# EDGAR Filing Document

**Accession Number:** 0001315868
**File Stem:** 0001021408-25-000461
**Filing Date:** 2025-7
**Character Count:** 40674
**Document Hash:** e43536c9183b2a58b02832bd357f27ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001021408-25-000461.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001021408-25-000461

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250722

**EFFECTIVENESS DATE**: 20250722

**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:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11129
- **FILM NUMBER:** 251140170

**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 N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001315868

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Burgundy Asset Management Ltd.

**Address:** 181 Bay Street, Suite 4510, Toronto, A6 M5J 2T3

**Telephone number:** 416-869-3222

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-11129

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                                  | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                            | VOTE CATEGORY                |     SHARES VOTED |   SHARES ON LOAN | HOW VOTED   | SHARES VOTED FOR OR AGAINST MANAGEMENT   | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| Electronic Arts Inc.                            | 285512109 | 08/01/2024     | Advisory vote to approve named executive officer compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |      1.114e+06   |                0 | FOR         | 1113996.000000                           | FOR                         |  |
| Skyline Champion Corporation                    | 830830105 | 08/01/2024     | To consider a non-binding advisory vote on fiscal 2024 compensation paid to Skyline Champion's Named Executive Officers.                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 300522           |                0 | FOR         | 300522.000000                            | FOR                         |  |
| Houlihan Lokey, Inc.                            | 441593100 | 09/18/2024     | To approve, on an advisory basis, the compensation of our named executive officers as disclosed in the accompanying Proxy Statement;                                                                        | SECTION 14A SAY-ON-PAY VOTES | 495744           |                0 | FOR         | 495744.000000                            | FOR                         |  |
| Houlihan Lokey, Inc.                            | 441593100 | 09/18/2024     | To approve, on an advisory basis, the frequency (every one, two or three years) of future advisory votes to approve the compensation of our named executive officers;                                       | SECTION 14A SAY-ON-PAY VOTES | 495744           |                0 | ONE YEAR    | 495744.000000                            | FOR                         |  |
| John Wiley  Sons, Inc.                          | 968223206 | 09/26/2024     | Approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES | 384279           |                0 | FOR         | 384279.000000                            | FOR                         |  |
| The Procter  Gamble Company                     | 742718109 | 10/08/2024     | Advisory Vote to Approve the Company's Executive Compensation (the "Say on Pay" vote)                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES | 714936           |                0 | FOR         | 714936.000000                            | FOR                         |  |
| Kennametal Inc.                                 | 489170100 | 10/29/2024     | Non-Binding (Advisory) Vote to Approve the Compensation Paid to the Company's Named Executive Officers;                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |      2.05315e+06 |                0 | FOR         | 2053153.000000                           | FOR                         |  |
| The Estee Lauder Companies Inc.                 | 518439104 | 11/08/2024     | Advisory vote to approve executive compensation.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES | 382696           |                0 | AGAINST     | 382696.000000                            | AGAINST                     |  |
| Equity Commonwealth                             | 294628102 | 11/12/2024     | To approve, on an advisory, non-binding basis, the compensation that may become payable by the Company to its named executive officers in connection with the Plan of Sale.                                 | SECTION 14A SAY-ON-PAY VOTES |      1.51466e+06 |                0 | FOR         | 1514661.000000                           | FOR                         |  |
| Everi Holdings Inc.                             | 30034T103 | 11/14/2024     | Approval, on an advisory (non-binding) basis, of the "golden parachute" compensation payments that will or may be paid by the Company to its named executive officers in connection with the Merger.        | SECTION 14A SAY-ON-PAY VOTES | 316892           |                0 | FOR         | 316892.000000                            | FOR                         |  |
| Oracle Corporation                              | 68389X105 | 11/14/2024     | Advisory Vote to Approve the Compensation of our Named Executive Officers                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES | 522252           |                0 | FOR         | 522252.000000                            | FOR                         |  |
| News Corporation                                | 65249B208 | 11/20/2024     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |      1.80322e+06 |                0 | FOR         | 1803225.000000                           | FOR                         |  |
| News Corporation                                | 65249B208 | 11/20/2024     | Company's proposal to approve, on a non-binding advisory basis, executive compensation.                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |      0           |                0 |  |  |  |  |
| Copart, Inc.                                    | 217204106 | 12/06/2024     | To approve, on an advisory (non-binding) basis, the compensation of our named executive officers for the fiscal year ended July 31, 2024.                                                                   | SECTION 14A SAY-ON-PAY VOTES | 382588           |                0 | FOR         | 382588.000000                            | FOR                         |  |
