Burgundy Asset Management Ltd.

CIK

1315868

Location

Toronto, A6

Portfolio Value

Large $10,423,278,745

Diversification

Diversified

Filing Date

Global Rank

#382 / 7,997 ▼ 11 · as of Sep 2025

Top Industry

Software - Application 5.0%

3Y Alpha vs SPY

-5.8%

Period ended 10 months ago

Filed Nov 12, 2025 · 9mo

23 quarters · since Mar 2020

Clone Performance

Aug 2023–Apr 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+38.8%

SPY

+59.0%

Annualised alpha

-5.9%

Max drawdown

−15.3%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 11 quarters.Burgundy Asset Management Ltd. has stopped filing, so the simulation ends in Apr 2026 — where its last reported portfolio went stale — rather than trading that portfolio forward to today. Past performance does not predict future results.

Portfolio Concentration

105 tracked positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

4.4%

+0.1 pts

Top 5

16.2%

+0.3 pts

Top 10

27.9%

+0.6 pts

HHI

177

Diversified+3

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Financial Services	21.6%	$2,251,235,346	17
Consumer Cyclical	17.1%	$1,785,969,024	18
Industrials	14.4%	$1,497,789,149	20
Communication Services	11.2%	$1,167,114,090	11
Consumer Defensive	10.7%	$1,118,962,715	10
Technology	10.4%	$1,088,827,956	9
Healthcare	10.3%	$1,075,744,535	9
Basic Materials	2.0%	$210,844,088	3
Real Estate	2.0%	$210,235,935	3
Energy	0.1%	$13,646,256	4
Utilities	0.0%	$2,909,651	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

17 positions

Ticker	Company	Δ Shares	Shares	Value
KLC	KinderCare Learning Companies, Inc.	+1,261,311	3,919,470	$26,025,280
USFD	US Foods Holding Corp.	+765,042	2,971,782	$227,697,936
MKTX	Marketaxess Holdings Inc	+277,846	692,216	$120,618,638
GIB	Cgi Inc	+171,231	799,246	$71,236,795
QSR	Restaurant Brands International Inc.	+156,189	1,742,299	$111,751,057
ATAT	Atour Lifestyle Holdings Ltd	+141,049	774,823	$29,125,596
CNI	Canadian National Railway Co	+136,747	845,531	$79,733,573
WAB	Westinghouse Air Brake Technologies Corp	+77,495	718,779	$144,093,626
KMX	Carmax Inc	+15,999	41,459	$1,860,265
CNQ	CANADIAN NATURAL RESOURCES Ltd	+13,962	89,097	$2,847,540
LSTR	Landstar System Inc	+13,780	85,380	$10,464,172
ALRM	Alarm.com Holdings, Inc.	+13,326	999,208	$53,037,960
TU	Telus Corp	+9,499	206,581	$3,257,782
SKY	Champion Homes, Inc.	+9,237	844,413	$64,487,820
ENB	Enbridge Inc	+5,047	164,767	$8,314,142
BIPC	Brookfield Infrastructure Corp	+4,977	70,760	$2,909,651
YUMC	Yum China Holdings, Inc.	+1,244	11,564	$496,326
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
EYE	National Vision Holdings, Inc.	−2,254,402	251,576	$7,343,503
OPLN	OPENLANE, Inc.	−1,828,553	8,477,474	$243,981,701
RCI	Rogers Communications Inc	−841,326	3,331,220	$114,827,153
SYY	Sysco Corp	−798,172	753,976	$62,082,383
YMM	Full Truck Alliance Co. Ltd.	−644,821	408,685	$5,300,644
CARR	CARRIER GLOBAL Corp	−182,865	1,165,423	$69,575,753
NWSA	News Corp	−130,889	7,351,236	$233,038,468
KVUE	Kenvue Inc.	−118,550	7,030,246	$114,100,892
EME	EMCOR Group, Inc.	−86,475	443,982	$288,384,068
MSFT	Microsoft Corp	−53,935	454,086	$235,193,843
MDLZ	Mondelez International, Inc.	−49,319	2,898,948	$181,097,281
SSNC	SS&C Technologies Holdings Inc	−46,073	5,193,498	$460,974,882
GNTX	Gentex Corp	−40,643	7,923,912	$224,246,709
TFC	Truist Financial Corp	−39,984	2,006,383	$91,731,830
HLMN	Hillman Solutions Corp.	−37,573	11,164,985	$102,494,562
HSIC	Henry Schein Inc	−36,622	2,170,871	$144,080,708
MDT	Medtronic plc	−33,765	2,184,386	$208,040,922
JNJ	Johnson & Johnson	−23,141	1,136,939	$210,811,229
ICE	Intercontinental Exchange, Inc.	−22,926	1,243,864	$209,566,206
NKE	NIKE, Inc.	−22,381	1,364,095	$95,118,344
GOOGL	Alphabet Inc.	−22,159	1,117,913	$271,764,650
AMH	American Homes 4 Rent	−21,272	4,258,875	$141,607,593
ROST	Ross Stores, Inc.	−20,836	1,170,458	$178,366,094
GMED	Globus Medical Inc	−20,455	3,460,983	$198,210,496
ALSN	Allison Transmission Holdings Inc	−17,778	2,210,926	$187,663,398
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
DHR	Danaher Corp /De/	236,772	$46,942,416
ALGN	Align Technology Inc	78,625	$9,845,422
CP	Canadian Pacific Kansas City Ltd/Cn	3,561	$265,258
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
HDB	Hdfc Bank Ltd	195,956	$15,023,946
LOW	Lowes Companies Inc	30,142	$6,687,605
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

