13F-HR 1 d531553d13fhr.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: MARCH 31, 2013 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 May 9, 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: 118 Form 13F Information Table Value Total: 6,012,668 ---------- (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

TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER NAME OF ISSUER CLASS CUSIP (x1000) PRN AMT PRN CALL DISCRETION MANAGERS VOTING AUTHORITY -------------- ------------- ----------- ------- ------- --- ---- ---------- -------- ---------------------- SOLE SHARED NONE ------- ------ ------- 3M Co. COM 88579Y 10 1 1063 10000 SH SOLE 10000 0 Altria Group Inc. COM 02209S 10 3 689 20048 SH SOLE 20048 0 AmerisourceBergen Corp. COM 03073E 10 5 80351 1561729 SH SOLE 1554520 7209 Apple Inc. COM 037833 10 0 83332 188265 SH SOLE 187202 1063 Arbitron Inc. COM 03875Q 10 8 20129 429475 SH SOLE 308101 121374 Ares Capital Corp. COM 04010L 10 3 70842 3913911 SH SOLE 2593980 1319931 Argo Group International Holdings Ltd. COM 002499 54 3 3325 80362 SH SOLE 80362 0 Arthur J. Gallagher & Co. COM 363576 10 9 63362 1533820 SH SOLE 1009399 524421 Bank of Montreal COM 063671 10 1 944 15000 SH SOLE 15000 0 Bank of New York Mellon Corp. COM 064058 10 0 58398 2086404 SH SOLE 2076615 9789 Bank of Nova Scotia COM 064149 10 7 187231 3218017 SH SOLE 3194226 23791 Barrick Gold Corp. COM 067901 10 8 1075 36600 SH SOLE 36600 0 Baxter International Inc. COM 071813 10 9 104115 1433295 SH SOLE 1424138 9157 BB&T Corp. COM 054937 10 7 89066 2837398 SH SOLE 2820225 17173 Becton, Dickinson and Co. COM 075887 10 9 73800 771881 SH SOLE 768123 3758 Berkshire Hathaway Inc. CL A 084670 10 8 40633 260 SH SOLE 258 2 Berkshire Hathaway Inc. CL B 084670 70 2 4122 39563 SH SOLE 38112 1451 Brookfield Infrastructure Partners LP COM G16252 10 1 28243 740108 SH SOLE 689607 50501 Brown & Brown Inc. COM 115236 10 1 53966 1684337 SH SOLE 1102979 581358 Canadian National Railway Co. COM 136375 10 2 142613 1419077 SH SOLE 1410377 8700 Canadian Natural Resources Ltd. COM 136385 10 1 176776 5514132 SH SOLE 5499764 14368 Canon Inc. SPONSORED ADR 138006 30 9 709 19328 SH SOLE 19328 0 CARBO Ceramics Inc. COM 140781 10 5 52412 575514 SH SOLE 395257 180257 CareFusion Corp. COM 14170T 10 1 50108 1432066 SH SOLE 1424675 7391 Cenovus Energy Inc. COM 15135U 10 9 210948 6812227 SH SOLE 6794677 17550 Cisco Systems Inc. COM 17275R 10 2 87178 4169203 SH SOLE 4145346 23857 Citigroup Inc. COM 172967 42 4 1106 25000 SH SOLE 25000 0 Coca-Cola Femsa S.A.B. de C.V. SPONSORED ADR 191241 10 8 4588 28012 SH SOLE 28012 0 Corporate Executive Board Co. COM 21988R 10 2 53500 919877 SH SOLE 597493 322384 DeVry Inc. COM 251893 10 3 72643 2287961 SH SOLE 1554070 733891 Diageo PLC SPONSORED ADR 25243Q 20 5 596 4736 SH SOLE 4736 0 Diamond Offshore Drilling Inc. COM 25271C 10 2 61479 883821 SH SOLE 879317 4504 Dun & Bradstreet Corp. COM 26483E 10 4 1594 19051 SH SOLE 19051 0 Eaton Vance Variable Rate Income Trust COM 278279 10 4 7575 432113 SH SOLE 432113 0 Emerson Electric Co. COM 291011 10 