# EDGAR Filing Document

**Accession Number:** 0001315868
**File Stem:** 0001193125-25-277473
**Filing Date:** 2025-11
**Character Count:** 15253
**Document Hash:** 2d332b7531b0c11b4c263e824e7f41ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-277473.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001193125-25-277473

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Burgundy Asset Management Ltd.
- **CENTRAL INDEX KEY:** 0001315868

**ORGANIZATION NAME:**
- **EIN:** 980407588
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11129
- **FILM NUMBER:** 251472391

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 181 BAY ST.
- **STREET 2:** SUITE 4510, BROOKFIELD PLACE
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2T3
- **BUSINESS PHONE:** 416-869-3222

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 181 BAY ST.
- **STREET 2:** SUITE 4510, BROOKFIELD PLACE
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2T3

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Burgundy Asset Management Ltd.<br>**Address:** 181 BAY ST.<br>Suite 4510 BROOKFIELD PLACE<br>Toronto, A6 M5J 2T3

**Form 13F File Number:** 028-11129

**CRD Number (if applicable):** 000114317

**SEC File Number (if applicable):** 028-11129

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Karen Mintz<br>**Title:** VP Chief Compliance Officer  Associate General Counsel<br>**Phone:** 416-869-8990

**Signature, Place, and Date of Signing:**

/s/ Karen Mintz  Toronto, A6  11-12-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 109

