# EDGAR Filing Document

**Accession Number:** 0001315868
**File Stem:** 0000950123-23-001412
**Filing Date:** 2023-2
**Character Count:** 14756
**Document Hash:** 3dd3e3c7e74c0055a63950ad215203bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950123-23-001412.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0000950123-23-001412

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Burgundy Asset Management Ltd.
- **CENTRAL INDEX KEY:** 0001315868
- **IRS NUMBER:** 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:** 23608734

**BUSINESS ADDRESS:**
- **STREET 1:** 181 BAY ST.
- **STREET 2:** SUITE 4510, BROOKFIELD PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 2T3
- **BUSINESS PHONE:** 416-869-3222

**MAIL ADDRESS:**
- **STREET 1:** 181 BAY ST.
- **STREET 2:** SUITE 4510, BROOKFIELD PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 2T3

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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):** 801-60503

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  02-10-2023<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:** 106

**Form 13F Information Table Value Total:** $7734661000

      (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 |
| AMERISOURCEBERGEN CORP | COM | 03073E105 |  | 150001000 | 905203 | SH |  | SOLE |  | 885222 | 0 | 19981 |
| ARTHUR J GALLAGHER  CO | COM | 363576109 |  | 210318000 | 1115510 | SH |  | SOLE |  | 747521 | 0 | 367989 |
| ALLISON TRANSMISSION HLDG IN | COM | 01973R101 |  | 221950000 | 5335331 | SH |  | SOLE |  | 4953685 | 0 | 381646 |
| AMERICAN HOMES 4 RENT REIT | CL A | 02665T306 |  | 128743000 | 4271505 | SH |  | SOLE |  | 2817774 | 0 | 1453731 |
| AMAZON.COM INC | COM | 023135106 |  | 77775000 | 925892 | SH |  | SOLE |  | 905120 | 0 | 20772 |
| ARGO GROUP INTL | COM | G0464B107 |  | 10601000 | 410097 | SH |  | SOLE |  | 280833 | 0 | 129264 |
| ARMSTRONG WORLD INDUSTRIE | COM | 04247X102 |  | 57178000 | 833614 | SH |  | SOLE |  | 557997 | 0 | 275617 |
| AUTOZONE INC | COM | 053332102 |  | 58838000 | 23858 | SH |  | SOLE |  | 23317 | 0 | 541 |
| BOEING CO | COM | 097023105 |  | 6667000 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| ALIBABA GRP-ADR | SPONSORED ADS | 01609W102 |  | 1641000 | 18626 | SH |  | SOLE |  | 18626 | 0 | 0 |
| BROOKFIELD ASSET MGMT LTD C | CL A LMT VTG SHS | 113004105 |  | 20357000 | 711151 | SH |  | SOLE |  | 706801 | 0 | 4350 |
| BRIGHT HORIZONS FAMILY SOLU | COM | 109194100 |  | 24283000 | 384832 | SH |  | SOLE |  | 239838 | 0 | 144994 |
| BROOKFIELD INF-A | COM SB VTG SHS A | 11275Q107 |  | 652000 | 16754 | SH |  | SOLE |  | 16754 | 0 | 0 |
| BANK OF MONTREAL | COM | 063671101 |  | 13585000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| BROOKFIELD CORP CL A | CL A LTD VT SH | 11271J107 |  | 74588000 | 2372547 | SH |  | SOLE |  | 2357171 | 0 | 15376 |
| BANK OF NOVA SCOTIA | COM | 064149107 |  | 70083000 | 1430833 | SH |  | SOLE |  | 1421272 | 0 | 9561 |
| BRIDGE INVESTMENT GRP HDS-A | COM CL A | 10806B100 |  | 27022000 | 2242477 | SH |  | SOLE |  | 1511836 | 0 | 730641 |