4 60312 1079499 SH SOLE 1074493 5006 Enbridge Inc. COM 29250N 10 5 485 10421 SH SOLE 10421 0 EnCana Corp. COM 292505 10 4 1834 94277 SH SOLE 94277 0 Entercom Communications Corp. CL A 293639 10 0 2555 343359 SH SOLE 343359 0 Equifax Inc. COM 294429 10 5 155134 2693767 SH SOLE 2251458 442309 Expedia Inc. COM 30212P 30 3 43776 729475 SH SOLE 507592 221883 Federated Investors Inc. CL B 314211 10 3 37696 1592548 SH SOLE 1090895 501653 FirstService Corp. SUB VTG SH 33761N 10 9 24237 727005 SH SOLE 722082 4923 FXCM Inc. CL A 302693 10 6 54212 3962897 SH SOLE 2649177 1313720 General Electric Co. COM 369604 10 3 1156 50000 SH SOLE 50000 0 Gladstone Investment Corp. COM 376546 10 7 19332 2644581 SH SOLE 1727758 916823 GlaxoSmithKline PLC SPONSORED ADR 37733W 10 5 416 8867 SH SOLE 8867 0 Google Inc. CL A 38259P 50 8 78975 99461 SH SOLE 98921 540 Graco Inc. COM 384109 10 4 30749 529875 SH SOLE 352491 177384 Grupo Televisa S.A. SPONSORED ADR 40049J 20 6 3804 142936 SH SOLE 142936 0 Harris Corp. COM 413875 10 5 41123 887409 SH SOLE 882648 4761 HCC Insurance Holdings Inc. COM 404132 10 2 44366 1055587 SH SOLE 649713 405874 Hilltop Holdings Inc. COM 432748 10 1 63865 4734282 SH SOLE 3040093 1694189 Home Depot Inc. COM 437076 10 2 349 5000 SH SOLE 5000 0 Humana Inc. COM 444859 10 2 73717 1066655 SH SOLE 1061497 5158 Imperial Oil Ltd. COM 453038 40 8 79504 1945383 SH SOLE 1939883 5500 Insight Enterprises Inc. COM 45765U 10 3 56021 2716851 SH SOLE 1811209 905642 Interval Leisure Group Inc. COM 46113M 10 8 355 16312 SH SOLE 16312 0 Jacobs Engineering Group Inc. COM 469814 10 7 44092 784002 SH SOLE 779452 4550 Johnson & Johnson Inc. COM 478160 10 4 130950 1606163 SH SOLE 1597531 8632 JTH Holding Inc. CL A 46637N 10 3 246 15586 SH SOLE 15586 0 Kayne Anderson Energy Development Co. COM 48660Q 10 2 24272 926044 SH SOLE 606785 319259 Kraft Foods Group Inc. COM 50076Q 10 6 258 5000 SH SOLE 5000 0 Laboratory Corporation of America Holdings COM 50540R 40 9 1790 19844 SH SOLE 19844 0 Leucadia National Corp. COM 527288 10 4 84198 3069554 SH SOLE 2532194 537360 LoJack Corp. COM 539451 10 4 710 227708 SH SOLE 227708 0 Lorillard Inc. COM 544147 10 1 64157 1590005 SH SOLE 1581875 8130 M&T Bank Corp. COM 55261F 10 4 239 2318 SH SOLE 2318 0 Madison Square Garden Co. COM 55826P 10 0 40455 702337 SH SOLE 485415 216922 Magna International Inc. COM 559222 40 1 120494 2050171 SH SOLE 2034671 15500 MarketAxess Holdings Inc. COM 57060D 10 8 87751 2352570 SH SOLE 1516416 836154 McCormick & Co., Inc. COM 579780 20 6 3846 52294 SH SOLE 52294 0 McDonald's Corp. COM 580135 10 1 2268 22751 SH SOLE 22751 0 McEwen Mining Inc. COM 58039P 10 7 31 11000 SH SOLE 11000 0

TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER NAME OF ISSUER CLASS CUSIP (x1000) PRN AMT PRN CALL DISCRETION MANAGERS VOTING AUTHORITY -------------- ------------- ----------- ------- ------- --- ---- ---------- -------- ---------------------- SOLE SHARED NONE ------- ------ ------- Merck & Co., Inc. COM 58933Y 10 5 1251 28289 SH SOLE 28289 0 Microsoft Corp. COM 594918 10 4 62213 2174528 SH SOLE 2164638 9890 Mondelez International Inc. COM 609207 10 5 459 15000 SH SOLE 15000 0 Moody's Corp. COM 615369 10 5 2671 50098 SH SOLE 50098 0 Morgan Stanley COM 617446 44 8 433 19694 SH SOLE 19694 0 MSC Industrial Direct Co., Inc. COM 553530 10 6 32168 375004 SH SOLE 243859 131145 MSCI Inc. COM 55354G 10 0 57576 1696893 SH SOLE 1157686 539207 NGP Capital Resources Co. COM 62912R 10 7 4864 684118 SH SOLE 443831 240287 Norfolk Southern Corp. COM 655844 10 8 112 1454 SH SOLE 1454 0 Northern Trust Corp. COM 665859 10 4 77102 1413164 SH SOLE 1406154 7010 Novartis AG SPONSORED ADR 66987V 10 9 574 8060 SH SOLE 8060 0 Nutraceutical International Corp. COM 67060Y 10 1 18590 1071460 SH SOLE 693807 377653 Occidental Petroleum Corp. COM 674599 10 5 54791 699134 SH SOLE 694754 4380 Oracle Corp. COM 68389X 10 5 101113 3126565 SH SOLE 3107637 18928 Penske Auto Group Inc. COM 70959W 10 3 71807 2152488 SH SOLE 1402965 749523 PepsiCo Inc. COM 713448 10 8 80932 1023029 SH SOLE 1017196 5833 Pfizer Inc. COM 717081 10 3 673 23329 SH SOLE 23329 0 Philip Morris International Inc. COM 718172 10 9 87520 944019 SH SOLE 939175 4844 Potash Corporation of Saskatchewan Inc. COM 73755L 10 7 1449 36900 SH SOLE 36900 0 Primerica Inc. COM 74164M 10 8 64641 1971950 SH SOLE 1359017 612933 Procter & Gamble Co. COM 742718 10 9 64261 833903 SH SOLE 830053 3850 Qualcomm Inc. COM 747525 10 3 50195 749740 SH SOLE 746276 3464 Ritchie Bros. Auctioneers Inc. COM 767744 10 5 211366 9740365 SH SOLE 9669114 71251 Rogers Communications Inc. CL B 775109 20 0 103878 2033816 SH SOLE 2018176 15640 Royal Bank of Canada COM 780087 10 2 174923 2903803 SH SOLE 2881303 22500 Shaw Communications Inc. CL B 82028K 20 0 158097 6383889 SH SOLE 6336889 47000 Solera Holdings Inc. COM 83421A 10 4 35104 601825 SH SOLE 396383 205442 SS&C Technologies Holdings Inc. COM 78467J 10 0 18327 611316 SH SOLE 446384 164932 Strayer Education Inc. COM 863236 10 5 22096 456712 SH SOLE 348127 108585 Synnex Corp. COM 87162W 10 0 38650 1044592 SH SOLE 720649 323943 Talisman Energy Inc. COM 87425E 10 3 142 11600 SH SOLE 11600 0 Tech Data Corp. COM 878237 10 6 42052 921992 SH SOLE 565245 356747 Teleflex Inc. COM 879369 10 6 46142 545992 SH SOLE 367719 178273 Thomson Reuters Corp. COM 884903 10 5 193151 5953647 SH SOLE 5911661 41986 Tim Hortons Inc. COM 88706M103 150442 2768365 SH SOLE 2745165 23200 Toronto- Dominion Bank COM 891160 50 9 162870 1956353 SH SOLE 1940430 15923 Tronox Ltd. CL A Q9235V 10 1 24948 1259357 SH SOLE 1144237 115120 U.S. Concrete Inc. COM 90333L 20 1 251 18161 SH SOLE 18161 0 Union Pacific Corp. COM 907818 10 8 69239 486196 SH SOLE 483783 2413 United Technologies Corp. COM 913017 10 9 88897 951484 SH SOLE 945519 5965 Valassis Communications Inc. COM 918866 10 4 60746 2033690 SH SOLE 1397671 636019 Visa Inc. COM 92826C 83 9 73075 430258 SH SOLE 427486 2772 Wal-Mart Stores Inc. COM 931142 10 3 748 10000 SH SOLE 10000 0 Weight Watchers International Inc. COM 948626 10 6 37428 888811 SH SOLE 612789 276022 Western Union Co. COM 959802 10 9 96462 6413664 SH SOLE 6382346 31318 TOTAL 6012668 COUNT 118