Giverny Capital

Q3 2025 13F · by François Rochon, CEO

As of: Sep 30, 2025
Filed: Nov 17, 2025
US stock: $3.0B · prev $2.9B
Positions: 52 · prev 55
Options notional: $0
Documents: 1· 2 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%

Moves44 since the prior filing

+2.5 pp in · −2.5 pp out

New 1 +2.18 pp
Added 23 +0.28 pp
Trimmed 16 +1.55 pp
Exited 4 −4.01 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.0 years per position

Low
Moderate
High

Top 5 positions35% of US stock

Revealed late, restated

restated 1 row corrected by the filer · US stock −3.86%; later quarters recomputed 13F-HR/A · Nov 14, 2025 ↗

restated 1 row corrected by the filer · US stock −5.88%; later quarters recomputed 13F-HR/A · Nov 17, 2025 ↗

Positions52 in this filing · 4 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.70%	510,644	$257M	trimmed−0%	+0.17 pp	36 q
METAMeta Platforms, Inc. Class A	7.76%	311,810	$229M	trimmed−2%	−0.31 pp	30 q
HEI.AHeico Corp Cl A	6.45%	749,501	$190M	added0%	−0.20 pp	37 q
AMEAmetek, Inc.	6.35%	996,676	$187M	added0%	+0.17 pp	36 q
GOOGAlphabet Inc. Class C	5.27%	638,213	$155M	trimmed−2%	+1.29 pp	43 q
SCHWThe Charles Schwab Corporation	5.10%	1,575,776	$150M	added+1%	+0.20 pp	29 q
VVISA Inc.	4.69%	405,520	$138M	added+1%	−0.20 pp	43 q
MEDPMedpace Holdings, Inc.	4.56%	261,802	$135M	added0%	+1.74 pp	9 q
PGRProgressive Corporation	4.47%	533,889	$132M	added+3%	−0.29 pp	25 q
IBPInstalled Building Products, Inc.	4.30%	514,736	$127M	added0%	+1.12 pp	16 q
BKNGBooking Holdings Inc.	3.90%	21,343	$115M	added0%	−0.33 pp	7 q
NVRNVR, Inc.	3.83%	14,075	$113M	added0%	+0.27 pp	29 q
FIVEFive Below, Inc.	3.34%	637,090	$99M	added+2%	+0.52 pp	35 q
GOOGLAlphabet Inc. Class A	2.96%	359,143	$87M	trimmed−5%	+0.67 pp	37 q
FISVFiserv, Inc.	2.85%	651,257	$84M	added0%	−0.98 pp	11 q
MKLMarkel Group Inc.	2.84%	43,829	$84M	added0%	−0.15 pp	43 q
KNSLKinsale Capital Group, Inc.	2.74%	190,462	$81M	added+6%	−0.23 pp	9 q
KMXCarMax Inc.	2.54%	1,670,114	$75M	added+1%	−1.28 pp	43 q
OZKBank OZK	2.18%	1,261,960	$64M	added0%	+0.15 pp	28 q
RMDResMed Inc.	2.18%	235,418	$64M	new	+2.18 pp	new
ANETArista Networks	2.04%	412,399	$60M	trimmed−15%	+0.35 pp	22 q
KEYSKeysight Technologies, Inc.	1.98%	333,927	$58M	added0%	+0.11 pp	27 q
ADIAnalog Devices, Inc.	1.47%	176,468	$43M	added0%	+0.03 pp	16 q
BROBrown & Brown, Inc.	1.02%	322,246	$30M	added0%	−0.20 pp	4 q
DISThe Walt Disney Company	1.01%	260,400	$30M	trimmed−0%	−0.10 pp	43 q
LULUlululemon athletica inc.	0.87%	144,001	$26M	added0%	−0.30 pp	33 q
LFUSLittelfuse Inc	0.71%	81,257	$21M	added0%	+0.08 pp	32 q
FNDFloor & Decor Holdings, Inc.	0.59%	236,148	$17M	added0%	−0.02 pp	14 q
JPMJPMorgan Chase & Co.	0.54%	50,705	$16M	trimmed−0%	+0.03 pp	38 q
MAMastercard Incorporated	0.53%	27,724	$16M	trimmed−0%	−0.01 pp	43 q
BLDRBuilders FirstSource, Inc.	0.36%	87,096	$11M	trimmed−0%	+0.01 pp	3 q
BRK.ABerkshire Hathaway Inc.	0.29%	11	$8M	held	—	33 q
TWFGTWFG, Inc.	0.28%	300,317	$8M	added+69%	+0.07 pp	2 q
FERGFerguson Enterprises Inc.	0.27%	35,503	$8M	trimmed−0%	0.00 pp	4 q
ALGNAlign Technology Inc	0.19%	45,691	$6M	trimmed−1%	−0.11 pp	8 q
AAPLApple Inc.	0.15%	16,875	$4M	trimmed−1%	+0.03 pp	29 q
CACCCredit Acceptance Corp	0.09%	6,874	$3M	trimmed−77%	−0.44 pp	22 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.08%	8,163	$2M	trimmed−29%	−0.01 pp	22 q
COFCapital One Financial	0.06%	8,275	$2M	trimmed−11%	−0.01 pp	5 q
SPYState Street SPDR S&P 500 ETF Trust	0.06%	2,474	$2M	held	—	33 q
MTBM&T Bank Corp.	0.05%	7,540	$1M	held	—	18 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.05%	3,876	$1M	held	—	16 q
YUMCYum China Holdings, Inc.	0.05%	36,036	$2M	held	—	5 q
CPRTCopart Inc	0.04%	27,484	$1M	held	—	14 q
ITBiShares U.S. Home Construction ETF	0.04%	11,561	$1M	added0%	0.00 pp	18 q
BIRKBirkenstock Holding plc	0.04%	27,392	$1M	held	—	4 q
DFHDream Finders Homes, Inc.	0.03%	32,202	$834,676	held	—	8 q
MSFTMicrosoft Corp	0.03%	1,703	$882,069	trimmed−26%	−0.01 pp	4 q
ODFLOld Dominion Freight Line	0.03%	5,255	$739,799	held	—	27 q
NVONovo-Nordisk A/S	0.02%	12,400	$688,076	held	—	21 q
SITESiteOne Landscape Supply, Inc.	0.02%	3,753	$483,386	held	—	16 q
COSTCostco Wholesale Corp	0.01%	240	$221,837	held	—	5 q
SBUXStarbucks Corp	—	−750,248	—	exited	−2.36 pp	—
BACBank of America Corporation	—	−1,004,119	—	exited	−1.63 pp	—
AMZNAmazon.Com Inc	—	−1,174	—	exited	−0.01 pp	—
ISRGIntuitive Surgical Inc.	—	−405	—	exited	−0.01 pp	—