BA
Burgundy Asset Management Ltd. Investment Portfolio — 13F Data
Burgundy Asset Management Ltd.CIK: 0001315868
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$10.6B
Reporting period: 2025-09-30 · Number of holdings: 109
Burgundy Asset Management Ltd. disclosed 109 holdings in its latest 13F filing for the period ending 2025-09-30, with total reported value of $10.6B and a quarterly turnover rate of 21.2%.
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Personality snowflake
- Concentration
- 6.71
- Portfolio Stability
- 21.16
- Momentum/Contrarian
- 100
- Sector conviction
- 56.76
- Diversification
- 100
- Sizing Uniformity
- 90.86
Burgundy Asset Management Ltd.'s disclosed holdings carry a Herfindahl concentration index of 0.017 — mathematically equivalent to about 60 equally-sized positions, well below its 109 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.91), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 17% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Recent moves
Add USFD
+34.7% $120.4M
Trim SYY
-51.4% -$90.6M
Trim DLTR
-1.7% -$76.6M
Add EME
-16.3% $84.7M
Trim EYE
-90.0% -$58.1M
Add AWI
-0.6% $76.4M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SSNC | Ss&c Technologies Holdings | Stock-Tech | 4.34% | -0.15% | -0.88% | |
| 2 | PRI | Primerica INC | Stock-Financials | 3.37% | -0.49% | -0.64% | |
| 3 | WTW | Willis Towers Watson Public Limited Company | Stock-Financials | 2.71% | -0.45% | -1.85% | |
| 4 | EME | Emcor Group INC | Stock-Industrials | 2.60% | +0.63% | -16.30% | |
| 5 | AWI | Armstrong World Industries | Stock-Industrials | 2.43% | +0.56% | -0.56% | |
| 6 | OPLN | Openlane INC | Stock-Other | 2.31% | +0.33% | -17.74% | |
| 7 | HLI | Houlihan Lokey INC | Stock-Financials | 2.29% | +0.30% | -0.52% | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.25% | +0.40% | -1.94% | |
| 9 | USFD | US Foods Holding CORP | Stock-Consumer Staples | 2.18% | +1.04% | +34.67% | |
| 10 | MSFT | Microsoft CORP | Stock-Tech | 2.17% | +0.17% | -10.62% | |
| 11 | GNTX | Gentex CORP | Stock-Consumer Disc | 2.09% | +0.22% | -0.51% | |
| 12 | ICE | Intercontinental Exchange In | Stock-Financials | 2.07% | — | -1.81% | |
| 13 | WH | Wyndham Hotels & Resorts INC | Stock-Consumer Disc | 2.01% | — | -0.47% | |
| 14 | GMED | Globus Medical INC - A | Stock-Healthcare | 2.00% | — | -0.59% | |
| 15 | MDT | Medtronic plc | Stock-Healthcare | 1.91% | — | -1.52% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.90% | — | -1.99% | |
| 17 | LOPE | Grand Canyon Education INC | Stock-Consumer Staples | 1.86% | +0.16% | -0.54% | |
| 18 | ALSN | Allison Transmission Holding | Stock-Consumer Disc | 1.82% | -0.40% | -0.80% | |
| 19 | MDLZ | Mondelez International Inc-a | Stock-Consumer Staples | 1.68% | -0.40% | -1.67% | |
| 20 | COR | Cencora INC | Stock-Healthcare | 1.65% | -0.56% | -1.76% | |
| 21 | ROST | Ross Stores INC | Stock-Consumer Disc | 1.62% | +0.03% | -1.75% | |
| 22 | EA | Electronic Arts INC | Stock-Comm Services | 1.58% | — | -1.72% | |
| 23 | PAG | Penske Automotive Group INC | Stock-Consumer Disc | 1.54% | +0.25% | -0.51% | |
| 24 | NWSA | News CORP - Class A | Stock-Comm Services | 1.51% | — | -1.76% | |
| 25 | CME | Cme Group INC | Stock-Financials | 1.45% | — | -1.95% | |
| 26 | AMH | American Homes 4 Rent- A | Stock-Real Estate | 1.44% | — | -0.50% | |
| 27 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.44% | +0.09% | -1.74% | |
