Burgundy Asset Management 13F, Q3 2025
Burgundy Asset Management · quarter ending 30 September 2025 · filed 12 November 2025 · SEC CIK 1315868
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 109 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| SS&C TECHNOLOGIES HLDGS INC | SSNC | $460.46M | 4.3% | unchanged |
| PRIMERICA INC | PRI | $356.87M | 3.4% | unchanged |
| WILLIS TOWERS WATSON PLC LTD | $286.75M | 2.7% | unchanged | |
| EMCOR GROUP INC | EME | $275.27M | 2.6% | -16% shares |
| ARMSTRONG WORLD INDS INC NEW | AWI | $257.18M | 2.4% | unchanged |
| OPENLANE INC | OPLN | $245.17M | 2.3% | -18% shares |
| HOULIHAN LOKEY INC | HLI | $243.01M | 2.3% | unchanged |
| ALPHABET INC | GOOGL | $238.01M | 2.3% | unchanged |
| US FOODS HLDG CORP | USFD | $230.61M | 2.2% | +35% shares |
| MICROSOFT CORP | MSFT | $230.08M | 2.2% | -11% shares |
| GENTEX CORP | GNTX | $221.95M | 2.1% | unchanged |
| INTERCONTINENTAL EXCHANGE IN | ICE | $219.67M | 2.1% | unchanged |
| WYNDHAM HOTELS & RESORTS INC | WH | $212.57M | 2.0% | unchanged |
| GLOBUS MED INC | GMED | $212.05M | 2.0% | unchanged |
| MEDTRONIC PLC | $202.73M | 1.9% | unchanged | |
| JOHNSON & JOHNSON | JNJ | $201.43M | 1.9% | unchanged |
| GRAND CANYON ED INC | LOPE | $197.01M | 1.9% | unchanged |
| ALLISON TRANSMISSION HLDGS I | ALSN | $193.04M | 1.8% | unchanged |
| MONDELEZ INTL INC | MDLZ | $178.11M | 1.7% | unchanged |
| CENCORA INC | COR | $174.89M | 1.6% | unchanged |
| ROSS STORES INC | ROST | $172.24M | 1.6% | unchanged |
| ELECTRONIC ARTS INC | EA | $167.37M | 1.6% | unchanged |
| PENSKE AUTOMOTIVE GRP INC | PAG | $163.36M | 1.5% | unchanged |
| NEWS CORP NEW | NWSA | $160.43M | 1.5% | unchanged |
| CME GROUP INC | CME | $153.33M | 1.4% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Burgundy Asset Management opened 3 new positions, added to 15, trimmed 15, left 76 unchanged and exited 3. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001193125-25-277473, filed by Burgundy Asset Management Ltd.. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.