| BERKSHIRE HATHAWAY CL A | CL A | 084670108 |  | 77337000 | 165 | SH |  | SOLE |  | 165 | 0 | 0 |
| BERKSHIRE HATHAWAY CL B | CL B NEW | 084670702 |  | 54890000 | 177694 | SH |  | SOLE |  | 170148 | 0 | 7546 |
| CABLE ONE INC | COM | 12685J105 |  | 78176000 | 109820 | SH |  | SOLE |  | 73670 | 0 | 36150 |
| CARRIER GLOBAL CORP | COM | 14448C104 |  | 208076000 | 5044274 | SH |  | SOLE |  | 4930732 | 0 | 113542 |
| CBIZ INC | COM | 124805102 |  | 84164000 | 1796457 | SH |  | SOLE |  | 1047575 | 0 | 748882 |
| CDW CORP/DE | COM | 12514G108 |  | 653000 | 3654 | SH |  | SOLE |  | 3654 | 0 | 0 |
| COLLIERS INTERNA | SUB VTG SHS | 194693107 |  | 27647000 | 301052 | SH |  | SOLE |  | 299102 | 0 | 1950 |
| CDN NAT RES | COM | 136385101 |  | 1625000 | 29268 | SH |  | SOLE |  | 29268 | 0 | 0 |
| CDN NATL RAILWAY CO | COM | 136375102 |  | 65636000 | 552707 | SH |  | SOLE |  | 549078 | 0 | 3629 |
| COPART INC | COM | 217204106 |  | 36572000 | 600626 | SH |  | SOLE |  | 584774 | 0 | 15852 |
| CRA INTERNATIONA | COM | 12618T105 |  | 1118000 | 9133 | SH |  | SOLE |  | 9133 | 0 | 0 |
| CURTISS-WRIGHT | COM | 231561101 |  | 382000 | 2287 | SH |  | SOLE |  | 2287 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 225985000 | 1597745 | SH |  | SOLE |  | 1561729 | 0 | 36016 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 200767000 | 1643209 | SH |  | SOLE |  | 1605886 | 0 | 37323 |
| EBAY INC | COM | 278642103 |  | 126650000 | 3054005 | SH |  | SOLE |  | 2984941 | 0 | 69064 |
| ENERFLEX LTD | COM | 29269R105 |  | 16976000 | 2692322 | SH |  | SOLE |  | 2685459 | 0 | 6863 |
| EQUIFAX INC | COM | 294429105 |  | 111571000 | 574042 | SH |  | SOLE |  | 560971 | 0 | 13071 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 98961000 | 668161 | SH |  | SOLE |  | 415849 | 0 | 252312 |
| ENBRIDGE INC | COM | 29250N105 |  | 18146000 | 464421 | SH |  | SOLE |  | 458583 | 0 | 5838 |
| EQUITY COMMONWEALTH | COM SH BEN INT | 294628102 |  | 22216000 | 889727 | SH |  | SOLE |  | 572369 | 0 | 317358 |
| FEDERATED HERMES INC | CL B | 314211103 |  | 35678000 | 982594 | SH |  | SOLE |  | 669239 | 0 | 313355 |
| GRACO INC | COM | 384109104 |  | 50590000 | 752153 | SH |  | SOLE |  | 487348 | 0 | 264805 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 66424000 | 770840 | SH |  | SOLE |  | 765511 | 0 | 5329 |
| GENERAC HOLDINGS | COM | 368736104 |  | 26206000 | 260341 | SH |  | SOLE |  | 174518 | 0 | 85823 |
| GENTEX CORP | COM | 371901109 |  | 99490000 | 3648349 | SH |  | SOLE |  | 2448483 | 0 | 1199866 |
| ALPHABET INC-A | CAP STK CL A | 02079K305 |  | 282783000 | 3205061 | SH |  | SOLE |  | 3133681 | 0 | 71380 |
| HOULIHAN LOKEY INC | CL A | 441593100 |  | 137459000 | 1577091 | SH |  | SOLE |  | 1031146 | 0 | 545945 |
| HILLMAN SOLUTION | COM | 431636109 |  | 53124000 | 7368157 | SH |  | SOLE |  | 4942157 | 0 | 2426000 |
| HENRY SCHEIN INC | COM | 806407102 |  | 140954000 | 1764797 | SH |  | SOLE |  | 1725450 | 0 | 39347 |
| IAA INC | COM | 449253103 |  | 50285000 | 1257132 | SH |  | SOLE |  | 732172 | 0 | 524960 |
