Burgundy Asset Management Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Burgundy Asset Management Ltd. reported 109 stock positions worth $9.6 billion. Its top holding was Ss&c Technologies (SSNC) at 4.5% of the portfolio, followed by Primerica (PRI, 3.9%) and Willis Towers Watson (WTW, 3.2%). Compared with Q4 2024, it opened 10 new positions, sold out of 5, added to 50 and reduced 45. The biggest buy was a new position in US Foods (USFD) and the biggest sale an exit from Arthur J Gallagher (AJG).
- Most Recent 13F
- Q3 2025
- Location
- Toronto, A6
- CIK
- 0001315868
- Portfolio Value
- $9.6B (Q1 2025)
- SEC Filing
- 0000950123-25-004910 ↗ filed May 13, 2025
Holdings Value
Holdings 109 stocks · $9.6B
| SSNC Ss&c Technologies Holdings | 4.49% | 5,186,307 | $433.2M | Add +3.6% |
| PRI Primerica Inc. | 3.86% | 1,310,019 | $372.7M | Add +1.7% |
| WTW Willis Towers Watson PLC | 3.16% | 901,337 | $304.6M | Reduce -3.3% |
| ICE Intercontinental Exchange Inc. | 2.28% | 1,276,994 | $220.3M | Reduce -26.5% |
| WH Wyndham Hotels & Resorts Inc. | 2.22% | 2,369,461 | $214.5M | Add +3.0% |
| ALSN Allison Transmission Holding | 2.22% | 2,234,446 | $213.8M | Reduce -9.6% |
| COR Cencora Inc. | 2.21% | 767,502 | $213.4M | Reduce -3.7% |
| GMED Globus Medical Inc. Class A | 2.13% | 2,801,747 | $205.1M | Add +7.0% |
| MDLZ Mondelez International Inc. Class A | 2.08% | 2,959,532 | $200.8M | Reduce -10.4% |
| JNJ Johnson & Johnson | 2.01% | 1,169,327 | $193.9M | Reduce -3.1% |
| MSFT Microsoft Corp. | 2.00% | 514,260 | $193.0M | Reduce -23.9% |
| HLI Houlihan Lokey Inc. | 1.99% | 1,189,822 | $192.2M | Reduce -5.0% |
| OPLN Openlane Inc. | 1.98% | 9,925,661 | $191.4M | Add +7.0% |
| EME Emcor Group Inc. | 1.97% | 515,522 | $190.6M | Add +6.8% |
| MDT Medtronic PLC | 1.97% | 2,112,305 | $189.8M | Reduce -3.2% |
| AWI Armstrong World Industries | 1.87% | 1,282,996 | $180.7M | Add +7.0% |
| GNTX Gentex Corp. | 1.87% | 7,728,209 | $180.1M | Add +40.1% |
| GOOGL Alphabet Inc. Class A | 1.85% | 1,153,174 | $178.3M | Reduce -22.0% |
| CBZ Cbiz Inc. | 1.75% | 2,220,266 | $168.4M | Add +6.7% |
| LOPE Grand Canyon Education Inc. | 1.70% | 946,152 | $163.7M | Add +6.9% |
| EA Electronic Arts Inc. | 1.69% | 1,128,733 | $163.1M | Reduce -13.7% |
| CME Cme Group Inc. | 1.63% | 592,991 | $157.3M | Reduce -3.3% |
| KVUE Kenvue Inc. | 1.63% | 6,555,942 | $157.2M | Add +8.9% |
| AMH American Homes 4 Rent- A | 1.61% | 4,111,296 | $155.4M | Add +6.9% |
| ROST Ross Stores Inc. | 1.59% | 1,204,015 | $153.9M | Add +4.6% |
| HSIC Henry Schein Inc. | 1.59% | 2,235,429 | $153.1M | Add +34.0% |
| NWSA News Corp. Class A | 1.59% | 5,619,167 | $153.0M | Reduce -3.1% |
| SYY Sysco Corp. | 1.57% | 2,015,994 | $151.3M | Add +38.8% |
