13F-HR 1 d483576d13fhr.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: December 31, 2012 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 Taylor Title: Chief Compliance Officer Phone: (416) 868-3592 Signature, Place, and Date of Signing: /s/ Kathleen Taylor Toronto, Ontario Canada February 11, 2013 ----------------------- --------------------------- ------------------------ Kathleen Taylor [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 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).) 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: 125 Form 13F Information Table Value Total: 5,793,222 ---------- (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

VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER NAME OF ISSUER TITLE OF CLASS CUSIP (x1000) PRN AMT PRN CALL DISCRETION MANAGERS VOTING AUTHORITY SOLE SHARED NONE 3M Co. COM 88579Y 10 1 929 10000 SH SOLE 10000 0 Activision Blizzard Inc. COM 00507V 10 9 57604 5424077 SH SOLE 5395829 28248 Altria Group Inc. COM 02209S 10 3 630 20048 SH SOLE 20048 0 AmerisourceBergen Corp. COM 03073E 10 5 66228 1533769 SH SOLE 1526560 7209 Apple Inc. COM 037833 10 0 62078 116463 SH SOLE 115857 606 Arbitron Inc. COM 03875Q 10 8 20123 431094 SH SOLE 309720 121374 Ares Capital Corp. COM 04010L 10 3 67988 3885043 SH SOLE 2565112 1319931 Argo Group International Holdings Ltd. COM G0464B 10 7 2208 65740 SH SOLE 65740 0 Arthur J. Gallagher & Co. COM 363576 10 9 51129 1475597 SH SOLE 951176 524421 Artio Global Investors Inc. COM 04315B 10 7 1929 1015023 SH SOLE 647308 367715 Bank of Montreal COM 063671 10 1 918 15000 SH SOLE 15000 0 Bank of New York Mellon Corp. COM 064058 10 0 45892 1785664 SH SOLE 1776612 9052 Bank of Nova Scotia COM 064149 10 7 179931 3115526 SH SOLE 3091735 23791 Barrick Gold Corp. COM 067901 10 8 1323 37800 SH SOLE 37800 0 Baxter International Inc. COM 071813 10 9 96768 1451672 SH SOLE 1442515 9157 BB&T Corp. COM 054937 10 7 67565 2321032 SH SOLE 2306834 14198 Becton, Dickinson and Co. COM 075887 10 9 56919 727955 SH SOLE 724197 3758 Berkshire Hathaway Inc. CL A 084670 10 8 34453 257 SH SOLE 255 2 Berkshire Hathaway Inc. CL B 084670 70 2 3407 37983 SH SOLE 36532 1451 Brookfield Infrastructure Partners LP COM G16252 10 1 25814 735908 SH SOLE 685407 50501 Brown & Brown Inc. COM 115236 10 1 42499 1669229 SH SOLE 1087871 581358 Canadian National Railway Co. COM 136375 10 2 185317 2041141 SH SOLE 2024741 16400 Canadian Natural Resources Ltd. COM 136385 10 1 182001 6322527 SH SOLE 6303159 19368 Canon Inc. SPONSORED ADR 138006 30 9 758 19328 SH SOLE 19328 0 CARBO Ceramics Inc. COM 140781 10 5 44645 569894 SH SOLE 389637 180257 CareFusion Corp. COM 14170T 10 1 37995 1329410 SH SOLE 1322019 7391 Cenovus Energy Inc. COM 15135U 10 9 161926 4839436 SH SOLE 4826186 13250 Cisco Systems Inc. COM 17275R 10 2 66482 3383299 SH SOLE 3363679 19620 Citigroup Inc. COM 172967 42 4 1024 25880 SH SOLE 25880 0 Coca-Cola Femsa S.A.B. de C.V. SPONSORED ADR 191241 10 8 3966 26610 SH SOLE 26610 0 Corporate Executive Board Co. COM 21988R 10 2 43385 914130 SH SOLE 591746 322384 DeVry Inc. COM 251893 10 3 54516 2297334 SH SOLE 1547184 750150 DFC Global Corp. COM 23324T 10 7 28998 1566632 SH SOLE 980038 586594 Diageo PLC SPONSORED ADR 25243Q 20 5 552 4736 SH SOLE 4736 0 