Giverny Capital

Q1 2025 13F · by François Rochon, CEO

As of: Mar 31, 2025
Filed: Aug 12, 2025
US stock: $2.7B · prev $2.7B
Positions: 54 · prev 62
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%

Moves55 since the prior filing

+2.2 pp in · −2.2 pp out

New 2 +0.43 pp
Added 17 +1.80 pp
Trimmed 26 −0.80 pp
Exited 10 −1.41 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.3% a year, about 10.7 years per position

Low
Moderate
High

Top 5 positions34% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+1.50 pp trimmed+1.509.9%
META Meta Platforms, Inc. Class A added−0.04 pp added−0.046.7%
AME Ametek, Inc. added−0.22 pp added−0.226.2%
HEI.A Heico Corp Cl A added+0.73 pp added+0.735.8%
PGR Progressive Corporation trimmed+0.74 pp trimmed+0.745.5%

Revealed late, restated

restated 2 rows corrected by the filer · US stock −0.01%; later quarters recomputed 13F-HR/A · Aug 12, 2025 ↗

Positions54 in this filing · 10 exited


BRK.BBERKSHIRE HATHAWAY Class B	9.88%	503,332	$268M	trimmed−0%	+1.50 pp	34 q
METAMeta Platforms, Inc. Class A	6.70%	315,144	$182M	added0%	−0.04 pp	28 q
AMEAmetek, Inc.	6.20%	977,434	$168M	added0%	−0.22 pp	34 q
HEI.AHeico Corp Cl A	5.77%	742,011	$157M	added0%	+0.73 pp	35 q
PGRProgressive Corporation	5.52%	529,154	$150M	trimmed−3%	+0.74 pp	23 q
FISVFiserv, Inc.	5.13%	629,633	$139M	trimmed−0%	+0.40 pp	9 q
VVISA Inc.	5.08%	393,549	$138M	trimmed−1%	+0.51 pp	41 q
KMXCarMax Inc.	4.72%	1,641,622	$128M	trimmed−2%	−0.31 pp	41 q
GOOGAlphabet Inc. Class C	3.75%	651,446	$102M	trimmed−1%	−0.81 pp	41 q
NVRNVR, Inc.	3.60%	13,490	$98M	trimmed−1%	−0.45 pp	27 q
BKNGBooking Holdings Inc.	3.59%	21,132	$97M	trimmed−0%	−0.26 pp	5 q
IBPInstalled Building Products, Inc.	3.21%	508,073	$87M	added+1%	−0.02 pp	14 q
KNSLKinsale Capital Group, Inc.	3.05%	169,967	$83M	added+87%	+1.51 pp	7 q
MKLMarkel Group Inc.	2.99%	43,402	$81M	added0%	+0.26 pp	41 q
MEDPMedpace Holdings, Inc.	2.83%	251,937	$77M	added+8%	−0.01 pp	7 q
SCHWThe Charles Schwab Corporation	2.74%	949,066	$74M	added0%	+0.18 pp	27 q
SBUXStarbucks Corp	2.70%	746,686	$73M	trimmed−0%	+0.20 pp	19 q
MTBM&T Bank Corp.	2.42%	367,532	$66M	trimmed−0%	−0.11 pp	16 q
GOOGLAlphabet Inc. Class A	2.05%	359,603	$56M	added+1%	−0.42 pp	35 q
OZKBank OZK	1.94%	1,209,513	$53M	trimmed−0%	−0.03 pp	26 q
KEYSKeysight Technologies, Inc.	1.83%	331,011	$50M	trimmed−0%	−0.12 pp	25 q
FIVEFive Below, Inc.	1.72%	621,590	$47M	trimmed−15%	−1.09 pp	33 q
BACBank of America Corporation	1.54%	998,001	$42M	trimmed−0%	−0.07 pp	25 q
LULUlululemon athletica inc.	1.49%	143,169	$41M	trimmed−0%	−0.51 pp	31 q
