Giverny Capital
Giverny Capital is managed by François Rochon, who founded the firm in 1993. Rochon is renowned for his value investing approach, focusing on long-term capital appreciation by selecting companies with strong competitive advantages and potential for sustained growth. The firm's investment philosophy emphasizes deep fundamental analysis and a patient, disciplined approach to investing.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| BRKB | $181.4M | 6.64% | — | — | 6.6% | ||
| GOOG | $178.1M | 6.52% | $286.69 | $364.97 | +27.3% | 6.5% | |
| META | $176.1M | 6.45% | $571.60 | $617.15 | +8.0% | 6.5% | |
| HEIA | $155.9M | 5.71% | — | — | 5.7% | ||
| SCHW | $144.4M | 5.29% | $93.64 | $102.11 | +9.1% | 5.3% | |
| FIVE | $141.0M | 5.16% | $228.48 | $175.77 | -23.1% | 5.2% | |
| AME | $131.2M | 4.80% | $214.04 | $230.97 | +7.9% | 4.8% | |
| MEDP | $123.0M | 4.50% | $480.19 | $548.43 | +14.2% | 4.5% | |
| V | $119.8M | 4.39% | $301.61 | $351.69 | +16.6% | 4.4% | |
| IBP | $107.0M | 3.92% | $264.65 | $222.14 | -16.1% | 3.9% | |
| PGR | $104.7M | 3.83% | $198.05 | $235.40 | +18.9% | 3.8% | |
| GOOGL | $100.2M | 3.67% | $287.39 | $368.20 | +28.1% | 3.7% | |
| KEYS | $91.3M | 3.34% | $282.37 | $308.33 | +9.2% | 3.3% | |
| NVR | $89.9M | 3.29% | $6589.83 | $6695.92 | +1.6% | 3.3% | |
| BKNG | $88.9M | 3.26% | $167.99 | $181.77 | +8.2% | 3.3% | |
| ADP | $85.2M | 3.12% | $201.65 | $247.32 | +22.6% | 3.1% | |
| MKL | $82.2M | 3.01% | $1914.07 | $1969.78 | +2.9% | 3.0% | |
| KNSL | $74.8M | 2.74% | $341.38 | $348.44 | +2.1% | 2.7% | |
| BFAM | $61.0M | 2.23% | $82.13 | $77.24 | -6.0% | 2.2% | |
| OZK | $56.5M | 2.07% | $45.44 | $49.86 | +9.7% | 2.1% | |
| ADI | $54.4M | 1.99% | $318.14 | $375.33 | +18.0% | 2.0% | |
| ANET | $52.0M | 1.90% | $122.78 | $164.99 | +34.4% | 1.9% | |
| DIS | $51.7M | 1.89% | $95.65 | $97.26 | +1.7% | 1.9% | |
| RMD | $51.6M | 1.89% | $223.81 | $218.77 | -2.3% | 1.9% | |
| BRO | $49.3M | 1.80% | $65.02 | $69.39 | +6.7% | 1.8% | |
| LFUS | $27.4M | 1.00% | $338.77 | $399.07 | +17.8% | 1.0% | |
| LULU | $21.8M | 0.80% | $153.10 | $114.28 | -25.4% | 0.8% | |
| SUNB | $17.6M | 0.65% | $65.09 | $69.09 | +6.2% | 0.7% | |
| AAON | $16.7M | 0.61% | $82.69 | $109.15 | +32.0% | 0.6% | |
| JPM | $15.4M | 0.56% | $291.35 | $338.82 | +16.3% | 0.6% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (5)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| ADP | $85.2M | +22.6% | |
| SUNB | $17.6M | +6.2% | |
| AAON | $16.7M | +32.0% | |
| RSP | $1.2M | ||
| QQQM | $1.0M |
Exited Positions (4)
| Ticker | Issuer | Notional |
|---|---|---|
| COF | $2.0M | |
| DFH | $0.6M | |
| ISRG | $0.2M | |
| COST | $0.2M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| BFAM | $19.4M | +81.0% | -6.0% | |
| TWFG | $0.6M | +66.5% | ||
| MSFT | $-0.1M | +12.1% | ||
| KNSL | $-9.0M | +2.2% | +2.1% | |
| BLDR | $-1.7M | +2.0% | ||
| ANET | $-2.9M | +1.0% | +34.4% | |
| FERG | $0.5M | +1.0% | ||
| JPM | $-1.3M | +0.9% | +16.3% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| TSM | $-2.1M | -49.4% | ||
| AME | $-69.9M | -37.5% | +7.9% | |
| BRKB | $-72.9M | -25.2% | ||
| IBP | $-27.6M | -22.3% | -16.1% | |
| AAPL | $-0.7M | -8.9% | ||
| ITB | $-0.1M | -7.2% | ||
| ODFL | $0.1M | -4.7% | ||
| GOOGL | $-12.9M | -3.6% | +28.1% |
Quarter Activity
During the quarter, Giverny Capital initiated significant new positions in ADP and SUNB, valued at $85 million and $18 million respectively, while also making smaller entries into AAON, RSP, and QQQM. The fund exited positions in COF and DFH, alongside nominal exits from ISRG and COST. Notably, the portfolio saw increased investments in BFAM and TWFG, adding $81 million and $66 million respectively, while reducing holdings significantly in TSM and AME by $49 million and $38 million.
AI Commentary
<p>Giverny Capital's portfolio showcases a strong concentration in major technology and financial services firms, with top holdings including Berkshire Hathaway Inc. (BRKB) at 6.6%, Alphabet Inc. (GOOG) at 6.5%, and Meta Platforms Inc. (META) also at 6.5%. The fund also shows significant investments in the industrial sector with positions like Heico Corp (HEIA) and Ametek Inc (AME). This sectoral focus suggests a balanced approach, leveraging both the stability of large financial entities and the growth potential of tech and industrial innovators.</p> <p>The recent portfolio adjustments indicate a strategic shift in Giverny Capital's investment thesis. The initiation of new positions in Automatic Data Processing (ADP) and smaller stakes in Sunbelt (SUNB), AAON Inc. (AAON), and ETFs like RSP and QQQM, suggests a diversification strategy and possibly a bullish outlook on the broader market and specific industrial technologies. Conversely, the significant reduction in positions such as Taiwan Semiconductor Manufacturing Co. (TSM) and Ametek Inc. (AME), along with the closure of positions in Capital One Financial (COF) and others, could signal a reallocation from certain tech and financial sectors to areas perceived as having higher growth potential or lower risk in the current economic climate.</p>