| 28 | HSIC | Henry Schein INC | Stock-Healthcare | 1.43% | — | -1.66% | |
| 29 | CBZ | Cbiz INC | Stock-Other | 1.41% | -0.34% | -0.24% | |
| 30 | KVUE | Kenvue INC | Stock-Consumer Staples | 1.37% | — | -1.66% | |
| 31 | TD | Toronto-dominion Bank | Stock-Financials | 1.34% | +0.14% | -0.64% | |
| 32 | NYT | New York Times Co-a | Stock-Comm Services | 1.33% | +0.13% | -0.50% | |
| 33 | WAB | Wabtec CORP | Stock-Industrials | 1.31% | +0.42% | +12.08% | |
| 34 | SSD | Simpson Manufacturing Co INC | Stock-Materials | 1.24% | +0.14% | -0.56% | |
| 35 | MKTX | Marketaxess Holdings INC | Stock-Financials | 1.20% | +0.30% | +67.05% | |
| 36 | LNWO | Light & Wonder INC | Stock-Other | 1.19% | — | -16.66% | |
| 37 | STRA | Strategic Education INC | Stock-Other | 1.16% | — | -0.52% | |
| 38 | GNRC | Generac Holdings INC | Stock-Industrials | 1.13% | +0.43% | -0.51% | |
| 39 | MA | Mastercard INC - A | Stock-Financials | 1.13% | — | -1.82% | |
| 40 | RCI | Rogers Communications Inc-b | Stock-Other | 1.13% | +0.16% | -20.16% | |
| 41 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 1.10% | — | — | |
| 42 | EEFT | Euronet Worldwide INC | Stock-Tech | 1.06% | — | -0.52% | |
| 43 | HLMN | Hillman Solutions CORP | Stock-Other | 1.04% | +0.18% | -0.34% | |
| 44 | QSR | Restaurant Brands Intern | Stock-Consumer Disc | 1.04% | — | +9.85% | |
| 45 | NKE | Nike INC -cl B | Stock-Consumer Disc | 1.00% | +0.07% | -1.61% | |
| 46 | ORCL | Oracle CORP | Stock-Tech | 0.99% | +0.30% | -1.97% | |
| 47 | TFC | Truist Financial CORP | Stock-Financials | 0.89% | — | -1.95% | |
| 48 | STN | Stantec INC | Stock-Other | 0.88% | — | -0.30% | |
| 49 | RY | Royal Bank Of Canada | Stock-Financials | 0.88% | +0.13% | -0.13% | |
| 50 | PPLI | People INC | Stock-Comm Services | 0.86% | +0.17% | -0.63% |
1–50 of 109
Portfolio Performance
Performance for Q3 2026
+0.6%
Performance Last 4 Quarters
+3.7%
Based on 62% of reported portfolio value with available pricing
- Stdev
- +13.2%
- Beta
- +0.78
- Alpha
- -3.6%
- Max Drawdown
- -7.3%
- Annualized Perf
- +10.4%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +1.49
- Stutzer
- +0.24
- Treynor
- +0.14
- Sterling
- +0.61
- Calmar
- +1.44
- Information Ratio
- -0.86
- Tracking Error
- +8.9%
- Stdev Down
- +7.3%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +30.4%
- Worst 12 Months
- 0%
- Efficiency Ratio
- +0.32
- Sharpe
- +0.82
- Stdev Sectors
- +8.1%
- Skewness
- +0.17
- Kurtosis
- -0.41
- Upside Potential
- +3.25
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-09-30 | 109 | $10.6B | 21 | |
| 2025-06-30 | 109 | $10.3B | 0 | |
| 2025-03-31 | 109 | $9.6B | 100 | |
| 2024-12-31 | 104 | $9.9B | 0 | |
| 2024-09-30 | 106 | $10.1B | 0 | |
| 2024-06-30 | 103 | $9.5B | 0 | |
| 2024-03-31 | 101 | $9.7B | 0 | |
| 2023-12-31 | 106 | $9.0B | 0 | |
| 2023-09-30 | 101 | $8.1B | 0 | |
| 2023-06-30 | 106 | $8.5B | 0 | |
| 2023-03-31 | 104 | $8.1B | 0 | |
| 2022-12-31 | 106 | $7.7B | 0 | |
| 2022-09-30 | 110 | $7.2B | 0 | |
| 2022-06-30 | 111 | $8.0B | 0 | |
| 2022-03-31 | 112 | $9.4B | 0 | |
| 2021-12-31 | 111 | $10.3B | 0 | |
| 2021-09-30 | 113 | $10.2B | 0 | |
| 2021-06-30 | 115 | $10.2B | 98 | |
| 2021-03-31 | 116 | $9.8B | 15 | |
| 2020-12-31 | 112 | $9.1B | 22 | |
| 2020-09-30 | 106 | $8.8B | 12 | |
| 2020-06-30 | 105 | $8.5B | 30 | |
| 2020-03-31 | 103 | $7.4B | 44 | |
| 2019-12-31 | 103 | $10.2B | 24 | |
