Burgundy Asset Management Ltd.

Name: Burgundy Asset Management Ltd. 13F holdings, Q2 2024
Creator: Burgundy Asset Management Ltd.
Published: 2024-08-12

Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q1 2024

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 12, 2024), Burgundy Asset Management Ltd. reported 103 stock positions worth $9.5 billion. Its top holding was Microsoft (MSFT) at 3.7% of the portfolio, followed by Alphabet Class A (GOOGL, 3.7%) and Ss&c Technologies (SSNC, 3.3%). Compared with Q1 2024, it opened 5 new positions, sold out of 4, added to 50 and reduced 40. The biggest buy was Wyndham Hotels & Resorts (WH, shares +71%) and the biggest sale Marriott Vacations World (VAC, shares −76%).

Most Recent 13F: Q3 2025
Location: Toronto, A6
CIK: 0001315868
Portfolio Value: $9.5B (Q2 2024)
SEC Filing: 0000950123-24-007899 ↗ filed Aug 12, 2024

Holdings Value

Holdings 103 stocks · $9.5B


MSFT Microsoft Corp.	3.73%	791,376	$353.7M	Reduce -1.3%
GOOGL Alphabet Inc. Class A	3.66%	1,906,111	$347.2M	Reduce -10.9%
SSNC Ss&c Technologies Holdings	3.27%	4,942,374	$309.7M	Add +4.3%
PRI Primerica Inc.	3.09%	1,237,164	$292.7M	Add +1.4%
ALSN Allison Transmission Holding	3.00%	3,752,311	$284.8M	Reduce -4.5%
WTW Willis Towers Watson PLC	2.86%	1,035,579	$271.5M	Add +0.1%
ICE Intercontinental Exchange Inc.	2.80%	1,938,425	$265.4M	Reduce -0.8%
CARR Carrier Global Corp.	2.49%	3,740,508	$236.0M	Reduce -1.2%
MDLZ Mondelez International Inc. Class A	2.19%	3,177,976	$208.0M	Add +10.8%
EA Electronic Arts Inc.	2.14%	1,454,605	$202.7M	Reduce -1.1%
COR Cencora Inc.	2.11%	888,423	$200.2M	Reduce -0.7%
DLTR Dollar Tree Inc.	2.07%	1,841,980	$196.7M	Reduce -0.5%
JNJ Johnson & Johnson	2.07%	1,342,734	$196.3M	Add +15.6%
NWSA News Corp. Class A	2.03%	6,974,649	$192.3M	Reduce -1.3%
ROST Ross Stores Inc.	1.97%	1,287,461	$187.1M	Reduce -0.9%
AMZN Amazon.com Inc.	1.88%	923,571	$178.5M	Reduce -0.8%
GMED Globus Medical Inc. Class A	1.82%	2,514,891	$172.2M	Add +1.4%
EME Emcor Group Inc.	1.78%	463,264	$169.1M	Reduce -33.0%
CBZ Cbiz Inc.	1.74%	2,220,013	$164.5M	Add +1.8%
WH Wyndham Hotels & Resorts Inc.	1.73%	2,210,658	$163.6M	Add +70.8%
HLI Houlihan Lokey Inc.	1.70%	1,195,950	$161.3M	Reduce -20.3%
PG The Procter & Gamble Co.	1.68%	967,711	$159.6M	Reduce -1.0%
MA Mastercard Inc. Class A	1.65%	355,013	$156.6M	Reduce -0.7%
OPLN Openlane Inc.	1.56%	8,921,967	$148.0M	Add +1.7%
GNTX Gentex Corp.	1.54%	4,343,880	$146.4M	Add +3.0%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	1.54%	564,651	$146.4M	Add +1.5%
LNWO Light & Wonder Inc.	1.46%	1,318,634	$138.3M	Add +0.2%
AMH American Homes 4 Rent- A	1.45%	3,691,640	$137.2M	Add +1.5%
CME Cme Group Inc.	1.42%	684,245	$134.5M	Add +0.6%
STRA Strategic Education Inc.	1.41%	1,209,100	$133.8M	Add +2.1%
AWI Armstrong World Industries	1.38%	1,151,442	$130.4M	Add +1.5%
LOPE Grand Canyon Education Inc.	1.25%	850,343	$119.0M	Add +1.3%
KMT Kennametal Inc.	1.24%	4,977,697	$117.2M	Add +1.4%
PAG Penske Automotive Group Inc.	1.22%	777,574	$115.9M	Add +1.8%
HSIC Henry Schein Inc.	1.11%	1,640,379	$105.1M	Add +1.0%
KVUE Kenvue Inc.	1.09%	5,702,786	$103.7M	Add +11.6%
CABO Cable One Inc.	1.09%	290,662	$102.9M	Add +42.4%
SSD Simpson Manufacturing Co. Inc.	1.08%	604,806	$101.9M	Add +1.4%
ORCL Oracle Corp.	1.06%	708,942	$100.1M	Reduce -1.0%
BRK.A Berkshire Hathaway Inc. Class A	1.05%	162	$99.2M	Reduce -0.6%
RCI Rogers Communications Inc. Class B	0.99%	2,536,482	$93.8M	Add +31.3%
