Burgundy Asset Management Ltd.

Registered adviser

CIK

1315868

Location

Toronto, A6

Portfolio Value

Large $10,550,835,917

Diversification

Diversified

Filing Date

Global Rank

#464 / 8,113 ▼ 8 · as of Sep 2025

Top Industry

Software - Application 5.0%

Period ended 1 year ago

Filed Nov 12, 2025 · 12mo

23 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 114317

Roster of Nov 1, 2026

Regulatory AUM

$19,093,067,539

Main clients

Individuals and high net worth (53% of AUM)

Private funds

5 funds · Other private funds

Focus by fund count, roster of Nov 1, 2026

$1,386,175,269 gross assets

LEI

5493002OQQTCON2GMX20

Private funds on Schedule D 7.B.(1)

As filed Sep 13, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$1,240,099,819 gross assets in 6 funds Other private funds $1,240,099,819 (6)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Feb 2026 to Nov 2026	$19,093,067,539	Individuals and high net worth (53%)
Dec 2025 to Jan 2026	$20,655,180,162	Diversified
Oct 2024 to Sep 2025	$19,783,696,908	Diversified
Oct 2023 to Sep 2024	$19,358,909,391	Diversified
May 2023 to Sep 2023	$18,233,360,048	Diversified
Oct 2022 to Apr 2023	$18,233,360,048	Diversified

3 earlier changes not shown.

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

Company	Schedule	Event date	Filed	Shares	% of class	Change	Status
CABO Cable One, Inc.	13G/A	Dec 31, 2025	9mo	451,960	8.02%	+155,121 since Sep 30, 2024	Current
HLMN Hillman Solutions Corp.	13G/A	Dec 31, 2025	8mo	10,643,254	5.39%	-559,304 since Jun 30, 2025	Current
OPLN OPENLANE, Inc.	13G/A	Dec 31, 2025	9mo	7,244,000	6.82%	-1,446,866 since Dec 31, 2023	Current
STRA Strategic Education, Inc.	13G/A	Dec 31, 2025	9mo	1,442,465	6.14%	+204,241 since Sep 30, 2024	Current

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis. Show 4 exited, below-5% or retired stakes

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2025, never from the firm's own description.

Style

Diversified active

Top 10 weight 27.6%, 57.3 effective positions, active share 86.4% against the S&P 500 as of 2025-09-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

23.0% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 18.2 quarters (12+), a floor since 56.3% of the book was already held when coverage starts

Closest benchmark: the S&P 500 as of 2025-09-30, active share 86.4%; sector active share 33.1% against the combined 13F book's sector weights.

Over time 23 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

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

Top Position

4.4%

+0.1 pts

Top 5

16.0%

+0.4 pts

Top 10

27.6%

+0.7 pts

HHI

175

Diversified+4

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Financial Services	21.3%	$2,251,235,346	18
Consumer Cyclical	16.9%	$1,785,969,024	18
Industrials	14.2%	$1,498,002,368	20
Communication Services	11.1%	$1,167,114,090	12
Consumer Defensive	10.6%	$1,118,962,715	10
Technology	10.3%	$1,088,827,956	9
Healthcare	10.2%	$1,075,744,535	9
Basic Materials	2.0%	$210,844,088	3
Real Estate	2.0%	$210,235,935	3
Unclassified	1.2%	$127,343,953	2
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

18 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
VGK	VANGUARD EUROPEAN STOCK INDEX FUND	+225	19,136	$1,527,052
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
LNW	Light & Wonder, Inc.	−271,938	1,360,624	$125,816,901
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
NWS	News Corp	−33,150	1,896,357	$65,519,134
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
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

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

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
HDB	Hdfc Bank Ltd	195,956	$15,023,946
LOW	Lowes Companies Inc	30,142	$6,687,605
—		812,298	$0
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

