Burgundy Asset Management Ltd.

CIK

1315868

Location

Toronto, A6

Portfolio Value

Large $10,216,431,564

Diversification

Diversified

Filing Date

Global Rank

#419 / 7,986 ▼ 5 · as of Sep 2025

Top Industry

Software - Application 5.1%

3Y Alpha vs SPY

-7.5%

Period ended 9 months ago

Filed Nov 12, 2025 · 8mo

23 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+44.2%

SPY

+76.5%

Annualised alpha

-7.9%

Max drawdown

−15.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

4.5%

+0.1 pts

Top 5

16.6%

+0.3 pts

Top 10

28.5%

+0.8 pts

HHI

180

Diversified+3

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Financial Services	20.7%	$2,109,694,080	17
Consumer Cyclical	17.5%	$1,785,969,024	18
Industrials	14.7%	$1,498,002,368	20
Consumer Defensive	11.0%	$1,118,962,715	10
Communication Services	10.8%	$1,101,594,956	11
Technology	10.7%	$1,088,827,956	9
Healthcare	10.5%	$1,075,744,535	9
Basic Materials	2.1%	$210,844,088	3
Real Estate	2.1%	$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
KVUE	Kenvue Inc.	−118,550	7,030,246	$114,100,892
NWSA	News Corp	−97,739	5,454,879	$167,519,334
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	$7,511,973
LOW	Lowes Companies Inc	30,142	$6,687,605
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