TFC Truist Financial Corp.	0.97%	2,377,381	$92.4M	Reduce -25.7%
EBAY eBay Inc.	0.96%	1,695,824	$91.1M	Reduce -25.8%
STN Stantec Inc.	0.90%	1,018,910	$85.3M	Reduce -1.5%
QSR Restaurant Brands Intern	0.86%	1,157,591	$81.5M	Reduce -1.1%
BN Brookfield Corp.	0.84%	1,920,702	$79.8M	Reduce -2.9%
EEFT Euronet Worldwide Inc.	0.84%	767,293	$79.4M	Add +1.4%
MKTX Marketaxess Holdings Inc.	0.83%	393,073	$78.8M	Add +120.7%
HLMN Hillman Solutions Corp.	0.79%	8,515,597	$75.4M	Add +2.7%
EQC Equity Commonwealth	0.76%	3,709,792	$72.0M	Add +1.4%
RY Royal Bank of Canada	0.73%	651,784	$69.4M	Reduce -3.2%
GGG Graco Inc.	0.72%	857,281	$68.0M	Add +1.7%
SNX TD Synnex Corp.	0.70%	573,948	$66.2M	Add +1.4%
EFX Equifax Inc.	0.69%	269,796	$65.4M	Reduce -1.0%
GIB Cgi Inc.	0.68%	645,528	$64.4M	Reduce -1.1%
NWS News Corp. Class B	0.67%	2,247,918	$63.8M	Reduce -1.3%
AZO AutoZone Inc.	0.66%	21,221	$62.9M	Reduce -0.9%
NYT New York Times Co. Class A	0.64%	1,184,357	$60.7M	Add +17.3%
BAM Brookfield Asset Mgmt-A	0.63%	1,562,926	$59.5M	Reduce -2.5%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	0.59%	1,225,956	$56.1M	Reduce -1.8%
MAIN Main Street Capital Corp.	0.59%	1,106,782	$55.9M	Add +1.6%
GNRC Generac Holdings Inc.	0.59%	422,628	$55.9M	Add +1.7%
CNI Canadian Natl Railway Co.	0.59%	470,003	$55.5M	Reduce -1.5%
BRK.B Berkshire Hathaway Inc. Class B	0.58%	134,951	$54.9M	Reduce -1.0%
DV Doubleverify Holdings Inc.	0.57%	2,778,586	$54.1M	New
JEF Jefferies Financial Group Inc.	0.56%	1,067,647	$53.1M	Add +1.5%
TD Toronto-Dominion Bank	0.55%	949,985	$52.2M	Add +12.1%
SKY Champion Homes Inc. filed as SKYLINE CHAMPION CORPORATION	0.55%	768,346	$52.1M	Add +3.3%
CIGI Colliers Intl GR-Subord Vot	0.52%	437,818	$48.9M	Reduce -1.6%
TSLX Sixth Street Specialty Lendi	0.47%	2,105,853	$45.0M	Add +1.4%
WCN Waste Connections Inc.	0.43%	229,967	$40.3M	Reduce -1.3%
WLY Wiley (john) & Sons Class A	0.42%	987,612	$40.2M	Add +1.6%
CPRT Copart Inc.	0.40%	702,109	$38.0M	Add +0.9%
GOGO Gogo Inc.	0.32%	3,108,226	$29.9M	Add +1.4%
HDB HDFC Bank Ltd.-ADR	0.24%	360,080	$23.2M	Reduce -3.0%
VAC Marriott Vacations World	0.24%	261,260	$22.8M	Reduce -76.2%
LH Labcorp Holdings Inc.	0.18%	85,648	$17.4M	Add +0.7%
MCD McDonald's Corp.	0.16%	60,773	$15.5M	Reduce -4.1%
BMO Bank of Montreal filed as BANK MONTREAL QUE	0.14%	160,000	$13.4M	No change
ATAT Atour Lifestyle Holdings-ADR	0.12%	613,718	$11.3M	Add +41.6%
TRP TC Energy Corp.	0.10%	258,070	$9.8M	Reduce -22.3%
BA The Boeing Co.	0.10%	50,000	$9.1M	No change
MMM 3M Co.	0.09%	85,000	$8.7M	Add +88.9%
FAF First American Financial	0.09%	155,429	$8.4M	Add +0.7%
LOW Lowe's Cos Inc.	0.08%	35,207	$7.8M	Reduce -0.7%
ENB Enbridge Inc.	0.06%	173,046	$6.2M	Reduce -10.1%
EVRI Everi Holdings Inc.	0.06%	683,938	$5.7M	Add +1230.8%
HTLD Heartland Express Inc.	0.06%	452,840	$5.6M	New
ATS Ats Corp.	0.06%	161,563	$5.2M	Add +196.7%
NTR Nutrien Ltd.	0.05%	95,500	$4.9M	No change
PEGA Pegasystems Inc.	0.04%	58,896	$3.6M	New
TU Telus Corp.	0.02%	136,341	$2.1M	Add +33.3%
YUMC Yum China Holdings Inc.	0.02%	65,766	$2.0M	Add +46.5%
BIPC Brookfield Infrastructure-A	0.02%	46,278	$1.6M	Add +13.3%
BABA Alibaba Group Holding-SP ADR	0.02%	21,621	$1.6M	Add +25.6%
CNQ Canadian Natural Resources	0.01%	25,182	$897K	Reduce -57.9%
CW Curtiss-Wright Corp.	0.01%	2,387	$647K	No change
SOLV Solventum Corp.	0.01%	11,250	$595K	No change
LSTR Landstar System Inc.	0.01%	2,573	$475K	No change
CDW CDW Corp.	0.00%	1,892	$424K	No change