| 2019-09-30 | 104 | $10.0B | 15 | |
| 2019-06-30 | 103 | $10.0B | 20 | |
| 2019-03-31 | 102 | $9.7B | 14 | |
| 2018-12-31 | 105 | $9.4B | 24 | |
| 2018-09-30 | 100 | $10.8B | 14 | |
| 2018-06-30 | 99 | $10.3B | 18 | |
| 2018-03-31 | 98 | $10.7B | 18 | |
| 2017-12-31 | 98 | $11.0B | 100 | |
| 2017-09-30 | 97 | $10.6B | 0 | |
| 2017-06-30 | 104 | $10.5B | 11 | |
| 2017-03-31 | 104 | $10.3B | 12 | |
| 2016-12-31 | 108 | $10.6B | 14 | |
| 2016-09-30 | 107 | $10.1B | 14 | |
| 2016-06-30 | 111 | $10.0B | 12 | |
| 2016-03-31 | 109 | $9.6B | 22 | |
| 2015-12-31 | 108 | $9.1B | 14 | |
| 2015-09-30 | 107 | $9.0B | 14 | |
| 2015-06-30 | 101 | $9.2B | 20 | |
| 2015-03-31 | 102 | $9.0B | 14 | |
| 2014-12-31 | 104 | $9.1B | 23 | |
| 2014-09-30 | 104 | $8.3B | 12 | |
| 2014-06-30 | 118 | $8.5B | 14 | |
| 2014-03-31 | 111 | $8.2B | 8 | |
| 2013-12-31 | 112 | $8.0B | 28 | |
| 2013-09-30 | 109 | $6.4B | 20 | |
| 2013-06-30 | 115 | $5.9B | 0 |
Holding changes this quarter
Burgundy Asset Management Ltd.'s most significant position changes for 2025-09-30: New buy: Ppg Industries INC (PPG); New buy: Dr Horton INC (DHI); New buy: Danaher CORP (DHR); Sold out: Bright Horizons Family Solut (BFAM); New buy: Installed Building Products (IBP).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | USFD | US Foods Holding CORP | +1% | +34.67% | Add |
| 2 | EME | Emcor Group INC | +0.6% | -16.30% | Trim |
| 3 | AWI | Armstrong World Industries | +0.6% | -0.56% | Add |
| 4 | GNRC | Generac Holdings INC | +0.4% | -0.51% | Add |
| 5 | CRL | Charles River Laboratories | +0.4% | -0.66% | Add |
| 6 | WAB | Wabtec CORP | +0.4% | +12.08% | Add |
| 7 | GOOGL | Alphabet Inc-cl A | +0.4% | -1.94% | Trim |
| 8 | OPLN | Openlane INC | +0.3% | -17.74% | Trim |
| 9 | HLI | Houlihan Lokey INC | +0.3% | -0.52% | Add |
| 10 | MKTX | Marketaxess Holdings INC | +0.3% | +67.05% | Add |
| 11 | ORCL | Oracle CORP | +0.3% | -1.97% | Trim |
| 12 | PAG | Penske Automotive Group INC | +0.3% | -0.51% | Add |
| 13 | GNTX | Gentex CORP | +0.2% | -0.51% | Add |
| 14 | HLMN | Hillman Solutions CORP | +0.2% | -0.34% | Add |
| 15 | MSFT | Microsoft CORP | +0.2% | -10.62% | Trim |
| 16 | PPLI | People INC | +0.2% | -0.63% | Add |
| 17 | LOPE | Grand Canyon Education INC | +0.2% | -0.54% | Add |
| 18 | RCI | Rogers Communications Inc-b | +0.2% | -20.16% | Trim |
| 19 | TD | Toronto-dominion Bank | +0.1% | -0.64% | Trim |
| 20 | SSD | Simpson Manufacturing Co INC | +0.1% | -0.56% | Add |
| 21 | NYT | New York Times Co-a | +0.1% | -0.50% | Add |
| 22 | RY | Royal Bank Of Canada | +0.1% | -0.13% | Trim |
| 23 | CIGI | Colliers Intl Gr-subord Vot | +0.1% | -0.40% | Trim |
| 24 | BNS | Bank Of Nova Scotia | +0.1% | -0.14% | Trim |
| 25 | ATAT | Atour Lifestyle Holdings-adr | +0.1% | +22.26% | Add |
| 26 | AMZN | Amazon.com INC | +0.1% | -1.74% | Trim |
| 27 | GIB | Cgi INC | +0.1% | +27.27% | Add |
| 28 | BN | Brookfield CORP | +0.1% | -0.32% | Trim |
| 29 | NKE | Nike INC -cl B | +0.1% | -1.61% | Trim |
| 30 | ROST | Ross Stores INC | 0% | -1.75% | Trim |
| 31 | SSNC | Ss&c Technologies Holdings | -0.2% | -0.88% | Add |
| 32 | SKY | Champion Homes INC | -0.2% | +1.11% | Add |
| 33 | CPRT | Copart INC | -0.3% | -2.47% | Trim |
| 34 | CBZ | Cbiz INC | -0.3% | -0.24% | Add |
| 35 | CABO | Cable One INC | -0.4% | -0.56% | Add |
| 36 | MDLZ | Mondelez International Inc-a | -0.4% | -1.67% | Trim |
