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Disclaimer

This report is presented for information purposes only and is not to be taken as investment advice, a recommendation or an offer of solicitation. This update does not consider unique objectives, constraints, or financial needs. The information contained in this report is the opinion of Burgundy Asset Management (Burgundy) and/or its employees as of the date of publication. Burgundy assumes no obligation to revise or update any information to reflect new events or circumstances, although content may be updated from time to time without notice. Select securities are used as examples to illustrate Burgundy’s investment philosophy and approach to evaluating ESG factors. Any numerical references are approximations only. Forward looking statements are based on historical events and trends and may differ from actual results. Under no circumstances does any commentary provided suggest that you should time the market in any way. Investing in foreign markets may involve certain risks relating to interest rates, currency exchange rates, adverse tax consequences, regulatory, and economic and political conditions.  Investors are advised that their investments are not guaranteed, their values change frequently and past performance may not be repeated.
The list of companies and discussion topics shown above is not a comprehensive list and is shown for illustrative purposes only.
Please note that the holdings described here therefore do not represent all securities purchased, sold, or recommended for advisory clients and that the information included herein does not entail profitability. Because Burgundy’s portfolios make concentrated investments in a limited number of companies, a change in one security’s value may have a more significant effect on the portfolio’s value. A full list of securities is available upon request.
Please note that the information provided herein is not necessarily a balanced demonstration. As a result, the data relayed here is not necessarily reflective of the corresponding data for an entire Burgundy strategy. Furthermore, the holdings described here do not represent all securities purchased, sold, or recommended for advisory clients. Please note that the information included herein does not entail profitability, and that this document does not provide the average weight of the holdings during the measurement period nor the contribution these holdings made to a representative account’s return. 
Securities of the Canadian pooled funds managed by Burgundy will not be sold to any person residing outside Canada unless such sales are permitted under the laws of their jurisdiction. Burgundy provides investment advisory services on a discretionary basis to non-Canadian persons and investors (including U.S. persons) where permitted by law. Prospective investors who are not residents of Canada should consult with Burgundy to determine if these securities may lawfully be sold in their jurisdiction.
Regarding distribution in the United Kingdom (UK), the content of this communication has not been approved by an authorised person within the meaning of the UK Financial Services and Markets Act 2000.  This communication is provided only for and is directed only at persons in the UK reasonably believed to be of a kind to whom such promotions may be communicated by an unauthorised person pursuant to an exemption under article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.  Such persons include (a) bodies corporate, partnerships and unincorporated associations that have net assets of at least £5 million, and (b) trustees of a trust that has gross assets (i.e. total assets held before deduction of any liabilities) of at least £10 million or has had gross assets of at least £10 million at any time within the year preceding this communication.  This communication is not intended for, nor available to, any organization that does not meet this criteria, or to whom it may not be lawfully communicated.  Any such organization must not rely on this communication, whatsoever.
Content provided in this piece includes proprietary information of Burgundy Asset Management Ltd. and is intended for the recipient only.  This report is not to be distributed without consent from Burgundy.