Burgundy Asset Management Ltd.

Long Only Manager • Value

Burgundy Asset Management Ltd. is a Value-focused institution led by Robert Gareth Sankey, reporting $19.8B in AUM as of Q3 2025 with SSNC as the largest holding (4% allocation).

CEORobert Gareth Sankey

Portfolio Value: $10.6B
Positions: 108
Top Holding: SSNC at 4.34%
Last Reported: Q3 2025

AddressBay Wellington Tower, 181 Bay Street, Ste 4510, Toronto, Ontario, M5J 2T3, Canada

Top Holdings

Largest long holdings in Burgundy Asset Management Ltd.'s portfolio (26.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 SS&C Technologies SSNC	Software - Application Technology	$460.5M	4.34%	-$4.1M Sold	2.13% 5.2M shares	≤ Q2 2013 Held for 12y 5m+
2 Primerica PRI	Insurance - Life Financial Services	$356.9M	3.37%	-$2.3M Sold	4.09% 1.3M shares	≤ Q2 2013 Held for 12y 5m+
3 Willis Towers Watson WTW	Insurance - Brokers Financial Services	$286.8M	2.71%	-$5.4M Sold	0.90% 877.5K shares	Q1 2021 Held for 4y 8m
4 EMCOR Group EME	Engineering & Construction Industrials	$275.3M	2.60%	-$53.6M Sold	0.99% 444.0K shares	Q4 2020 Held for 4y 11m
5 Armstrong World Industries AWI	Construction Industrials	$257.2M	2.43%	-$1.4M Sold	3.04% 1.3M shares	Q1 2020 Held for 5y 8m
6 Openlane KAR	Auto - Dealerships Consumer Cyclical	$245.2M	2.31%	-$52.9M Sold	7.97% 8.5M shares	Q1 2020 Held for 5y 8m
7 Houlihan Lokey HLI	Financial - Capital Markets Financial Services	$243.0M	2.29%	-$1.3M Sold	1.73% 1.2M shares	Q3 2015 Held for 10y 2m
8 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$238.0M	2.25%	-$4.7M Sold	0.01% 1.1M shares	Q1 2018 Held for 7y 8m
9 US Foods USFD	Food Distribution Consumer Defensive	$230.6M	2.18%	+$59.4M Bought	1.32% 3.0M shares	Q1 2025 Held for 8 months
10 Microsoft MSFT	Software - Infrastructure Technology	$230.1M	2.17%	-$27.3M Sold	0.01% 454.1K shares	≤ Q2 2013 Held for 12y 5m+

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Burgundy Asset Management Ltd.'s latest filing

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Market Value

$10.6B

Prior: $10.3B

Q/Q Change

+3.16%

+$324.4M

Net Flows % of MV

-1.95%

Turnover Ratio

3.29%

New Purchases

2 stocks

$59.9M

Added To

18 stocks

+$185.1M

Sold Out Of

3 stocks

$33.3M

Reduced Holdings

74 stocks

-$418.0M

Increased Positions

Position	Shares Δ	Change
1 Danaher DHR	New	0 → 236.8K +$48.7M
2 Align Technology ALGN	New	0 → 78.6K +$11.2M
3 MarketAxess MKTX	+67.05%	414.4K → 692.2K +$51.1M
4 CarMax KMX	+62.84%	25.5K → 41.5K +$981.5K
5 KinderCare Learning Companies KLC	+47.45%	2.7M → 3.9M +$9.1M

Decreased Positions

Position	Shares Δ	Change
1 HDB HDFC Bank HDB	Sold	196.0K → 0 −$15.0M
2 Everi Holdings EVRI	Sold	812.3K → 0 −$11.6M
3 Lowe's Companies LOW	Sold	30.1K → 0 −$6.7M
4 National Vision Holdings, Inc. EYE	-89.96%	2.5M → 251.6K −$51.7M
5 YMM Full Truck Alliance Co. Ltd. YMM	-61.21%	1.1M → 408.7K −$8.4M

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Analytics

Portfolio insights and performance metrics for Burgundy Asset Management Ltd.

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Sector Allocation

Financial Services

21.00%

Consumer Cyclical

18.10%

Industrials

15.90%

Technology

12.20%

Consumer Defensive

10.50%

Healthcare

10.10%

Communication Services

8.40%

Real Estate

2.10%

Basic Materials

0.90%

Energy

0.10%

Market Cap Distribution

Mega Cap (> $200B)

13.26%

Large Cap ($10B - $200B)

48.47%

Mid Cap ($2B - $10B)

32.83%

Small Cap ($300M - $2B)

2.58%

Nano Cap (< $50M)

2.51%

N/A (ETF or Unknown)

0.35%

Portfolio Concentration

Top 10 Holdings %

26.64%

Top 20 Holdings %

45.64%

Top 50 Holdings %

82.34%

Top 100 Holdings %

99.98%