Burgundy Asset Management Ltd.

Name: Burgundy Asset Management Ltd. 13F holdings, Q3 2024
Creator: Burgundy Asset Management Ltd.
Published: 2024-11-12

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

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Burgundy Asset Management Ltd. reported 106 stock positions worth $10.1 billion. Its top holding was Ss&c Technologies (SSNC) at 3.8% of the portfolio, followed by Primerica (PRI, 3.3%) and Microsoft (MSFT, 3.2%). Compared with Q2 2024, it opened 6 new positions, sold out of 3, added to 55 and reduced 35. The biggest buy was a new position in Estee Lauder Companies Class A (EL) and the biggest sale an exit from Equifax (EFX).

Most Recent 13F: Q3 2025
Location: Toronto, A6
CIK: 0001315868
Portfolio Value: $10.1B (Q3 2024)
SEC Filing: 0000950123-24-010976 ↗ filed Nov 12, 2024

Holdings Value

Holdings 106 stocks · $10.1B


SSNC Ss&c Technologies Holdings	3.76%	5,117,559	$379.8M	Add +3.5%
PRI Primerica Inc.	3.33%	1,267,265	$336.0M	Add +2.4%
MSFT Microsoft Corp.	3.17%	743,456	$319.9M	Reduce -6.1%
ICE Intercontinental Exchange Inc.	3.04%	1,908,585	$306.6M	Reduce -1.5%
WTW Willis Towers Watson PLC	2.99%	1,024,930	$301.9M	Reduce -1.0%
GOOGL Alphabet Inc. Class A	2.98%	1,812,881	$300.7M	Reduce -4.9%
ALSN Allison Transmission Holding	2.90%	3,043,836	$292.4M	Reduce -18.9%
MDLZ Mondelez International Inc. Class A	2.33%	3,188,473	$234.9M	Add +0.3%
JNJ Johnson & Johnson	2.13%	1,324,184	$214.6M	Reduce -1.4%
CARR Carrier Global Corp.	2.04%	2,559,860	$206.0M	Reduce -31.6%
EA Electronic Arts Inc.	2.04%	1,435,681	$205.9M	Reduce -1.3%
EME Emcor Group Inc.	2.02%	474,654	$204.4M	Add +2.5%
COR Cencora Inc.	1.95%	875,788	$197.1M	Reduce -1.4%
HLI Houlihan Lokey Inc.	1.93%	1,231,477	$194.6M	Add +3.0%
ROST Ross Stores Inc.	1.89%	1,270,088	$191.2M	Reduce -1.4%
GMED Globus Medical Inc. Class A	1.82%	2,574,778	$184.2M	Add +2.4%
WH Wyndham Hotels & Resorts Inc.	1.75%	2,263,457	$176.9M	Add +2.4%
MA Mastercard Inc. Class A	1.71%	350,121	$172.9M	Reduce -1.4%
NWSA News Corp. Class A	1.69%	6,404,507	$170.6M	Reduce -8.2%
AMZN Amazon.com Inc.	1.68%	910,784	$169.7M	Reduce -1.4%
PG The Procter & Gamble Co.	1.63%	952,722	$165.0M	Reduce -1.6%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	1.61%	579,449	$163.0M	Add +2.6%
GNTX Gentex Corp.	1.60%	5,429,888	$161.2M	Add +25.0%
AWI Armstrong World Industries	1.53%	1,179,014	$155.0M	Add +2.4%
OPLN Openlane Inc.	1.53%	9,124,522	$154.0M	Add +2.3%
KVUE Kenvue Inc.	1.52%	6,620,865	$153.1M	Add +16.1%
CME Cme Group Inc.	1.48%	675,242	$149.0M	Reduce -1.3%
AMH American Homes 4 Rent- A	1.44%	3,783,796	$145.3M	Add +2.5%
CBZ Cbiz Inc.	1.37%	2,050,127	$138.0M	Reduce -7.7%
DLTR Dollar Tree Inc.	1.34%	1,918,446	$134.9M	Add +4.2%
HSIC Henry Schein Inc.	1.33%	1,836,252	$133.9M	Add +11.9%
LNWO Light & Wonder Inc.	1.30%	1,444,180	$131.0M	Add +9.5%
KMT Kennametal Inc.	1.30%	5,049,859	$130.9M	Add +1.4%
PAG Penske Automotive Group Inc.	1.28%	793,754	$128.9M	Add +2.1%
LOPE Grand Canyon Education Inc.	1.22%	870,451	$123.5M	Add +2.4%
ORCL Oracle Corp.	1.18%	696,643	$118.7M	Reduce -1.7%
SSD Simpson Manufacturing Co. Inc.	1.17%	619,496	$118.5M	Add +2.4%
STRA Strategic Education Inc.	1.13%	1,238,224	$114.6M	Add +2.4%
BRK.A Berkshire Hathaway Inc. Class A	1.10%	161	$111.3M	Reduce -0.6%
EBAY eBay Inc.	1.08%	1,672,392	$108.9M	Reduce -1.4%
CABO Cable One Inc.	1.03%	296,839	$103.8M	Add +2.1%
MKTX Marketaxess Holdings Inc.	1.03%	405,185	$103.8M	Add +3.1%
RCI Rogers Communications Inc. Class B	1.01%	2,548,832	$102.5M	Add +0.5%
TFC Truist Financial Corp.	0.99%	2,344,129	$100.3M	Reduce -1.4%
