Burgundy Asset Management Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Burgundy Asset Management Ltd. reported 109 stock positions worth $10.3 billion. Its top holding was Ss&c Technologies (SSNC) at 4.2% of the portfolio, followed by Primerica (PRI, 3.6%) and Emcor (EME, 2.8%). Compared with Q1 2025, it opened 6 new positions, sold out of 6, added to 44 and reduced 49. The biggest buy was a new position in PPG Industries (PPG) and the biggest sale Dollar Tree (DLTR, shares −73%).
- Most Recent 13F
- Q3 2025
- Location
- Toronto, A6
- CIK
- 0001315868
- Portfolio Value
- $10.3B (Q2 2025)
- SEC Filing
- 0000950123-25-007831 ↗ filed Aug 13, 2025
Holdings Value
Holdings 109 stocks · $10.3B
| SSNC Ss&c Technologies Holdings | 4.22% | 5,239,571 | $433.8M | Add +1.0% |
| PRI Primerica Inc. | 3.55% | 1,333,473 | $364.9M | Add +1.8% |
| EME Emcor Group Inc. | 2.76% | 530,457 | $283.7M | Add +2.9% |
| WTW Willis Towers Watson PLC | 2.67% | 894,007 | $274.0M | Reduce -0.8% |
| MSFT Microsoft Corp. | 2.46% | 508,021 | $252.7M | Reduce -1.2% |
| OPLN Openlane Inc. | 2.45% | 10,306,027 | $252.0M | Add +3.8% |
| ICE Intercontinental Exchange Inc. | 2.26% | 1,266,790 | $232.4M | Reduce -0.8% |
| HLI Houlihan Lokey Inc. | 2.15% | 1,225,966 | $220.6M | Add +3.0% |
| AWI Armstrong World Industries | 2.09% | 1,321,078 | $214.6M | Add +3.0% |
| ALSN Allison Transmission Holding | 2.06% | 2,228,704 | $211.7M | Reduce -0.3% |
| GMED Globus Medical Inc. Class A | 2.00% | 3,481,438 | $205.5M | Add +24.3% |
| GOOGL Alphabet Inc. Class A | 1.96% | 1,140,072 | $200.9M | Reduce -1.1% |
| WH Wyndham Hotels & Resorts Inc. | 1.95% | 2,465,968 | $200.3M | Add +4.1% |
| MDLZ Mondelez International Inc. Class A | 1.94% | 2,948,267 | $198.8M | Reduce -0.4% |
| MDT Medtronic PLC | 1.88% | 2,218,151 | $193.4M | Add +5.0% |
| LOPE Grand Canyon Education Inc. | 1.81% | 982,698 | $185.7M | Add +3.9% |
| COR Cencora Inc. | 1.78% | 610,478 | $183.1M | Reduce -20.5% |
| JNJ Johnson & Johnson | 1.72% | 1,160,080 | $177.2M | Reduce -0.8% |
| GNTX Gentex Corp. | 1.70% | 7,964,555 | $175.1M | Add +3.1% |
| USFD US Foods Holding Corp. | 1.65% | 2,206,740 | $169.9M | Add +31.0% |
| CBZ Cbiz Inc. | 1.62% | 2,321,198 | $166.5M | Add +4.5% |
| NWSA News Corp. Class A | 1.61% | 5,552,618 | $165.0M | Reduce -1.2% |
| CME Cme Group Inc. | 1.57% | 586,764 | $161.7M | Reduce -1.1% |
| HSIC Henry Schein Inc. | 1.57% | 2,207,493 | $161.3M | Reduce -1.3% |
| EA Electronic Arts Inc. | 1.54% | 990,457 | $158.2M | Reduce -12.3% |
| LNWO Light & Wonder Inc. | 1.53% | 1,632,562 | $157.2M | Add +3.7% |
| AMH American Homes 4 Rent- A | 1.50% | 4,280,147 | $154.4M | Add +4.1% |
| PAG Penske Automotive Group Inc. | 1.49% | 890,356 | $153.0M | Add +3.1% |
