Burgundy Asset Management Ltd.

Name: Burgundy Asset Management Ltd. 13F holdings, Q3 2025
Creator: Burgundy Asset Management Ltd.
Published: 2025-11-12

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

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

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
YUMC Yum China Holdings Inc.	0.00%	11,564	$517K	Add +12.1%
CDW CDW Corp.	0.00%	2,627	$433K	No change
FAF First American Financial	0.00%	6,381	$421K	No change
TME Tencent Music Entertainm-ADR	0.00%	11,985	$294K	Reduce -32.8%
TRI Thomson Reuters Corp.	0.00%	1,593	$283K	No change
META Meta Platforms Inc. Class A	0.00%	375	$277K	No change
CP Canadian Pacific Kansas City	0.00%	3,561	$271K	New
SOBO South Bow Corp.	0.00%	8,272	$229K	No change
MIDD Middleby Corp.	0.00%	1,604	$220K	No change

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

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