Show all 103 holdings

Portfolio Sells Q1 2024 → Q2 2024


VAC Marriott Vacations World	Reduce -76.2%	0.24%	−0.98
EME Emcor Group Inc.	Reduce -33.0%	1.78%	−0.71
DLTR Dollar Tree Inc.	Reduce -0.5%	2.07%	−0.47
TFC Truist Financial Corp.	Reduce -25.7%	0.97%	−0.31
ALSN Allison Transmission Holding	Reduce -4.5%	3.00%	−0.28
EBAY eBay Inc.	Reduce -25.8%	0.96%	−0.28
HLI Houlihan Lokey Inc.	Reduce -20.3%	1.70%	−0.28
MGNI Magnite Inc.	Sold out	0.00%	−0.27
COR Cencora Inc.	Reduce -0.7%	2.11%	−0.13
MA Mastercard Inc. Class A	Reduce -0.7%	1.65%	−0.12
QDEL Quidelortho Corp.	Sold out	0.00%	−0.12
QSR Restaurant Brands Intern	Reduce -1.1%	0.86%	−0.10
BNS Bank of Nova Scotia	Reduce -1.8%	0.59%	−0.07
BAM Brookfield Asset Mgmt-A	Reduce -2.5%	0.63%	−0.07
GIB Cgi Inc.	Reduce -1.1%	0.68%	−0.06
CNI Canadian Natl Railway Co.	Reduce -1.5%	0.59%	−0.06
EFX Equifax Inc.	Reduce -1.0%	0.69%	−0.06
CIGI Colliers Intl GR-Subord Vot	Reduce -1.6%	0.52%	−0.05
TRP TC Energy Corp.	Reduce -22.3%	0.10%	−0.03
AZO AutoZone Inc.	Reduce -0.9%	0.66%	−0.03
MCD McDonald's Corp.	Reduce -4.1%	0.16%	−0.02
BRK.A Berkshire Hathaway Inc. Class A	Reduce -0.6%	1.05%	−0.02
CNQ Canadian Natural Resources	Reduce -57.9%	0.01%	−0.01
SU Suncor Energy Inc.	Sold out	0.00%	−0.01
BRK.B Berkshire Hathaway Inc. Class B	Reduce -1.0%	0.58%	−0.01
LOW Lowe's Cos Inc.	Reduce -0.7%	0.08%	−0.01
BN Brookfield Corp.	Reduce -2.9%	0.84%	−0.01
ENB Enbridge Inc.	Reduce -10.1%	0.06%	−0.01
BRDG Bridge Investment Grp HDS-A	Sold out	0.00%	−0.00
ROST Ross Stores Inc.	Reduce -0.9%	1.97%	+0.01
WCN Waste Connections Inc.	Reduce -1.3%	0.43%	+0.01
STN Stantec Inc.	Reduce -1.5%	0.90%	+0.01
HDB HDFC Bank Ltd.-ADR	Reduce -3.0%	0.24%	+0.03
ICE Intercontinental Exchange Inc.	Reduce -0.8%	2.80%	+0.03
RY Royal Bank of Canada	Reduce -3.2%	0.73%	+0.03
NWS News Corp. Class B	Reduce -1.3%	0.67%	+0.04
PG The Procter & Gamble Co.	Reduce -1.0%	1.68%	+0.05
NWSA News Corp. Class A	Reduce -1.3%	2.03%	+0.12
EA Electronic Arts Inc.	Reduce -1.1%	2.14%	+0.13
ORCL Oracle Corp.	Reduce -1.0%	1.06%	+0.13
AMZN Amazon.com Inc.	Reduce -0.8%	1.88%	+0.15
CARR Carrier Global Corp.	Reduce -1.2%	2.49%	+0.22
MSFT Microsoft Corp.	Reduce -1.3%	3.73%	+0.25
GOOGL Alphabet Inc. Class A	Reduce -10.9%	3.66%	+0.33

