Burgundy Asset Management Ltd. recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
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 110 stocks valued at a total of $7.17Bil. The top holdings were MSFT(4.45%), GOOGL(4.32%), and SSNC(2.96%).
According to GuruFocus data, these were Burgundy Asset Management Ltd.’s top five trades of the quarter.
Jefferies Financial Group Inc
Burgundy Asset Management Ltd. reduced their investment in NYSE:JEF by 1,708,287 shares. The trade had a 0.59% impact on the equity portfolio. During the quarter, the stock traded for an average price of $31.66.
On 11/15/2022, Jefferies Financial Group Inc traded for a price of $36.89 per share and a market cap of $8.45Bil. The stock has returned -11.50% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Jefferies Financial Group Inc has a price-earnings ratio of 10.08, a price-book ratio of 0.82, a EV-to-Ebitda ratio of 14.12 and a price-sales ratio of 1.29.
The price-to-GF Value ratio is 1.36, earning the stock a GF Value rank of 1.
Raytheon Technologies Corp
Burgundy Asset Management Ltd. reduced their investment in NYSE:RTX by 449,998 shares. The trade had a 0.54% impact on the equity portfolio. During the quarter, the stock traded for an average price of $90.51.
On 11/15/2022, Raytheon Technologies Corp traded for a price of $92.95 per share and a market cap of $136.64Bil. The stock has returned 6.99% 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 30.98, a price-book ratio of 1.95, a EV-to-Ebitda ratio of 15.44 and a price-sales ratio of 2.10.
The price-to-GF Value ratio is 1.03, earning the stock a GF Value rank of 5.
Cedar Fair LP
The guru sold out of their 859,643-share investment in NYSE:FUN. Previously, the stock had a 0.47% weight in the equity portfolio. Shares traded for an average price of $42.55 during the quarter.
On 11/15/2022, Cedar Fair LP traded for a price of $40.21 per share and a market cap of $2.19Bil. The stock has returned -14.21% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Cedar Fair LP has a price-earnings ratio of 8.54, a EV-to-Ebitda ratio of 6.46 and a price-sales ratio of 1.27.
The price-to-GF Value ratio is 0.58, earning the stock a GF Value rank of 8.
Rogers Communications Inc
During the quarter, Burgundy Asset Management Ltd. bought 833,695 shares of NYSE:RCI for a total holding of 2,608,181. The trade had a 0.45% impact on the equity portfolio. During the quarter, the stock traded for an average price of $44.25.
On 11/15/2022, Rogers Communications Inc traded for a price of $43.85 per share and a market cap of $22.33Bil. The stock has returned -6.04% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Rogers Communications Inc has a price-earnings ratio of 19.22, a price-book ratio of 3.05, a price-earnings-to-growth (PEG) ratio of 3.84, a EV-to-Ebitda ratio of 11.19 and a price-sales ratio of 1.95.
The price-to-GF Value ratio is 0.97, earning the stock a GF Value rank of 7.
Shaw Communications Inc
Burgundy Asset Management Ltd. reduced their investment in NYSE:SJR by 853,615 shares. The trade had a 0.32% impact on the equity portfolio. During the quarter, the stock traded for an average price of $26.49.
On 11/15/2022, Shaw Communications Inc traded for a price of $27.22 per share and a market cap of $13.63Bil. The stock has returned -4.59% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Shaw Communications Inc has a price-earnings ratio of 21.46, a price-book ratio of 2.88, a price-earnings-to-growth (PEG) ratio of 3.11, a EV-to-Ebitda ratio of 9.37 and a price-sales ratio of 3.33.
The price-to-GF Value ratio is 1.30, earning the stock a GF Value rank of 1.
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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