| LNWO Light & Wonder Inc. | 1.41% | 1,574,589 | $136.4M | Add +6.9% |
| AMZN Amazon.com Inc. | 1.35% | 684,152 | $130.2M | Reduce -17.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.32% | 159 | $127.0M | Reduce -1.2% |
| DLTR Dollar Tree Inc. | 1.31% | 1,679,012 | $126.0M | Reduce -2.9% |
| EEFT Euronet Worldwide Inc. | 1.30% | 1,171,426 | $125.2M | Add +6.8% |
| PAG Penske Automotive Group Inc. | 1.29% | 863,529 | $124.3M | Add +7.0% |
| STRA Strategic Education Inc. | 1.28% | 1,475,831 | $123.9M | Add +17.3% |
| TD Toronto-Dominion Bank | 1.20% | 1,933,740 | $116.0M | Reduce -14.4% |
| NYT New York Times Co. Class A | 1.20% | 2,325,224 | $115.3M | Add +65.2% |
| MA Mastercard Inc. Class A | 1.17% | 206,656 | $113.3M | Reduce -35.1% |
| USFD US Foods Holding Corp. | 1.14% | 1,684,154 | $110.2M | New |
| CABO Cable One Inc. | 1.11% | 402,403 | $106.9M | Add +27.2% |
| QSR Restaurant Brands Intern | 1.10% | 1,592,502 | $106.3M | Add +36.4% |
| SSD Simpson Manufacturing Co. Inc. | 1.10% | 673,535 | $105.8M | Add +6.8% |
| RCI Rogers Communications Inc. Class B | 0.97% | 3,509,952 | $93.8M | Add +38.6% |
| PG The Procter & Gamble Co. | 0.96% | 544,197 | $92.7M | Reduce -17.3% |
| NKE Nike Inc. Class B | 0.93% | 1,406,412 | $89.3M | New |
| MKTX Marketaxess Holdings Inc. | 0.90% | 402,511 | $87.1M | Add +64.8% |
| CARR Carrier Global Corp. | 0.90% | 1,364,389 | $86.5M | Reduce -30.0% |
| WAB Wabtec Corp. | 0.89% | 473,740 | $85.9M | New |
| TFC Truist Financial Corp. | 0.88% | 2,066,193 | $85.0M | Reduce -3.0% |
| HLMN Hillman Solutions Corp. | 0.86% | 9,489,870 | $83.4M | Add +6.9% |
| STN Stantec Inc. | 0.84% | 976,338 | $81.0M | Reduce -3.7% |
| GGG Graco Inc. | 0.82% | 952,011 | $79.5M | Add +6.9% |
| SKY Champion Homes Inc. | 0.80% | 812,204 | $77.0M | Add +6.8% |
| RY Royal Bank of Canada | 0.75% | 642,238 | $72.4M | Reduce -1.0% |
| DV Doubleverify Holdings Inc. | 0.72% | 5,225,968 | $69.9M | Add +6.5% |
| CNI Canadian Natl Railway Co. | 0.72% | 711,819 | $69.3M | Reduce -1.1% |
| GNRC Generac Holdings Inc. | 0.70% | 534,252 | $67.7M | Add +21.3% |
| ORCL Oracle Corp. | 0.69% | 478,037 | $66.8M | Reduce -2.9% |
| PPLI People Inc. filed as IAC INC | 0.69% | 1,448,753 | $66.6M | New |
| EYE National Vision Holdings Inc. | 0.66% | 4,996,104 | $63.9M | Add +6.9% |
| GIB Cgi Inc. | 0.65% | 629,890 | $62.9M | Reduce -1.8% |
| NWS News Corp. Class B | 0.61% | 1,950,223 | $59.2M | Reduce -3.2% |
| BN Brookfield Corp. | 0.61% | 1,118,085 | $58.6M | Reduce -1.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.59% | 1,204,941 | $57.2M | Reduce -1.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.55% | 98,781 | $52.6M | Reduce -6.7% |
| TSLX Sixth Street Specialty Lendi | 0.54% | 2,347,046 | $52.5M | Add +7.0% |
