Burgundy Asset Management Ltd.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Burgundy Asset Management Ltd. reported 109 stock positions worth $10.6 billion. Its top holding was Ss&c Technologies (SSNC) at 4.3% of the portfolio, followed by Primerica (PRI, 3.4%) and Willis Towers Watson (WTW, 2.7%). Compared with Q2 2025, it opened 3 new positions, sold out of 3, added to 18 and reduced 74. The biggest buy was US Foods (USFD, shares +35%) and the biggest sale Sysco (SYY, shares −51%).

Most Recent 13F
Q3 2025
Location
Toronto, A6
CIK
0001315868
Portfolio Value
$10.6B (Q3 2025)
SEC Filing
0001193125-25-277473 ↗ filed Nov 12, 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 Q2 2025 Q3 2025: $10.6B $10.6B Q3 2025

Holdings 109 stocks · $10.6B
SSNC Ss&c Technologies Holdings 4.34% 5,193,498 $460.5M Reduce -0.9%
PRI Primerica Inc. 3.37% 1,324,968 $356.9M Reduce -0.6%
WTW Willis Towers Watson PLC 2.71% 877,476 $286.8M Reduce -1.9%
EME Emcor Group Inc. 2.60% 443,982 $275.3M Reduce -16.3%
AWI Armstrong World Industries 2.43% 1,313,676 $257.2M Reduce -0.6%
OPLN Openlane Inc. 2.31% 8,477,474 $245.2M Reduce -17.7%
HLI Houlihan Lokey Inc. 2.29% 1,219,617 $243.0M Reduce -0.5%
GOOGL Alphabet Inc. Class A 2.25% 1,117,913 $238.0M Reduce -1.9%
USFD US Foods Holding Corp. 2.18% 2,971,782 $230.6M Add +34.7%
MSFT Microsoft Corp. 2.17% 454,086 $230.1M Reduce -10.6%
GNTX Gentex Corp. 2.09% 7,923,912 $221.9M Reduce -0.5%
ICE Intercontinental Exchange Inc. 2.07% 1,243,864 $219.7M Reduce -1.8%
WH Wyndham Hotels & Resorts Inc. 2.01% 2,454,330 $212.6M Reduce -0.5%
GMED Globus Medical Inc. Class A 2.00% 3,460,983 $212.1M Reduce -0.6%
MDT Medtronic PLC 1.91% 2,184,386 $202.7M Reduce -1.5%
JNJ Johnson & Johnson 1.90% 1,136,939 $201.4M Reduce -2.0%
LOPE Grand Canyon Education Inc. 1.86% 977,397 $197.0M Reduce -0.5%
ALSN Allison Transmission Holding 1.82% 2,210,926 $193.0M Reduce -0.8%
MDLZ Mondelez International Inc. Class A 1.68% 2,898,948 $178.1M Reduce -1.7%
COR Cencora Inc. 1.65% 599,753 $174.9M Reduce -1.8%
ROST Ross Stores Inc. 1.63% 1,170,458 $172.2M Reduce -1.8%
EA Electronic Arts Inc. 1.58% 973,374 $167.4M Reduce -1.7%
PAG Penske Automotive Group Inc. 1.54% 885,860 $163.4M Reduce -0.5%
NWSA News Corp. Class A 1.51% 5,454,879 $160.4M Reduce -1.8%
CME Cme Group Inc. 1.45% 575,337 $153.3M Reduce -1.9%
AMH American Homes 4 Rent- A 1.44% 4,258,875 $152.6M Reduce -0.5%
AMZN Amazon.com Inc. 1.44% 665,179 $152.3M Reduce -1.7%
HSIC Henry Schein Inc. 1.43% 2,170,871 $151.0M Reduce -1.7%
CBZ Cbiz Inc. 1.41% 2,315,606 $149.4M Reduce -0.2%
KVUE Kenvue Inc. 1.37% 7,030,246 $145.6M Reduce -1.7%