BN Brookfield Corp.	0.97%	1,852,540	$98.4M	Reduce -3.5%
HLMN Hillman Solutions Corp.	0.91%	8,715,500	$92.0M	Add +2.4%
EEFT Euronet Worldwide Inc.	0.89%	905,847	$89.9M	Add +18.1%
QSR Restaurant Brands Intern	0.83%	1,162,835	$83.9M	Add +0.5%
STN Stantec Inc.	0.81%	1,019,462	$82.0M	Add +0.1%
RY Royal Bank of Canada	0.81%	651,512	$81.3M	Reduce -0.0%
SNX TD Synnex Corp.	0.76%	643,226	$77.2M	Add +12.1%
GGG Graco Inc.	0.76%	876,256	$76.7M	Add +2.2%
EQC Equity Commonwealth	0.75%	3,795,748	$75.5M	Add +2.3%
SKY Champion Homes Inc.	0.74%	786,083	$74.6M	Add +2.3%
GIB Cgi Inc.	0.74%	645,996	$74.3M	Add +0.1%
BAM Brookfield Asset Mgmt-A	0.71%	1,522,123	$72.0M	Reduce -2.6%
GNRC Generac Holdings Inc.	0.68%	432,993	$68.8M	Add +2.5%
NYT New York Times Co. Class A	0.67%	1,209,599	$67.3M	Add +2.1%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	0.67%	1,234,727	$67.3M	Add +0.7%
CIGI Colliers Intl GR-Subord Vot	0.66%	437,754	$66.4M	Reduce -0.0%
AZO AutoZone Inc.	0.65%	20,917	$65.9M	Reduce -1.4%
NWS News Corp. Class B	0.61%	2,219,720	$62.0M	Reduce -1.3%
BRK.B Berkshire Hathaway Inc. Class B	0.60%	131,573	$60.6M	Reduce -2.5%
TD Toronto-Dominion Bank	0.60%	951,935	$60.2M	Add +0.2%
MAIN Main Street Capital Corp.	0.56%	1,136,404	$57.0M	Add +2.7%
CNI Canadian Natl Railway Co.	0.55%	473,837	$55.5M	Add +0.8%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC	0.51%	512,950	$51.1M	New
WLY Wiley (john) & Sons Class A	0.48%	1,010,248	$48.7M	Add +2.3%
DV Doubleverify Holdings Inc.	0.47%	2,833,634	$47.7M	Add +2.0%
TSLX Sixth Street Specialty Lendi	0.44%	2,155,044	$44.2M	Add +2.3%
ATS Ats Corp.	0.42%	1,461,826	$42.4M	Add +804.8%
WCN Waste Connections Inc.	0.41%	229,764	$41.1M	Reduce -0.1%
CPRT Copart Inc.	0.37%	709,838	$37.2M	Add +1.1%
SYY Sysco Corp.	0.32%	412,985	$32.2M	New
GOGO Gogo Inc.	0.26%	3,595,397	$25.8M	Add +15.7%
EYE National Vision Holdings Inc.	0.21%	1,959,957	$21.4M	New
HDB HDFC Bank Ltd.-ADR	0.21%	341,425	$21.4M	Reduce -5.2%
LH Labcorp Holdings Inc.	0.19%	86,757	$19.4M	Add +1.3%
MCD McDonald's Corp.	0.18%	60,773	$18.5M	No change
ATAT Atour Lifestyle Holdings-ADR	0.15%	579,183	$15.0M	Reduce -5.6%
BMO Bank of Montreal filed as BANK MONTREAL QUE	0.14%	160,000	$14.4M	No change
MMM 3M Co.	0.14%	100,000	$13.7M	Add +17.6%
PEGA Pegasystems Inc.	0.11%	146,941	$10.7M	Add +149.5%
FAF First American Financial	0.10%	157,407	$10.4M	Add +1.3%
EVRI Everi Holdings Inc.	0.09%	719,181	$9.5M	Add +5.2%
LOW Lowe's Cos Inc.	0.09%	34,792	$9.4M	Reduce -1.2%
TRP TC Energy Corp.	0.08%	174,194	$8.3M	Reduce -32.5%
BA The Boeing Co.	0.08%	50,000	$7.6M	No change
ENB Enbridge Inc.	0.07%	165,859	$6.7M	Reduce -4.2%
HTLD Heartland Express Inc.	0.06%	462,781	$5.7M	Add +2.2%
NTR Nutrien Ltd.	0.05%	95,500	$4.6M	No change
TU Telus Corp.	0.03%	157,589	$2.6M	Add +15.6%
BIPC Brookfield Infrastructure-A	0.02%	46,278	$2.0M	No change
YUMC Yum China Holdings Inc.	0.02%	38,043	$1.7M	Reduce -42.1%
CNQ Canadian Natural Resources	0.01%	40,771	$1.4M	Add +61.9%
BABA Alibaba Group Holding-SP ADR	0.01%	11,844	$1.3M	Reduce -45.2%
CW Curtiss-Wright Corp.	0.01%	2,387	$785K	No change
SOLV Solventum Corp.	0.01%	11,250	$784K	No change
YMM Full Truck Alliance -SPN ADR	0.01%	55,799	$503K	Add +58.0%
LSTR Landstar System Inc.	0.00%	2,573	$486K	No change
CDW CDW Corp.	0.00%	1,892	$428K	No change
TME Tencent Music Entertainm-ADR	0.00%	32,225	$388K	New
TRI Thomson Reuters Corp.	0.00%	1,593	$272K	No change
CRL Charles River Laboratories	0.00%	1,304	$257K	Add +21.5%
META Meta Platforms Inc. Class A	0.00%	375	$215K	New
HASI Ha Sustainable Infrastructur	0.00%	6,000	$207K	New