| CIGI Colliers Intl GR-Subord Vot | 0.54% | 428,201 | $51.9M | Reduce -1.5% |
| ALRM Alarm.com Holdings Inc. | 0.51% | 882,351 | $49.1M | Add +26.3% |
| AZO AutoZone Inc. | 0.46% | 11,722 | $44.7M | Reduce -38.4% |
| CPRT Copart Inc. | 0.46% | 780,701 | $44.2M | Add +7.3% |
| ATS Ats Corp. | 0.46% | 1,768,782 | $44.1M | Add +21.9% |
| WCN Waste Connections Inc. | 0.46% | 225,685 | $44.0M | Reduce -1.3% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.31% | 452,353 | $29.9M | Reduce -3.0% |
| KLC Kindercare Learning Cos Inc. | 0.27% | 2,269,445 | $26.3M | New |
| LH Labcorp Holdings Inc. | 0.23% | 95,643 | $22.3M | Add +7.6% |
| BFAM Bright Horizons Family Solut | 0.22% | 164,742 | $20.9M | Add +5.8% |
| MCD McDonald's Corp. | 0.20% | 60,642 | $18.9M | Reduce -0.2% |
| ATAT Atour Lifestyle Holdings-ADR | 0.17% | 584,843 | $16.6M | Add +6.8% |
| MMM 3M Co. | 0.17% | 110,000 | $16.2M | No change |
| SNX TD Synnex Corp. | 0.17% | 153,564 | $16.0M | Add +6.7% |
| BA The Boeing Co. | 0.15% | 85,000 | $14.5M | No change |
| HDB HDFC Bank Ltd.-ADR | 0.14% | 203,848 | $13.5M | Reduce -13.2% |
| YMM Full Truck Alliance -SPN ADR | 0.13% | 991,147 | $12.7M | Add +8.2% |
| FAF First American Financial | 0.12% | 172,929 | $11.3M | Add +7.2% |
| EVRI Everi Holdings Inc. | 0.11% | 782,387 | $10.7M | Add +6.9% |
| KMT Kennametal Inc. | 0.11% | 481,435 | $10.3M | Reduce -89.6% |
| DFIN Donnelley Financial Solution | 0.09% | 189,978 | $8.3M | New |
| NTR Nutrien Ltd. | 0.09% | 165,000 | $8.2M | Add +26.9% |
| ENB Enbridge Inc. | 0.07% | 161,559 | $7.2M | Reduce -6.0% |
| LOW Lowe's Cos Inc. | 0.07% | 30,456 | $7.1M | Reduce -4.2% |
| TRP TC Energy Corp. | 0.06% | 122,279 | $5.8M | Reduce -3.0% |
| EQC Equity Commonwealth | 0.03% | 1,797,621 | $2.9M | Reduce -52.8% |
| TU Telus Corp. | 0.03% | 197,082 | $2.8M | Reduce -0.8% |
| CNQ Canadian Natural Resources | 0.02% | 75,135 | $2.3M | Add +3.3% |
| BAM Brookfield Asset Mgmt-A | 0.02% | 47,474 | $2.3M | Add +45.9% |
| BIPC Brookfield Infrastructure-A | 0.02% | 60,099 | $2.2M | New |
| MAIN Main Street Capital Corp. | 0.02% | 37,624 | $2.1M | Reduce -96.7% |
| GRTUF Granite Real Estate Investme | 0.02% | 39,745 | $1.9M | New |
| YUMC Yum China Holdings Inc. | 0.02% | 29,141 | $1.5M | Reduce -2.0% |
| NEOG Neogen Corp. | 0.01% | 96,701 | $838K | New |
Portfolio Sells Q4 2024 → Q1 2025
| AJG Arthur J Gallagher & Co. | Sold out | 0.00% | −1.73 |
| KMT Kennametal Inc. | Reduce -89.6% | 0.11% | −1.01 |
| GOOGL Alphabet Inc. Class A | Reduce -22.0% | 1.85% | −0.98 |
| EBAY eBay Inc. | Sold out | 0.00% | −0.95 |
| MSFT Microsoft Corp. | Reduce -23.9% | 2.00% | −0.88 |
| MAIN Main Street Capital Corp. | Reduce -96.7% | 0.02% | −0.66 |
| MA Mastercard Inc. Class A | Reduce -35.1% | 1.17% | −0.52 |