TD Toronto-Dominion Bank 1.34% 1,896,245 $142.3M Reduce -0.6%
NYT New York Times Co. Class A 1.33% 2,357,049 $141.0M Reduce -0.5%
WAB Wabtec Corp. 1.31% 718,779 $139.1M Add +12.1%
SSD Simpson Manufacturing Co. Inc. 1.24% 689,900 $131.9M Reduce -0.6%
MKTX Marketaxess Holdings Inc. 1.20% 692,216 $127.3M Add +67.0%
LNWO Light & Wonder Inc. 1.19% 1,360,624 $125.8M Reduce -16.7%
STRA Strategic Education Inc. 1.16% 1,516,338 $123.4M Reduce -0.5%
GNRC Generac Holdings Inc. 1.13% 648,364 $120.1M Reduce -0.5%
MA Mastercard Inc. Class A 1.13% 200,540 $119.4M Reduce -1.8%
RCI Rogers Communications Inc. Class B 1.13% 3,331,220 $119.3M Reduce -20.2%
BRK.A Berkshire Hathaway Inc. Class A 1.10% 154 $116.3M No change
EEFT Euronet Worldwide Inc. 1.06% 1,211,358 $112.9M Reduce -0.5%
HLMN Hillman Solutions Corp. 1.04% 11,164,985 $110.3M Reduce -0.3%
QSR Restaurant Brands Intern 1.04% 1,742,299 $110.3M Add +9.8%
NKE Nike Inc. Class B 1.00% 1,364,095 $105.5M Reduce -1.6%
ORCL Oracle Corp. 0.99% 463,184 $104.7M Reduce -2.0%
TFC Truist Financial Corp. 0.89% 2,006,383 $93.9M Reduce -1.9%
STN Stantec Inc. 0.88% 858,122 $93.2M Reduce -0.3%
RY Royal Bank of Canada 0.88% 639,134 $92.8M Reduce -0.1%
PPLI People Inc. filed as IAC INC 0.86% 2,501,914 $91.6M Reduce -0.6%
PPG PPG Industries Inc. 0.85% 814,635 $90.6M Reduce -1.1%
GGG Graco Inc. 0.80% 987,333 $84.3M Reduce -0.4%
PG The Procter & Gamble Co. 0.79% 530,142 $83.3M Reduce -1.8%
CNI Canadian Natl Railway Co. 0.77% 845,531 $81.8M Add +19.3%
GIB Cgi Inc. 0.73% 799,246 $77.6M Add +27.3%
CABO Cable One Inc. 0.72% 472,067 $76.2M Reduce -0.6%
CARR Carrier Global Corp. 0.72% 1,165,423 $76.0M Reduce -13.6%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.71% 1,199,190 $74.8M Reduce -0.1%
BN Brookfield Corp. 0.69% 1,110,869 $73.0M Reduce -0.3%
CIGI Colliers Intl GR-Subord Vot 0.66% 424,796 $70.1M Reduce -0.4%
NWS News Corp. Class B 0.61% 1,896,357 $64.2M Reduce -1.7%
SKY Champion Homes Inc. 0.60% 844,413 $63.7M Add +1.1%
SYY Sysco Corp. 0.57% 753,976 $60.7M Reduce -51.4%
DHI D.R. Horton Inc. 0.56% 350,704 $59.4M Reduce -3.2%
DV Doubleverify Holdings Inc. 0.55% 3,608,272 $58.7M Reduce -0.5%
ALRM Alarm.com Holdings Inc. 0.55% 999,208 $58.6M Add +1.4%
TSLX Sixth Street Specialty Lendi 0.54% 2,362,088 $57.8M Reduce -0.7%
ATS Ats Corp. 0.47% 1,807,557 $50.0M Reduce -0.3%
DLTR Dollar Tree Inc. 0.47% 452,794 $49.4M Reduce -1.7%
DHR Danaher Corp. 0.46% 236,772 $48.7M New
AZO AutoZone Inc. 0.45% 11,324 $47.5M Reduce -1.9%
BRK.B Berkshire Hathaway Inc. Class B 0.44% 93,695 $47.1M Reduce -4.1%
CRL Charles River Laboratories 0.43% 278,329 $45.5M Reduce -0.7%
