Burgundy Asset Management Ltd.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 18, 2025), Burgundy Asset Management Ltd. reported 104 stock positions worth $9.9 billion. Its top holding was Ss&c Technologies (SSNC) at 3.8% of the portfolio, followed by Primerica (PRI, 3.5%) and Willis Towers Watson (WTW, 3.0%). Compared with Q3 2024, it opened 5 new positions, sold out of 7, added to 45 and reduced 46. The biggest buy was a new position in Medtronic (MDT) and the biggest sale Carrier Global (CARR, shares −24%).
- Most Recent 13F
- Q3 2025
- Location
- Toronto, A6
- CIK
- 0001315868
- Portfolio Value
- $9.9B (Q4 2024)
- SEC Filing
- 0000950123-25-002842 ↗ filed Feb 18, 2025
Holdings Value
Holdings 104 stocks · $9.9B
| SSNC Ss&c Technologies Holdings | 3.83% | 5,004,107 | $379.2M | Reduce -2.2% |
| PRI Primerica Inc. | 3.53% | 1,288,473 | $349.7M | Add +1.7% |
| WTW Willis Towers Watson PLC | 2.95% | 932,495 | $292.1M | Reduce -9.0% |
| MSFT Microsoft Corp. | 2.88% | 675,708 | $284.8M | Reduce -9.1% |
| GOOGL Alphabet Inc. Class A | 2.83% | 1,477,961 | $279.8M | Reduce -18.5% |
| ALSN Allison Transmission Holding | 2.70% | 2,471,792 | $267.1M | Reduce -18.8% |
| ICE Intercontinental Exchange Inc. | 2.62% | 1,737,611 | $258.9M | Reduce -9.0% |
| WH Wyndham Hotels & Resorts Inc. | 2.34% | 2,301,289 | $231.9M | Add +1.7% |
| EME Emcor Group Inc. | 2.21% | 482,453 | $219.0M | Add +1.6% |
| HLI Houlihan Lokey Inc. | 2.20% | 1,251,831 | $217.4M | Add +1.6% |
| GMED Globus Medical Inc. Class A | 2.19% | 2,618,108 | $216.5M | Add +1.7% |
| MDLZ Mondelez International Inc. Class A | 1.99% | 3,303,185 | $197.3M | Add +3.6% |
| EA Electronic Arts Inc. | 1.93% | 1,307,108 | $191.2M | Reduce -9.0% |
| OPLN Openlane Inc. | 1.86% | 9,278,497 | $184.1M | Add +1.7% |
| AMZN Amazon.com Inc. | 1.83% | 826,001 | $181.2M | Reduce -9.3% |
| COR Cencora Inc. | 1.81% | 797,281 | $179.1M | Reduce -9.0% |
| JNJ Johnson & Johnson | 1.76% | 1,207,363 | $174.6M | Reduce -8.8% |
| MDT Medtronic PLC | 1.76% | 2,182,380 | $174.3M | New |
| ROST Ross Stores Inc. | 1.76% | 1,151,164 | $174.1M | Reduce -9.4% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.73% | 601,954 | $170.9M | Add +3.9% |
| CBZ Cbiz Inc. | 1.72% | 2,081,380 | $170.3M | Add +1.5% |
| AWI Armstrong World Industries | 1.71% | 1,198,801 | $169.4M | Add +1.7% |
| MA Mastercard Inc. Class A | 1.69% | 318,586 | $167.8M | Reduce -9.0% |
| NWSA News Corp. Class A | 1.61% | 5,800,202 | $159.7M | Reduce -9.4% |
| GNTX Gentex Corp. | 1.60% | 5,516,817 | $158.5M | Add +1.6% |
| LOPE Grand Canyon Education Inc. | 1.46% | 885,118 | $145.0M | Add +1.7% |
| AMH American Homes 4 Rent- A | 1.45% | 3,844,552 | $143.9M | Add +1.6% |
| CME Cme Group Inc. | 1.44% | 613,444 | $142.5M | Reduce -9.2% |
