Skip to main content
Livermore
Livermore
ZHEN

Burgundy Asset Management Ltd.

SEC CIK
0001315868
Latest filing
Nov 12, 2025

The latest 13F from Burgundy Asset Management Ltd. covers Q3 2025 (filed Nov 12, 2025): 109 long positions worth $10.6B. The top 10 holdings make up 26.6% of the portfolio, and the largest is SS&C Technologies Holdings Inc (SSNC) at 4.3%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
3
Est. +$60.2M
Added
18
Est. +$185.1M
Reduced
74
Est. −$418.0M
Sold out
3
Est. −$33.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. SSNCSS&C Technologies Holdings Inc
    4.3%$460.5MHistory
  2. PRIPrimerica, Inc.
    3.4%$356.9MHistory
  3. WTWWillis Towers Watson PLC
    2.7%$286.8MHistory
  4. EMEEMCOR Group, Inc.
    2.6%$275.3MHistory
  5. AWIArmstrong World Industries Inc
    2.4%$257.2MHistory

Share of portfolio

Top 5 holdings and the other 104 positions, by share of portfolio value

  1. SSNC4.3%
  2. PRI3.4%
  3. WTW2.7%
  4. EME2.6%
  5. AWI2.4%
  6. Other 104 positions84.6%

Biggest buys

New and added positions, by estimated amount bought

  1. USFDUS Foods Holding Corp.
    +$59.4MAddedHistory
  2. MKTXMarketaxess Holdings Inc
    +$51.1MAddedHistory
  3. DHRDanaher Corp
    +$48.7MNewHistory
  4. GIBCgi Inc
    +$16.6MAddedHistory
  5. WABWestinghouse Air Brake Technologies Corp
    +$15.0MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. USFDUS Foods Holding Corp.
    +0.52 pp1.7% → 2.2%History
  2. DHRDanaher Corp
    +0.46 pp0.0% → 0.5%History
  3. MKTXMarketaxess Holdings Inc
    +0.30 pp0.9% → 1.2%History
  4. ALGNAlign Technology Inc
    +0.11 pp0.0% → 0.1%History
  5. SKYChampion Homes, Inc.
    +0.09 pp0.5% → 0.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SYYSysco Corp
    −$64.2MReducedHistory
  2. EMEEMCOR Group, Inc.
    −$53.6MReducedHistory
  3. OPLNOPENLANE, Inc.
    −$52.9MReducedHistory
  4. EYENational Vision Holdings, Inc.
    −$51.7MReducedHistory
  5. RCIRogers Communications Inc
    −$30.1MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. SYYSysco Corp
    −0.57 pp1.1% → 0.6%History
  2. EYENational Vision Holdings, Inc.
    −0.51 pp0.6% → 0.1%History
  3. LNWOLight & Wonder, Inc.
    −0.34 pp1.5% → 1.2%History
  4. MSFTMicrosoft Corp
    −0.29 pp2.5% → 2.2%History
  5. MDLZMondelez International, Inc.
    −0.25 pp1.9% → 1.7%History

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$10.6B
+$324.7M (+3.2%) vs. prior quarter
Positions
109
0 vs. prior quarter
Top 10 concentration
26.6%
Top 10 as share of value
Turnover
2.4%
Q3 2025, one quarter
Average holding period
15.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $10.6B (Q3 2025)

Q1 2021: $9.83BQ2 2021: $10.2BQ3 2021: $10.2BQ4 2021: $10.3BQ1 2022: $9.43BQ2 2022: $7.97BQ3 2022: $7.17BQ4 2022: $7.73BQ1 2023: $8.09BQ2 2023: $8.50BQ3 2023: $8.15BQ4 2023: $9.02BQ1 2024: $9.70BQ2 2024: $9.48BQ3 2024: $10.1BQ4 2024: $9.90BQ1 2025: $9.65BQ2 2025: $10.3BQ3 2025: $10.6B
Q1 2021Q3 2025
13F filings of Burgundy Asset Management Ltd. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Nov 12, 2025109$10.6BSSNCPRIWTWvs. Q2 2025SEC
Q2 2025Aug 13, 2025109$10.3BSSNCPRIEMEvs. Q1 2025SEC
Q1 2025May 13, 2025109$9.65BSSNCPRIWTWvs. Q4 2024SEC
Q4 2024Feb 18, 2025104$9.90BSSNCPRIWTWvs. Q3 2024SEC
Q3 2024Nov 12, 2024106$10.1BSSNCPRIMSFTvs. Q2 2024SEC
Q2 2024Aug 12, 2024103$9.48BMSFTGOOGLSSNCvs. Q1 2024SEC
Q1 2024May 13, 2024101$9.70BMSFTGOOGLALSNvs. Q4 2023SEC
Q4 2023Feb 13, 2024106$9.02BGOOGLMSFTSSNCvs. Q3 2023SEC
Q3 2023Nov 9, 2023101$8.15BGOOGLMSFTALSNvs. Q2 2023SEC
Q2 2023Aug 11, 2023106$8.50BGOOGLMSFTALSNvs. Q1 2023SEC
Q1 2023May 11, 2023104$8.09BMSFTGOOGLSSNCvs. Q4 2022SEC
Q4 2022Feb 10, 2023106$7.73BMSFTGOOGLSSNCvs. Q3 2022SEC
Q3 2022Nov 14, 2022110$7.17BMSFTGOOGLSSNCvs. Q2 2022SEC
Q2 2022Aug 10, 2022111$7.97BMSFTGOOGLDLTRvs. Q1 2022SEC
Q1 2022May 12, 2022112$9.43BGOOGLMSFTSSNCvs. Q4 2021SEC
Q4 2021Feb 10, 2022111$10.3BMSFTGOOGLMETAvs. Q3 2021SEC
Q3 2021Nov 12, 2021113$10.2BGOOGLMSFTMETAvs. Q2 2021SEC
Q2 2021Aug 13, 2021115$10.2BGOOGLMSFTMETAvs. Q1 2021SEC
Q1 2021May 14, 2021116$9.83BMSFTGOOGLMETA–SEC

13D and 13G filings

Companies where Burgundy Asset Management Ltd. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

4 companies, largest stake first.

