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Burgundy Asset Management Ltd.

CIK 1315868 · latest 13F filed 12 November 2025 · Read the filing on EDGAR

Burgundy Asset Management Ltd. reported 109 US-listed holdings worth $10.60 billion in its 13F for the quarter ended 30 September 2025, filed 12 November 2025. Its largest: Ss&c Technologies Hldgs Inc. (4.3%), Primerica, Inc. (3.4%) and Willis Towers Watson plc (2.7%). Against the quarter before, it opened 3 positions, added to 18, trimmed 74 and sold out of 3.

Its latest 13F is for the quarter ended 30 September 2025; it has not filed one for a later quarter.

Reported holdings$10.60B+3.2% on Q2 2025
Positions109as many as Q2 2025
The largest ten26.6%of its reported holdings
Latest 13FQ3 2025filed 12 November 2025
Where the money is
Added toTrimmed
SSNC4.3%PRI3.4%WTW2.7%EME2.6%AWI2.4%OPLN2.3%HLI2.3%GOOGL2.2%USFD2.2%MSFT2.2%GNTX2.1%ICE2.1%WH2.0%GMED2.0%95 more65.2%

The 14 largest of its 109 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q2 2025.

Reported holdings, quarter by quarter
Q3 2024: $10.10 billion in 106 positions$10.1BQ3 24Q4 2024: $9.90 billion in 104 positions$9.90BQ4 24Q1 2025: $9.65 billion in 109 positions$9.65BQ1 25Q2 2025: $10.28 billion in 109 positions$10.3BQ2 25Q3 2025: $10.60 billion in 109 positions$10.6BQ3 25

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What it did on the quarter

Opened 3Added 18Held 14Trimmed 74Sold out 3
Opened: 3Added: 18Held: 14Trimmed: 74Sold out: 3

Its positions against its 13F for the quarter to 30 June 2025; a change under 0.1% of a position counts as held

Opened 3

  1. Danaher Corp. DHR$48.7 million
  2. Align Technology Inc. ALGN$11.2 million
  3. Canadian Pacific Kansas City LT CP$271,080

Added to 18

  1. US Foods Holding Corp. USFD+765,042 shares · +35%
  2. Marketaxess Holdings Inc. MKTX+277,846 shares · +67%
  3. Cgi Inc. GIB+171,231 shares · +27%
  4. Westinghouse Air Brake Technologies Corp. WAB+77,495 shares · +12%
  5. Canadian Natl Ry Co. CNI+136,747 shares · +19%
  6. Restaurant Brands Intl Inc. QSR+156,189 shares · +10%
  7. Kindercare Learning Companie KLC+1.3 million shares · +47%
  8. Atour Lifestyle Hldgs Ltd ATAT+141,049 shares · +22%

and 10 more in the table below

Trimmed 74

  1. Sysco Corp. SYY-798,172 shares · -51%
  2. Emcor Group, Inc. EME-86,475 shares · -16%
  3. Openlane, Inc. OPLN-1.8 million shares · -18%
  4. National Vision Holdings, Inc. EYE-2.3 million shares · -90%
  5. Rogers Communications Inc. RCI-841,326 shares · -20%
  6. Microsoft Corp. MSFT-53,935 shares · -11%
  7. Light & Wonder Inc. LNWO-271,938 shares · -17%
  8. Carrier Global Corp. CARR-182,865 shares · -14%

and 66 more in the table below

Sold out of 3

  1. HDFC Bank Limited HDB$15.0 million last quarter
  2. Everi Hldgs Inc.$11.6 million last quarter
  3. Lowe's Companies Inc. LOW$6.7 million last quarter