| ROST Ross Stores Inc. | 1.48% | 1,191,294 | $152.0M | Reduce -1.1% |
| KVUE Kenvue Inc. | 1.46% | 7,148,796 | $149.6M | Add +9.0% |
| AMZN Amazon.com Inc. | 1.45% | 676,936 | $148.5M | Reduce -1.1% |
| TD Toronto-Dominion Bank | 1.36% | 1,908,467 | $140.1M | Reduce -1.3% |
| WAB Wabtec Corp. | 1.31% | 641,284 | $134.3M | Add +35.4% |
| NYT New York Times Co. Class A | 1.29% | 2,368,819 | $132.6M | Add +1.9% |
| STRA Strategic Education Inc. | 1.26% | 1,524,317 | $129.8M | Add +3.3% |
| RCI Rogers Communications Inc. Class B | 1.20% | 4,172,546 | $123.5M | Add +18.9% |
| EEFT Euronet Worldwide Inc. | 1.20% | 1,217,631 | $123.4M | Add +3.9% |
| SYY Sysco Corp. | 1.14% | 1,552,148 | $117.6M | Reduce -23.0% |
| MA Mastercard Inc. Class A | 1.12% | 204,266 | $114.8M | Reduce -1.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.09% | 154 | $112.2M | Reduce -3.1% |
| SSD Simpson Manufacturing Co. Inc. | 1.05% | 693,775 | $107.8M | Add +3.0% |
| QSR Restaurant Brands Intern | 1.02% | 1,586,110 | $105.0M | Reduce -0.4% |
| ORCL Oracle Corp. | 1.01% | 472,475 | $103.3M | Reduce -1.2% |
| CARR Carrier Global Corp. | 0.96% | 1,348,288 | $98.7M | Reduce -1.2% |
| NKE Nike Inc. Class B | 0.96% | 1,386,476 | $98.5M | Reduce -1.4% |
| PPLI People Inc. filed as IAC INC | 0.92% | 2,517,797 | $94.0M | Add +73.8% |
| PPG PPG Industries Inc. | 0.91% | 823,899 | $93.7M | New |
| STN Stantec Inc. | 0.91% | 860,737 | $93.5M | Reduce -11.8% |
| GNRC Generac Holdings Inc. | 0.91% | 651,679 | $93.3M | Add +22.0% |
| MKTX Marketaxess Holdings Inc. | 0.90% | 414,370 | $92.5M | Add +3.0% |
| TFC Truist Financial Corp. | 0.86% | 2,046,367 | $88.0M | Reduce -1.0% |
| PG The Procter & Gamble Co. | 0.84% | 539,672 | $86.0M | Reduce -0.8% |
| GGG Graco Inc. | 0.83% | 991,702 | $85.3M | Add +4.2% |
| RY Royal Bank of Canada | 0.82% | 639,962 | $84.2M | Reduce -0.3% |
| HLMN Hillman Solutions Corp. | 0.78% | 11,202,558 | $80.0M | Add +18.1% |
| CNI Canadian Natl Railway Co. | 0.72% | 708,784 | $73.7M | Reduce -0.4% |
| BN Brookfield Corp. | 0.67% | 1,114,437 | $68.8M | Reduce -0.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.65% | 1,200,811 | $66.3M | Reduce -0.3% |
| NWS News Corp. Class B | 0.64% | 1,929,507 | $66.2M | Reduce -1.1% |
| GIB Cgi Inc. | 0.64% | 628,015 | $65.8M | Reduce -0.3% |
| CABO Cable One Inc. | 0.63% | 474,730 | $64.5M | Add +18.0% |
| ATS Ats Corp. | 0.56% | 1,812,147 | $57.7M | Add +2.5% |
| EYE National Vision Holdings Inc. | 0.56% | 2,505,978 | $57.7M | Reduce -49.8% |
| TSLX Sixth Street Specialty Lendi | 0.55% | 2,378,968 | $56.6M | Add +1.4% |
| ALRM Alarm.com Holdings Inc. | 0.54% | 985,882 | $55.8M | Add +11.7% |
| CIGI Colliers Intl GR-Subord Vot | 0.54% | 426,506 | $55.7M | Reduce -0.4% |
| DV Doubleverify Holdings Inc. | 0.53% | 3,624,876 | $54.3M | Reduce -30.6% |