| ALSN Allison Transmission Holding | Reduce -9.6% | 2.22% | −0.48 |
| AMZN Amazon.com Inc. | Reduce -17.2% | 1.35% | −0.48 |
| WLY Wiley (john) & Sons Class A | Sold out | 0.00% | −0.45 |
| CARR Carrier Global Corp. | Reduce -30.0% | 0.90% | −0.45 |
| ICE Intercontinental Exchange Inc. | Reduce -26.5% | 2.28% | −0.33 |
| EA Electronic Arts Inc. | Reduce -13.7% | 1.69% | −0.24 |
| HLI Houlihan Lokey Inc. | Reduce -5.0% | 1.99% | −0.20 |
| EFA iShares MSCI Eafe ETF | Sold out | 0.00% | −0.16 |
| BMO Bank of Montreal | Sold out | 0.00% | −0.16 |
| PG The Procter & Gamble Co. | Reduce -17.3% | 0.96% | −0.15 |
| AZO AutoZone Inc. | Reduce -38.4% | 0.46% | −0.15 |
| ORCL Oracle Corp. | Reduce -2.9% | 0.69% | −0.14 |
| BNS Bank of Nova Scotia | Reduce -1.1% | 0.59% | −0.07 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -1.5% | 0.54% | −0.06 |
| GIB Cgi Inc. | Reduce -1.8% | 0.65% | −0.06 |
| TFC Truist Financial Corp. | Reduce -3.0% | 0.88% | −0.05 |
| BN Brookfield Corp. | Reduce -1.1% | 0.61% | −0.05 |
| EL Estee Lauder Companies Class A | Reduce -3.0% | 0.31% | −0.04 |
| RY Royal Bank of Canada | Reduce -1.0% | 0.75% | −0.04 |
| EQC Equity Commonwealth | Reduce -52.8% | 0.03% | −0.04 |
| NWSA News Corp. Class A | Reduce -3.1% | 1.59% | −0.03 |
| CNI Canadian Natl Railway Co. | Reduce -1.1% | 0.72% | −0.02 |
| TD Toronto-Dominion Bank | Reduce -14.4% | 1.20% | −0.01 |
| HDB HDFC Bank Ltd.-ADR | Reduce -13.2% | 0.14% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -4.2% | 0.07% | −0.01 |
| NWS News Corp. Class B | Reduce -3.2% | 0.61% | −0.01 |
| DLTR Dollar Tree Inc. | Reduce -2.9% | 1.31% | −0.00 |
| TME Tencent Music Entertainm-ADR | Reduce -24.5% | 0.00% | −0.00 |
| ENB Enbridge Inc. | Reduce -6.0% | 0.07% | +0.00 |
| TRP TC Energy Corp. | Reduce -3.0% | 0.06% | +0.00 |
| YUMC Yum China Holdings Inc. | Reduce -2.0% | 0.02% | +0.00 |
| TU Telus Corp. | Reduce -0.8% | 0.03% | +0.00 |
| MCD McDonald's Corp. | Reduce -0.2% | 0.20% | +0.02 |
| STN Stantec Inc. | Reduce -3.7% | 0.84% | +0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -6.7% | 0.55% | +0.06 |
| WCN Waste Connections Inc. | Reduce -1.3% | 0.46% | +0.06 |
| MDLZ Mondelez International Inc. Class A | Reduce -10.4% | 2.08% | +0.09 |
| CME Cme Group Inc. | Reduce -3.3% | 1.63% | +0.19 |
| MDT Medtronic PLC | Reduce -3.2% | 1.97% | +0.21 |
| WTW Willis Towers Watson PLC | Reduce -3.3% | 3.16% | +0.21 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -1.2% | 1.32% | +0.21 |
| JNJ Johnson & Johnson | Reduce -3.1% | 2.01% | +0.25 |
| COR Cencora Inc. | Reduce -3.7% | 2.21% | +0.40 |
Portfolio Buys Q4 2024 → Q1 2025
| USFD US Foods Holding Corp. | New | 1.14% | +1.14 |
| NKE Nike Inc. Class B | New | 0.93% | +0.93 |
| WAB Wabtec Corp. | New | 0.89% | +0.89 |