| CARR Carrier Global Corp. | 1.34% | 1,948,155 | $133.0M | Reduce -23.9% |
| DLTR Dollar Tree Inc. | 1.31% | 1,728,618 | $129.5M | Reduce -9.9% |
| KVUE Kenvue Inc. | 1.30% | 6,022,414 | $128.6M | Reduce -9.0% |
| LNWO Light & Wonder Inc. | 1.28% | 1,472,538 | $127.2M | Add +2.0% |
| PAG Penske Automotive Group Inc. | 1.24% | 806,860 | $123.0M | Add +1.6% |
| TD Toronto-Dominion Bank | 1.21% | 2,258,881 | $120.1M | Add +137.3% |
| STRA Strategic Education Inc. | 1.19% | 1,258,680 | $117.6M | Add +1.6% |
| HSIC Henry Schein Inc. | 1.17% | 1,668,899 | $115.5M | Reduce -9.1% |
| CABO Cable One Inc. | 1.16% | 316,384 | $114.6M | Add +6.6% |
| EEFT Euronet Worldwide Inc. | 1.14% | 1,096,300 | $112.7M | Add +21.0% |
| SYY Sysco Corp. | 1.12% | 1,452,073 | $111.0M | Add +251.6% |
| KMT Kennametal Inc. | 1.12% | 4,612,972 | $110.8M | Reduce -8.7% |
| PG The Procter & Gamble Co. | 1.11% | 658,314 | $110.4M | Reduce -30.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.11% | 161 | $109.6M | No change |
| SSD Simpson Manufacturing Co. Inc. | 1.06% | 630,436 | $104.5M | Add +1.8% |
| EBAY eBay Inc. | 0.95% | 1,522,625 | $94.3M | Reduce -9.0% |
| DV Doubleverify Holdings Inc. | 0.95% | 4,906,913 | $94.3M | Add +73.2% |
| TFC Truist Financial Corp. | 0.93% | 2,129,213 | $92.4M | Reduce -9.2% |
| HLMN Hillman Solutions Corp. | 0.87% | 8,876,005 | $86.5M | Add +1.8% |
| ORCL Oracle Corp. | 0.83% | 492,542 | $82.1M | Reduce -29.3% |
| STN Stantec Inc. | 0.80% | 1,014,121 | $79.5M | Reduce -0.5% |
| RY Royal Bank of Canada | 0.79% | 648,865 | $78.2M | Reduce -0.4% |
| RCI Rogers Communications Inc. Class B | 0.79% | 2,531,604 | $77.7M | Reduce -0.7% |
| QSR Restaurant Brands Intern | 0.77% | 1,167,299 | $76.0M | Add +0.4% |
| GGG Graco Inc. | 0.76% | 890,494 | $75.1M | Add +1.6% |
| NYT New York Times Co. Class A | 0.74% | 1,407,458 | $73.3M | Add +16.4% |
| CNI Canadian Natl Railway Co. | 0.74% | 719,988 | $73.0M | Add +52.0% |
| GIB Cgi Inc. | 0.71% | 641,419 | $70.1M | Reduce -0.7% |
| GNRC Generac Holdings Inc. | 0.69% | 440,389 | $68.3M | Add +1.7% |
| MAIN Main Street Capital Corp. | 0.68% | 1,153,600 | $67.6M | Add +1.5% |
| SKY Champion Homes Inc. | 0.68% | 760,351 | $67.0M | Reduce -3.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.66% | 1,217,857 | $65.3M | Reduce -1.4% |
| BN Brookfield Corp. | 0.66% | 1,131,044 | $64.9M | Reduce -39.0% |
| NWS News Corp. Class B | 0.62% | 2,014,492 | $61.3M | Reduce -9.3% |
| AZO AutoZone Inc. | 0.62% | 19,035 | $61.0M | Reduce -9.0% |
| CIGI Colliers Intl GR-Subord Vot | 0.60% | 434,596 | $59.0M | Reduce -0.7% |
| MKTX Marketaxess Holdings Inc. | 0.56% | 244,271 | $55.2M | Reduce -39.7% |
| EYE National Vision Holdings Inc. | 0.49% | 4,675,539 | $48.7M | Add +138.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.48% | 105,851 | $48.0M | Reduce -19.6% |