105 tracked positions · $10,423,278,745 total · filing declares 109 positions · $10,599,777,650 · as of Sep 30, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 105 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SSNC	SS&C Technologies Holdings Inc Technology	Reduced	5,193,498	-46,073	$460,974,882	+6.3%	4.42%
PRI	Primerica, Inc. Financial Services	Reduced	1,324,968	-8,505	$367,797,867	+0.8%	3.53%
WTW	Willis Towers Watson PLC Financial Services	Reduced	877,476	-16,531	$303,124,084	+10.6%	2.91%
EME	EMCOR Group, Inc. Industrials	Reduced	443,982	-86,475	$288,384,068	+1.6%	2.77%
GOOGL	Alphabet Inc. Communication Services	Reduced	1,117,913	-22,159	$271,764,650	+35.3%	2.61%
AWI	Armstrong World Industries Inc Industrials	Reduced	1,313,676	-7,402	$257,493,632	+20.0%	2.47%
HLI	Houlihan Lokey, Inc. Financial Services	Reduced	1,219,617	-6,349	$250,411,762	+13.5%	2.40%
OPLN	OPENLANE, Inc. Consumer Cyclical	Reduced	8,477,474	-1,828,553	$243,981,701	−3.2%	2.34%
MSFT	Microsoft Corp Technology	Reduced	454,086	-53,935	$235,193,843	−6.9%	2.26%
NWSA	News Corp Communication Services	Reduced	7,351,236	-130,889	$233,038,468	+0.8%	2.24%
USFD	US Foods Holding Corp. Consumer Defensive	Added	2,971,782	+765,042	$227,697,936	+34.0%	2.18%
GNTX	Gentex Corp Consumer Cyclical	Reduced	7,923,912	-40,643	$224,246,709	+28.0%	2.15%
LOPE	Grand Canyon Education, Inc. Consumer Defensive	Reduced	977,397	-5,301	$214,558,189	+15.5%	2.06%
JNJ	Johnson & Johnson Healthcare	Reduced	1,136,939	-23,141	$210,811,229	+19.0%	2.02%
ICE	Intercontinental Exchange, Inc. Financial Services	Reduced	1,243,864	-22,926	$209,566,206	−9.8%	2.01%
MDT	Medtronic plc Healthcare	Reduced	2,184,386	-33,765	$208,040,922	+7.6%	2.00%
GMED	Globus Medical Inc Healthcare	Reduced	3,460,983	-20,455	$198,210,496	−3.5%	1.90%
EA	Electronic Arts Inc. Communication Services	Reduced	973,374	-17,083	$196,329,535	+24.1%	1.88%
WH	Wyndham Hotels & Resorts, Inc. Consumer Cyclical	Reduced	2,454,330	-11,638	$196,100,967	−2.1%	1.88%
ALSN	Allison Transmission Holdings Inc Consumer Cyclical	Reduced	2,210,926	-17,778	$187,663,398	−11.4%	1.80%
COR	Cencora, Inc. Healthcare	Reduced	599,753	-10,725	$187,440,805	+2.4%	1.80%
MDLZ	Mondelez International, Inc. Consumer Defensive	Reduced	2,898,948	-49,319	$181,097,281	−8.9%	1.74%
ROST	Ross Stores, Inc. Consumer Cyclical	Reduced	1,170,458	-20,836	$178,366,094	+17.4%	1.71%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	93,849	-4,009	$163,251,024	+2.2%	1.57%
