Burgundy Asset Management
Toronto, A6files as Burgundy Asset Management Ltd.
$10.6bn in 109 US stocks at the end of 30 September 2025. The top 10 are 26.6% of the money. It changed about 5.1% of the portfolio this quarter.
Value
$10.6bn
Stocks
109
Top 10 share
26.6%
Turnover
5.1%
What changed this quarter
New
Bought for the first time this quarter.
- DanaherDHR0.5% of the fund
- Align TechnologyALGN0.1% of the fund
- Canadian Pacific Kansas CityCP<0.1% of the fund
Added
Bought more of a stock they already held.
- US Foods HoldingUSFD2.2% of the fund+35%
- Westinghouse Air Brake TechnologiesWAB1.3% of the fund+12%
- Marketaxess HoldingsMKTX1.2% of the fund+67%
- Restaurant Brands InternationalQSR1.0% of the fund+10%
- Canadian National RailwayCNI0.8% of the fund+19%
- CGIGIB0.7% of the fund+27%
- Atour Lifestyle HldgsATAT0.3% of the fund+22%
- KinderCare Learning CompaniesKLC0.3% of the fund+47%
- Landstar SystemLSTR0.1% of the fund+19%
- EnbridgeENB<0.1% of the fund+3%
- TelusTU<0.1% of the fund+5%
- Brookfield InfrastructureBIPC<0.1% of the fund+8%
- Canadian Natural ResourcesCNQ<0.1% of the fund+19%
- CarMaxKMX<0.1% of the fund+63%
- Yum China HoldingsYUMC<0.1% of the fund+12%
Cut
Sold some of their stake.
- EMCOR GroupEME2.6% of the fund-16%
- OpenlaneOPLN2.3% of the fund-18%
- MicrosoftMSFT2.2% of the fund-11%
- Light & WonderLNWO1.2% of the fund-17%
- Rogers CommunicationsRCI1.1% of the fund-20%
- Carrier GlobalCARR0.7% of the fund-14%
- SyscoSYY0.6% of the fund-51%
- Horton D RDHI0.6% of the fund-3%
- Berkshire HathawayBRK-B0.4% of the fund-4%
- Labcorp HoldingsLH0.2% of the fund-3%
- CopartCPRT0.1% of the fund-2%
- National Vision HoldingsEYE<0.1% of the fund-90%
- Full Truck AllianceYMM<0.1% of the fund-61%
- Brookfield Asset ManagementBAM<0.1% of the fund-11%
- Tencent Music Entmt GroupTME<0.1% of the fund-33%
Sold out
Sold their entire stake.
- HDFC BankHDB-100%
- Everi Hldgs-100%
- Lowe's CompaniesLOW-100%
Holdings
- Electronic ArtsEA
- Share
- 1.6%
- Value
- $167m
- Shares
- 973,374
Held
- Toronto Dominion BankTD
- Share
- 1.3%
- Value
- $142m
- Shares
- 1,896,245
Held
- Light & WonderLNWO
- Share
- 1.2%
- Value
- $126m
- Shares
- 1,360,624
-17%
- Rogers CommunicationsRCI
- Share
- 1.1%
- Value
- $119m
- Shares
- 3,331,220
-20%
- Berkshire Hathaway INC DELBRK-A
- Share
- 1.1%
- Value
- $116m
- Shares
- 154
Held
- StantecSTN
- Share
- 0.9%
- Value
- $93m
- Shares
- 858,122
Held
- Royal Bank of CanadaRY
- Share
- 0.9%
- Value
- $93m
- Shares
- 639,134
Held
- Canadian National RailwayCNI
- Share
- 0.8%
- Value
- $82m
- Shares
- 845,531
+19%
- CGIGIB
- Share
- 0.7%
- Value
- $78m
- Shares
- 799,246
+27%
- Bank of Nova ScotiaBNS
- Share
- 0.7%
- Value
- $75m
- Shares
- 1,199,190
Held
- BrookfieldBN
- Share
- 0.7%
- Value
- $73m
- Shares
- 1,110,869
Held
- Colliers International GroupCIGI
- Share
- 0.7%
- Value
- $70m
- Shares
- 424,796
Held
- ATS Corp /ATSATS
- Share
- 0.5%
- Value
- $50m
- Shares
- 1,807,557
Held
- Atour Lifestyle HldgsATAT
- Share
- 0.3%
- Value
- $30m
- Shares
- 774,823
+22%
- NutrienNTR
- Share
- <0.1%
- Value
- $10m
- Shares
- 165,000
Held
- Full Truck AllianceYMM
- Share
- <0.1%
- Value
- $5m
- Shares
- 408,685
-61%
- TelusTU