| TSLX Sixth Street Specialty Lendi | 0.47% | 2,192,486 | $46.7M | Add +1.7% |
| WLY Wiley (john) & Sons Class A | 0.45% | 1,027,831 | $44.9M | Add +1.7% |
| ATS Ats Corp. | 0.45% | 1,450,528 | $44.2M | Reduce -0.8% |
| ALRM Alarm.com Holdings Inc. | 0.43% | 698,848 | $42.5M | New |
| CPRT Copart Inc. | 0.42% | 727,763 | $41.8M | Add +2.5% |
| WCN Waste Connections Inc. | 0.40% | 228,647 | $39.2M | Reduce -0.5% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.35% | 466,407 | $35.0M | Reduce -9.1% |
| LH Labcorp Holdings Inc. | 0.21% | 88,895 | $20.4M | Add +2.5% |
| MCD McDonald's Corp. | 0.18% | 60,773 | $17.6M | No change |
| BFAM Bright Horizons Family Solut | 0.17% | 155,750 | $17.3M | New |
| SNX TD Synnex Corp. | 0.17% | 143,874 | $16.9M | Reduce -77.6% |
| EFA iShares MSCI Eafe ETF | 0.16% | 210,357 | $15.9M | New |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.16% | 160,000 | $15.5M | No change |
| BA The Boeing Co. | 0.15% | 85,000 | $15.0M | Add +70.0% |
| HDB HDFC Bank Ltd.-ADR | 0.15% | 234,844 | $15.0M | Reduce -31.2% |
| ATAT Atour Lifestyle Holdings-ADR | 0.15% | 547,443 | $14.7M | Reduce -5.5% |
| MMM 3M Co. | 0.14% | 110,000 | $14.2M | Add +10.0% |
| FAF First American Financial | 0.10% | 161,257 | $10.1M | Add +2.5% |
| YMM Full Truck Alliance -SPN ADR | 0.10% | 915,700 | $9.9M | Add +1541.1% |
| EVRI Everi Holdings Inc. | 0.10% | 731,635 | $9.9M | Add +1.7% |
| LOW Lowe's Cos Inc. | 0.08% | 31,785 | $7.8M | Reduce -8.6% |
| ENB Enbridge Inc. | 0.07% | 171,960 | $7.3M | Add +3.7% |
| EQC Equity Commonwealth | 0.07% | 3,805,226 | $6.7M | Add +0.3% |
| TRP TC Energy Corp. | 0.06% | 126,025 | $5.9M | Reduce -27.6% |
| NTR Nutrien Ltd. | 0.06% | 130,000 | $5.8M | Add +36.1% |
| TU Telus Corp. | 0.03% | 198,708 | $2.7M | Add +26.1% |
| CNQ Canadian Natural Resources | 0.02% | 72,704 | $2.2M | Add +78.3% |
| BAM Brookfield Asset Mgmt-A | 0.02% | 32,536 | $1.8M | Reduce -97.9% |
| YUMC Yum China Holdings Inc. | 0.01% | 29,727 | $1.4M | Reduce -21.9% |
| CW Curtiss-Wright Corp. | 0.01% | 1,697 | $602K | Reduce -28.9% |
| TME Tencent Music Entertainm-ADR | 0.00% | 41,980 | $476K | Add +30.3% |
| LSTR Landstar System Inc. | 0.00% | 2,573 | $442K | No change |
| CDW CDW Corp. | 0.00% | 1,892 | $329K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| CARR Carrier Global Corp. | Reduce -23.9% | 1.34% | −0.70 |
| BAM Brookfield Asset Mgmt-A | Reduce -97.9% | 0.02% | −0.69 |
| SNX TD Synnex Corp. | Reduce -77.6% | 0.17% | −0.59 |
| PG The Procter & Gamble Co. | Reduce -30.9% | 1.11% | −0.52 |
| MKTX Marketaxess Holdings Inc. | Reduce -39.7% | 0.56% | −0.47 |
| ICE Intercontinental Exchange Inc. | Reduce -9.0% | 2.62% | −0.42 |
| JNJ Johnson & Johnson | Reduce -8.8% | 1.76% | −0.36 |
