Burgundy Asset Management Ltd.

Name: Burgundy Asset Management Ltd. 13F holdings, Q1 2025
Creator: Burgundy Asset Management Ltd.
Published: 2025-05-13

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

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
CW Curtiss-Wright Corp.	0.01%	1,783	$566K	Add +5.1%
SOBO South Bow Corp.	0.01%	20,595	$527K	New
TME Tencent Music Entertainm-ADR	0.00%	31,689	$457K	Reduce -24.5%
CRL Charles River Laboratories	0.00%	2,720	$409K	Add +108.6%
LSTR Landstar System Inc.	0.00%	2,703	$406K	Add +5.0%
CDW CDW Corp.	0.00%	1,988	$319K	Add +5.1%
TRI Thomson Reuters Corp.	0.00%	1,593	$275K	No change
MIDD Middleby Corp.	0.00%	1,604	$244K	Add +5.0%
META Meta Platforms Inc. Class A	0.00%	375	$216K	No change

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