Giverny Capital

Q1 2026 13F · by François Rochon, CEO

As of: Mar 31, 2026
Filed: May 15, 2026
US stock: $2.7B · prev $3.0B
Positions: 51 · prev 50
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%

Moves47 since the prior filing

+5.4 pp in · −5.4 pp out

New 5 +4.46 pp
Added 8 +0.91 pp
Trimmed 30 −5.29 pp
Exited 4 −0.11 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.4 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Positions51 in this filing · 4 exited


BRK.BBERKSHIRE HATHAWAY Class B	6.64%	378,625	$181M	trimmed−25%	−1.84 pp	38 q
GOOGAlphabet Inc. Class C	6.52%	620,909	$178M	trimmed−3%	−0.17 pp	45 q
METAMeta Platforms, Inc. Class A	6.45%	307,821	$176M	trimmed−2%	−0.45 pp	32 q
HEI.AHeico Corp Cl A	5.71%	738,482	$156M	trimmed−2%	−0.64 pp	39 q
SCHWThe Charles Schwab Corporation	5.29%	1,536,206	$144M	trimmed−3%	+0.01 pp	31 q
FIVEFive Below, Inc.	5.16%	617,191	$141M	trimmed−3%	+1.15 pp	37 q
AMEAmetek, Inc.	4.80%	612,058	$131M	trimmed−38%	−1.91 pp	38 q
MEDPMedpace Holdings, Inc.	4.50%	256,081	$123M	trimmed−3%	−0.43 pp	11 q
VVISA Inc.	4.39%	396,357	$120M	trimmed−3%	−0.38 pp	45 q
IBPInstalled Building Products, Inc.	3.92%	403,665	$107M	trimmed−22%	−0.57 pp	18 q
PGRProgressive Corporation	3.83%	528,364	$105M	trimmed−2%	−0.25 pp	27 q
GOOGLAlphabet Inc. Class A	3.67%	348,469	$100M	trimmed−4%	−0.10 pp	39 q
KEYSKeysight Technologies, Inc.	3.34%	323,184	$91M	trimmed−3%	+1.08 pp	29 q
NVRNVR, Inc.	3.29%	13,647	$90M	trimmed−3%	−0.14 pp	31 q
BKNGBooking Holdings Inc.	3.26%	21,117	$89M	trimmed−2%	−0.57 pp	9 q
ADPAutomatic Data Processing	3.12%	419,090	$85M	new	+3.12 pp	new
MKLMarkel Group Inc.	3.01%	42,944	$82M	trimmed−2%	−0.14 pp	45 q
KNSLKinsale Capital Group, Inc.	2.74%	218,942	$75M	added+2%	−0.06 pp	11 q
BFAMBright Horizons Family Solutions Inc.	2.23%	742,329	$61M	added+81%	+0.84 pp	2 q
OZKBank OZK	2.07%	1,231,059	$56M	trimmed−3%	+0.13 pp	30 q
ADIAnalog Devices, Inc.	1.99%	171,052	$54M	trimmed−3%	+0.39 pp	18 q
ANETArista Networks	1.90%	423,361	$52M	added+1%	+0.07 pp	24 q
DISThe Walt Disney Company	1.89%	536,514	$52M	trimmed−1%	−0.18 pp	45 q
RMDResMed Inc.	1.89%	230,005	$52M	trimmed−2%	0.00 pp	3 q
BROBrown & Brown, Inc.	1.80%	755,269	$49M	trimmed−2%	−0.25 pp	6 q
LFUSLittelfuse Inc	1.00%	80,719	$27M	trimmed−1%	+0.31 pp	34 q
LULUlululemon athletica inc.	0.80%	142,600	$22M	trimmed−1%	−0.20 pp	35 q
SUNBSunbelt Rentals Holdings, Inc.	0.65%	270,843	$18M	new	+0.65 pp	new
AAONAaon Inc	0.61%	201,832	$17M	new	+0.61 pp	new
JPMJPMorgan Chase & Co.	0.56%	52,298	$15M	added+1%	0.00 pp	40 q
MAMastercard Incorporated	0.51%	28,066	$14M	trimmed−2%	−0.04 pp	45 q
FNDFloor & Decor Holdings, Inc.	0.43%	231,829	$12M	trimmed−2%	−0.05 pp	16 q
TWFGTWFG, Inc.	0.37%	552,107	$10M	added+67%	+0.05 pp	4 q
FERGFerguson Enterprises Inc.	0.31%	36,728	$9M	added+1%	+0.04 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.29%	11	$8M	held	—	35 q
BLDRBuilders FirstSource, Inc.	0.28%	91,813	$8M	added+2%	−0.03 pp	5 q
AAPLApple Inc.	0.14%	15,040	$4M	trimmed−9%	−0.01 pp	31 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.10%	8,125	$3M	trimmed−49%	−0.06 pp	24 q
MTBM&T Bank Corp.	0.06%	7,535	$2M	trimmed−0%	+0.01 pp	20 q
SPYState Street SPDR S&P 500 ETF Trust	0.06%	2,474	$2M	held	—	35 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.06%	3,876	$2M	held	—	18 q
YUMCYum China Holdings, Inc.	0.06%	36,036	$2M	held	—	7 q
RSPInvesco S&P 500 Equal Weight ETF	0.04%	6,105	$1M	new	+0.04 pp	new
QQQMInvesco NASDAQ 100 ETF	0.04%	4,222	$1M	new	+0.04 pp	new
ITBiShares U.S. Home Construction ETF	0.04%	10,854	$982,830	trimmed−7%	0.00 pp	20 q
ODFLOld Dominion Freight Line	0.04%	5,006	$978,172	trimmed−5%	+0.01 pp	29 q
BIRKBirkenstock Holding plc	0.04%	27,392	$981,455	held	—	6 q
CPRTCopart Inc	0.03%	27,484	$912,469	held	—	16 q
MSFTMicrosoft Corp	0.03%	1,910	$707,025	added+12%	0.00 pp	6 q
NVONovo-Nordisk A/S	0.02%	12,400	$455,700	held	—	23 q
SITESiteOne Landscape Supply, Inc.	0.02%	3,753	$499,562	held	—	18 q
COFCapital One Financial	—	−8,274	—	exited	−0.07 pp	—
DFHDream Finders Homes, Inc.	—	−32,202	—	exited	−0.02 pp	—
COSTCostco Wholesale Corp	—	−240	—	exited	−0.01 pp	—
ISRGIntuitive Surgical Inc.	—	−405	—	exited	−0.01 pp	—