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

0$5.0B$10.0B$15.0B Q1 2024: $9.7B Q1 2024 Q2 2024: $9.5B Q2 2024 Q3 2024: $10.1B Q3 2024 Q4 2024: $9.9B Q4 2024 Q1 2025: $9.6B Q1 2025 Q2 2025: $10.3B $10.3B Q2 2025 Q3 2025: $10.6B Q3 2025

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
CW Curtiss-Wright Corp. 0.01% 1,783 $871K No change
CDW CDW Corp. 0.00% 2,627 $469K Add +32.1%
YUMC Yum China Holdings Inc. 0.00% 10,320 $461K Reduce -64.6%
FAF First American Financial 0.00% 6,381 $392K Reduce -96.3%
TME Tencent Music Entertainm-ADR 0.00% 17,828 $347K Reduce -43.7%
TRI Thomson Reuters Corp. 0.00% 1,593 $320K No change
META Meta Platforms Inc. Class A 0.00% 375 $277K No change
MIDD Middleby Corp. 0.00% 1,604 $231K No change
SOBO South Bow Corp. 0.00% 8,272 $214K Reduce -59.8%

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

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 109$10.6BSSNC, PRI, WTW, EME, AWI
Q2 2025 109$10.3BSSNC, PRI, EME, WTW, MSFT
Q1 2025 109$9.6BSSNC, PRI, WTW, ICE, WH
Q4 2024 104$9.9BSSNC, PRI, WTW, MSFT, GOOGL
Q3 2024 106$10.1BSSNC, PRI, MSFT, ICE, WTW
Q2 2024 103$9.5BMSFT, GOOGL, SSNC, PRI, ALSN
Q1 2024 101$9.7BMSFT, GOOGL, ALSN, PRI, SSNC