| SKY Champion Homes Inc. | 0.51% | 835,176 | $52.3M | Add +2.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.46% | 97,704 | $47.5M | Reduce -1.1% |
| DHI D.R. Horton Inc. | 0.45% | 362,368 | $46.7M | New |
| DLTR Dollar Tree Inc. | 0.44% | 460,632 | $45.6M | Reduce -72.6% |
| AZO AutoZone Inc. | 0.42% | 11,543 | $42.9M | Reduce -1.5% |
| CRL Charles River Laboratories | 0.41% | 280,170 | $42.5M | Add +10200.4% |
| WCN Waste Connections Inc. | 0.41% | 224,729 | $41.9M | Reduce -0.4% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.35% | 448,552 | $36.2M | Reduce -0.8% |
| KLC Kindercare Learning Cos Inc. | 0.26% | 2,658,159 | $26.8M | Add +17.1% |
| LH Labcorp Holdings Inc. | 0.24% | 95,842 | $25.2M | Add +0.2% |
| SNX TD Synnex Corp. | 0.21% | 159,797 | $21.7M | Add +4.1% |
| ATAT Atour Lifestyle Holdings-ADR | 0.20% | 633,774 | $20.6M | Add +8.4% |
| BA The Boeing Co. | 0.17% | 85,000 | $17.8M | No change |
| MCD McDonald's Corp. | 0.17% | 60,642 | $17.7M | No change |
| MMM 3M Co. | 0.16% | 110,000 | $16.7M | No change |
| JEF Jefferies Financial Group Inc. | 0.16% | 299,958 | $16.4M | New |
| CPRT Copart Inc. | 0.16% | 327,128 | $16.1M | Reduce -58.1% |
| HDB HDFC Bank Ltd.-ADR | 0.15% | 195,956 | $15.0M | Reduce -3.9% |
| IBP Installed Building Products | 0.14% | 76,975 | $13.9M | New |
| YMM Full Truck Alliance -SPN ADR | 0.12% | 1,053,506 | $12.4M | Add +6.3% |
| EVRI Everi Holdings Inc. | 0.11% | 812,298 | $11.6M | Add +3.8% |
| LSTR Landstar System Inc. | 0.10% | 71,600 | $10.0M | Add +2548.9% |
| NTR Nutrien Ltd. | 0.09% | 165,000 | $9.6M | No change |
| ENB Enbridge Inc. | 0.07% | 159,720 | $7.2M | Reduce -1.1% |
| LOW Lowe's Cos Inc. | 0.07% | 30,142 | $6.7M | Reduce -1.0% |
| TU Telus Corp. | 0.03% | 197,082 | $3.2M | No change |
| BIPC Brookfield Infrastructure-A | 0.03% | 65,783 | $2.7M | Add +9.5% |
| CNQ Canadian Natural Resources | 0.02% | 75,135 | $2.4M | No change |
| BAM Brookfield Asset Mgmt-A | 0.02% | 40,302 | $2.2M | Reduce -15.1% |
| GRTUF Granite Real Estate Investme | 0.02% | 40,742 | $2.1M | Add +2.5% |
| TRP TC Energy Corp. | 0.02% | 41,363 | $2.0M | Reduce -66.2% |
| KMX Carmax Inc. | 0.02% | 25,460 | $1.7M | New |
| VGK Vanguard Ftse Europe ETF | 0.01% | 18,911 | $1.5M | New |
Portfolio Sells Q1 2025 → Q2 2025
| DLTR Dollar Tree Inc. | Reduce -72.6% | 0.44% | −0.86 |
| WTW Willis Towers Watson PLC | Reduce -0.8% | 2.67% | −0.49 |
| COR Cencora Inc. | Reduce -20.5% | 1.78% | −0.43 |
| SYY Sysco Corp. | Reduce -23.0% | 1.14% | −0.42 |
| CPRT Copart Inc. | Reduce -58.1% | 0.16% | −0.30 |
| JNJ Johnson & Johnson | Reduce -0.8% | 1.72% | −0.29 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -3.1% | 1.09% | −0.22 |
| BFAM Bright Horizons Family Solut | Sold out | 0.00% | −0.22 |