105 positions · $10,216,431,564 total · 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%	4.51%
PRI	Primerica, Inc. Financial Services	Reduced	1,324,968	-8,505	$367,797,867	+0.8%	3.60%
WTW	Willis Towers Watson PLC Financial Services	Reduced	877,476	-16,531	$303,124,084	+10.6%	2.97%
EME	EMCOR Group, Inc. Industrials	Reduced	443,982	-86,475	$288,384,068	+1.6%	2.82%
GOOGL	Alphabet Inc. Communication Services	Reduced	1,117,913	-22,159	$271,764,650	+35.3%	2.66%
AWI	Armstrong World Industries Inc Industrials	Reduced	1,313,676	-7,402	$257,493,632	+20.0%	2.52%
HLI	Houlihan Lokey, Inc. Financial Services	Reduced	1,219,617	-6,349	$250,411,762	+13.5%	2.45%
OPLN	OPENLANE, Inc. Consumer Cyclical	Reduced	8,477,474	-1,828,553	$243,981,701	−3.2%	2.39%
MSFT	Microsoft Corp Technology	Reduced	454,086	-53,935	$235,193,843	−6.9%	2.30%
USFD	US Foods Holding Corp. Consumer Defensive	Added	2,971,782	+765,042	$227,697,936	+34.0%	2.23%
GNTX	Gentex Corp Consumer Cyclical	Reduced	7,923,912	-40,643	$224,246,709	+28.0%	2.19%
LOPE	Grand Canyon Education, Inc. Consumer Defensive	Reduced	977,397	-5,301	$214,558,189	+15.5%	2.10%
JNJ	Johnson & Johnson Healthcare	Reduced	1,136,939	-23,141	$210,811,229	+19.0%	2.06%
ICE	Intercontinental Exchange, Inc. Financial Services	Reduced	1,243,864	-22,926	$209,566,206	−9.8%	2.05%
MDT	Medtronic plc Healthcare	Reduced	2,184,386	-33,765	$208,040,922	+7.6%	2.04%
GMED	Globus Medical Inc Healthcare	Reduced	3,460,983	-20,455	$198,210,496	−3.5%	1.94%
EA	Electronic Arts Inc. Communication Services	Reduced	973,374	-17,083	$196,329,535	+24.1%	1.92%
WH	Wyndham Hotels & Resorts, Inc. Consumer Cyclical	Reduced	2,454,330	-11,638	$196,100,967	−2.1%	1.92%
ALSN	Allison Transmission Holdings Inc Consumer Cyclical	Reduced	2,210,926	-17,778	$187,663,398	−11.4%	1.84%
COR	Cencora, Inc. Healthcare	Reduced	599,753	-10,725	$187,440,805	+2.4%	1.83%
MDLZ	Mondelez International, Inc. Consumer Defensive	Reduced	2,898,948	-49,319	$181,097,281	−8.9%	1.77%
ROST	Ross Stores, Inc. Consumer Cyclical	Reduced	1,170,458	-20,836	$178,366,094	+17.4%	1.75%
NWSA	News Corp Communication Services	Reduced	5,454,879	-97,739	$167,519,334	+1.5%	1.64%
CME	Cme Group Inc. Financial Services	Reduced	575,337	-11,427	$155,450,304	−3.9%	1.52%
PAG	Penske Automotive Group, Inc. Consumer Cyclical	Reduced	885,860	-4,496	$154,059,912	+0.7%	1.51%
TD	Toronto Dominion Bank Financial Services	Reduced	1,896,245	-12,222	$151,604,787	+8.2%	1.48%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	665,179	-11,757	$146,053,353	−1.7%	1.43%
WAB	Westinghouse Air Brake Technologies Corp Industrials	Added	718,779	+77,495	$144,093,626	+7.3%	1.41%
HSIC	Henry Schein Inc Healthcare	Reduced	2,170,871	-36,622	$144,080,708	−10.7%	1.41%
AMH	American Homes 4 Rent Real Estate	Reduced	4,258,875	-21,272	$141,607,593	−8.3%	1.39%
NYT	New York Times Co Communication Services	Reduced	2,357,049	-11,770	$135,294,612	+2.0%	1.32%
STRA	Strategic Education, Inc. Consumer Defensive	Reduced	1,516,338	-7,979	$130,420,231	+0.5%	1.28%
ORCL	Oracle Corp Technology	Reduced	463,184	-9,291	$130,265,868	+26.1%	1.28%
CBZ	CBIZ, Inc. Industrials	Reduced	2,315,606	-5,592	$122,634,493	−26.3%	1.20%
MKTX	Marketaxess Holdings Inc Financial Services	Added	692,216	+277,846	$120,618,638	+30.3%	1.18%
SSD	Simpson Manufacturing Co., Inc. Basic Materials	Reduced	689,900	-3,875	$115,530,654	+7.2%	1.13%
RCI	Rogers Communications Inc Communication Services	Reduced	3,331,220	-841,326	$114,827,153	−7.2%	1.12%
KVUE	Kenvue Inc. Consumer Defensive	Reduced	7,030,246	-118,550	$114,100,892	−23.7%	1.12%
MA	Mastercard Inc Financial Services	Reduced	200,540	-3,726	$114,069,157	−0.6%	1.12%
QSR	Restaurant Brands International Inc. Consumer Cyclical	Added	1,742,299	+156,189	$111,751,057	+6.3%	1.09%
GNRC	Generac Holdings Inc. Industrials	Reduced	648,364	-3,315	$108,536,133	+16.3%	1.06%
EEFT	Euronet Worldwide, Inc. Technology	Reduced	1,211,358	-6,273	$106,369,345	−13.8%	1.04%
HLMN	Hillman Solutions Corp. Industrials	Reduced	11,164,985	-37,573	$102,494,562	+28.1%	1.00%
NKE	NIKE, Inc. Consumer Cyclical	Reduced	1,364,095	-22,381	$95,118,344	−3.4%	0.93%
RY	Royal Bank Of Canada Financial Services	Reduced	639,134	-828	$94,157,220	+11.8%	0.92%
STN	Stantec Inc Industrials	Reduced	858,122	-2,615	$92,505,551	−1.1%	0.91%
TFC	Truist Financial Corp Financial Services	Reduced	2,006,383	-39,984	$91,731,830	+4.3%	0.90%
PPG	Ppg Industries Inc Basic Materials	Reduced	814,635	-9,264	$85,626,284	−8.6%	0.84%
PPLI	People Inc Communication Services	Reduced	2,501,914	-15,883	$85,240,209	−9.3%	0.83%
GGG	Graco Inc Industrials	Reduced	987,333	-4,369	$83,883,811	−1.6%	0.82%