOGL, SSNC, PRI, ALSN |
| Q1 2024 | 101 | $9.7B | MSFT, GOOGL, ALSN, PRI, SSNC |