| DV Doubleverify Holdings Inc. | Reduce -30.6% | 0.53% | −0.20 |
| ALSN Allison Transmission Holding | Reduce -0.3% | 2.06% | −0.15 |
| EA Electronic Arts Inc. | Reduce -12.3% | 1.54% | −0.15 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.4% | 1.94% | −0.15 |
| PG The Procter & Gamble Co. | Reduce -0.8% | 0.84% | −0.12 |
| ROST Ross Stores Inc. | Reduce -1.1% | 1.48% | −0.12 |
| FAF First American Financial | Reduce -96.3% | 0.00% | −0.11 |
| KMT Kennametal Inc. | Sold out | 0.00% | −0.11 |
| EYE National Vision Holdings Inc. | Reduce -49.8% | 0.56% | −0.10 |
| DFIN Donnelley Financial Solution | Sold out | 0.00% | −0.09 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.1% | 0.46% | −0.08 |
| QSR Restaurant Brands Intern | Reduce -0.4% | 1.02% | −0.08 |
| MA Mastercard Inc. Class A | Reduce -1.2% | 1.12% | −0.06 |
| CME Cme Group Inc. | Reduce -1.1% | 1.57% | −0.06 |
| WCN Waste Connections Inc. | Reduce -0.4% | 0.41% | −0.05 |
| AZO AutoZone Inc. | Reduce -1.5% | 0.42% | −0.05 |
| TRP TC Energy Corp. | Reduce -66.2% | 0.02% | −0.04 |
| EQC Equity Commonwealth | Sold out | 0.00% | −0.03 |
| TFC Truist Financial Corp. | Reduce -1.0% | 0.86% | −0.03 |
| MAIN Main Street Capital Corp. | Sold out | 0.00% | −0.02 |
| ICE Intercontinental Exchange Inc. | Reduce -0.8% | 2.26% | −0.02 |
| HSIC Henry Schein Inc. | Reduce -1.3% | 1.57% | −0.02 |
| GIB Cgi Inc. | Reduce -0.3% | 0.64% | −0.01 |
| YUMC Yum China Holdings Inc. | Reduce -64.6% | 0.00% | −0.01 |
| NEOG Neogen Corp. | Sold out | 0.00% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -1.0% | 0.07% | −0.01 |
| ENB Enbridge Inc. | Reduce -1.1% | 0.07% | −0.00 |
| SOBO South Bow Corp. | Reduce -59.8% | 0.00% | −0.00 |
| BAM Brookfield Asset Mgmt-A | Reduce -15.1% | 0.02% | −0.00 |
| TME Tencent Music Entertainm-ADR | Reduce -43.7% | 0.00% | −0.00 |
| CNI Canadian Natl Railway Co. | Reduce -0.4% | 0.72% | −0.00 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -0.4% | 0.54% | +0.00 |
| HDB HDFC Bank Ltd.-ADR | Reduce -3.9% | 0.15% | +0.01 |
| NWSA News Corp. Class A | Reduce -1.2% | 1.61% | +0.02 |
| NWS News Corp. Class B | Reduce -1.1% | 0.64% | +0.03 |
| NKE Nike Inc. Class B | Reduce -1.4% | 0.96% | +0.03 |
| EL Estee Lauder Companies Class A | Reduce -0.8% | 0.35% | +0.04 |
| BNS Bank of Nova Scotia | Reduce -0.3% | 0.65% | +0.05 |
| BN Brookfield Corp. | Reduce -0.3% | 0.67% | +0.06 |
| CARR Carrier Global Corp. | Reduce -1.2% | 0.96% | +0.06 |
| RY Royal Bank of Canada | Reduce -0.3% | 0.82% | +0.07 |
| STN Stantec Inc. | Reduce -11.8% | 0.91% | +0.07 |
Portfolio Buys Q1 2025 → Q2 2025
| PPG PPG Industries Inc. | New | 0.91% | +0.91 |
| EME Emcor Group Inc. | Add +2.9% | 2.76% | +0.79 |
| USFD US Foods Holding Corp. | Add +31.0% | 1.65% | +0.51 |