| Microsoft Corporation                           | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote")                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES | 556265           |                0 | FOR         | 556265.000000                            | FOR                         |  |
| AutoZone, Inc.                                  | 053332102 | 12/18/2024     | Approval of an advisory vote on the compensation of named executive officers                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |  15717           |                0 | FOR         | 15717.000000                             | FOR                         |  |
| Cencora, Inc.                                   | 03073E105 | 03/06/2025     | Advisory vote to approve the fiscal 2024 compensation of Cencora, Inc.'s named executive officers.                                                                                                          | SECTION 14A SAY-ON-PAY VOTES | 642821           |                0 | FOR         | 642821.000000                            | FOR                         |  |
| TD SYNNEX Corporation                           | 87162W100 | 04/02/2025     | An advisory vote to approve our Executive Compensation                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |  57613           |                0 | FOR         | 57613.000000                             | FOR                         |  |
| Carrier Global Corporation                      | 14448C104 | 04/09/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |      1.55155e+06 |                0 | FOR         | 1551549.000000                           | FOR                         |  |
| Strategic Education, Inc.                       | 86272C103 | 04/23/2025     | To approve, on an advisory basis, the compensation of the named executive officers.                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES | 553978           |                0 | FOR         | 553978.000000                            | FOR                         |  |
| Johnson  Johnson                                | 478160104 | 04/24/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES | 904831           |                0 | FOR         | 904831.000000                            | FOR                         |  |
| Graco Inc.                                      | 384109104 | 04/25/2025     | Approval, on an advisory basis, of the compensation paid to our named executive officers as disclosed in the Proxy Statement.                                                                               | SECTION 14A SAY-ON-PAY VOTES | 365955           |                0 | FOR         | 365955.000000                            | FOR                         |  |
| Truist Financial Corporation                    | 89832Q109 | 04/29/2025     | Advisory vote to approve Truist's executive compensation program.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |      1.66388e+06 |                0 | FOR         | 1663881.000000                           | FOR                         |  |
| Main Street Capital Corporation                 | 56035L104 | 05/05/2025     | Advisory non-binding approval of executive compensation.                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 113135           |                0 | FOR         | 113135.000000                            | FOR                         |  |
| Simpson Manufacturing Co., Inc.                 | 829073105 | 05/06/2025     | Approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES | 278961           |                0 | FOR         | 278961.000000                            | FOR                         |  |
| Allison Transmission Holdings, Inc.             | 01973R101 | 05/07/2025     | An advisory non-binding vote to approve the compensation paid to our named executive officers.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |      1.46862e+06 |                0 | FOR         | 1468623.000000                           | FOR                         |  |
| Allison Transmission Holdings, Inc.             | 01973R101 | 05/07/2025     | An advisory non-binding vote on the frequency of future advisory votes on the compensation paid to our named executive officers.                                                                            | SECTION 14A SAY-ON-PAY VOTES |      1.46862e+06 |                0 | ONE YEAR    | 1468623.000000                           | FOR                         |  |
| American Homes 4 Rent                           | 02665T306 | 05/07/2025     | Advisory Vote to Approve American Homes 4 Rent's Named Executive Officer Compensation.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |      1.68155e+06 |                0 | FOR         | 1681546.000000                           | FOR                         |  |
| CME Group Inc.                                  | 12572Q105 | 05/08/2025     | Advisory vote on the compensation of our named executive officers.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES | 479120           |                0 | FOR         | 479120.000000                            | FOR                         |  |
| Curtiss-Wright Corporation                      | 231561101 | 05/08/2025     | An advisory (non-binding) vote to approve the compensation of the Company's named executive officers                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |   1783           |                0 | FOR         | 1783.000000                              | FOR                         |  |
| Gentherm Incorporated                           | 37253A103 | 05/08/2025     | Approval (on an advisory basis) of the compensation of the Company's named executive officers for the year ended December 31, 2024.                                                                         | SECTION 14A SAY-ON-PAY VOTES |  37366           |                0 | FOR         | 37366.000000                             | FOR                         |  |
| First American Financial Corporation            | 31847R102 | 05/13/2025     | Advisory vote to approve executive compensation.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |  96597           |                0 | FOR         | 96597.000000                             | FOR                         |  |