| ORCL Oracle Corp. | Reduce -29.3% | 0.83% | −0.35 |
| BN Brookfield Corp. | Reduce -39.0% | 0.66% | −0.32 |
| MSFT Microsoft Corp. | Reduce -9.1% | 2.88% | −0.29 |
| GOGO Gogo Inc. | Sold out | 0.00% | −0.26 |
| RCI Rogers Communications Inc. Class B | Reduce -0.7% | 0.79% | −0.23 |
| KVUE Kenvue Inc. | Reduce -9.0% | 1.30% | −0.22 |
| ALSN Allison Transmission Holding | Reduce -18.8% | 2.70% | −0.20 |
| KMT Kennametal Inc. | Reduce -8.7% | 1.12% | −0.18 |
| HSIC Henry Schein Inc. | Reduce -9.1% | 1.17% | −0.16 |
| EL Estee Lauder Companies Class A | Reduce -9.1% | 0.35% | −0.15 |
| GOOGL Alphabet Inc. Class A | Reduce -18.5% | 2.83% | −0.15 |
| COR Cencora Inc. | Reduce -9.0% | 1.81% | −0.14 |
| ROST Ross Stores Inc. | Reduce -9.4% | 1.76% | −0.13 |
| EBAY eBay Inc. | Reduce -9.0% | 0.95% | −0.13 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -19.6% | 0.48% | −0.11 |
| EA Electronic Arts Inc. | Reduce -9.0% | 1.93% | −0.11 |
| PEGA Pegasystems Inc. | Sold out | 0.00% | −0.11 |
| NWSA News Corp. Class A | Reduce -9.4% | 1.61% | −0.08 |
| SKY Champion Homes Inc. | Reduce -3.3% | 0.68% | −0.06 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -0.7% | 0.60% | −0.06 |
| HDB HDFC Bank Ltd.-ADR | Reduce -31.2% | 0.15% | −0.06 |
| TFC Truist Financial Corp. | Reduce -9.2% | 0.93% | −0.06 |
| HTLD Heartland Express Inc. | Sold out | 0.00% | −0.06 |
| WTW Willis Towers Watson PLC | Reduce -9.0% | 2.95% | −0.04 |
| AZO AutoZone Inc. | Reduce -9.0% | 0.62% | −0.04 |
| CME Cme Group Inc. | Reduce -9.2% | 1.44% | −0.04 |
| GIB Cgi Inc. | Reduce -0.7% | 0.71% | −0.03 |
| DLTR Dollar Tree Inc. | Reduce -9.9% | 1.31% | −0.03 |
| TRP TC Energy Corp. | Reduce -27.6% | 0.06% | −0.02 |
| BIPC Brookfield Infrastructure-A | Sold out | 0.00% | −0.02 |
| MA Mastercard Inc. Class A | Reduce -9.0% | 1.69% | −0.02 |
| RY Royal Bank of Canada | Reduce -0.4% | 0.79% | −0.02 |
| LOW Lowe's Cos Inc. | Reduce -8.6% | 0.08% | −0.01 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.01 |
| WCN Waste Connections Inc. | Reduce -0.5% | 0.40% | −0.01 |
| STN Stantec Inc. | Reduce -0.5% | 0.80% | −0.01 |
| SOLV Solventum Corp. | Sold out | 0.00% | −0.01 |
| BNS Bank of Nova Scotia | Reduce -1.4% | 0.66% | −0.01 |
| YUMC Yum China Holdings Inc. | Reduce -21.9% | 0.01% | −0.00 |
| HASI Ha Sustainable Infrastructur | Sold out | 0.00% | −0.00 |
| CW Curtiss-Wright Corp. | Reduce -28.9% | 0.01% | −0.00 |
| ATAT Atour Lifestyle Holdings-ADR | Reduce -5.5% | 0.15% | −0.00 |
| NWS News Corp. Class B | Reduce -9.3% | 0.62% | +0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| MDT Medtronic PLC | New | 1.76% | +1.76 |
| SYY Sysco Corp. | Add +251.6% | 1.12% | +0.80 |
| TD Toronto-Dominion Bank | Add +137.3% | 1.21% | +0.62 |