| OPLN Openlane Inc. | Add +3.8% | 2.45% | +0.47 |
| DHI D.R. Horton Inc. | New | 0.45% | +0.45 |
| WAB Wabtec Corp. | Add +35.4% | 1.31% | +0.42 |
| CRL Charles River Laboratories | Add +10200.4% | 0.41% | +0.41 |
| RCI Rogers Communications Inc. Class B | Add +18.9% | 1.20% | +0.23 |
| PPLI People Inc. | Add +73.8% | 0.92% | +0.23 |
| AWI Armstrong World Industries | Add +3.0% | 2.09% | +0.22 |
| GNRC Generac Holdings Inc. | Add +22.0% | 0.91% | +0.21 |
| PAG Penske Automotive Group Inc. | Add +3.1% | 1.49% | +0.20 |
| JEF Jefferies Financial Group Inc. | New | 0.16% | +0.16 |
| HLI Houlihan Lokey Inc. | Add +3.0% | 2.15% | +0.16 |
| IBP Installed Building Products | New | 0.14% | +0.14 |
| LNWO Light & Wonder Inc. | Add +3.7% | 1.53% | +0.12 |
| LOPE Grand Canyon Education Inc. | Add +3.9% | 1.81% | +0.11 |
| ATS Ats Corp. | Add +2.5% | 0.56% | +0.10 |
| NYT New York Times Co. Class A | Add +1.9% | 1.29% | +0.10 |
| LSTR Landstar System Inc. | Add +2548.9% | 0.10% | +0.09 |
| SNX TD Synnex Corp. | Add +4.1% | 0.21% | +0.05 |
| ALRM Alarm.com Holdings Inc. | Add +11.7% | 0.54% | +0.03 |
| ATAT Atour Lifestyle Holdings-ADR | Add +8.4% | 0.20% | +0.03 |
| KMX Carmax Inc. | New | 0.02% | +0.02 |
| VGK Vanguard Ftse Europe ETF | New | 0.01% | +0.01 |
| LH Labcorp Holdings Inc. | Add +0.2% | 0.24% | +0.01 |
| TSLX Sixth Street Specialty Lendi | Add +1.4% | 0.55% | +0.01 |
| GGG Graco Inc. | Add +4.2% | 0.83% | +0.01 |
| BIPC Brookfield Infrastructure-A | Add +9.5% | 0.03% | +0.00 |
| EVRI Everi Holdings Inc. | Add +3.8% | 0.11% | +0.00 |
| CDW CDW Corp. | Add +32.1% | 0.00% | +0.00 |
| GRTUF Granite Real Estate Investme | Add +2.5% | 0.02% | +0.00 |
| MKTX Marketaxess Holdings Inc. | Add +3.0% | 0.90% | −0.00 |
| YMM Full Truck Alliance -SPN ADR | Add +6.3% | 0.12% | −0.01 |
| KLC Kindercare Learning Cos Inc. | Add +17.1% | 0.26% | −0.01 |
| STRA Strategic Education Inc. | Add +3.3% | 1.26% | −0.02 |
| SSD Simpson Manufacturing Co. Inc. | Add +3.0% | 1.05% | −0.05 |
| MDT Medtronic PLC | Add +5.0% | 1.88% | −0.09 |
| HLMN Hillman Solutions Corp. | Add +18.1% | 0.78% | −0.09 |
| EEFT Euronet Worldwide Inc. | Add +3.9% | 1.20% | −0.10 |
| AMH American Homes 4 Rent- A | Add +4.1% | 1.50% | −0.11 |
| CBZ Cbiz Inc. | Add +4.5% | 1.62% | −0.13 |
| GMED Globus Medical Inc. Class A | Add +24.3% | 2.00% | −0.13 |
| GNTX Gentex Corp. | Add +3.1% | 1.70% | −0.16 |
| KVUE Kenvue Inc. | Add +9.0% | 1.46% | −0.17 |
| SSNC Ss&c Technologies Holdings | Add +1.0% | 4.22% | −0.27 |
| WH Wyndham Hotels & Resorts Inc. | Add +4.1% | 1.95% | −0.27 |
| SKY Champion Homes Inc. | Add +2.8% | 0.51% | −0.29 |
| PRI Primerica Inc. | Add +1.8% | 3.55% | −0.31 |
| CABO Cable One Inc. | Add +18.0% | 0.63% | −0.48 |
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 |