- Share
- <0.1%
- Value
- $3m
- Shares
- 206,581
+5%
- Canadian Natural ResourcesCNQ
- Share
- <0.1%
- Value
- $3m
- Shares
- 89,097
+19%
- Granite Real Estate Invt TRGRTUF
- Share
- <0.1%
- Value
- $2m
- Shares
- 40,742
Held
- TC EnergyTRP
- Share
- <0.1%
- Value
- $2m
- Shares
- 41,363
Held
- Vanguard Intl Equity Index FVGK
- Share
- <0.1%
- Value
- $2m
- Shares
- 19,136
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| SS&C Technologies HoldingsSSNC | 4.3% | $460m | 5,193,498 | Held |
| PrimericaPRI | 3.4% | $357m | 1,324,968 | Held |
| Willis Towers WatsonWTW | 2.7% | $287m | 877,476 | Held |
| EMCOR GroupEME | 2.6% | $275m | 443,982 | -16% |
| Armstrong World IndustriesAWI | 2.4% | $257m | 1,313,676 | Held |
| OpenlaneOPLN | 2.3% | $245m | 8,477,474 | -18% |
| Houlihan LokeyHLI | 2.3% | $243m | 1,219,617 | Held |
| AlphabetGOOGL | 2.2% | $238m | 1,117,913 | Held |
| US Foods HoldingUSFD | 2.2% | $231m | 2,971,782 | +35% |
| MicrosoftMSFT | 2.2% | $230m | 454,086 | -11% |
| GentexGNTX | 2.1% | $222m | 7,923,912 | Held |
| Intercontinental ExchangeICE | 2.1% | $220m | 1,243,864 | Held |
| Wyndham Hotels & ResortsWH | 2.0% | $213m | 2,454,330 | Held |
| Globus MedicalGMED | 2.0% | $212m | 3,460,983 | Held |
| MedtronicMDT | 1.9% | $203m | 2,184,386 | Held |
| Johnson & JohnsonJNJ | 1.9% | $201m | 1,136,939 | Held |
| Grand Canyon EducationLOPE | 1.9% | $197m | 977,397 | Held |
| Allison Transmission HoldingsALSN | 1.8% | $193m | 2,210,926 | Held |
| Mondelez InternationalMDLZ | 1.7% | $178m | 2,898,948 | Held |
| CencoraCOR | 1.6% | $175m | 599,753 | Held |
| Ross StoresROST | 1.6% | $172m | 1,170,458 | Held |
| Electronic ArtsEA | 1.6% | $167m | 973,374 | Held |
| Penske Automotive GroupPAG | 1.5% | $163m | 885,860 | Held |
| NewsNWSA | 1.5% | $160m | 5,454,879 | Held |
| CME GroupCME | 1.4% | $153m | 575,337 | Held |
| American Homes 4 RentAMH | 1.4% | $153m | 4,258,875 | Held |
| Amazon.comAMZN | 1.4% | $152m | 665,179 | Held |
| Henry ScheinHSIC | 1.4% | $151m | 2,170,871 | Held |
| CbizCBZ | 1.4% | $149m | 2,315,606 | Held |
| KenvueKVUE | 1.4% | $146m | 7,030,246 | Held |
| Toronto Dominion BankTD | 1.3% | $142m | 1,896,245 | Held |
| New York TimesNYT | 1.3% | $141m | 2,357,049 | Held |
| Westinghouse Air Brake TechnologiesWAB | 1.3% | $139m | 718,779 | +12% |
| Simpson ManufacturingSSD | 1.2% | $132m | 689,900 | Held |
| Marketaxess HoldingsMKTX | 1.2% | $127m | 692,216 | +67% |
| Light & WonderLNWO | 1.2% | $126m | 1,360,624 | -17% |
| Strategic EducationSTRA | 1.2% | $123m | 1,516,338 | Held |
| Generac HoldingsGNRC | 1.1% | $120m | 648,364 | Held |
| MastercardMA | 1.1% | $119m | 200,540 | Held |
| Rogers CommunicationsRCI | 1.1% | $119m | 3,331,220 | -20% |
| Berkshire Hathaway INC DELBRK-A | 1.1% | $116m | 154 | Held |
| Euronet WorldwideEEFT | 1.1% | $113m | 1,211,358 | Held |
| Hillman SolutionsHLMN | 1.0% | $110m | 11,164,985 | Held |
| Restaurant Brands InternationalQSR | 1.0% | $110m | 1,742,299 | +10% |
| NikeNKE | 1.0% | $106m | 1,364,095 | Held |
| OracleORCL | 1.0% | $105m | 463,184 | Held |
| Truist FinancialTFC | 0.9% | $94m | 2,006,383 | Held |
| StantecSTN | 0.9% | $93m | 858,122 | Held |
| Royal Bank of CanadaRY | 0.9% | $93m | 639,134 | Held |