| WH Wyndham Hotels & Resorts Inc. | Add +1.7% | 2.34% | +0.59 |
| DV Doubleverify Holdings Inc. | Add +73.2% | 0.95% | +0.48 |
| ALRM Alarm.com Holdings Inc. | New | 0.43% | +0.43 |
| GMED Globus Medical Inc. Class A | Add +1.7% | 2.19% | +0.36 |
| CBZ Cbiz Inc. | Add +1.5% | 1.72% | +0.35 |
| OPLN Openlane Inc. | Add +1.7% | 1.86% | +0.33 |
| EYE National Vision Holdings Inc. | Add +138.6% | 0.49% | +0.28 |
| HLI Houlihan Lokey Inc. | Add +1.6% | 2.20% | +0.27 |
| EEFT Euronet Worldwide Inc. | Add +21.0% | 1.14% | +0.25 |
| LOPE Grand Canyon Education Inc. | Add +1.7% | 1.46% | +0.24 |
| PRI Primerica Inc. | Add +1.7% | 3.53% | +0.21 |
| EME Emcor Group Inc. | Add +1.6% | 2.21% | +0.19 |
| CNI Canadian Natl Railway Co. | Add +52.0% | 0.74% | +0.19 |
| AWI Armstrong World Industries | Add +1.7% | 1.71% | +0.18 |
| BFAM Bright Horizons Family Solut | New | 0.17% | +0.17 |
| EFA iShares MSCI Eafe ETF | New | 0.16% | +0.16 |
| CABO Cable One Inc. | Add +6.6% | 1.16% | +0.13 |
| MAIN Main Street Capital Corp. | Add +1.5% | 0.68% | +0.12 |
| AJG Arthur J Gallagher & Co. | Add +3.9% | 1.73% | +0.11 |
| YMM Full Truck Alliance -SPN ADR | Add +1541.1% | 0.10% | +0.10 |
| BA The Boeing Co. | Add +70.0% | 0.15% | +0.08 |
| NYT New York Times Co. Class A | Add +16.4% | 0.74% | +0.07 |
| CPRT Copart Inc. | Add +2.5% | 0.42% | +0.05 |
| STRA Strategic Education Inc. | Add +1.6% | 1.19% | +0.05 |
| TSLX Sixth Street Specialty Lendi | Add +1.7% | 0.47% | +0.03 |
| AMH American Homes 4 Rent- A | Add +1.6% | 1.45% | +0.01 |
| LH Labcorp Holdings Inc. | Add +2.5% | 0.21% | +0.01 |
| NTR Nutrien Ltd. | Add +36.1% | 0.06% | +0.01 |
| CNQ Canadian Natural Resources | Add +78.3% | 0.02% | +0.01 |
| GNRC Generac Holdings Inc. | Add +1.7% | 0.69% | +0.01 |
| MMM 3M Co. | Add +10.0% | 0.14% | +0.01 |
| ENB Enbridge Inc. | Add +3.7% | 0.07% | +0.01 |
| EVRI Everi Holdings Inc. | Add +1.7% | 0.10% | +0.01 |
| GNTX Gentex Corp. | Add +1.6% | 1.60% | +0.00 |
| MIDD Middleby Corp. | New | 0.00% | +0.00 |
| TU Telus Corp. | Add +26.1% | 0.03% | +0.00 |
| TME Tencent Music Entertainm-ADR | Add +30.3% | 0.00% | +0.00 |
| GGG Graco Inc. | Add +1.6% | 0.76% | −0.00 |
| FAF First American Financial | Add +2.5% | 0.10% | −0.00 |
| LNWO Light & Wonder Inc. | Add +2.0% | 1.28% | −0.01 |
| WLY Wiley (john) & Sons Class A | Add +1.7% | 0.45% | −0.03 |
| PAG Penske Automotive Group Inc. | Add +1.6% | 1.24% | −0.03 |
| HLMN Hillman Solutions Corp. | Add +1.8% | 0.87% | −0.04 |
| QSR Restaurant Brands Intern | Add +0.4% | 0.77% | −0.06 |
| SSD Simpson Manufacturing Co. Inc. | Add +1.8% | 1.06% | −0.12 |
| MDLZ Mondelez International Inc. Class A | Add +3.6% | 1.99% | −0.33 |
| EQC Equity Commonwealth | Add +0.3% | 0.07% | −0.68 |
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 |