WCN Waste Connections Inc. 0.39% 224,049 $41.4M Reduce -0.3%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.38% 440,241 $40.4M Reduce -1.9%
ATAT Atour Lifestyle Holdings-ADR 0.28% 774,823 $30.2M Add +22.3%
KLC Kindercare Learning Cos Inc. 0.27% 3,919,470 $28.2M Add +47.5%
LH Labcorp Holdings Inc. 0.25% 93,448 $26.0M Reduce -2.5%
SNX TD Synnex Corp. 0.22% 158,963 $23.5M Reduce -0.5%
IBP Installed Building Products 0.19% 76,498 $20.0M Reduce -0.6%
BA The Boeing Co. 0.19% 85,000 $19.9M No change
JEF Jefferies Financial Group Inc. 0.18% 294,896 $19.1M Reduce -1.7%
MCD McDonald's Corp. 0.18% 60,642 $19.0M No change
MMM 3M Co. 0.16% 110,000 $17.1M No change
CPRT Copart Inc. 0.15% 319,054 $15.6M Reduce -2.5%
LSTR Landstar System Inc. 0.11% 85,380 $11.3M Add +19.3%
ALGN Align Technology Inc. 0.11% 78,625 $11.2M New
NTR Nutrien Ltd. 0.09% 165,000 $9.5M No change
ENB Enbridge Inc. 0.08% 164,767 $8.0M Add +3.2%
EYE National Vision Holdings Inc. 0.05% 251,576 $5.8M Reduce -90.0%
YMM Full Truck Alliance -SPN ADR 0.05% 408,685 $5.3M Reduce -61.2%
TU Telus Corp. 0.03% 206,581 $3.4M Add +4.8%
BIPC Brookfield Infrastructure-A 0.03% 70,760 $2.8M Add +7.6%
CNQ Canadian Natural Resources 0.03% 89,097 $2.8M Add +18.6%
KMX Carmax Inc. 0.02% 41,459 $2.5M Add +62.8%
GRTUF Granite Real Estate Investme 0.02% 40,742 $2.3M No change
BAM Brookfield Asset Mgmt-A 0.02% 35,864 $2.2M Reduce -11.0%
TRP TC Energy Corp. 0.02% 41,363 $2.2M No change
VGK Vanguard Ftse Europe ETF 0.01% 19,136 $1.5M Add +1.2%
CW Curtiss-Wright Corp. 0.01% 1,783 $853K No change

Show all 109 holdings

Portfolio Sells Q2 2025 → Q3 2025
SYY Sysco Corp. Reduce -51.4% 0.57% −0.57
EYE National Vision Holdings Inc. Reduce -90.0% 0.05% −0.51
LNWO Light & Wonder Inc. Reduce -16.7% 1.19% −0.34
MSFT Microsoft Corp. Reduce -10.6% 2.17% −0.29
MDLZ Mondelez International Inc. Class A Reduce -1.7% 1.68% −0.25
CARR Carrier Global Corp. Reduce -13.6% 0.72% −0.24
ALSN Allison Transmission Holding Reduce -0.8% 1.82% −0.24
CBZ Cbiz Inc. Reduce -0.2% 1.41% −0.21
ICE Intercontinental Exchange Inc. Reduce -1.8% 2.07% −0.19
PRI Primerica Inc. Reduce -0.6% 3.37% −0.18
EME Emcor Group Inc. Reduce -16.3% 2.60% −0.16
HDB HDFC Bank Ltd.-ADR Sold out 0.00% −0.15
HSIC Henry Schein Inc. Reduce -1.7% 1.43% −0.14
OPLN Openlane Inc. Reduce -17.7% 2.31% −0.14
EEFT Euronet Worldwide Inc. Reduce -0.5% 1.06% −0.14
COR Cencora Inc. Reduce -1.8% 1.65% −0.13
CME Cme Group Inc. Reduce -1.9% 1.45% −0.13
EVRI Everi Holdings Inc. Sold out 0.00% −0.11
STRA Strategic Education Inc. Reduce -0.5% 1.16% −0.10
NWSA News Corp. Class A Reduce -1.8% 1.51% −0.09