Portfolio Buys Q1 2024 → Q2 2024


WH Wyndham Hotels & Resorts Inc.	Add +70.8%	1.73%	+0.70
DV Doubleverify Holdings Inc.	New	0.57%	+0.57
GMED Globus Medical Inc. Class A	Add +1.4%	1.82%	+0.45
MKTX Marketaxess Holdings Inc.	Add +120.7%	0.83%	+0.43
CABO Cable One Inc.	Add +42.4%	1.09%	+0.20
NYT New York Times Co. Class A	Add +17.3%	0.64%	+0.19
JNJ Johnson & Johnson	Add +15.6%	2.07%	+0.18
RCI Rogers Communications Inc. Class B	Add +31.3%	0.99%	+0.17
STRA Strategic Education Inc.	Add +2.1%	1.41%	+0.14
MDLZ Mondelez International Inc. Class A	Add +10.8%	2.19%	+0.13
SSNC Ss&c Technologies Holdings	Add +4.3%	3.27%	+0.12
AJG Arthur J Gallagher & Co.	Add +1.5%	1.54%	+0.11
JEF Jefferies Financial Group Inc.	Add +1.5%	0.56%	+0.08
LOPE Grand Canyon Education Inc.	Add +1.3%	1.25%	+0.08
LNWO Light & Wonder Inc.	Add +0.2%	1.46%	+0.07
AMH American Homes 4 Rent- A	Add +1.5%	1.45%	+0.07
HTLD Heartland Express Inc.	New	0.06%	+0.06
MAIN Main Street Capital Corp.	Add +1.6%	0.59%	+0.06
EVRI Everi Holdings Inc.	Add +1230.8%	0.06%	+0.06
GNRC Generac Holdings Inc.	Add +1.7%	0.59%	+0.05
EQC Equity Commonwealth	Add +1.4%	0.76%	+0.05
MMM 3M Co.	Add +88.9%	0.09%	+0.04
WLY Wiley (john) & Sons Class A	Add +1.6%	0.42%	+0.04
SNX TD Synnex Corp.	Add +1.4%	0.70%	+0.04
ATAT Atour Lifestyle Holdings-ADR	Add +41.6%	0.12%	+0.04
GOGO Gogo Inc.	Add +1.4%	0.32%	+0.04
PEGA Pegasystems Inc.	New	0.04%	+0.04
ATS Ats Corp.	Add +196.7%	0.06%	+0.04
TD Toronto-Dominion Bank	Add +12.1%	0.55%	+0.02
TSLX Sixth Street Specialty Lendi	Add +1.4%	0.47%	+0.02
TU Telus Corp.	Add +33.3%	0.02%	+0.00
BABA Alibaba Group Holding-SP ADR	Add +25.6%	0.02%	+0.00
YMM Full Truck Alliance -SPN ADR	New	0.00%	+0.00
YUMC Yum China Holdings Inc.	Add +46.5%	0.02%	+0.00
TRI Thomson Reuters Corp.	New	0.00%	+0.00
BIPC Brookfield Infrastructure-A	Add +13.3%	0.02%	+0.00
OPLN Openlane Inc.	Add +1.7%	1.56%	−0.00
LH Labcorp Holdings Inc.	Add +0.7%	0.18%	−0.01
FAF First American Financial	Add +0.7%	0.09%	−0.01
CPRT Copart Inc.	Add +0.9%	0.40%	−0.01
EEFT Euronet Worldwide Inc.	Add +1.4%	0.84%	−0.02
GNTX Gentex Corp.	Add +3.0%	1.54%	−0.03
KMT Kennametal Inc.	Add +1.4%	1.24%	−0.03
CBZ Cbiz Inc.	Add +1.8%	1.74%	−0.03
KVUE Kenvue Inc.	Add +11.6%	1.09%	−0.04
PAG Penske Automotive Group Inc.	Add +1.8%	1.22%	−0.05
WTW Willis Towers Watson PLC	Add +0.1%	2.86%	−0.07
AWI Armstrong World Industries	Add +1.5%	1.38%	−0.08
CME Cme Group Inc.	Add +0.6%	1.42%	−0.09
PRI Primerica Inc.	Add +1.4%	3.09%	−0.09

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