Diamond Offshore Drilling Inc. COM 25271C 10 2 57615 847771 SH SOLE 843267 4504 Dun & Bradstreet Corp. COM 26483E 10 4 1345 17096 SH SOLE 17096 0 Eaton Vance Variable Rate Income Trust COM 278279 10 4 7363 432113 SH SOLE 432113 0 Emerson Electric Co. COM 291011 10 4 54885 1036339 SH SOLE 1031333 5006 Enbridge Inc. COM 29250N 10 5 451 10421 SH SOLE 10421 0 EnCana Corp. COM 292505 10 4 1309 66229 SH SOLE 66229 0 Entercom Communications Corp. CL A 293639 10 0 879 125943 SH SOLE 125943 0 Equifax Inc. COM 294429 10 5 180809 3340896 SH SOLE 2675104 665792 Expedia Inc. COM 30212P 30 3 79928 1300692 SH SOLE 888161 412531 FirstService Corp. SUB VTG SH 33761N 10 9 20733 734605 SH SOLE 729682 4923 FXCM Inc. CL A 302693 10 6 39677 3940093 SH SOLE 2626373 1313720 Gardner Denver Inc. COM 365558 10 5 33535 489560 SH SOLE 486983 2577 General Electric Co. COM 369604 10 3 1050 50000 SH SOLE 50000 0 Gladstone Investment Corp. COM 376546 10 7 18378 2640553 SH SOLE 1723730 916823 GlaxoSmithKline PLC SPONSORED ADR 37733W 10 5 385 8867 SH SOLE 8867 0 Google Inc. CL A 38259P 50 8 67846 95643 SH SOLE 95103 540 Graco Inc. COM 384109 10 4 27035 525055 SH SOLE 347671 177384 Granite Real Estate Inc. COM 387431 10 9 5837 153794 SH SOLE 152194 1600 Groupon Inc. COM 399473 10 7 25564 5238587 SH SOLE 5201899 36688 Grupo Televisa S.A. SPONSORED ADR 40049J 20 6 3609 135778 SH SOLE 135778 0 Harris Corp. COM 413875 10 5 41242 842357 SH SOLE 837596 4761 HCC Insurance Holdings Inc. COM 404132 10 2 39188 1053153 SH SOLE 647279 405874 Hilltop Holdings Inc. COM 432748 10 1 63760 4708996 SH SOLE 3014807 1694189 Home Depot Inc. COM 437076 10 2 309 5000 SH SOLE 5000 0 Humana Inc. COM 444859 10 2 69141 1007447 SH SOLE 1002289 5158 Iconix Brand Group Inc. COM 451055 10 7 66282 2969634 SH SOLE 1989245 980389 Imperial Oil Ltd. COM 453038 40 8 79334 1847223 SH SOLE 1841723 5500 Insight Enterprises Inc. COM 45765U 10 3 46800 2694315 SH SOLE 1788673 905642 Interval Leisure Group Inc. COM 46113M 10 8 6926 357208 SH SOLE 243365 113843 Jacob's Engineering Group Inc. COM 469814 10 7 1036 24346 SH SOLE 24346 0 Jefferies Group Inc. COM 472319 10 2 36048 1941176 SH SOLE 1288576 652600 Johnson & Johnson Inc. COM 478160 10 4 108072 1541683 SH SOLE 1533051 8632 JTH Holding Inc. CL A 46637N 10 3 215 15586 SH SOLE 15586 0 Juniper Networks Inc. COM 48203R 10 4 64080 3257762 SH SOLE 3238463 19299 Kayne Anderson Energy Development Co. COM 48660Q 10 2 22633 926044 SH SOLE 606785 319259 Kraft Foods Group Inc. COM 50076Q 10 6 227 5000 SH SOLE 5000 0 Laboratory Corporation of America Holdings COM 50540R 40 9 1548 17872 SH SOLE 17872 0 Leucadia National Corp. COM 527288 10 4 16401 689427 SH SOLE 685631 3796 LoJack Corp. COM 539451 10 4 635 227708 SH SOLE 227708 0 Lorillard Inc. COM 544147 10 1 57423 492187 SH SOLE 489524 2663 M&T Bank Corp. COM 55261F 10 4 254 2581 SH SOLE 2581 0 Madison Square Garden Co. COM 55826P 10 0 79226 1786391 SH SOLE 1217257 569134 Magna International Inc. COM 559222 40 1 100564 2013971 SH SOLE 1998471 15500 MarketAxess Holdings Inc. COM 57060D 10 8 99925 2830726 SH SOLE 1782131 1048595 McCormick & Co., Inc. COM 579780 20 6 3164 49798 SH SOLE 49798 0 McDonald's Corp. COM 580135 10 1 2027 22975 SH SOLE 22975 0 McEwen Mining Inc. COM 58039P 10 7 42 11000 SH SOLE 11000 0 McGraw-Hill Co., Inc. COM 580645 10 9 490 8960 SH SOLE 8960 0 Merck & Co., Inc. COM 58933Y 10 5 1202 29361 SH SOLE 29361 0 Microsoft Corp. COM 594918 10 4 57960 2168349 SH SOLE 2156362 11987 Mondelez International Inc. COM 609207 10 5 400 15700 SH SOLE 15700 0 Moody's Corp. COM 615369 10 5 5603 111343 SH SOLE 111343 0

VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER NAME OF ISSUER TITLE OF CLASS CUSIP (x1000) PRN AMT PRN CALL DISCRETION MANAGERS VOTING AUTHORITY SOLE SHARED NONE Morgan Stanley COM 617446 44 8 377 19694 SH SOLE 19694 0 MSC Industrial Direct Co., Inc. COM 553530 10 6 46969 623093 SH SOLE 412704 210389 MSCI Inc. COM 55354G 10 0 51981 1677343 SH SOLE 1138136 539207 Nexen Inc. COM 65334H 10 2 132604 4965417 SH SOLE 4956278 9139 NGP Capital Resources Co. COM 62912R 10 7 6820 944562 SH SOLE 609130 335432 Norfolk Southern Corp. COM 655844 10 8 42052 680005 SH SOLE 676624 3381 Northern Trust Corp. COM 665859 10 4 69049 1376567 SH SOLE 1369557 7010 Novartis AG SPONSORED ADR 66987V 10 9 510 8060 SH SOLE 8060 0 Nutraceutical International Corp. COM 67060Y 10 1 17722 1071460 SH SOLE 693807 377653 Occidental Petroleum Corp. COM 674599 10 5 50853 663795 SH SOLE 659415 4380 Oracle Corp. COM 68389X 10 5 74547 2237298 SH SOLE 2223053 14245 Penske Auto Group Inc. COM 70959W 10 3 81779 2717827 SH SOLE 1770270 947557 PepsiCo Inc. COM 713448 10 8 66624 973608 SH SOLE 967775 5833 Pfizer Inc. COM 717081 10 3 585 23329.3 SH SOLE 23329 0 Philip Morris International Inc. COM 718172 10 9 54174 647699 SH SOLE 644608 3091 Potash Corporation of Saskatchewan Inc. COM 73755L 10 7 1575 38700 SH SOLE 38700 0 Primerica Inc. COM 74164M 10 8 84904 2829206 SH SOLE 1930671 898535 Procter & Gamble Co. COM 742718 10 9 54208 798471 SH SOLE 794621 3850 Qualcomm Inc. COM 747525 10 3 43540 702024 SH SOLE 698560 3464 Ritchie Bros. Auctioneers Inc. COM 767744 10 5 201690 9654874 SH SOLE 9583623 71251 Rogers Communications Inc. CL B 775109 20 0 89132 1963687 SH SOLE 1948047 15640 Royal Bank of Canada COM 780087 10 2 170420 2831582 SH SOLE 2809082 22500 Shaw Communications Inc. CL B 82028K 20 0 144210 6281884 SH SOLE 6234884 47000 Solera Holdings Inc. COM 83421A 10 4 31973 597961 SH SOLE 392519 205442 SS&C Technologies Holdings Inc. COM 78467J 10 0 13874 600098 SH SOLE 435166 164932 Synnex Corp. COM 87162W 10 0 35592 1035249 SH SOLE 711306 323943 Tech Data Corp. COM 878237 10 6 41348 908152 SH SOLE 551405 356747 Teleflex Inc. COM 879369 10 6 38283 536847 SH SOLE 358574 178273 Thomson Reuters Corp. COM 884903 10 5 162821 5628736 SH SOLE 5575850 52886 Tim Hortons Inc. COM 88706M 10 3 131537 2680104 SH SOLE 2656904 23200 Toronto- Dominion Bank COM 891160 50 9 156516 1859367 SH SOLE 1844044 15323 Tronox Ltd. CL A Q9235V 10 1 22592 1237921 SH SOLE 1122801 115120 U.S. Concrete Inc. COM 90333L 20 1 164 18161 SH SOLE 18161 0 United Technologies Corp. COM 913017 10 9 79144 965057 SH SOLE 959092 5965 Valassis Communications Inc. COM 918866 10 4 47446 1840435 SH SOLE 1261467 578968 Visa Inc. COM 92826C 83 9 61994 408988 SH SOLE 406216 2772 Wal-Mart Stores Inc. COM 931142 10 3 682 10000 SH SOLE 10000 0 Western Union Co. COM 959802 10 9 83056 6102603 SH SOLE 6071285 31318 Willis Group Holdings PLC COM G96666 10 5 1585 47275 SH SOLE 47275 0 TOTAL 5793222 COUNT 125