Burgundy Asset Management Ltd.

Name: Burgundy Asset Management Ltd. 13F holdings, Q4 2024
Creator: Burgundy Asset Management Ltd.
Published: 2025-02-18

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

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
TRI Thomson Reuters Corp.	0.00%	1,593	$256K	No change
CRL Charles River Laboratories	0.00%	1,304	$241K	No change
META Meta Platforms Inc. Class A	0.00%	375	$220K	No change
MIDD Middleby Corp.	0.00%	1,527	$207K	New

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