| Donnelley Financial Solutions, Inc.             | 25787G100 | 05/14/2025     | To approve, on an advisory basis, the Company's executive compensation.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |  99251           |                0 | FOR         | 99251.000000                             | FOR                         |  |
| Euronet Worldwide, Inc.                         | 298736109 | 05/14/2025     | Advisory vote on executive compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 469643           |                0 | FOR         | 469643.000000                            | FOR                         |  |
| Penske Automotive Group, Inc.                   | 70959W103 | 05/14/2025     | Approval, by non-binding vote, of named executive officer compensation.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES | 354352           |                0 | FOR         | 354352.000000                            | FOR                         |  |
| Primerica, Inc.                                 | 74164M108 | 05/14/2025     | To consider an advisory vote on executive compensation (Say-on-Pay).                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES | 542091           |                0 | FOR         | 542091.000000                            | FOR                         |  |
| The Middleby Corporation                        | 596278101 | 05/14/2025     | Approval, on an advisory basis, of the compensation of our named executive officers; and                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |   1604           |                0 | FOR         | 1604.000000                              | FOR                         |  |
| Cable One, Inc.                                 | 12685J105 | 05/15/2025     | To approve, on a non-binding advisory basis, the compensation of the Company's named executive officers for 2024.                                                                                           | SECTION 14A SAY-ON-PAY VOTES | 162521           |                0 | FOR         | 162521.000000                            | FOR                         |  |
| CBIZ, Inc.                                      | 124805102 | 05/15/2025     | To conduct an advisory vote approving named executive officer compensation.                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES | 877407           |                0 | FOR         | 877407.000000                            | FOR                         |  |
| Gentex Corporation                              | 371901109 | 05/15/2025     | To approve, on an advisory basis, compensation of the Company's named executive officers.                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |      3.16623e+06 |                0 | FOR         | 3166232.000000                           | FOR                         |  |
| Labcorp Holdings Inc.                           | 504922105 | 05/15/2025     | To approve, by non-binding vote, the compensation of Company's Named Executive Officers.                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |  52535           |                0 | FOR         | 52535.000000                             | FOR                         |  |
| Westinghouse Air Brake Technologies Corporation | 929740108 | 05/15/2025     | Approve an advisory (non-binding) resolution to approve the 2024 named executive officer compensation.                                                                                                      | SECTION 14A SAY-ON-PAY VOTES | 380155           |                0 | FOR         | 380155.000000                            | FOR                         |  |
| Willis Towers Watson Public Limited Company     | G96629103 | 05/15/2025     | Approve, on an advisory basis, the named executive officer compensation.                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 729779           |                0 | FOR         | 729779.000000                            | FOR                         |  |
| Wyndham Hotels  Resorts, Inc.                   | 98311A105 | 05/15/2025     | To vote on an advisory resolution to approve our executive compensation program.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES | 947216           |                0 | FOR         | 947216.000000                            | FOR                         |  |
| Wyndham Hotels  Resorts, Inc.                   | 98311A105 | 05/15/2025     | To vote on an advisory resolution on the frequency of the advisory vote on named executive officer compensation.                                                                                            | SECTION 14A SAY-ON-PAY VOTES | 947216           |                0 | ONE YEAR    | 947216.000000                            | FOR                         |  |
| Intercontinental Exchange, Inc.                 | 45866F104 | 05/16/2025     | To approve, by non-binding vote, the advisory resolution on executive compensation for named executive officers.                                                                                            | SECTION 14A SAY-ON-PAY VOTES |      1.09751e+06 |                0 | FOR         | 1097512.000000                           | FOR                         |  |
| Landstar System, Inc.                           | 515098101 | 05/16/2025     | Advisory vote to approve executive compensation.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |   2703           |                0 | FOR         | 2703.000000                              | FOR                         |  |
| Waste Connections, Inc.                         | 94106B101 | 05/16/2025     | Say-on-Pay - Approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers as disclosed in the Company's Proxy Statement.                                           | SECTION 14A SAY-ON-PAY VOTES | 190160           |                0 | FOR         | 190160.000000                            | FOR                         |  |
| CDW Corporation                                 | 12514G108 | 05/20/2025     | To approve, on an advisory basis, named executive officer compensation.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |   1988           |                0 | FOR         | 1988.000000                              | FOR                         |  |
| Charles River Laboratories International, Inc.  | 159864107 | 05/20/2025     | Advisory Approval of 2024 Executive Officer Compensation                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |   2720           |                0 | FOR         | 2720.000000                              | FOR                         |  |