ATS Ats Corp. Reduce -0.3% 0.47% −0.09
KVUE Kenvue Inc. Reduce -1.7% 1.37% −0.08
RCI Rogers Communications Inc. Class B Reduce -20.2% 1.13% −0.08
YMM Full Truck Alliance -SPN ADR Reduce -61.2% 0.05% −0.07
LOW Lowe's Cos Inc. Sold out 0.00% −0.07
AMH American Homes 4 Rent- A Reduce -0.5% 1.44% −0.06
PPG PPG Industries Inc. Reduce -1.1% 0.85% −0.06
PG The Procter & Gamble Co. Reduce -1.8% 0.79% −0.05
PPLI People Inc. Reduce -0.6% 0.86% −0.05
NWS News Corp. Class B Reduce -1.7% 0.61% −0.04
GGG Graco Inc. Reduce -0.4% 0.80% −0.03
STN Stantec Inc. Reduce -0.3% 0.88% −0.03
TD Toronto-Dominion Bank Reduce -0.6% 1.34% −0.02
WCN Waste Connections Inc. Reduce -0.3% 0.39% −0.02
BRK.B Berkshire Hathaway Inc. Class B Reduce -4.1% 0.44% −0.02
ORCL Oracle Corp. Reduce -2.0% 0.99% −0.02
CPRT Copart Inc. Reduce -2.5% 0.15% −0.01
AMZN Amazon.com Inc. Reduce -1.7% 1.44% −0.01
TSLX Sixth Street Specialty Lendi Reduce -0.7% 0.54% −0.01
BAM Brookfield Asset Mgmt-A Reduce -11.0% 0.02% −0.00
TME Tencent Music Entertainm-ADR Reduce -32.8% 0.00% −0.00
LH Labcorp Holdings Inc. Reduce -2.5% 0.25% +0.00
GMED Globus Medical Inc. Class A Reduce -0.6% 2.00% +0.00
MA Mastercard Inc. Class A Reduce -1.8% 1.13% +0.01
SNX TD Synnex Corp. Reduce -0.5% 0.22% +0.01
CRL Charles River Laboratories Reduce -0.7% 0.43% +0.02
BN Brookfield Corp. Reduce -0.3% 0.69% +0.02
JEF Jefferies Financial Group Inc. Reduce -1.7% 0.18% +0.02
DLTR Dollar Tree Inc. Reduce -1.7% 0.47% +0.02
DV Doubleverify Holdings Inc. Reduce -0.5% 0.55% +0.03

Portfolio Buys Q2 2025 → Q3 2025
USFD US Foods Holding Corp. Add +34.7% 2.18% +0.52
DHR Danaher Corp. New 0.46% +0.46
MKTX Marketaxess Holdings Inc. Add +67.0% 1.20% +0.30
ALGN Align Technology Inc. New 0.11% +0.11
SKY Champion Homes Inc. Add +1.1% 0.60% +0.09
GIB Cgi Inc. Add +27.3% 0.73% +0.09
ATAT Atour Lifestyle Holdings-ADR Add +22.3% 0.28% +0.08
CNI Canadian Natl Railway Co. Add +19.3% 0.77% +0.05
QSR Restaurant Brands Intern Add +9.8% 1.04% +0.02
ALRM Alarm.com Holdings Inc. Add +1.4% 0.55% +0.01
LSTR Landstar System Inc. Add +19.3% 0.11% +0.01
KMX Carmax Inc. Add +62.8% 0.02% +0.01
WAB Wabtec Corp. Add +12.1% 1.31% +0.01
ENB Enbridge Inc. Add +3.2% 0.08% +0.00
KLC Kindercare Learning Cos Inc. Add +47.5% 0.27% +0.00
CNQ Canadian Natural Resources Add +18.6% 0.03% +0.00
CP Canadian Pacific Kansas City New 0.00% +0.00
TU Telus Corp. Add +4.8% 0.03% +0.00
YUMC Yum China Holdings Inc. Add +12.1% 0.00% +0.00
BIPC Brookfield Infrastructure-A Add +7.6% 0.03% +0.00
VGK Vanguard Ftse Europe ETF Add +1.2% 0.01% −0.00

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