| PPLI People Inc. | New | 0.69% | +0.69 |
| SSNC Ss&c Technologies Holdings | Add +3.6% | 4.49% | +0.66 |
| NYT New York Times Co. Class A | Add +65.2% | 1.20% | +0.46 |
| SYY Sysco Corp. | Add +38.8% | 1.57% | +0.45 |
| HSIC Henry Schein Inc. | Add +34.0% | 1.59% | +0.42 |
| MKTX Marketaxess Holdings Inc. | Add +64.8% | 0.90% | +0.34 |
| QSR Restaurant Brands Intern | Add +36.4% | 1.10% | +0.33 |
| KVUE Kenvue Inc. | Add +8.9% | 1.63% | +0.33 |
| PRI Primerica Inc. | Add +1.7% | 3.86% | +0.33 |
| KLC Kindercare Learning Cos Inc. | New | 0.27% | +0.27 |
| GNTX Gentex Corp. | Add +40.1% | 1.87% | +0.26 |
| LOPE Grand Canyon Education Inc. | Add +6.9% | 1.70% | +0.23 |
| RCI Rogers Communications Inc. Class B | Add +38.6% | 0.97% | +0.19 |
| EYE National Vision Holdings Inc. | Add +6.9% | 0.66% | +0.17 |
| AWI Armstrong World Industries | Add +7.0% | 1.87% | +0.16 |
| EEFT Euronet Worldwide Inc. | Add +6.8% | 1.30% | +0.16 |
| AMH American Homes 4 Rent- A | Add +6.9% | 1.61% | +0.16 |
| LNWO Light & Wonder Inc. | Add +6.9% | 1.41% | +0.13 |
| OPLN Openlane Inc. | Add +7.0% | 1.98% | +0.12 |
| SKY Champion Homes Inc. | Add +6.8% | 0.80% | +0.12 |
| STRA Strategic Education Inc. | Add +17.3% | 1.28% | +0.10 |
| DFIN Donnelley Financial Solution | New | 0.09% | +0.09 |
| ALRM Alarm.com Holdings Inc. | Add +26.3% | 0.51% | +0.08 |
| TSLX Sixth Street Specialty Lendi | Add +7.0% | 0.54% | +0.07 |
| GGG Graco Inc. | Add +6.9% | 0.82% | +0.07 |
| PAG Penske Automotive Group Inc. | Add +7.0% | 1.29% | +0.05 |
| BFAM Bright Horizons Family Solut | Add +5.8% | 0.22% | +0.04 |
| SSD Simpson Manufacturing Co. Inc. | Add +6.8% | 1.10% | +0.04 |
| CPRT Copart Inc. | Add +7.3% | 0.46% | +0.04 |
| YMM Full Truck Alliance -SPN ADR | Add +8.2% | 0.13% | +0.03 |
| NTR Nutrien Ltd. | Add +26.9% | 0.09% | +0.03 |
| CBZ Cbiz Inc. | Add +6.7% | 1.75% | +0.02 |
| LH Labcorp Holdings Inc. | Add +7.6% | 0.23% | +0.02 |
| ATAT Atour Lifestyle Holdings-ADR | Add +6.8% | 0.17% | +0.02 |
| BIPC Brookfield Infrastructure-A | New | 0.02% | +0.02 |
| GRTUF Granite Real Estate Investme | New | 0.02% | +0.02 |
| FAF First American Financial | Add +7.2% | 0.12% | +0.02 |
| GNRC Generac Holdings Inc. | Add +21.3% | 0.70% | +0.01 |
| EVRI Everi Holdings Inc. | Add +6.9% | 0.11% | +0.01 |
| ATS Ats Corp. | Add +21.9% | 0.46% | +0.01 |
| NEOG Neogen Corp. | New | 0.01% | +0.01 |
| BAM Brookfield Asset Mgmt-A | Add +45.9% | 0.02% | +0.01 |
| SOBO South Bow Corp. | New | 0.01% | +0.01 |
| CRL Charles River Laboratories | Add +108.6% | 0.00% | +0.00 |
| CNQ Canadian Natural Resources | Add +3.3% | 0.02% | +0.00 |
| MIDD Middleby Corp. | Add +5.0% | 0.00% | +0.00 |
| CDW CDW Corp. | Add +5.1% | 0.00% | 0.00 |
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 |