| INTEGRA LIFESCIE | COM NEW | 457985208 |  | 292000 | 5206 | SH |  | SOLE |  | 5206 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE I | COM | 45866F104 |  | 218331000 | 2128191 | SH |  | SOLE |  | 2080430 | 0 | 47761 |
| INVITATION HOMES | COM | 46187W107 |  | 345000 | 11642 | SH |  | SOLE |  | 11642 | 0 | 0 |
| JEFFERIES FINANCIAL GROUP IN | COM | 47233W109 |  | 35584000 | 1038051 | SH |  | SOLE |  | 692039 | 0 | 346012 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 152591000 | 863806 | SH |  | SOLE |  | 845669 | 0 | 18137 |
| KAR AUCTION SERV INC | COM | 48238T109 |  | 104685000 | 8021848 | SH |  | SOLE |  | 5246376 | 0 | 2775472 |
| KENNAMETAL INC | COM | 489170100 |  | 108044000 | 4490601 | SH |  | SOLE |  | 2967974 | 0 | 1522627 |
| COCA-COLA FEMSA SAB S-ADR | SPONSORD ADR REP | 191241108 |  | 19847000 | 292381 | SH |  | SOLE |  | 292381 | 0 | 0 |
| LAB CORP OF AMER HLDG | COM NEW | 50540R409 |  | 27082000 | 115007 | SH |  | SOLE |  | 111944 | 0 | 3063 |
| LIGHT  WONDER INC | COM | 80874P109 |  | 70686000 | 1206253 | SH |  | SOLE |  | 801033 | 0 | 405220 |
| GRAND CANYON EDU | COM | 38526M106 |  | 98332000 | 930643 | SH |  | SOLE |  | 613239 | 0 | 317404 |
| LOVESAC CO/THE | COM | 54738L109 |  | 638000 | 29004 | SH |  | SOLE |  | 29004 | 0 | 0 |
| LANDSTAR SYSTEM INC | COM | 515098101 |  | 402000 | 2466 | SH |  | SOLE |  | 2466 | 0 | 0 |
| MASTERCARD INC CLASS A | CL A | 57636Q104 |  | 155991000 | 448598 | SH |  | SOLE |  | 438572 | 0 | 10026 |
| MAIN STREET CAPITAL CORP | COM | 56035L104 |  | 46448000 | 1257063 | SH |  | SOLE |  | 734645 | 0 | 522418 |
| MCDONALDS CORP | COM | 580135101 |  | 15301000 | 58063 | SH |  | SOLE |  | 58063 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 123217000 | 1023911 | SH |  | SOLE |  | 1001236 | 0 | 22675 |
| MARKETAXESS HLDG INC | COM | 57060D108 |  | 36207000 | 129824 | SH |  | SOLE |  | 86233 | 0 | 43591 |
| MIND CTI LTD | ORD | M70240102 |  | 735000 | 349798 | SH |  | SOLE |  | 349798 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 327417000 | 1365262 | SH |  | SOLE |  | 1335674 | 0 | 29588 |
| M BK CORP | COM | 55261F104 |  | 5802000 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 9435000 | 24300 | SH |  | SOLE |  | 23754 | 0 | 546 |
| NUTRIEN LTD | COM | 67077M108 |  | 5474000 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| NEWS CORP-CL B | CL B | 65249B208 |  | 47239000 | 2561791 | SH |  | SOLE |  | 2503807 | 0 | 57984 |
| NEWS CORP-CL A | CL A | 65249B109 |  | 188272000 | 10344633 | SH |  | SOLE |  | 10102059 | 0 | 242574 |
| NEW YORK TIMES CO-A | CL A | 650111107 |  | 1327000 | 40879 | SH |  | SOLE |  | 23851 | 0 | 17028 |
| OLLIE'S BARGAIN OUTLET HOLDI | COM | 681116109 |  | 14056000 | 300081 | SH |  | SOLE |  | 178604 | 0 | 121477 |
| ORACLE CORP | COM | 68389X105 |  | 89363000 | 1093255 | SH |  | SOLE |  | 1069090 | 0 | 24165 |
| PENSKE AUTO GRP INC | COM | 70959W103 |  | 127971000 | 1113470 | SH |  | SOLE |  | 741329 | 0 | 372141 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 202396000 | 1335417 | SH |  | SOLE |  | 1306034 | 0 | 29383 |