**Form 13F Information Table Value Total:** $10599777650

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 11161605 | 78625 | SH |  | SOLE |  | 35148 | 0 | 43477 |
| ALARM COM HLDGS INC | COM | 011642105 |  | 58583565 | 999208 | SH |  | SOLE |  | 679986 | 0 | 319222 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 193035949 | 2210926 | SH |  | SOLE |  | 1951708 | 0 | 259218 |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 |  | 152552903 | 4258875 | SH |  | SOLE |  | 3149558 | 0 | 1109317 |
| AMAZON COM INC | COM | 023135106 |  | 152325991 | 665179 | SH |  | SOLE |  | 644583 | 0 | 20596 |
| ATOUR LIFESTYLE HLDGS LTD | SPONSORED ADS | 04965M106 |  | 30156111 | 774823 | SH |  | SOLE |  | 774823 | 0 | 0 |
| ATS CORPORATION | COM | 00217Y104 |  | 50009958 | 1807557 | SH |  | SOLE |  | 1797410 | 0 | 10147 |
| ARMSTRONG WORLD INDS INC NEW | COM | 04247X102 |  | 257178351 | 1313676 | SH |  | SOLE |  | 982668 | 0 | 331008 |
| AUTOZONE INC | COM | 053332102 |  | 47544154 | 11324 | SH |  | SOLE |  | 10961 | 0 | 363 |
| BOEING CO | COM | 097023105 |  | 19947800 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 2157019 | 35864 | SH |  | SOLE |  | 35864 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE CO | COM SUB VTG A | 11276H106 |  | 2847510 | 70760 | SH |  | SOLE |  | 70760 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 72972406 | 1110869 | SH |  | SOLE |  | 1103297 | 0 | 7572 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 74847239 | 1199190 | SH |  | SOLE |  | 1190024 | 0 | 9166 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 116313120 | 154 | SH |  | SOLE |  | 154 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 47126711 | 93695 | SH |  | SOLE |  | 86109 | 0 | 7586 |
| CABLE ONE INC | COM | 12685J105 |  | 76229379 | 472067 | SH |  | SOLE |  | 345474 | 0 | 126593 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 75985580 | 1165423 | SH |  | SOLE |  | 1128175 | 0 | 37248 |
| CBIZ INC | COM | 124805102 |  | 149449211 | 2315606 | SH |  | SOLE |  | 1661986 | 0 | 653620 |
| CDW CORP | COM | 12514G108 |  | 432825 | 2627 | SH |  | SOLE |  | 2627 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 70093878 | 424796 | SH |  | SOLE |  | 421586 | 0 | 3210 |
| CME GROUP INC | COM | 12572Q105 |  | 153333064 | 575337 | SH |  | SOLE |  | 557167 | 0 | 18170 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 2819713 | 89097 | SH |  | SOLE |  | 89097 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 81803192 | 845531 | SH |  | SOLE |  | 839170 | 0 | 6361 |
| CENCORA INC | COM | 03073E105 |  | 174893972 | 599753 | SH |  | SOLE |  | 580760 | 0 | 18993 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 271080 | 3561 | SH |  | SOLE |  | 3561 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 15573026 | 319054 | SH |  | SOLE |  | 309681 | 0 | 9373 |
| CHARLES RIV LABS INTL INC | COM | 159864107 |  | 45453909 | 278329 | SH |  | SOLE |  | 177657 | 0 | 100672 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 852541 | 1783 | SH |  | SOLE |  | 1783 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 59437314 | 350704 | SH |  | SOLE |  | 339587 | 0 | 11117 |
| DANAHER CORPORATION | COM | 235851102 |  | 48732413 | 236772 | SH |  | SOLE |  | 229201 | 0 | 7571 |
| DOLLAR TREE INC | COM | 256746108 |  | 49431521 | 452794 | SH |  | SOLE |  | 438868 | 0 | 13926 |
| DOUBLEVERIFY HLDGS INC | COM | 25862V105 |  | 58706585 | 3608272 | SH |  | SOLE |  | 2417090 | 0 | 1191182 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 167371659 | 973374 | SH |  | SOLE |  | 942126 | 0 | 31248 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 112886452 | 1211358 | SH |  | SOLE |  | 878978 | 0 | 332380 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 40383307 | 440241 | SH |  | SOLE |  | 426461 | 0 | 13780 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 275268840 | 443982 | SH |  | SOLE |  | 328678 | 0 | 115304 |
| ENBRIDGE INC | COM | 29250N105 |  | 7967418 | 164767 | SH |  | SOLE |  | 164274 | 0 | 493 |
| NATIONAL VISION HLDGS INC | COM | 63845R107 |  | 5771153 | 251576 | SH |  | SOLE |  | 183801 | 0 | 67775 |
| FIRST AMERN FINL CORP | COM | 31847R102 |  | 421146 | 6381 | SH |  | SOLE |  | 6381 | 0 | 0 |
| GRACO INC | COM | 384109104 |  | 84308365 | 987333 | SH |  | SOLE |  | 719998 | 0 | 267335 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 77563685 | 799246 | SH |  | SOLE |  | 793135 | 0 | 6111 |
| GLOBUS MED INC | CL A | 379577208 |  | 212054428 | 3460983 | SH |  | SOLE |  | 2567330 | 0 | 893653 |
| GENERAC HLDGS INC | COM | 368736104 |  | 120109431 | 648364 | SH |  | SOLE |  | 479231 | 0 | 169133 |
| GENTEX CORP | COM | 371901109 |  | 221948775 | 7923912 | SH |  | SOLE |  | 5847211 | 0 | 2076701 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 238014857 | 1117913 | SH |  | SOLE |  | 1083364 | 0 | 34549 |
| GRANITE REAL ESTATE INVT TR | TR UNIT NEW | 387437205 |  | 2319656 | 40742 | SH |  | SOLE |  | 40742 | 0 | 0 |
| HOULIHAN LOKEY INC | CL A | 441593100 |  | 243008687 | 1219617 | SH |  | SOLE |  | 901628 | 0 | 317989 |
| HILLMAN SOLUTIONS CORP | COM | 431636109 |  | 110310052 | 11164985 | SH |  | SOLE |  | 8237906 | 0 | 2927079 |
| HENRY SCHEIN INC | COM | 806407102 |  | 151049204 | 2170871 | SH |  | SOLE |  | 1787700 | 0 | 383171 |
| IAC INC | COM NEW | 44891N208 |  | 91620091 | 2501914 | SH |  | SOLE |  | 1861751 | 0 | 640163 |
| INSTALLED BLDG PRODS INC | COM | 45780R101 |  | 20028706 | 76498 | SH |  | SOLE |  | 57888 | 0 | 18610 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 219666382 | 1243864 | SH |  | SOLE |  | 1204576 | 0 | 39288 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 19124006 | 294896 | SH |  | SOLE |  | 187893 | 0 | 107003 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 201431483 | 1136939 | SH |  | SOLE |  | 1102393 | 0 | 34546 |
