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Top 5 1st Quarter Trades of Burgundy Asset Management Ltd.

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May 12, 2022
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Burgundy Asset Management Ltd. recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

Burgundy Asset Management is an investment management company owned by its employees. The company is based out of Toronto and has another office located in Montreal. Burgundy Asset Management conducts its research internally, evaluating its investments on a company by company basis. The company focuses on a long term perspective and utilizes a contrarian approach to find overlooked companies and avoid investment trends, utilizing a fundamental analysis with a bottom up investment approach. Burgundy Asset Management focuses on defining a “company’s intrinsic value and if and when there is an opportunity to invest at a significant discount to this value” and conducts over 850 one on one company management meetings annually. The company currently invests most heavily in the finance sector, which alone makes up approximately a quarter of its total asset allocations, and also invests in the industrials, consumer staples, consumer discretionary, information technology, energy, health care, and transports sectors, among others to a lesser degree, in order of decreasing allocation. Burgundy Asset Management currently has approximately $20 billion in total assets under management spread across over 2000 accounts, all of which are discretionary. Both its total number of accounts and total assets under management have been increasing in recent years, with its accounts held growing from 1,300 five years ago to its amount today and its total assets under management growing significantly from $5.7 billion back in 2010 to well over three times that amount today. Burgundy Asset Management caters to a variety of clients, including individuals and high net worth individuals, which each make up over a third of its client base, pension and profit sharing plans, charities, corporations, investment advisors, and insurance companies, in order of decreasing clientele. The company currently offers a variety of investment strategies including its Asian Equity, Focus Canadian Equity, European Equity, Foundation Trust, Bond, and Global Focused Opportunities funds.

As of the latest 13F report, the guru’s equity portfolio contained 112 stocks valued at a total of $9,427,000,000. The top holdings were GOOGL(4.95%), MSFT(4.76%), and SSNC(3.08%).

According to GuruFocus data, these were Burgundy Asset Management Ltd.’s top five trades of the quarter.

Raytheon Technologies Corp


Burgundy Asset Management Ltd. reduced their investment in NYSE:RTX by 2,318,729 shares. The trade had a 1.94% impact on the equity portfolio. During the quarter, the stock traded for an average price of $94.71.

On 05/12/2022, Raytheon Technologies Corp traded for a price of $91.17 per share and a market cap of $137,290,644,000. The stock has returned 10.33% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, Raytheon Technologies Corp has a price-earnings ratio of 33.09, a price-book ratio of 1.90, a EV-to-Ebitda ratio of 15.19 and a price-sales ratio of 2.14.

The price-to-GF Value ratio is 1.08, earning the stock a GF Value rank of 5.

Amazon.com Inc


The guru established a new position worth 48,200 shares in NAS:AMZN, giving the stock a 1.67% weight in the equity portfolio. Shares traded for an average price of $3092.09 during the quarter.

On 05/12/2022, Amazon.com Inc traded for a price of $2105.79 per share and a market cap of $1,176,225,026,000. The stock has returned -34.63% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, Amazon.com Inc has a price-earnings ratio of 55.83, a price-book ratio of 8.79, a price-earnings-to-growth (PEG) ratio of 1.33, a EV-to-Ebitda ratio of 20.33 and a price-sales ratio of 2.49.

The price-to-GF Value ratio is 0.57, earning the stock a GF Value rank of 4.

Brown & Brown Inc


The guru sold out of their 1,456,785-share investment in NYSE:BRO. Previously, the stock had a 1% weight in the equity portfolio. Shares traded for an average price of $67.05 during the quarter.

On 05/12/2022, Brown & Brown Inc traded for a price of $56.02 per share and a market cap of $16,030,814,000. The stock has returned 8.68% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 10 out of 10.

In terms of valuation, Brown & Brown Inc has a price-earnings ratio of 26.54, a price-book ratio of 3.71, a price-earnings-to-growth (PEG) ratio of 2.27, a EV-to-Ebitda ratio of 17.77 and a price-sales ratio of 5.03.

The price-to-GF Value ratio is 0.97, earning the stock a GF Value rank of 6.

AmerisourceBergen Corp


Burgundy Asset Management Ltd. reduced their investment in NYSE:ABC by 594,819 shares. The trade had a 0.77% impact on the equity portfolio. During the quarter, the stock traded for an average price of $141.43.

On 05/12/2022, AmerisourceBergen Corp traded for a price of $150.02 per share and a market cap of $24,089,573,000. The stock has returned 35.80% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, AmerisourceBergen Corp has a price-earnings ratio of 14.03, a price-book ratio of 43.75, a EV-to-Ebitda ratio of 8.52 and a price-sales ratio of 0.11.

The price-to-GF Value ratio is 1.22, earning the stock a GF Value rank of 3.

Quidel Corp


The guru established a new position worth 323,493 shares in NAS:QDEL, giving the stock a 0.39% weight in the equity portfolio. Shares traded for an average price of $106.57 during the quarter.

On 05/12/2022, Quidel Corp traded for a price of $92.16 per share and a market cap of $3,934,415,000. The stock has returned -22.37% over the past year.

GuruFocus gives the company a financial strength rating of 9 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, Quidel Corp has a price-earnings ratio of 3.97, a price-book ratio of 1.62, a price-earnings-to-growth (PEG) ratio of 0.03, a EV-to-Ebitda ratio of 2.05 and a price-sales ratio of 1.72.

The price-to-GF Value ratio is 0.33, earning the stock a GF Value rank of 4.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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