What it holds

CompanySharesValueOf its bookChange in shares
Ss&c Technologies Hldgs Inc. SSNC5,193,498$460.5 million4.34%-46,073
Primerica, Inc. PRI1,324,968$356.9 million3.37%-8,505
Willis Towers Watson plc WTW877,476$286.8 million2.71%-16,531
Emcor Group, Inc. EME443,982$275.3 million2.60%-86,475
Armstrong World Industries Inc. AWI1,313,676$257.2 million2.43%-7,402
Openlane, Inc. OPLN8,477,474$245.2 million2.31%-1,828,553
Houlihan Lokey, Inc. HLI1,219,617$243.0 million2.29%-6,349
Alphabet Inc. GOOGL1,117,913$238.0 million2.25%-22,159
US Foods Holding Corp. USFD2,971,782$230.6 million2.18%+765,042
Microsoft Corp. MSFT454,086$230.1 million2.17%-53,935
Gentex Corp. GNTX7,923,912$221.9 million2.09%-40,643
Intercontinental Exchange, Inc. ICE1,243,864$219.7 million2.07%-22,926
Wyndham Hotels & Resorts, Inc. WH2,454,330$212.6 million2.01%-11,638
Globus Medical Inc. GMED3,460,983$212.1 million2.00%-20,455
Medtronic plc MDT2,184,386$202.7 million1.91%-33,765
Johnson & Johnson JNJ1,136,939$201.4 million1.90%-23,141
Grand Canyon Education, Inc. LOPE977,397$197.0 million1.86%-5,301
Allison Transmission Holdings Inc. ALSN2,210,926$193.0 million1.82%-17,778
Mondelez International, Inc. MDLZ2,898,948$178.1 million1.68%-49,319
Cencora, Inc. COR599,753$174.9 million1.65%-10,725
ROSS Stores, Inc. ROST1,170,458$172.2 million1.62%-20,836
Electronic Arts Inc EA973,374$167.4 million1.58%-17,083
Penske Automotive Group, Inc. PAG885,860$163.4 million1.54%-4,496
News Corp. NWSA5,454,879$160.4 million1.51%-97,739
CME Group Inc. CME575,337$153.3 million1.45%-11,427
American Homes 4 Rent AMH4,258,875$152.6 million1.44%-21,272
Amazon.com Inc. AMZN665,179$152.3 million1.44%-11,757
Henry Schein Inc. HSIC2,170,871$151.0 million1.43%-36,622
Cbiz Inc. CBZ2,315,606$149.4 million1.41%-5,592
Kenvue Inc. KVUE7,030,246$145.6 million1.37%-118,550
Toronto-Dominion Bank TD1,896,245$142.3 million1.34%-12,222
New York Times Co. NYT2,357,049$141.0 million1.33%-11,770
Westinghouse Air Brake Technologies Corp. WAB718,779$139.1 million1.31%+77,495
Simpson Manufacturing Co., Inc. SSD689,900$131.9 million1.24%-3,875
Marketaxess Holdings Inc. MKTX692,216$127.3 million1.20%+277,846
Light & Wonder Inc. LNWO1,360,624$125.8 million1.19%-271,938
Strategic Education, Inc. STRA1,516,338$123.4 million1.16%-7,979
Generac Holdings Inc. GNRC648,364$120.1 million1.13%-3,315
Mastercard Inc. MA200,540$119.4 million1.13%-3,726
Rogers Communications Inc. RCI3,331,220$119.3 million1.13%-841,326
Berkshire Hathaway Inc. Del154$116.3 million1.10%no change
Euronet Worldwide, Inc. EEFT1,211,358$112.9 million1.06%-6,273
Hillman Solutions Corp. HLMN11,164,985$110.3 million1.04%-37,573
Restaurant Brands Intl Inc. QSR1,742,299$110.3 million1.04%+156,189
Nike, Inc. NKE1,364,095$105.5 million1.00%-22,381
Oracle Corp. ORCL463,184$104.7 million0.99%-9,291
Truist Financial Corp. TFC2,006,383$93.9 million0.89%-39,984
Stantec Inc. STN858,122$93.2 million0.88%-2,615
Royal Bank of Canada RY639,134$92.8 million0.88%-828
People Inc. PPLI2,501,914$91.6 million0.86%-15,883
PPG Industries Inc. PPG814,635$90.6 million0.85%-9,264
Graco Inc. GGG987,333$84.3 million0.80%-4,369
Procter & Gamble Co. PG530,142$83.3 million0.79%-9,530
Canadian Natl Ry Co. CNI845,531$81.8 million0.77%+136,747
Cgi Inc. GIB799,246$77.6 million0.73%+171,231