| PREMIER INC CL A | CL A | 74051N102 |  | 112884000 | 3227115 | SH |  | SOLE |  | 2131318 | 0 | 1095797 |
| PRIMERICA INC | COM | 74164M108 |  | 176959000 | 1247772 | SH |  | SOLE |  | 833039 | 0 | 414733 |
| QUIDELORTHO CORP | COM | 219798105 |  | 66211000 | 772862 | SH |  | SOLE |  | 450174 | 0 | 322688 |
| RESTAURANT BRAND INTERN | COM | 76131D103 |  | 109889000 | 1699606 | SH |  | SOLE |  | 1688671 | 0 | 10935 |
| RITCHIE BROS AUCTIONEERS INC | COM | 767744105 |  | 552000 | 9548 | SH |  | SOLE |  | 9548 | 0 | 0 |
| ROGERS COMMUNI-B | CL B | 775109200 |  | 117118000 | 2503154 | SH |  | SOLE |  | 2486160 | 0 | 16994 |
| ROSS STORES INC | COM | 778296103 |  | 139224000 | 1199483 | SH |  | SOLE |  | 1172410 | 0 | 27073 |
| RAYTHEON TECHNOL | COM | 75513E101 |  | 833000 | 8257 | SH |  | SOLE |  | 8257 | 0 | 0 |
| ROYAL BANK OF CANADA | COM | 780087102 |  | 54544000 | 580318 | SH |  | SOLE |  | 576581 | 0 | 3737 |
| GLOBAL SELF STOR | COM | 37955N106 |  | 1255000 | 257237 | SH |  | SOLE |  | 257237 | 0 | 0 |
| SHAW COM CL B NON-VTG | CL B CONV | 82028K200 |  | 35522000 | 1233292 | SH |  | SOLE |  | 1223538 | 0 | 9754 |
| SKYLINE CHAMPION CORP | COM | 830830105 |  | 27622000 | 536242 | SH |  | SOLE |  | 358960 | 0 | 177282 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 66068000 | 697581 | SH |  | SOLE |  | 457967 | 0 | 239614 |
| SIMPSON MFG | COM | 829073105 |  | 48209000 | 543747 | SH |  | SOLE |  | 363482 | 0 | 180265 |
| SS TECH HLDG INC | COM | 78467J100 |  | 239764000 | 4605540 | SH |  | SOLE |  | 3578372 | 0 | 1027168 |
| STANTEC INC | COM | 85472N109 |  | 57299000 | 1196140 | SH |  | SOLE |  | 1186635 | 0 | 9505 |
| STRATEGIC EDUCATION INC | COM | 86272C103 |  | 83983000 | 1072302 | SH |  | SOLE |  | 711617 | 0 | 360685 |
| SUNCOR ENERGY INC | COM | 867224107 |  | 3355000 | 105788 | SH |  | SOLE |  | 105788 | 0 | 0 |
| TELUS CORP | COM | 87971M103 |  | 1062000 | 55031 | SH |  | SOLE |  | 55031 | 0 | 0 |
| TORONTO-DOMINION BANK | COM NEW | 891160509 |  | 51018000 | 788179 | SH |  | SOLE |  | 782853 | 0 | 5326 |
| TRUIST FINANCIAL CORP | COM | 89832Q109 |  | 174567000 | 4056864 | SH |  | SOLE |  | 3965394 | 0 | 91470 |
| THOMSON REUTERS CORP | COM NEW | 884903709 |  | 578000 | 5064 | SH |  | SOLE |  | 5064 | 0 | 0 |
| TC Energy Corp | COM | 87807B107 |  | 34405000 | 863246 | SH |  | SOLE |  | 856063 | 0 | 7183 |
| SIXTH STREET SPECIALTY LENDI | COM | 83012A109 |  | 18598000 | 1044822 | SH |  | SOLE |  | 756706 | 0 | 288116 |
| MARRIOTT VACATIONS WORLDWI | COM | 57164Y107 |  | 69859000 | 519053 | SH |  | SOLE |  | 330581 | 0 | 188472 |
| WYNDHAM HOTELS  RESORTS I | COM | 98311A105 |  | 81294000 | 1140003 | SH |  | SOLE |  | 763303 | 0 | 376700 |
| WHEELER REIT INC 8.75 SR D PFD | PFD CNV SER D | 963025606 |  | 521000 | 40600 | SH |  | SOLE |  | 40600 | 0 | 0 |
| WILLIS TOWERS WA | SHS | G96629103 |  | 172741000 | 706277 | SH |  | SOLE |  | 690303 | 0 | 15974 |
| YUM CHINA HO | COM | 98850P109 |  | 394000 | 7215 | SH |  | SOLE |  | 7215 | 0 | 0 |

---