| McDonald's Corporation                          | 580135101 | 05/20/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    822           |                0 | FOR         | 822.000000                               | FOR                         |  |
| Amazon.com, Inc.                                | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES | 537842           |                0 | FOR         | 537842.000000                            | FOR                         |  |
| DoubleVerify Holdings, Inc.                     | 25862V105 | 05/21/2025     | Non-binding advisory vote on the compensation of our named executive officers.                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |      2.00182e+06 |                0 | FOR         | 2001823.000000                           | FOR                         |  |
| Everi Holdings Inc.                             | 30034T103 | 05/21/2025     | Advisory approval, on a non-binding basis, of the compensation of our named executive officers.                                                                                                             | SECTION 14A SAY-ON-PAY VOTES | 357549           |                0 | FOR         | 357549.000000                            | FOR                         |  |
| Mondelez International, Inc.                    | 609207105 | 05/21/2025     | Advisory vote to approve executive compensation                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      2.63161e+06 |                0 | FOR         | 2631606.000000                           | FOR                         |  |
| Ross Stores, Inc.                               | 778296103 | 05/21/2025     | Advisory vote to approve the resolution on the compensation of the named executive officers.                                                                                                                | SECTION 14A SAY-ON-PAY VOTES | 958740           |                0 | FOR         | 958740.000000                            | FOR                         |  |
| SS Technologies Holdings, Inc.                  | 78467J100 | 05/21/2025     | To approve, on an advisory basis, the compensation of SS's named executive officers.                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |      2.61242e+06 |                0 | FOR         | 2612423.000000                           | FOR                         |  |
| Henry Schein, Inc.                              | 806407102 | 05/22/2025     | Proposal to approve, by non-binding vote, the 2024 compensation paid to the Company's Named Executive Officers.                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      1.44516e+06 |                0 | FOR         | 1445164.000000                           | FOR                         |  |
| Kenvue Inc.                                     | 49177J102 | 05/22/2025     | Approve, on a non-binding advisory basis, the compensation of Kenvue Inc.'s named executive officers.                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |      5.21572e+06 |                0 | FOR         | 5215719.000000                           | FOR                         |  |
| US Foods Holding Corp.                          | 912008109 | 05/22/2025     | Advisory approval of the compensation paid to our named executive officers, as disclosed in the Proxy Statement.                                                                                            | SECTION 14A SAY-ON-PAY VOTES |      1.31552e+06 |                0 | FOR         | 1315520.000000                           | FOR                         |  |
| Yum China Holdings, Inc.                        | 98850P109 | 05/23/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES | 142991           |                0 | FOR         | 142991.000000                            | FOR                         |  |
| Meta Platforms, Inc.                            | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                           | SECTION 14A SAY-ON-PAY VOTES |    375           |                0 | FOR         | 375.000000                               | FOR                         |  |
| Meta Platforms, Inc.                            | 30303M102 | 05/28/2025     | To vote, on a non-binding advisory basis, whether a non-binding advisory vote on the compensation program for Meta Platforms, Inc.'s named executive officers should be held every one, two or three years. | SECTION 14A SAY-ON-PAY VOTES |    375           |                0 | ONE YEAR    | 375.000000                               | AGAINST                     |  |
| Lowe's Companies, Inc.                          | 548661107 | 05/30/2025     | Advisory vote to approve the Company's named executive officer compensation in fiscal 2024.                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |  24360           |                0 | FOR         | 24360.000000                             | FOR                         |  |
| Hillman Solutions Corp.                         | 431636109 | 06/03/2025     | Approve, by non-binding vote, the compensation of our named executive officers;                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      4.04032e+06 |                0 | FOR         | 4040317.000000                           | FOR                         |  |
| Restaurant Brands International Inc.            | 76131D103 | 06/03/2025     | Say-On-Pay  Approval, on a non-binding advisory basis, of the compensation paid to named executive officers.                                                                                                | SECTION 14A SAY-ON-PAY VOTES |      1.34393e+06 |                0 | FOR         | 1343931.000000                           | FOR                         |  |
| Alarm.com Holdings, Inc.                        | 011642105 | 06/04/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the Proxy Statement.                                                                           | SECTION 14A SAY-ON-PAY VOTES | 344399           |                0 | FOR         | 344399.000000                            | FOR                         |  |