BROBrown & Brown, Inc.	1.35%	294,603	$37M	trimmed−0%	+0.25 pp	2 q
ANETArista Networks	1.33%	466,528	$36M	added+14%	−0.33 pp	20 q
ADIAnalog Devices, Inc.	1.27%	171,340	$35M	trimmed−0%	−0.06 pp	14 q
DISThe Walt Disney Company	0.90%	247,503	$24M	trimmed−0%	−0.11 pp	41 q
FNDFloor & Decor Holdings, Inc.	0.69%	233,878	$19M	trimmed−0%	−0.16 pp	12 q
LFUSLittelfuse Inc	0.58%	80,504	$16M	trimmed−0%	−0.11 pp	30 q
CACCCredit Acceptance Corp	0.57%	29,851	$15M	added+1%	+0.06 pp	20 q
MAMastercard Incorporated	0.55%	27,043	$15M	added+3%	+0.04 pp	41 q
JPMJPMorgan Chase & Co.	0.40%	44,483	$11M	added+1%	+0.02 pp	36 q
BLDRBuilders FirstSource, Inc.	0.38%	82,445	$10M	new	+0.38 pp	new
BRK.ABerkshire Hathaway Inc.	0.32%	11	$9M	added+38%	+0.12 pp	31 q
ALGNAlign Technology Inc	0.26%	45,135	$7M	added+5%	−0.07 pp	6 q
FERGFerguson Enterprises Inc.	0.20%	34,386	$6M	added+2%	−0.01 pp	2 q
AAPLApple Inc.	0.08%	9,367	$2M	trimmed−45%	−0.08 pp	27 q
COFCapital One Financial	0.08%	12,274	$2M	trimmed−17%	−0.02 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.07%	11,550	$2M	trimmed−21%	−0.04 pp	20 q
YUMCYum China Holdings, Inc.	0.07%	36,036	$2M	held	—	3 q
CPRTCopart Inc	0.06%	27,484	$2M	held	—	12 q
PMMFiShares Prime Money Market ETF	0.05%	12,876	$1M	new	+0.05 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.05%	2,567	$1M	trimmed−46%	−0.05 pp	31 q
BIRKBirkenstock Holding plc	0.05%	27,392	$1M	held	—	2 q
ITBiShares U.S. Home Construction ETF	0.04%	10,961	$1M	added+5%	0.00 pp	16 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.04%	3,898	$1M	trimmed−7%	0.00 pp	14 q
DFHDream Finders Homes, Inc.	0.03%	32,202	$726,477	held	—	6 q
MSFTMicrosoft Corp	0.03%	1,987	$745,900	trimmed−16%	−0.01 pp	2 q
NVONovo-Nordisk A/S	0.03%	12,400	$861,056	held	—	19 q
ODFLOld Dominion Freight Line	0.03%	5,255	$869,440	held	—	25 q
SITESiteOne Landscape Supply, Inc.	0.02%	3,753	$455,764	held	—	14 q
COSTCostco Wholesale Corp	0.01%	240	$226,987	held	—	3 q
ISRGIntuitive Surgical Inc.	0.01%	405	$200,584	held	—	2 q
FBINFortune Brands Innovations, Inc.	—	−463,140	—	exited	−1.16 pp	—
ICEIntercontinental Exchange Inc.	—	−16,799	—	exited	−0.09 pp	—
LBRDKLiberty Broadband Corporation Class C	—	−15,000	—	exited	−0.04 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−2,364	—	exited	−0.04 pp	—
GBTCGrayscale Bitcoin Trust ETF	—	−7,442	—	exited	−0.02 pp	—
SLViShares Silver Trust	—	−23,000	—	exited	−0.02 pp	—
JJacobs Solutions Inc.	—	−4,394	—	exited	−0.02 pp	—
CAPEDoubleLine Shiller CAPE U.S. Equities ETF	—	−10,645	—	exited	−0.01 pp	—
VOOVanguard S&P 500 ETF	—	−584	—	exited	−0.01 pp	—
EWEdwards Lifesciences Corp	—	−257	—	exited	0.00 pp	—