Giverny Capital

Q4 2024 13F · by François Rochon, CEO

As of: Dec 31, 2024
Filed: Aug 12, 2025
US stock: $2.7B · prev $2.6B
Positions: 62 · prev 52
Options notional: $0
Documents: 1· 1 amendment

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves51 since the prior filing

+2.5 pp in · −2.5 pp out

New 11 +1.56 pp
Added 35 +0.92 pp
Trimmed 4 −2.45 pp
Exited 1 −0.04 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.8% a year, about 10.2 years per position

Low
Moderate
High

Top 5 positions32% of US stock

Revealed late, restated

restated 2 rows corrected by the filer · US stock −0.00%; later quarters recomputed 13F-HR/A · Aug 12, 2025 ↗

Positions62 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.38%	505,550	$229M	added+3%	−0.18 pp	33 q
METAMeta Platforms, Inc. Class A	6.74%	315,095	$184M	added+2%	−0.01 pp	27 q
AMEAmetek, Inc.	6.42%	974,459	$176M	added+2%	+0.16 pp	33 q
HEI.AHeico Corp Cl A	5.04%	741,655	$138M	added+1%	−0.64 pp	34 q
KMXCarMax Inc.	5.03%	1,682,869	$138M	added+3%	+0.21 pp	40 q
PGRProgressive Corporation	4.78%	545,856	$131M	added+2%	−0.40 pp	22 q
FISVFiserv, Inc.	4.73%	630,254	$129M	added+26%	+1.31 pp	8 q
VVISA Inc.	4.57%	395,717	$125M	added+1%	+0.47 pp	40 q
GOOGAlphabet Inc. Class C	4.56%	655,037	$125M	added+1%	+0.45 pp	40 q
NVRNVR, Inc.	4.05%	13,558	$111M	added+2%	−0.91 pp	26 q
BKNGBooking Holdings Inc.	3.85%	21,177	$105M	added+3%	+0.56 pp	4 q
IBPInstalled Building Products, Inc.	3.23%	504,735	$88M	added+4%	−1.33 pp	13 q
MEDPMedpace Holdings, Inc.	2.84%	234,287	$78M	added+3%	−0.04 pp	6 q
FIVEFive Below, Inc.	2.81%	732,110	$77M	added+1%	+0.37 pp	32 q
MKLMarkel Group Inc.	2.73%	43,331	$75M	added+2%	+0.18 pp	40 q
SCHWThe Charles Schwab Corporation	2.56%	947,927	$70M	added+1%	+0.25 pp	26 q
MTBM&T Bank Corp.	2.53%	367,581	$69M	added+2%	+0.09 pp	15 q
SBUXStarbucks Corp	2.50%	749,372	$68M	added+4%	−0.16 pp	18 q
GOOGLAlphabet Inc. Class A	2.47%	356,828	$68M	added+3%	+0.28 pp	34 q
LULUlululemon athletica inc.	2.00%	143,368	$55M	added+1%	+0.54 pp	30 q
OZKBank OZK	1.97%	1,212,438	$54M	added+1%	+0.01 pp	25 q
KEYSKeysight Technologies, Inc.	1.95%	331,845	$53M	trimmed−31%	−0.96 pp	24 q
ANETArista Networks	1.66%	410,428	$45M	trimmed−4%	+0.10 pp	19 q
BACBank of America Corporation	1.61%	1,000,978	$44M	added+1%	+0.12 pp	24 q
KNSLKinsale Capital Group, Inc.	1.54%	90,759	$42M	added+5%	+0.01 pp	6 q
ADIAnalog Devices, Inc.	1.33%	171,775	$36M	trimmed−17%	−0.47 pp	13 q
FBINFortune Brands Innovations, Inc.	1.16%	463,140	$32M	added+4%	−0.36 pp	36 q
BROBrown & Brown, Inc.	1.10%	294,809	$30M	new	+1.10 pp	new
DISThe Walt Disney Company	1.01%	248,218	$28M	added+1%	+0.11 pp	40 q
FNDFloor & Decor Holdings, Inc.	0.85%	233,921	$23M	added+1%	−0.24 pp	11 q
LFUSLittelfuse Inc	0.69%	80,615	$19M	added+2%	−0.11 pp	29 q
CACCCredit Acceptance Corp	0.51%	29,558	$14M	added+1%	+0.02 pp	19 q
MAMastercard Incorporated	0.51%	26,275	$14M	added+3%	+0.03 pp	40 q
JPMJPMorgan Chase & Co.	0.38%	43,862	$11M	added+1%	+0.03 pp	35 q
ALGNAlign Technology Inc	0.33%	43,006	$9M	added+30%	+0.01 pp	5 q
FERGFerguson Enterprises Inc.	0.21%	33,708	$6M	new	+0.21 pp	new
BRK.ABerkshire Hathaway Inc.	0.20%	8	$5M	added+14%	+0.02 pp	30 q
AAPLApple Inc.	0.16%	16,976	$4M	added+72%	+0.07 pp	26 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.11%	14,638	$3M	added+1%	+0.01 pp	19 q
COFCapital One Financial	0.10%	14,774	$3M	held	—	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.10%	4,752	$3M	held	—	30 q
ICEIntercontinental Exchange Inc.	0.09%	16,799	$3M	held	—	2 q
CPRTCopart Inc	0.06%	27,484	$2M	held	—	11 q
YUMCYum China Holdings, Inc.	0.06%	36,036	$2M	held	—	2 q
BIRKBirkenstock Holding plc	0.06%	27,392	$2M	new	+0.06 pp	new
ITBiShares U.S. Home Construction ETF	0.04%	10,432	$1M	added+1%	−0.01 pp	15 q
LBRDKLiberty Broadband Corporation Class C	0.04%	15,000	$1M	new	+0.04 pp	new
MSFTMicrosoft Corp	0.04%	2,354	$992,211	new	+0.04 pp	new
NVONovo-Nordisk A/S	0.04%	12,400	$1M	held	—	18 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.04%	4,206	$1M	held	—	13 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.04%	2,364	$1M	new	+0.04 pp	new
DFHDream Finders Homes, Inc.	0.03%	32,202	$749,341	held	—	5 q
ODFLOld Dominion Freight Line	0.03%	5,255	$926,982	held	—	24 q
GBTCGrayscale Bitcoin Trust ETF	0.02%	7,442	$550,857	new	+0.02 pp	new
SLViShares Silver Trust	0.02%	23,000	$605,590	held	—	18 q
JJacobs Solutions Inc.	0.02%	4,394	$587,126	new	+0.02 pp	new
SITESiteOne Landscape Supply, Inc.	0.02%	3,753	$494,533	held	—	13 q
COSTCostco Wholesale Corp	0.01%	240	$219,905	held	—	2 q
CAPEDoubleLine Shiller CAPE U.S. Equities ETF	0.01%	10,645	$319,031	new	+0.01 pp	new
ISRGIntuitive Surgical Inc.	0.01%	405	$211,394	new	+0.01 pp	new
VOOVanguard S&P 500 ETF	0.01%	584	$314,665	new	+0.01 pp	new
EWEdwards Lifesciences Corp	0.00%	257	$19,026	trimmed−100%	−1.12 pp	29 q
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−15,000	—	exited	−0.04 pp	—