109 tracked positions · $10,550,835,917 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 109 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
SSNC	SS&C Technologies Holdings Inc Technology	Reduced	5,193,498	-46,073	$460,974,882	+6.3%	23+	before history	4.37%
PRI	Primerica, Inc. Financial Services	Reduced	1,324,968	-8,505	$367,797,867	+0.8%	23+	before history	3.49%
WTW	Willis Towers Watson PLC Financial Services	Reduced	877,476	-16,531	$303,124,084	+10.6%	19	$220.15	2.87%
EME	EMCOR Group, Inc. Industrials	Reduced	443,982	-86,475	$288,384,068	+1.6%	20	$157.10	2.73%
GOOGL	Alphabet Inc. Communication Services	Reduced	1,117,913	-22,159	$271,764,650	+35.3%	23+	before history	2.58%
AWI	Armstrong World Industries Inc Industrials	Reduced	1,313,676	-7,402	$257,493,632	+20.0%	23+	before history	2.44%
HLI	Houlihan Lokey, Inc. Financial Services	Reduced	1,219,617	-6,349	$250,411,762	+13.5%	23+	before history	2.37%
OPLN	OPENLANE, Inc. Consumer Cyclical	Reduced	8,477,474	-1,828,553	$243,981,701	−3.2%	23+	before history	2.31%
MSFT	Microsoft Corp Technology	Reduced	454,086	-53,935	$235,193,843	−6.9%	23+	before history	2.23%
USFD	US Foods Holding Corp. Consumer Defensive	Added	2,971,782	+765,042	$227,697,936	+34.0%	3	$71.74	2.16%
GNTX	Gentex Corp Consumer Cyclical	Reduced	7,923,912	-40,643	$224,246,709	+28.0%	23+	before history	2.13%
LOPE	Grand Canyon Education, Inc. Consumer Defensive	Reduced	977,397	-5,301	$214,558,189	+15.5%	23+	before history	2.03%
JNJ	Johnson & Johnson Healthcare	Reduced	1,136,939	-23,141	$210,811,229	+19.0%	23+	before history	2.00%
ICE	Intercontinental Exchange, Inc. Financial Services	Reduced	1,243,864	-22,926	$209,566,206	−9.8%	22	$101.54	1.99%
MDT	Medtronic plc Healthcare	Reduced	2,184,386	-33,765	$208,040,922	+7.6%	4	$86.48	1.97%
GMED	Globus Medical Inc Healthcare	Reduced	3,460,983	-20,455	$198,210,496	−3.5%	10	$57.83	1.88%
		Reduced	973,374	-17,083	$196,329,535	+24.1%	18	$137.04	1.86%
WH	Wyndham Hotels & Resorts, Inc. Consumer Cyclical	Reduced	2,454,330	-11,638	$196,100,967	−2.1%	23+	before history	1.86%
ALSN	Allison Transmission Holdings Inc Consumer Cyclical	Reduced	2,210,926	-17,778	$187,663,398	−11.4%	23+	before history	1.78%
COR	Cencora, Inc. Healthcare	Reduced	599,753	-10,725	$187,440,805	+2.4%	23+	before history	1.78%
MDLZ	Mondelez International, Inc. Consumer Defensive	Reduced	2,898,948	-49,319	$181,097,281	−8.9%	11	$68.47	1.72%
ROST	Ross Stores, Inc. Consumer Cyclical	Reduced	1,170,458	-20,836	$178,366,094	+17.4%	14	$95.79	1.69%
NWSA	News Corp Communication Services	Reduced	5,454,879	-97,739	$167,519,334	+1.5%	23+	before history	1.59%
CME	Cme Group Inc. Financial Services	Reduced	575,337	-11,427	$155,450,304	−3.9%	10	$193.18	1.47%
PAG	Penske Automotive Group, Inc. Consumer Cyclical	Reduced	885,860	-4,496	$154,059,912	+0.7%	23+	before history	1.46%
TD	Toronto Dominion Bank Financial Services	Reduced	1,896,245	-12,222	$151,604,787	+8.2%	23+	before history	1.44%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	665,179	-11,757	$146,053,353	−1.7%	15	$152.24	1.38%
WAB	Westinghouse Air Brake Technologies Corp Industrials	Added	718,779	+77,495	$144,093,626	+7.3%	3	$192.49	1.37%
HSIC	Henry Schein Inc Healthcare	Reduced	2,170,871	-36,622	$144,080,708	−10.7%	23+	before history	1.37%
AMH	American Homes 4 Rent Real Estate	Reduced	4,258,875	-21,272	$141,607,593	−8.3%	23+	before history	1.34%
NYT	New York Times Co Communication Services	Reduced	2,357,049	-11,770	$135,294,612	+2.0%	13	$45.85	1.28%
STRA	Strategic Education, Inc. Consumer Defensive	Reduced	1,516,338	-7,979	$130,420,231	+0.5%	23+	before history	1.24%
ORCL	Oracle Corp Technology	Reduced	463,184	-9,291	$130,265,868	+26.1%	23+	before history	1.23%
LNW	Light & Wonder, Inc.	Reduced	1,360,624	-271,938	$125,816,901	−19.9%	15	unpriced	1.19%
CBZ	CBIZ, Inc. Industrials	Reduced	2,315,606	-5,592	$122,634,493	−26.3%	23+	before history	1.16%
MKTX	Marketaxess Holdings Inc Financial Services	Added	692,216	+277,846	$120,618,638	+30.3%	23+	before history	1.14%
BRK-A	Berkshire Hathaway Inc Financial Services	Held	154	0	$116,146,800	+3.5%	23+	before history	1.10%
SSD	Simpson Manufacturing Co., Inc. Basic Materials	Reduced	689,900	-3,875	$115,530,654	+7.2%	23+	before history	1.09%
RCI	Rogers Communications Inc Communication Services	Reduced	3,331,220	-841,326	$114,827,153	−7.2%	23+	before history	1.09%
KVUE	Kenvue Inc. Consumer Defensive	Reduced	7,030,246	-118,550	$114,100,892	−23.7%	10	$22.19	1.08%
MA	Mastercard Inc Financial Services	Reduced	200,540	-3,726	$114,069,157	−0.6%	17	$355.63	1.08%
QSR	Restaurant Brands International Inc. Consumer Cyclical	Added	1,742,299	+156,189	$111,751,057	+6.3%	23+	before history	1.06%
GNRC	Generac Holdings Inc. Industrials	Reduced	648,364	-3,315	$108,536,133	+16.3%	23+	before history	1.03%
EEFT	Euronet Worldwide, Inc. Technology	Reduced	1,211,358	-6,273	$106,369,345	−13.8%	9	$94.51	1.01%
HLMN	Hillman Solutions Corp. Industrials	Reduced	11,164,985	-37,573	$102,494,562	+28.1%	17	$10.50	0.97%
NKE	NIKE, Inc. Consumer Cyclical	Reduced	1,364,095	-22,381	$95,118,344	−3.4%	3	$73.61	0.90%
RY	Royal Bank Of Canada Financial Services	Reduced	639,134	-828	$94,157,220	+11.8%	23+	before history	0.89%
STN	Stantec Inc Industrials	Reduced	858,122	-2,615	$92,505,551	−1.1%	23+	before history	0.88%
TFC	Truist Financial Corp Financial Services	Reduced	2,006,383	-39,984	$91,731,830	+4.3%	23+	before history	0.87%
PPG	Ppg Industries Inc Basic Materials	Reduced	814,635	-9,264	$85,626,284	−8.6%	2	$108.14	0.81%

Showing the top 50 of 109 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

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.