Portfolio Sells Q2 2024 → Q3 2024


EFX Equifax Inc.	Sold out	0.00%	−0.69
GOOGL Alphabet Inc. Class A	Reduce -4.9%	2.98%	−0.68
MSFT Microsoft Corp.	Reduce -6.1%	3.17%	−0.56
JEF Jefferies Financial Group Inc.	Sold out	0.00%	−0.56
CARR Carrier Global Corp.	Reduce -31.6%	2.04%	−0.45
CBZ Cbiz Inc.	Reduce -7.7%	1.37%	−0.37
NWSA News Corp. Class A	Reduce -8.2%	1.69%	−0.34
VAC Marriott Vacations World	Sold out	0.00%	−0.24
AMZN Amazon.com Inc.	Reduce -1.4%	1.68%	−0.20
COR Cencora Inc.	Reduce -1.4%	1.95%	−0.16
ALSN Allison Transmission Holding	Reduce -18.9%	2.90%	−0.11
EA Electronic Arts Inc.	Reduce -1.3%	2.04%	−0.10
ROST Ross Stores Inc.	Reduce -1.4%	1.89%	−0.08
NWS News Corp. Class B	Reduce -1.3%	0.61%	−0.06
PG The Procter & Gamble Co.	Reduce -1.6%	1.63%	−0.05
HDB HDFC Bank Ltd.-ADR	Reduce -5.2%	0.21%	−0.03
TRP TC Energy Corp.	Reduce -32.5%	0.08%	−0.02
WCN Waste Connections Inc.	Reduce -0.1%	0.41%	−0.02
AZO AutoZone Inc.	Reduce -1.4%	0.65%	−0.01
YUMC Yum China Holdings Inc.	Reduce -42.1%	0.02%	−0.00
BABA Alibaba Group Holding-SP ADR	Reduce -45.2%	0.01%	−0.00
ENB Enbridge Inc.	Reduce -4.2%	0.07%	+0.00
LOW Lowe's Cos Inc.	Reduce -1.2%	0.09%	+0.01
TFC Truist Financial Corp.	Reduce -1.4%	0.99%	+0.02
BRK.B Berkshire Hathaway Inc. Class B	Reduce -2.5%	0.60%	+0.02
ATAT Atour Lifestyle Holdings-ADR	Reduce -5.6%	0.15%	+0.03
JNJ Johnson & Johnson	Reduce -1.4%	2.13%	+0.05
BRK.A Berkshire Hathaway Inc. Class A	Reduce -0.6%	1.10%	+0.06
CME Cme Group Inc.	Reduce -1.3%	1.48%	+0.06
MA Mastercard Inc. Class A	Reduce -1.4%	1.71%	+0.06
RY Royal Bank of Canada	Reduce -0.0%	0.81%	+0.07
BAM Brookfield Asset Mgmt-A	Reduce -2.6%	0.71%	+0.09
EBAY eBay Inc.	Reduce -1.4%	1.08%	+0.12
ORCL Oracle Corp.	Reduce -1.7%	1.18%	+0.12
WTW Willis Towers Watson PLC	Reduce -1.0%	2.99%	+0.13
BN Brookfield Corp.	Reduce -3.5%	0.97%	+0.13
CIGI Colliers Intl GR-Subord Vot	Reduce -0.0%	0.66%	+0.14
ICE Intercontinental Exchange Inc.	Reduce -1.5%	3.04%	+0.24