| OPENLANE INC | COM | 48238T109 |  | 245168548 | 8477474 | SH |  | SOLE |  | 6243855 | 0 | 2233619 |
| KINDERCARE LEARNING COMPANIE | COM | 49456W105 |  | 28180989 | 3919470 | SH |  | SOLE |  | 2934091 | 0 | 985379 |
| CARMAX INC | COM | 143130102 |  | 2543510 | 41459 | SH |  | SOLE |  | 40267 | 0 | 1192 |
| KENVUE INC | COM | 49177J102 |  | 145596395 | 7030246 | SH |  | SOLE |  | 6804781 | 0 | 225465 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 25977610 | 93448 | SH |  | SOLE |  | 90669 | 0 | 2779 |
| LIGHT  WONDER INC | COM | 80874P109 |  | 125816901 | 1360624 | SH |  | SOLE |  | 978780 | 0 | 381844 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 197013913 | 977397 | SH |  | SOLE |  | 704823 | 0 | 272574 |
| LANDSTAR SYS INC | COM | 515098101 |  | 11298335 | 85380 | SH |  | SOLE |  | 65456 | 0 | 19924 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 119379457 | 200540 | SH |  | SOLE |  | 194234 | 0 | 6306 |
| MCDONALDS CORP | COM | 580135101 |  | 19013693 | 60642 | SH |  | SOLE |  | 60642 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 178111365 | 2898948 | SH |  | SOLE |  | 2808041 | 0 | 90907 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 202732865 | 2184386 | SH |  | SOLE |  | 2114494 | 0 | 69892 |
| META PLATFORMS INC | CL A | 30303M102 |  | 277012 | 375 | SH |  | SOLE |  | 375 | 0 | 0 |
| MIDDLEBY CORP | COM | 596278101 |  | 219507 | 1604 | SH |  | SOLE |  | 1604 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 |  | 127256989 | 692216 | SH |  | SOLE |  | 512493 | 0 | 179723 |
| 3M CO | COM | 88579Y101 |  | 17108300 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 230080835 | 454086 | SH |  | SOLE |  | 439574 | 0 | 14512 |
| NIKE INC | CL B | 654106103 |  | 105540030 | 1364095 | SH |  | SOLE |  | 1321531 | 0 | 42564 |
| NUTRIEN LTD | COM | 67077M108 |  | 9503580 | 165000 | SH |  | SOLE |  | 165000 | 0 | 0 |
| NEWS CORP NEW | CL B | 65249B208 |  | 64229612 | 1896357 | SH |  | SOLE |  | 1838022 | 0 | 58335 |
| NEWS CORP NEW | CL A | 65249B109 |  | 160427991 | 5454879 | SH |  | SOLE |  | 5280718 | 0 | 174161 |
| NEW YORK TIMES CO | CL A | 650111107 |  | 141045812 | 2357049 | SH |  | SOLE |  | 1732195 | 0 | 624854 |
| ORACLE CORP | COM | 68389X105 |  | 104739798 | 463184 | SH |  | SOLE |  | 448701 | 0 | 14483 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 163361443 | 885860 | SH |  | SOLE |  | 656053 | 0 | 229807 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 83253500 | 530142 | SH |  | SOLE |  | 513574 | 0 | 16568 |
| PPG INDS INC | COM | 693506107 |  | 90611851 | 814635 | SH |  | SOLE |  | 788525 | 0 | 26110 |
| PRIMERICA INC | COM | 74164M108 |  | 356866881 | 1324968 | SH |  | SOLE |  | 984182 | 0 | 340786 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 110266739 | 1742299 | SH |  | SOLE |  | 1729459 | 0 | 12840 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 119291378 | 3331220 | SH |  | SOLE |  | 3307037 | 0 | 24183 |
| ROSS STORES INC | COM | 778296103 |  | 172244599 | 1170458 | SH |  | SOLE |  | 1133349 | 0 | 37109 |
| ROYAL BK CDA | COM | 780087102 |  | 92824221 | 639134 | SH |  | SOLE |  | 634475 | 0 | 4659 |
| CHAMPION HOMES INC | COM | 830830105 |  | 63719405 | 844413 | SH |  | SOLE |  | 604532 | 0 | 239881 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 23537651 | 158963 | SH |  | SOLE |  | 115097 | 0 | 43866 |
| SOUTH BOW CORP | COM | 83671M105 |  | 229103 | 8272 | SH |  | SOLE |  | 8268 | 0 | 4 |
| SIMPSON MFG INC | COM | 829073105 |  | 131853688 | 689900 | SH |  | SOLE |  | 516086 | 0 | 173814 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 460455533 | 5193498 | SH |  | SOLE |  | 4083010 | 0 | 1110488 |
| STANTEC INC | COM | 85472N109 |  | 93218699 | 858122 | SH |  | SOLE |  | 851638 | 0 | 6484 |
| STRATEGIC ED INC | COM | 86272C103 |  | 123354096 | 1516338 | SH |  | SOLE |  | 1127523 | 0 | 388815 |
| SYSCO CORP | COM | 871829107 |  | 60672449 | 753976 | SH |  | SOLE |  | 732975 | 0 | 21001 |
| TELUS CORPORATION | COM | 87971M103 |  | 3403448 | 206581 | SH |  | SOLE |  | 206581 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 142295029 | 1896245 | SH |  | SOLE |  | 1882216 | 0 | 14029 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 93938852 | 2006383 | SH |  | SOLE |  | 1944597 | 0 | 61786 |
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88034P109 |  | 293872 | 11985 | SH |  | SOLE |  | 11985 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 282747 | 1593 | SH |  | SOLE |  | 1593 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 2152742 | 41363 | SH |  | SOLE |  | 41345 | 0 | 18 |
| SIXTH STREET SPECIALTY LENDI | COM | 83012A109 |  | 57753052 | 2362088 | SH |  | SOLE |  | 1802998 | 0 | 559090 |
| US FOODS HLDG CORP | COM | 912008109 |  | 230610283 | 2971782 | SH |  | SOLE |  | 2877007 | 0 | 94775 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 1502176 | 19136 | SH |  | SOLE |  | 19136 | 0 | 0 |
| WABTEC | COM | 929740108 |  | 139083736 | 718779 | SH |  | SOLE |  | 695704 | 0 | 23075 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 41379668 | 224049 | SH |  | SOLE |  | 222352 | 0 | 1697 |
| WYNDHAM HOTELS  RESORTS INC | COM | 98311A105 |  | 212569521 | 2454330 | SH |  | SOLE |  | 1780835 | 0 | 673495 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 286750382 | 877476 | SH |  | SOLE |  | 850161 | 0 | 27315 |
| FULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 35969L108 |  | 5333339 | 408685 | SH |  | SOLE |  | 408685 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 517142 | 11564 | SH |  | SOLE |  | 11564 | 0 | 0 |

---