Cable One Inc. CABO472,067$76.2 million0.72%-2,663
Carrier Global Corp. CARR1,165,423$76.0 million0.72%-182,865
Bank of Nova Scotia BNS1,199,190$74.8 million0.71%-1,621
Brookfield Corporation BN1,110,869$73.0 million0.69%-3,568
Colliers Intl Group Inc. CIGI424,796$70.1 million0.66%-1,710
News Corp. NWS1,896,357$64.2 million0.61%-33,150
Champion Homes, Inc. SKY844,413$63.7 million0.60%+9,237
Sysco Corp. SYY753,976$60.7 million0.57%-798,172
D.R. Horton, Inc. DHI350,704$59.4 million0.56%-11,664
DoubleVerify Holdings, Inc. DV3,608,272$58.7 million0.55%-16,604
Alarm.com Holdings, Inc. ALRM999,208$58.6 million0.55%+13,326
Sixth Street Specialty Lendi TSLX2,362,088$57.8 million0.54%-16,880
Ats Corporation ATS1,807,557$50.0 million0.47%-4,590
Dollar Tree, Inc. DLTR452,794$49.4 million0.47%-7,838
Danaher Corp. DHR236,772$48.7 million0.46%new
Autozone Inc. AZO11,324$47.5 million0.45%-219
Berkshire Hathaway Inc. Class B BRKB93,695$47.1 million0.44%-4,009
Charles River Laboratories International, Inc. CRL278,329$45.5 million0.43%-1,841
Waste Connections Inc. WCN224,049$41.4 million0.39%-680
Estee Lauder Companies Inc. EL440,241$40.4 million0.38%-8,311
Atour Lifestyle Hldgs Ltd ATAT774,823$30.2 million0.28%+141,049
Kindercare Learning Companie KLC3,919,470$28.2 million0.27%+1,261,311
Labcorp Holdings Inc. LH93,448$26.0 million0.25%-2,394
TD Synnex Corp. SNX158,963$23.5 million0.22%-834
Installed Building Products, Inc. IBP76,498$20.0 million0.19%-477
Boeing Co. BA85,000$19.9 million0.19%no change
Jefferies Financial Group Inc. JEF294,896$19.1 million0.18%-5,062
McDonald's Corp. MCD60,642$19.0 million0.18%no change
3M Co. MMM110,000$17.1 million0.16%no change
Copart Inc. CPRT319,054$15.6 million0.15%-8,074
Landstar System Inc. LSTR85,380$11.3 million0.11%+13,780
Align Technology Inc. ALGN78,625$11.2 million0.11%new
Nutrien Ltd. NTR165,000$9.5 million0.09%no change
Enbridge Inc ENB164,767$8.0 million0.08%+5,047
National Vision Holdings, Inc. EYE251,576$5.8 million0.05%-2,254,402
Full Truck Alliance Co. Ltd YMM408,685$5.3 million0.05%-644,821
Telus Corporation TU206,581$3.4 million0.03%+9,499
Brookfield Infrastructure Co. BIPC70,760$2.8 million0.03%+4,977
Canadian Natural Resources Limited CNQ89,097$2.8 million0.03%+13,962
Carmax Inc. KMX41,459$2.5 million0.02%+15,999
Granite Real Estate Invt Trust Trust Unit New GRTUF40,742$2.3 million0.02%no change
Brookfield Asset Management Ltd. BAM35,864$2.2 million0.02%-4,438
TC Energy Corporation TRP41,363$2.2 million0.02%no change
Vanguard Intl Equity Index F VGK19,136$1.5 million0.01%+225
Curtiss Wright Corp. CW1,783$852,5410.01%no change
Yum China Hldgs Inc. YUMC11,564$517,1420.00%+1,244
CDW Corp. CDW2,627$432,8250.00%no change
First American Financial Corp. FAF6,381$421,1460.00%no change
Tencent Music Entertainment Group TME11,985$293,8720.00%-5,843
Thomson Reuters Corporation TRI1,593$282,7470.00%no change
Meta Platforms, Inc. META375$277,0120.00%no change
Canadian Pacific Kansas City LT CP3,561$271,0800.00%new
South Bow Corp. SOBO8,272$229,1030.00%no change
Middleby Corp. MIDD1,604$219,5070.00%no change
Every US-listed position in the fund's 13F for the quarter ended 30 September 2025, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 3 it sold out of are in the box above.