| 37 | ALSN | Allison Transmission Holding | -0.4% | -0.80% | Trim |
| 38 | WTW | Willis Towers Watson Public Limited Company | -0.5% | -1.85% | Trim |
| 39 | PRI | Primerica INC | -0.5% | -0.64% | Add |
| 40 | COR | Cencora INC | -0.6% | -1.76% | Trim |
| 41 | EYE | National Vision Holdings INC | -0.6% | -89.96% | Trim |
| 42 | DLTR | Dollar Tree INC | -0.8% | -1.70% | Trim |
| 43 | SYY | Sysco CORP | -1% | -51.42% | Trim |
| 44 | PPG | Ppg Industries INC | — | NEW | New buy |
| 45 | DHI | Dr Horton INC | — | NEW | New buy |
| 46 | DHR | Danaher CORP | — | NEW | New buy |
| 47 | BFAM | Bright Horizons Family Solut | — | EXIT | Sold out |
| 48 | IBP | Installed Building Products | — | NEW | New buy |
| 49 | JEF | Jefferies Financial Group In | — | NEW | New buy |
| 50 | HDB | Hdfc Bank Ltd-adr | — | EXIT | Sold out |
Filing History
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-18 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-10 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-10 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-12 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-24 | Amendment | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-09-15 | Amendment | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-09 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-10 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-11 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-11 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-12 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-12 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-09 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-12 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-31 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-12 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-09 | 13F-HR | View on EDGAR |
FAQ
What is Burgundy Asset Management Ltd. and what type of investor is it?
Burgundy Asset Management Ltd. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2025-09-30), the firm manages a tracked equity portfolio valued at approximately $10.6B, spread across 109 disclosed positions.
What are Burgundy Asset Management Ltd.'s largest equity positions?
Based on the latest 13F filing, Burgundy Asset Management Ltd.'s top holdings by market value are:
1. Ss&c Technologies Holdings (SSNC) — $460.5M (4.3%)
2. Primerica INC (PRI) — $356.9M (3.4%)
3. Willis Towers Watson Public Limited Company (WTW) — $286.8M (2.7%)
4. Emcor Group INC (EME) — $275.3M (2.6%)
5. Armstrong World Industries (AWI) — $257.2M (2.4%)
What changes did Burgundy Asset Management Ltd. make in its most recent portfolio filing?
In the latest reported quarter, Burgundy Asset Management Ltd. made 50 notable position adjustments: 5 new positions were initiated, 21 existing holdings were added to, 22 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: Ppg Industries INC (PPG); New buy: Dr Horton INC (DHI); New buy: Danaher CORP (DHR); Sold out: Bright Horizons Family Solut (BFAM); New buy: Installed Building Products (IBP)
What sectors does Burgundy Asset Management Ltd. focus on?
Burgundy Asset Management Ltd. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 24.8%
• Financials: 22.4%
• Information Technology: 19.1%
• Health Care: 14.3%
• Communication Services: 13.6%
• Consumer Staples: 4.8%
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