CME	Cme Group Inc. Financial Services	Reduced	575,337	-11,427	$155,450,304	−3.9%	1.49%
PAG	Penske Automotive Group, Inc. Consumer Cyclical	Reduced	885,860	-4,496	$154,059,912	+0.7%	1.48%
TD	Toronto Dominion Bank Financial Services	Reduced	1,896,245	-12,222	$151,604,787	+8.2%	1.45%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	665,179	-11,757	$146,053,353	−1.7%	1.40%
WAB	Westinghouse Air Brake Technologies Corp Industrials	Added	718,779	+77,495	$144,093,626	+7.3%	1.38%
HSIC	Henry Schein Inc Healthcare	Reduced	2,170,871	-36,622	$144,080,708	−10.7%	1.38%
AMH	American Homes 4 Rent Real Estate	Reduced	4,258,875	-21,272	$141,607,593	−8.3%	1.36%
NYT	New York Times Co Communication Services	Reduced	2,357,049	-11,770	$135,294,612	+2.0%	1.30%
STRA	Strategic Education, Inc. Consumer Defensive	Reduced	1,516,338	-7,979	$130,420,231	+0.5%	1.25%
ORCL	Oracle Corp Technology	Reduced	463,184	-9,291	$130,265,868	+26.1%	1.25%
CBZ	CBIZ, Inc. Industrials	Reduced	2,315,606	-5,592	$122,634,493	−26.3%	1.18%
MKTX	Marketaxess Holdings Inc Financial Services	Added	692,216	+277,846	$120,618,638	+30.3%	1.16%
SSD	Simpson Manufacturing Co., Inc. Basic Materials	Reduced	689,900	-3,875	$115,530,654	+7.2%	1.11%
RCI	Rogers Communications Inc Communication Services	Reduced	3,331,220	-841,326	$114,827,153	−7.2%	1.10%
KVUE	Kenvue Inc. Consumer Defensive	Reduced	7,030,246	-118,550	$114,100,892	−23.7%	1.09%
MA	Mastercard Inc Financial Services	Reduced	200,540	-3,726	$114,069,157	−0.6%	1.09%
QSR	Restaurant Brands International Inc. Consumer Cyclical	Added	1,742,299	+156,189	$111,751,057	+6.3%	1.07%
GNRC	Generac Holdings Inc. Industrials	Reduced	648,364	-3,315	$108,536,133	+16.3%	1.04%
EEFT	Euronet Worldwide, Inc. Technology	Reduced	1,211,358	-6,273	$106,369,345	−13.8%	1.02%
HLMN	Hillman Solutions Corp. Industrials	Reduced	11,164,985	-37,573	$102,494,562	+28.1%	0.98%
NKE	NIKE, Inc. Consumer Cyclical	Reduced	1,364,095	-22,381	$95,118,344	−3.4%	0.91%
RY	Royal Bank Of Canada Financial Services	Reduced	639,134	-828	$94,157,220	+11.8%	0.90%
STN	Stantec Inc Industrials	Reduced	858,122	-2,615	$92,505,551	−1.1%	0.89%
TFC	Truist Financial Corp Financial Services	Reduced	2,006,383	-39,984	$91,731,830	+4.3%	0.88%
PPG	Ppg Industries Inc Basic Materials	Reduced	814,635	-9,264	$85,626,284	−8.6%	0.82%
PPLI	People Inc Communication Services	Reduced	2,501,914	-15,883	$85,240,209	−9.3%	0.82%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.