Portfolio Buys Q2 2024 → Q3 2024


EL Estee Lauder Companies Class A	New	0.51%	+0.51
SSNC Ss&c Technologies Holdings	Add +3.5%	3.76%	+0.49
KVUE Kenvue Inc.	Add +16.1%	1.52%	+0.42
ATS Ats Corp.	Add +804.8%	0.42%	+0.36
SYY Sysco Corp.	New	0.32%	+0.32
PRI Primerica Inc.	Add +2.4%	3.33%	+0.24
EME Emcor Group Inc.	Add +2.5%	2.02%	+0.24
HLI Houlihan Lokey Inc.	Add +3.0%	1.93%	+0.23
HSIC Henry Schein Inc.	Add +11.9%	1.33%	+0.22
EYE National Vision Holdings Inc.	New	0.21%	+0.21
MKTX Marketaxess Holdings Inc.	Add +3.1%	1.03%	+0.20
SKY Champion Homes Inc.	Add +2.3%	0.74%	+0.19
AWI Armstrong World Industries	Add +2.4%	1.53%	+0.16
MDLZ Mondelez International Inc. Class A	Add +0.3%	2.33%	+0.13
HLMN Hillman Solutions Corp.	Add +2.4%	0.91%	+0.12
SSD Simpson Manufacturing Co. Inc.	Add +2.4%	1.17%	+0.10
GNRC Generac Holdings Inc.	Add +2.5%	0.68%	+0.09
BNS Bank of Nova Scotia	Add +0.7%	0.67%	+0.07
AJG Arthur J Gallagher & Co.	Add +2.6%	1.61%	+0.07
PEGA Pegasystems Inc.	Add +149.5%	0.11%	+0.07
SNX TD Synnex Corp.	Add +12.1%	0.76%	+0.07
KMT Kennametal Inc.	Add +1.4%	1.30%	+0.06
WLY Wiley (john) & Sons Class A	Add +2.3%	0.48%	+0.06
GIB Cgi Inc.	Add +0.1%	0.74%	+0.06
PAG Penske Automotive Group Inc.	Add +2.1%	1.28%	+0.05
EEFT Euronet Worldwide Inc.	Add +18.1%	0.89%	+0.05
GNTX Gentex Corp.	Add +25.0%	1.60%	+0.05
TD Toronto-Dominion Bank	Add +0.2%	0.60%	+0.05
MMM 3M Co.	Add +17.6%	0.14%	+0.04
GGG Graco Inc.	Add +2.2%	0.76%	+0.04
EVRI Everi Holdings Inc.	Add +5.2%	0.09%	+0.03
NYT New York Times Co. Class A	Add +2.1%	0.67%	+0.03
WH Wyndham Hotels & Resorts Inc.	Add +2.4%	1.75%	+0.03
RCI Rogers Communications Inc. Class B	Add +0.5%	1.01%	+0.03
FAF First American Financial	Add +1.3%	0.10%	+0.01
LH Labcorp Holdings Inc.	Add +1.3%	0.19%	+0.01
GMED Globus Medical Inc. Class A	Add +2.4%	1.82%	+0.01
TU Telus Corp.	Add +15.6%	0.03%	+0.00
CNQ Canadian Natural Resources	Add +61.9%	0.01%	+0.00
TME Tencent Music Entertainm-ADR	New	0.00%	+0.00
META Meta Platforms Inc. Class A	New	0.00%	+0.00
YMM Full Truck Alliance -SPN ADR	Add +58.0%	0.01%	+0.00
HASI Ha Sustainable Infrastructur	New	0.00%	+0.00
CRL Charles River Laboratories	Add +21.5%	0.00%	+0.00
HTLD Heartland Express Inc.	Add +2.2%	0.06%	−0.00
AMH American Homes 4 Rent- A	Add +2.5%	1.44%	−0.01
EQC Equity Commonwealth	Add +2.3%	0.75%	−0.01
MAIN Main Street Capital Corp.	Add +2.7%	0.56%	−0.03
QSR Restaurant Brands Intern	Add +0.5%	0.83%	−0.03
LOPE Grand Canyon Education Inc.	Add +2.4%	1.22%	−0.03

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