Companies where Burgundy Asset Management Ltd. owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
CABOCable One, Inc.13G/A8.02%452.0K shares–Nov 12, 20242 filingsFeb 12, 2026SEC
OPLNOPENLANE, Inc.13G/A6.82%7.24M shares–Feb 10, 20233 filingsFeb 12, 2026SEC
STRAStrategic Education, Inc.13G/A6.14%1.44M shares–Nov 12, 20242 filingsFeb 12, 2026SEC
HLMNHillman Solutions Corp.13G/A5.39%10.6M shares−0.28 ppfrom 5.67%Aug 13, 20252 filingsFeb 27, 2026SEC

Latest filings

48 filings on file made by Burgundy Asset Management Ltd. or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Burgundy Asset Management Ltd.
CompanyFiled (ET)FilerFormStakeChangeEvent dateFiling
OPLNOPENLANE, Inc.Aug 12, 20264:36 PM ETBank of Montrealand 8 others13G/A4.52%4.80M shares−2.52 ppfrom 7.04%Below 5%Jun 30, 2026SEC
TRPTC Energy CorpAug 12, 202611:43 AM ETBank of Montrealand 12 others13G/A3.38%35.2M shares−2.37 ppfrom 5.75%Below 5%Jun 30, 2026SEC
ALRMAlarm.com Holdings, Inc.Aug 12, 202611:08 AM ETBank of Montrealand 8 others13G/A6.98%3.46M shares+1.60 ppfrom 5.38%Jun 30, 2026SEC
ALRMAlarm.com Holdings, Inc.May 13, 20264:25 PM ETBank of Montrealand 9 others13G5.38%2.68M sharesNewMar 31, 2026SEC
FRPTFreshpet, Inc.May 13, 20267:29 AM ETBank of Montrealand 11 others13G/A4.55%2.23M shares−0.68 ppfrom 5.23%Below 5%Mar 31, 2026SEC
CBZCBIZ, Inc.May 13, 20267:29 AM ETBank of Montrealand 9 others13G6.37%3.51M sharesNewMar 31, 2026SEC
BGSIBoyd Group Services Inc.May 13, 20267:27 AM ETBank of Montrealand 7 others13G5.17%1.44M sharesNewMar 31, 2026SEC
BNSBank of Nova ScotiaMay 13, 20267:26 AM ETBank of Montrealand 11 others13G/A4.63%57.3M shares−0.55 ppfrom 5.18%Below 5%Mar 31, 2026SEC
HLMNHillman Solutions Corp.Feb 27, 20268:44 PM ETBurgundy Asset Management Ltd.13G/A5.39%10.6M shares−0.28 ppfrom 5.67%Dec 31, 2025SEC
FRPTFreshpet, Inc.Feb 12, 202610:50 AM ETBank of Montrealand 11 others13G5.23%2.56M sharesNewDec 31, 2025SEC
CABOCable One, Inc.Feb 12, 202610:44 AM ETBank of Montrealand 9 others13G8.35%471.4K sharesNewDec 31, 2025SEC
STRAStrategic Education, Inc.Feb 12, 20269:00 AM ETBank of Montrealand 6 others13G6.28%1.48M sharesNewDec 31, 2025SEC
OPLNOPENLANE, Inc.Feb 12, 20269:00 AM ETBank of Montrealand 9 others13G7.04%7.49M sharesNewDec 31, 2025SEC
HLMNHillman Solutions Corp.Feb 12, 20269:00 AM ETBank of Montrealand 8 others13G5.50%10.9M sharesNewDec 31, 2025SEC
OPLNOPENLANE, Inc.Feb 12, 20269:00 AM ETBurgundy Asset Management Ltd.13G/A6.82%7.24M shares–Dec 31, 2025SEC
STRAStrategic Education, Inc.Feb 12, 20269:00 AM ETBurgundy Asset Management Ltd.13G/A6.14%1.44M shares–Dec 31, 2025SEC
CABOCable One, Inc.Feb 12, 20269:00 AM ETBurgundy Asset Management Ltd.13G/A8.02%452.0K shares–Dec 31, 2025SEC
TRPTC Energy CorpFeb 12, 20268:51 AM ETBank of Montrealand 12 others13G/A5.75%59.9M shares+1.33 ppfrom 4.42%Dec 31, 2025SEC
BNSBank of Nova ScotiaFeb 12, 20268:20 AM ETBank of Montrealand 11 others13G/A5.18%64.1M shares+1.91 ppfrom 3.27%Dec 31, 2025SEC
EYENational Vision Holdings, Inc.Aug 13, 20254:00 PM ETBurgundy Asset Management Ltd.13G/A3.17%2.51M shares−2.77 ppfrom 5.94%Below 5%Jun 30, 2025SEC