Giverny Capital

Q2 2026 13F · by François Rochon, CEO

As of: Jun 30, 2026
Filed: Aug 14, 2026
US stock: $3.0B · prev $2.7B
Positions: 51 · prev 51
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%

Moves56 since the prior filing

+7.8 pp in · −8.6 pp out

New 7 +4.60 pp
Added 11 +3.22 pp
Trimmed 31 −8.30 pp
Exited 7 −0.26 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions29% of US stock

Revealed late, restated

restated 0 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Aug 14, 2026 ↗

Positions51 in this filing · 7 exited


GOOGAlphabet Inc. Class C	7.19%	605,460	$214M	trimmed−2%	+0.67 pp	46+ q
HEI.AHeico Corp Cl A	6.38%	735,248	$190M	trimmed−0%	+0.67 pp	40 q
METAMeta Platforms, Inc. Class A	5.74%	302,888	$171M	trimmed−2%	−0.71 pp	33 q
SCHWThe Charles Schwab Corporation	5.22%	1,681,567	$155M	added+9%	−0.07 pp	32 q
ADPAutomatic Data Processing	4.93%	654,556	$147M	added+56%	+1.81 pp	2 q
AMEAmetek, Inc.	4.87%	598,781	$145M	trimmed−2%	+0.07 pp	39 q
MEDPMedpace Holdings, Inc.	4.52%	253,931	$134M	trimmed−1%	+0.02 pp	12 q
VVISA Inc.	4.50%	389,900	$134M	trimmed−2%	+0.11 pp	46+ q
BRK.BBERKSHIRE HATHAWAY Class B	4.18%	248,447	$124M	trimmed−34%	−2.46 pp	39 q
PGRProgressive Corporation	3.98%	542,292	$118M	added+3%	+0.15 pp	28 q
GOOGLAlphabet Inc. Class A	3.73%	310,118	$111M	trimmed−11%	+0.06 pp	40 q
FIVEFive Below, Inc.	3.62%	598,122	$108M	trimmed−3%	−1.54 pp	38 q
BKNGBooking Holdings Inc.	3.13%	522,664	$93M	trimmed−1%	−0.13 pp	10 q
IBPInstalled Building Products, Inc.	3.07%	397,662	$91M	trimmed−1%	−0.85 pp	19 q
NVRNVR, Inc.	3.03%	13,238	$90M	trimmed−3%	−0.26 pp	32 q
KNSLKinsale Capital Group, Inc.	2.67%	240,731	$79M	added+10%	−0.07 pp	12 q
BFAMBright Horizons Family Solutions Inc.	2.58%	1,080,793	$77M	added+46%	+0.35 pp	3 q
RMDResMed Inc.	2.54%	387,665	$76M	added+69%	+0.65 pp	4 q
OZKBank OZK	2.10%	1,198,116	$62M	trimmed−3%	+0.03 pp	31 q
MKLMarkel Group Inc.	2.03%	30,877	$60M	trimmed−28%	−0.98 pp	46+ q
ANETArista Networks	1.94%	339,892	$58M	trimmed−20%	+0.04 pp	25 q
KEYSKeysight Technologies, Inc.	1.68%	143,072	$50M	trimmed−56%	−1.66 pp	30 q
DISThe Walt Disney Company	1.67%	515,567	$50M	trimmed−4%	−0.22 pp	46+ q
BROBrown & Brown, Inc.	1.62%	753,288	$48M	trimmed−0%	−0.18 pp	7 q
ADIAnalog Devices, Inc.	1.25%	93,310	$37M	trimmed−45%	−0.74 pp	19 q
NYTNew York Times Co.	1.14%	484,424	$34M	new	+1.14 pp	new
LFUSLittelfuse Inc	1.13%	74,125	$34M	trimmed−8%	+0.13 pp	35 q
MSAMine Safety Incorporated	0.98%	166,305	$29M	new	+0.98 pp	new
WSOWatsco, Inc.	0.92%	65,975	$27M	new	+0.92 pp	new
AAONAaon Inc	0.87%	204,779	$26M	added+1%	+0.26 pp	2 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.84%	3,876	$25M	held	—	19 q
SUNBSunbelt Rentals Holdings, Inc.	0.73%	246,369	$22M	trimmed−9%	+0.08 pp	2 q
VEEVVeeva Systems Inc.	0.57%	94,956	$17M	new	+0.57 pp	new
AXPAmerican Express Company	0.53%	46,702	$16M	new	+0.53 pp	new
JPMJPMorgan Chase & Co.	0.53%	47,876	$16M	trimmed−8%	−0.03 pp	41 q
TWFGTWFG, Inc.	0.53%	652,452	$16M	added+18%	+0.16 pp	5 q
MAMastercard Incorporated	0.50%	28,816	$15M	added+3%	−0.01 pp	46+ q
LULUlululemon athletica inc.	0.49%	128,803	$15M	trimmed−10%	−0.31 pp	36 q
FNDFloor & Decor Holdings, Inc.	0.46%	229,867	$14M	trimmed−1%	+0.03 pp	17 q
HWKNHawkins Inc	0.45%	94,954	$13M	new	+0.45 pp	new
FERGFerguson Enterprises Inc.	0.30%	37,380	$9M	added+2%	−0.01 pp	7 q
BLDRBuilders FirstSource, Inc.	0.28%	91,464	$8M	trimmed−0%	0.00 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.23%	9	$7M	trimmed−18%	−0.06 pp	36 q
AAPLApple Inc.	0.13%	12,995	$4M	trimmed−14%	−0.01 pp	32 q
SPYState Street SPDR S&P 500 ETF Trust	0.06%	2,294	$2M	trimmed−7%	0.00 pp	36 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.06%	3,655	$2M	trimmed−55%	−0.04 pp	25 q
YUMCYum China Holdings, Inc.	0.05%	36,036	$1M	held	—	8 q
ITBiShares U.S. Home Construction ETF	0.04%	11,662	$1M	added+7%	0.00 pp	21 q
MSFTMicrosoft Corp	0.02%	1,787	$666,587	trimmed−6%	−0.01 pp	7 q
CPRTCopart Inc	0.01%	8,274	$233,244	trimmed−70%	−0.02 pp	17 q
QQQInvesco QQQ Trust, Series 1	0.01%	391	$287,932	new	+0.01 pp	new
MTBM&T Bank Corp.	—	−7,535	—	exited	−0.06 pp	—
RSPInvesco S&P 500 Equal Weight ETF	—	−6,105	—	exited	−0.04 pp	—
QQQMInvesco NASDAQ 100 ETF	—	−4,222	—	exited	−0.04 pp	—
ODFLOld Dominion Freight Line	—	−5,006	—	exited	−0.04 pp	—
BIRKBirkenstock Holding plc	—	−27,392	—	exited	−0.04 pp	—
NVONovo-Nordisk A/S	—	−12,400	—	exited	−0.02 pp	—
SITESiteOne Landscape Supply, Inc.	—	−3,753	—	exited	−0.02 pp	—