| Globus Medical, Inc.                            | 379577208 | 06/04/2025     | To approve, in an advisory vote, the compensation of the Company's named executive officers (the Say-on-Pay Vote).                                                                                          | SECTION 14A SAY-ON-PAY VOTES |      1.22176e+06 |                0 | FOR         | 1221755.000000                           | FOR                         |  |
| Globus Medical, Inc.                            | 379577208 | 06/04/2025     | To approve, in an advisory vote, the frequency of the approval, on an advisory basis, of the compensation of our named executive officers (the Frequency Vote).                                             | SECTION 14A SAY-ON-PAY VOTES |      1.22176e+06 |                0 | ONE YEAR    | 1221755.000000                           | FOR                         |  |
| MarketAxess Holdings Inc.                       | 57060D108 | 06/04/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the 2025 Proxy Statement.                                                                      | SECTION 14A SAY-ON-PAY VOTES | 175990           |                0 | FOR         | 175990.000000                            | FOR                         |  |
| EMCOR Group, Inc.                               | 29084Q100 | 06/05/2025     | Approval, by non-binding advisory vote, of named executive officer compensation.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES | 225869           |                0 | FOR         | 225869.000000                            | FOR                         |  |
| KinderCare Learning Companies, Inc.             | 49456W105 | 06/05/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers; and                                                                                                          | SECTION 14A SAY-ON-PAY VOTES | 986037           |                0 | FOR         | 986037.000000                            | FOR                         |  |
| KinderCare Learning Companies, Inc.             | 49456W105 | 06/05/2025     | Approval of the frequency of the vote to approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                         | SECTION 14A SAY-ON-PAY VOTES | 986037           |                0 | ONE YEAR    | 986037.000000                            | FOR                         |  |
| OPENLANE, Inc.                                  | 48238T109 | 06/06/2025     | To approve, on an advisory basis, executive compensation.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |      4.33769e+06 |                0 | FOR         | 4337689.000000                           | FOR                         |  |
| Grand Canyon Education, Inc.                    | 38526M106 | 06/10/2025     | To approve, on an advisory basis, the compensation of our named executive officers as disclosed in the Proxy Statement.                                                                                     | SECTION 14A SAY-ON-PAY VOTES | 398621           |                0 | FOR         | 398621.000000                            | FOR                         |  |
| Light  Wonder, Inc.                             | 80874P109 | 06/10/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                               | SECTION 14A SAY-ON-PAY VOTES | 734693           |                0 | FOR         | 734693.000000                            | FOR                         |  |
| Armstrong World Industries, Inc.                | 04247X102 | 06/12/2025     | To approve, on an advisory basis, our executive compensation program.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES | 557710           |                0 | FOR         | 557710.000000                            | FOR                         |  |
| Five Below, Inc.                                | 33829M101 | 06/12/2025     | To approve, by non-binding advisory vote, the Company's Named Executive Officer compensation.                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |  87682           |                0 | FOR         | 87682.000000                             | FOR                         |  |
| Five Below, Inc.                                | 33829M101 | 06/12/2025     | Non-binding advisory vote on whether the frequency of the shareholder vote on our executive compensation should be every 1, 2 or 3 years.                                                                   | SECTION 14A SAY-ON-PAY VOTES |  87682           |                0 | ONE YEAR    | 87682.000000                             | FOR                         |  |
| Generac Holdings Inc.                           | 368736104 | 06/12/2025     | Advisory vote on the non-binding "say-on-pay" resolution to approve the compensation of our executive officers                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 272862           |                0 | FOR         | 272862.000000                            | FOR                         |  |
| IAC Inc.                                        | 44891N208 | 06/18/2025     | To approve a non-binding advisory vote on IAC's 2024 executive compensation.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES | 758392           |                0 | FOR         | 758392.000000                            | FOR                         |  |
| National Vision Holdings, Inc.                  | 63845R107 | 06/18/2025     | Advisory vote to approve the compensation of the named executive officers ("Say-on-Pay").                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |      2.12032e+06 |                0 | FOR         | 2120318.000000                           | FOR                         |  |
| Dollar Tree, Inc.                               | 256746108 | 06/19/2025     | To approve, by a non-binding advisory vote, the compensation of the Company's named executive officers.                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |      1.33326e+06 |                0 | FOR         | 1333261.000000                           | FOR                         |  |
| Mastercard Incorporated                         | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 164410           |                0 | FOR         | 164410.000000                            | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Burgundy Asset Management Ltd.

**By (Signature):** Karen Mintz

**By (Printed Signature):** Karen Mintz

**By (Title):** VP, Chief Compliance Officer  Associate General Counsel

**Date:** 07/21/2025