| People Inc.PPLI | 0.9% | $92m | 2,501,914 | Held |
| PPG IndustriesPPG | 0.9% | $91m | 814,635 | Held |
| GracoGGG | 0.8% | $84m | 987,333 | Held |
| Procter & GamblePG | 0.8% | $83m | 530,142 | Held |
| Canadian National RailwayCNI | 0.8% | $82m | 845,531 | +19% |
| CGIGIB | 0.7% | $78m | 799,246 | +27% |
| Cable OneCABO | 0.7% | $76m | 472,067 | Held |
| Carrier GlobalCARR | 0.7% | $76m | 1,165,423 | -14% |
| Bank of Nova ScotiaBNS | 0.7% | $75m | 1,199,190 | Held |
| BrookfieldBN | 0.7% | $73m | 1,110,869 | Held |
| Colliers International GroupCIGI | 0.7% | $70m | 424,796 | Held |
| NewsNWS | 0.6% | $64m | 1,896,357 | Held |
| Champion HomesSKY | 0.6% | $64m | 844,413 | Held |
| SyscoSYY | 0.6% | $61m | 753,976 | -51% |
| Horton D RDHI | 0.6% | $59m | 350,704 | -3% |
| DoubleVerify HoldingsDV | 0.6% | $59m | 3,608,272 | Held |
| Alarm.com HoldingsALRM | 0.6% | $59m | 999,208 | Held |
| Sixth Street Specialty LendingTSLX | 0.5% | $58m | 2,362,088 | Held |
| ATS Corp /ATSATS | 0.5% | $50m | 1,807,557 | Held |
| Dollar TreeDLTR | 0.5% | $49m | 452,794 | Held |
| DanaherDHR | 0.5% | $49m | 236,772 | New |
| AutozoneAZO | 0.4% | $48m | 11,324 | Held |
| Berkshire HathawayBRK-B | 0.4% | $47m | 93,695 | -4% |
| Charles River Laboratories InternationalCRL | 0.4% | $45m | 278,329 | Held |
| Waste ConnectionsWCN | 0.4% | $41m | 224,049 | Held |
| Estee Lauder CompaniesEL | 0.4% | $40m | 440,241 | Held |
| Atour Lifestyle HldgsATAT | 0.3% | $30m | 774,823 | +22% |
| KinderCare Learning CompaniesKLC | 0.3% | $28m | 3,919,470 | +47% |
| Labcorp HoldingsLH | 0.2% | $26m | 93,448 | -3% |
| TD SynnexSNX | 0.2% | $24m | 158,963 | Held |
| Installed Building ProductsIBP | 0.2% | $20m | 76,498 | Held |
| BoeingBA | 0.2% | $20m | 85,000 | Held |
| Jefferies Financial GroupJEF | 0.2% | $19m | 294,896 | Held |
| McDonald'sMCD | 0.2% | $19m | 60,642 | Held |
| 3MMMM | 0.2% | $17m | 110,000 | Held |
| CopartCPRT | 0.1% | $16m | 319,054 | -2% |
| Landstar SystemLSTR | 0.1% | $11m | 85,380 | +19% |
| Align TechnologyALGN | 0.1% | $11m | 78,625 | New |
| NutrienNTR | <0.1% | $10m | 165,000 | Held |
| EnbridgeENB | <0.1% | $8m | 164,767 | +3% |
| National Vision HoldingsEYE | <0.1% | $6m | 251,576 | -90% |
| Full Truck AllianceYMM | <0.1% | $5m | 408,685 | -61% |
| TelusTU | <0.1% | $3m | 206,581 | +5% |
| Brookfield InfrastructureBIPC | <0.1% | $3m | 70,760 | +8% |
| Canadian Natural ResourcesCNQ | <0.1% | $3m | 89,097 | +19% |
| CarMaxKMX | <0.1% | $3m | 41,459 | +63% |
| Granite Real Estate Invt TRGRTUF | <0.1% | $2m | 40,742 | Held |
| Brookfield Asset ManagementBAM | <0.1% | $2m | 35,864 | -11% |
| TC EnergyTRP | <0.1% | $2m | 41,363 | Held |
| Vanguard Intl Equity Index FVGK | <0.1% | $2m | 19,136 | Held |
| Curtiss WrightCW | <0.1% | $852,541 | 1,783 | Held |
Showing the largest 100 of 109.
Over time and by industry
Value over time
Sep '25
Value is up 3.2% since 30 June 2025.
Where the money is
Financial services19.7%
Retail & consumer17.7%
Industrials14.1%
Technology12.7%
Health care10.2%
Media & telecom7.6%
Everyday goods7.4%
Materials4.0%
Real estate2.8%
Utilities0.4%
Energy0.1%
Other3.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.