13F-HR 1 d255187d13fhr.txt 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F 13F COVER PAGE Report for the Calendar Year or Quarter Ended: SEPTEMBER 30, 2011 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. Address:181 BAY STREET, SUITE 4510 BAY WELLINGTON TOWER, BROOKFIELD PLACE TORONTO, ONTARIO M5J 2T3 Form 13F File Number: 28-11129 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: KATHLEEN HARRIGAN Title: CHIEF COMPLIANCE OFFICER Phone: (416) 868-3592 Signature, Place, and Date of Signing: /s/ Kathleen Harrigan Toronto, Ontario Canada November 10, 2011 --------------------- ----------------------- ----------------- [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 reported are in this report, and all holdings are reported by other reportingmanager(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).) List of Other Managers Reporting for this Manager:[If there are no entries in this list, omit this section.] Form 13F File Number Name 28-_________________ _______________________________ [Repeat as necessary.] FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: NONE Form 13F Information Table Entry Total: 108 Form 13F Information Table Value Total: 3,500,732 (thousands) 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

VOTING AUTHORITY VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- ----------- ------- ------- --- ---- ---------- -------- ------- ------ ---- 3M Co.................. COM 88579Y 10 1 29228 407130 SH SOLE 407130 Activision Blizzard Inc.................. COM 00507V 10 9 38094 3201179 SH SOLE 3201179 Altria Group Inc....... COM 02209S 10 3 17712 660644 SH SOLE 660644 Arbitron Inc........... COM 03875Q 10 8 34208 1034094 SH SOLE 1034094 Ares Capital Corp...... COM 04010L 10 3 47147 3423861 SH SOLE 3423861 Arthur J. Gallagher & Co................... COM 363576 10 9 34010 1293150 SH SOLE 1293150 Artio Global Investors Inc.................. COM 04315B 10 7 7230 908327 SH SOLE 908327 Bank of Montreal....... COM 063671 10 1 840 15000 SH SOLE 15000 Bank of Nova Scotia............... COM 064149 10 7 102009 2028175 SH SOLE 2028175 Barrick Gold Corp...... COM 067901 10 8 2591 55300 SH SOLE 55300 Baxter International Inc.................. COM 071813 10 9 57165 1018260 SH SOLE 1018260 BB&T Corp.............. COM 054937 10 7 55264 2590916 SH SOLE 2590916 Becton, Dickinson and Co................... COM 075887 10 9 22496 306815 SH SOLE 306815 Berkshire Hathaway Inc.................. CL A 084670 10 8 24564 230 SH SOLE 230 Berkshire Hathaway Inc.................. CL B 084670 70 2 1744 24546 SH SOLE 24546 Bridgepoint Education Inc.................. COM 10807M 10 5 27125 1555353 SH SOLE 1555353 Brown & Brown Inc.................. COM 115236 10 1 33769 1897121 SH SOLE 1897121 Canadian National Railway Co........... COM 136375 10 2 76763 1148977 SH SOLE 1148977 Canadian Natural Resources Ltd........ COM 136385 10 1 85045 2897105 SH SOLE 2897105 Canadian Pacific Railway Ltd.......... COM 13645T 10 0 78428 1627245 SH SOLE 1627245 CareFusion Corp........ COM 14170T 10 1 44666 1864967 SH SOLE 1864967 Cenovus Energy Inc.................. COM 15135U 10 9 104793 3403919 SH SOLE 3403919 Cisco Systems Inc...... COM 17275R 10 2 46373 2993755 SH SOLE 2993755 Citigroup Inc.......... COM 172967 42 4 641 25000 SH SOLE 25000 Corporate Executive Board Co............. COM 21988R 10 2 20651 692995 SH SOLE 692995 DealerTrack Holdings Inc.................. COM 242309 10 2 14087 898999 SH SOLE 898999 Dentsply International Inc.................. COM 249030 10 7 442 14400 SH SOLE 14400 DFC Global Corp........ COM 23324T 10 7 45203 2068788 SH SOLE 2068788 Diamond Offshore Drilling Inc......... COM 25271C 10 2 18679 341230 SH SOLE 341230 Dolby Laboratories Inc.................. CL A 25659T 10 7 18469 673074 SH SOLE 673074 Dun & Bradstreet Corp................. COM 26483E 10 4 1207 19705 SH SOLE 19705 Eaton Vance Floating Rate Income Trust................ COM 278279 10 4 6088 432113 SH SOLE 432113 EchoStar Corp.......... CL A 278768 10 6 43239 1912364 SH SOLE 1912364 Emerson Electric Co................... COM 291011 10 4 35478 858823 SH SOLE 858823 Enbridge Inc........... COM 29250N 10 5 361 11320 SH SOLE 11320 EnCana Corp............ COM 292505 10 4 119548 6212723 SH SOLE 6212723 Equifax Inc............ COM 294429 10 5 89928 2925455 SH SOLE 2925455 Expedia Inc............ COM 30212P 10 5 71933 2793507 SH SOLE 2793507 FirstService Corp...... SUB VTG SH 33761N 10 9 20342 786505 SH SOLE 786505 FXCM Inc............... CL A 302693 10 6 44479 3172555 SH SOLE 3172555 General Electric Co.... COM 369604 10 3 762 50000 SH SOLE 50000 Gilead Sciences, Inc.................. COM 375558 10 3 28209 727041 SH SOLE 727041 Gladstone Investment Corp................. COM 376546 10 7 16272 2392963 SH SOLE 2392963 Google Inc............. CL A 38259P 50 8 33316 64769 SH SOLE 64769 Graco Inc.............. COM 384109 10 4 15785 462355 SH SOLE 462355 HCC Insurance Holdings Inc......... COM 404132 10 2 26380 975247 SH SOLE 975247 Hilltop Holdings Inc.................. COM 432748 10 1 26011 3607595 SH SOLE 3607595 Hospira Inc............ COM 441060 10 0 20057 542080 SH SOLE 542080 Iconix Brand Group Inc.................. COM 451055 10 7 47590 3012031 SH SOLE 3012031 Imperial Oil Ltd....... COM 453038 40 8 54781 1525530 SH SOLE 1525530 Insight Enterprises Inc.................. COM 45765U 10 3 22501 1486178 SH SOLE 1486178 iShares iBoxx High Yield Corporate Bond Fund............ COM 464288 51 3 6291 75953 SH SOLE 75953 Johnson & Johnson Inc.................. COM 478160 10 4 51073 801644 SH SOLE 801644 Juniper Networks Inc.................. COM 48203R 10 4 17289 1001652 SH SOLE 1001652 Kayne Anderson Energy Development Co....... COM 48660Q 10 2 16196 833579 SH SOLE 833579 Kraft Foods Inc........ COM 50075N 10 4 504 15000 SH SOLE 15000 Laboratory Corporation of America Holdings............. COM 50540R 40 9 1591 20131 SH SOLE 20131 Lender Processing Services Inc......... COM 52602E 10 6 43078 3146703 SH SOLE 3146703 LoJack Corp............ COM 539451 10 4 212 66794 SH SOLE 66794 Lorillard Inc.......... COM 544147 10 1 21247 191935 SH SOLE 191935 M&T Bank Corp.......... COM 55261F 10 4 236 3374 SH SOLE 3374 Madison Square Garden Co............ COM 55826P 10 0 52637 2308628 SH SOLE 2308628 MarketAxess Holdings Inc.................. COM 57060D 10 8 87217 3351905 SH SOLE 3351905 McCormick & Co., Inc.................. COM 579780 20 6 20814 450901 SH SOLE 450901 McDonald's Corp........ COM 580135 10 1 2077 23649 SH SOLE 23649 McGraw-Hill Companies, Inc....... COM 580645 10 9 367 8960 SH SOLE 8960 Medtronic Inc.......... COM 585055 10 6 37989 1142875 SH SOLE 1142875 Merck & Co., Inc....... COM 58933Y 10 5 1066 32587 SH SOLE 32587 Microsoft Corp......... COM 594918 10 4 34251 1376087 SH SOLE 1376087 Moody's Corp........... COM 615369 10 5 3845 126272 SH SOLE 126272 Morgan Stanley......... COM 617446 44 8 266 19694 SH SOLE 19694 MSC Industrial Direct Co., Inc............. COM 553530 10 6 19821 351067 SH SOLE 351067 MSCI Inc............... COM 55354G 10 0 22195 731789 SH SOLE 731789 Nexen Inc.............. COM 65334H 10 2 92393 5941477 SH SOLE 5941477 NGP Capital Resources Co......... COM 62912R 10 7 7853 1200750 SH SOLE 1200750 Northern Trust Corp................. COM 665859 10 4 32594 931798 SH SOLE 931798 Nutraceutical International Corp................. COM 67060Y 10 1 13492 1055720 SH SOLE 1055720 Occidental Petroleum Corp................. COM 674599 10 5 42677 596876 SH SOLE 596876 Omnicom Group Inc.................. COM 681919 10 6 1085 29441 SH SOLE 29441 Oracle Corp............ COM 68389X 10 5 48172 1676118 SH SOLE 1676118 Penske Auto Group Inc.................. COM 70959W 10 3 36932 2308274 SH SOLE 2308274 Penson Worldwide, Inc.................. COM 709600 10 0 98 67300 SH SOLE 67300 PepsiCo Inc............ COM 713448 10 8 52624 850152 SH SOLE 850152 Pfizer Inc............. COM 717081 10 3 412 23329.3 SH SOLE 23329.3 Philip Morris International Inc.... COM 718172 10 9 37605 602830 SH SOLE 602830 Potash Corp. of Saskatchewan Inc.................. COM 73755L 10 7 1680 38700 SH SOLE 38700 Primerica Inc.......... COM 74164M 10 8 52505 2435297 SH SOLE 2435297 Qualcomm Inc........... COM 747525 10 3 23405 481282 SH SOLE 481282 Ritchie Bros. Auctioneers Inc...... COM 767744 10 5 61143 3028372 SH SOLE 3028372 Rogers Communications Inc.................. CL B 775109 20 0 83780 2448224 SH SOLE 2448224 Royal Bank of Canada............... COM 780087 10 2 101173 2206611 SH SOLE 2206611 Safeway Inc............ COM 786514 20 8 30915 1859014 SH SOLE 1859014 Shaw Communications Inc.................. CL B 82028K 20 0 1043 51411 SH SOLE 51411 Solera Holdings Inc.................. COM 83421A 10 4 13530 267914 SH SOLE 267914 SPDR Barclays Capital High Yield Bond ETF.................. COM 78464A 41 7 6196 171196 SH SOLE 171196 Tech Data Corporation.......... COM 878237 10 6 32385 749134 SH SOLE 749134 Thomson Reuters Corp................. COM 884903 10 5 155295 5731713 SH SOLE 5731713 Tim Hortons Inc........ COM 88706M 10 3 77850 1675259 SH SOLE 1675259 Time Warner Inc........ COM 887317 30 3 204 6800 SH SOLE 6800 Toronto-Dominion Bank................. COM 891160 50 9 97557 1370957 SH SOLE 1370957 U.S. Concrete Inc...... COM 90333L 20 1 76 18161 SH SOLE 18161 United Technologies Corp................. COM 913017 10 9 28554 405833 SH SOLE 405833 US Gold Corp........... COM 912023 20 7 40 10000 SH SOLE 10000 Viacom Inc............. CL A 92553P 10 2 521 10782 SH SOLE 10782 Visa Inc............... COM 92826C 83 9 60699 708109 SH SOLE 708109 Wal-Mart Stores Inc.................. COM 931142 10 3 830 16000 SH SOLE 16000 Washington Post Co................... CL B 939640 10 8 19212 58758 SH SOLE 58758 Western Union Co....... COM 959802 10 9 32239 2108534 SH SOLE 2108534 TOTAL 3500732 COUNT 108