Giverny Capital

Q2 2025 13F · by François Rochon, CEO

As of: Jun 30, 2025
Filed: Aug 13, 2025
US stock: $2.9B · prev $2.7B
Positions: 55 · prev 54
Options notional: $0
Documents: 1· no amendments

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%

Moves45 since the prior filing

+3.3 pp in · −3.2 pp out

New 2 +0.22 pp
Added 37 +3.03 pp
Trimmed 5 −3.14 pp
Exited 1 −0.05 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.8 years per position

Low
Moderate
High

Top 5 positions34% of US stock

Positions55 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.53%	511,784	$249M	added+2%	−1.35 pp	35 q
METAMeta Platforms, Inc. Class A	8.07%	318,902	$235M	added+1%	+1.37 pp	29 q
HEI.AHeico Corp Cl A	6.65%	749,492	$194M	added+1%	+0.88 pp	36 q
AMEAmetek, Inc.	6.18%	996,344	$180M	added+2%	−0.02 pp	35 q
SCHWThe Charles Schwab Corporation	4.90%	1,567,495	$143M	added+65%	+2.16 pp	28 q
VVISA Inc.	4.89%	401,297	$142M	added+2%	−0.19 pp	42 q
PGRProgressive Corporation	4.76%	520,367	$139M	trimmed−2%	−0.76 pp	24 q
BKNGBooking Holdings Inc.	4.23%	21,290	$123M	added+1%	+0.64 pp	6 q
GOOGAlphabet Inc. Class C	3.98%	653,717	$116M	added0%	+0.23 pp	42 q
FISVFiserv, Inc.	3.83%	648,574	$112M	added+3%	−1.30 pp	10 q
KMXCarMax Inc.	3.82%	1,655,930	$111M	added+1%	−0.90 pp	42 q
NVRNVR, Inc.	3.56%	14,038	$104M	added+4%	−0.04 pp	28 q
IBPInstalled Building Products, Inc.	3.18%	514,459	$93M	added+1%	−0.03 pp	15 q
MKLMarkel Group Inc.	2.99%	43,696	$87M	added+1%	0.00 pp	42 q
KNSLKinsale Capital Group, Inc.	2.97%	179,153	$87M	added+5%	−0.08 pp	8 q
FIVEFive Below, Inc.	2.82%	625,871	$82M	added+1%	+1.10 pp	34 q
MEDPMedpace Holdings, Inc.	2.82%	261,755	$82M	added+4%	−0.01 pp	8 q
SBUXStarbucks Corp	2.36%	750,248	$69M	added0%	−0.34 pp	20 q
GOOGLAlphabet Inc. Class A	2.29%	379,617	$67M	added+6%	+0.24 pp	36 q
OZKBank OZK	2.03%	1,258,996	$59M	added+4%	+0.09 pp	27 q
KEYSKeysight Technologies, Inc.	1.87%	333,585	$55M	added+1%	+0.04 pp	26 q
ANETArista Networks	1.69%	482,561	$49M	added+3%	+0.36 pp	21 q
BACBank of America Corporation	1.63%	1,004,119	$48M	added+1%	+0.09 pp	26 q
ADIAnalog Devices, Inc.	1.44%	176,111	$42M	added+3%	+0.17 pp	15 q
BROBrown & Brown, Inc.	1.22%	321,637	$36M	added+9%	−0.13 pp	3 q
LULUlululemon athletica inc.	1.17%	143,977	$34M	added+1%	−0.32 pp	32 q
DISThe Walt Disney Company	1.11%	260,475	$32M	added+5%	+0.21 pp	42 q
LFUSLittelfuse Inc	0.63%	81,112	$18M	added+1%	+0.05 pp	31 q
FNDFloor & Decor Holdings, Inc.	0.61%	235,831	$18M	added+1%	−0.08 pp	13 q
MAMastercard Incorporated	0.54%	27,841	$16M	added+3%	−0.01 pp	42 q
CACCCredit Acceptance Corp	0.53%	30,501	$16M	added+2%	−0.04 pp	21 q
JPMJPMorgan Chase & Co.	0.51%	50,950	$15M	added+15%	+0.11 pp	37 q
BLDRBuilders FirstSource, Inc.	0.35%	87,317	$10M	added+6%	−0.03 pp	2 q
ALGNAlign Technology Inc	0.30%	46,358	$9M	added+3%	+0.04 pp	7 q
BRK.ABerkshire Hathaway Inc.	0.27%	11	$8M	held	—	32 q
FERGFerguson Enterprises Inc.	0.27%	35,679	$8M	added+4%	+0.07 pp	3 q
TWFGTWFG, Inc.	0.21%	177,848	$6M	new	+0.21 pp	new
AAPLApple Inc.	0.12%	16,976	$3M	added+81%	+0.04 pp	28 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.09%	11,550	$3M	held	—	21 q
COFCapital One Financial	0.07%	9,274	$2M	trimmed−24%	−0.01 pp	4 q
YUMCYum China Holdings, Inc.	0.06%	36,036	$2M	held	—	4 q
CPRTCopart Inc	0.05%	27,484	$1M	held	—	13 q
MTBM&T Bank Corp.	0.05%	7,540	$1M	trimmed−98%	−2.37 pp	17 q
SPYState Street SPDR S&P 500 ETF Trust	0.05%	2,474	$2M	trimmed−4%	0.00 pp	32 q
BIRKBirkenstock Holding plc	0.05%	27,392	$1M	held	—	3 q
ITBiShares U.S. Home Construction ETF	0.04%	11,518	$1M	added+5%	0.00 pp	17 q
MSFTMicrosoft Corp	0.04%	2,303	$1M	added+16%	+0.01 pp	3 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.04%	3,876	$1M	trimmed−1%	0.00 pp	15 q
DFHDream Finders Homes, Inc.	0.03%	32,202	$809,236	held	—	7 q
NVONovo-Nordisk A/S	0.03%	12,400	$855,848	held	—	20 q
ODFLOld Dominion Freight Line	0.03%	5,255	$852,887	held	—	26 q
SITESiteOne Landscape Supply, Inc.	0.02%	3,753	$453,888	held	—	15 q
AMZNAmazon.Com Inc	0.01%	1,174	$257,564	new	+0.01 pp	new
COSTCostco Wholesale Corp	0.01%	240	$237,586	held	—	4 q
ISRGIntuitive Surgical Inc.	0.01%	405	$220,081	held	—	3 q
PMMFiShares Prime Money Market ETF	—	−12,876	—	exited	−0.05 pp	—