Funds › Giverny Capital (François Rochon) › Q1 2025Giverny Capital (François Rochon) 13F holdings, Q1 2025 Giverny Capital (François Rochon) disclosed 54 US equity positions worth $2.7bn in its Q1 2025 13F filing. Its largest position is BRK/B at 9.9% of the reported book, followed by META and AME. Versus Q4 2024 it opened 2 new positions, added to 12, reduced 12 and exited 10.
$2.7bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
54 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.9% Largest position The largest single position as a share of the reported equity book.
56.4% Top 10 weight The ten largest positions together, as a share of the reported equity book.
23 Effective positions 1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
46 Quarters on file since Q1 2015 Quarters for which this manager's 13F holdings are on record. Holdings Against Q4 2024: 2 new , 12 added , 12 reduced , 10 exited
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Stock Sector Weight Value Shares Δ shares Action BRK/B BERKSHIRE HATHAWAY INC DEL – 9.9% $268m 503,332 −0.4% held META META PLATFORMS INC Communication Services 6.7% $182m 315,144 0.0% held AME AMETEK INC Industrials 6.2% $168m 977,434 +0.3% held HEI/A HEICO CORP NEW – 5.8% $157m 742,011 0.0% held PGR PROGRESSIVE CORP Financial Services 5.5% $150m 529,154 −3.1% reduced FISV FISERV INC – 5.1% $139m 629,633 −0.1% held V VISA INC Financial Services 5.1% $138m 393,549 −0.5% reduced KMX CARMAX INC Consumer Cyclical 4.7% $128m 1.64m −2.5% reduced GOOG ALPHABET INC Communication Services 3.8% $102m 651,446 −0.5% reduced NVR NVR INC Consumer Cyclical 3.6% $97.7m 13,490 −0.5% reduced BKNG BOOKING HOLDINGS INC Consumer Cyclical 3.6% $97.4m 21,132 −0.2% held IBP INSTALLED BLDG PRODS INC Consumer Cyclical 3.2% $87.1m 508,073 +0.7% added KNSL KINSALE CAP GROUP INC Financial Services 3.0% $82.7m 169,967 +87% added MKL MARKEL GROUP INC Financial Services 3.0% $81.1m 43,402 +0.2% held MEDP MEDPACE HLDGS INC Healthcare 2.8% $76.8m 251,937 +7.5% added SCHW SCHWAB CHARLES CORP Financial Services 2.7% $74.3m 949,066 +0.1% held SBUX STARBUCKS CORP Consumer Cyclical 2.7% $73.2m 746,686 −0.4% held MTB M & T BK CORP Financial Services 2.4% $65.7m 367,532 0.0% held GOOGL ALPHABET INC Communication Services 2.0% $55.6m 359,603 +0.8% added OZK BANK OZK LITTLE ROCK ARK Financial Services 1.9% $52.6m 1.21m −0.2% held KEYS KEYSIGHT TECHNOLOGIES INC Technology 1.8% $49.6m 331,011 −0.3% held FIVE FIVE BELOW INC Consumer Cyclical 1.7% $46.6m 621,590 −15% reduced BAC BANK OF AMER CORP Financial Services 1.5% $41.6m 998,001 −0.3% held LULU LULULEMON ATHLETICA INC Consumer Cyclical 1.5% $40.5m 143,169 −0.1% held BRO BROWN & BROWN INC Financial Services 1.4% $36.6m 294,603 −0.1% held ANET ARISTA NETWORKS INC Technology 1.3% $36.1m 466,528 +14% added ADI ANALOG DEVICES INC Technology 1.3% $34.6m 171,340 −0.3% held DIS DISNEY WALT CO Communication Services 0.9% $24.4m 247,503 −0.3% held FND FLOOR & DECOR HLDGS INC Consumer Cyclical 0.7% $18.8m 233,878 0.0% held LFUS LITTELFUSE INC Technology 0.6% $15.8m 80,504 −0.1% held CACC CREDIT ACCEP CORP MICH Financial Services 0.6% $15.4m 29,851 +1.0% added MA MASTERCARD INC Financial Services 0.5% $14.8m 27,043 +2.9% added JPM JPMORGAN CHASE & CO Financial Services 0.4% $10.9m 44,483 +1.4% added BLDR BUILDERS FIRSTSOURCE INC Industrials 0.4% $10.3m 82,445 – new BRK/A BERKSHIRE HATHAWAY INC DEL – 0.3% $8.8m 11 +38% added ALGN ALIGN TECHNOLOGY INC Healthcare 0.3% $7.2m 45,135 +5.0% added FERG FERGUSON ENTERPRISES INC Industrials 0.2% $5.5m 34,386 +2.0% added COF CAPITAL ONE FINL CORP Financial Services 0.08% $2.2m 12,274 −17% reduced AAPL APPLE INC Technology 0.08% $2.1m 9,367 −45% reduced TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.07% $1.9m 11,550 −21% reduced YUMC YUM CHINA HLDGS INC Consumer Cyclical 0.07% $1.9m 36,036 0.0% held CPRT COPART INC Industrials 0.06% $1.6m 27,484 0.0% held SPY SPDR S&P 500 ETF Trust – 0.05% $1.4m 2,567 −46% reduced BLACKROCK ISHS PRM MM ETF no ticker – 0.05% $1.3m 12,876 – new BIRK BIRKENSTOCK HOLDING PLC Consumer Cyclical 0.05% $1.3m 27,392 0.0% held GLD SPDR GOLD TRUST – 0.04% $1.1m 3,898 −7.3% reduced ITB ISHARES TR – 0.04% $1.0m 10,961 +5.1% added ODFL OLD DOMINION FREIGHT LINE IN Industrials 0.03% $869k 5,255 0.0% held NVO NOVO-NORDISK A S Healthcare 0.03% $861k 12,400 0.0% held MSFT MICROSOFT CORP Technology 0.03% $746k 1,987 −16% reduced
Exited since Q4 2024 Sector mix Financial Services 28.2% Consumer Cyclical 21.9% Unclassified 21.3% Communication Services 13.4% Industrials 6.9% Technology 5.2% Healthcare 3.1% Consumer Defensive 0.01% Book over time Every quarter on file (46) Where Giverny Capital (François Rochon) was early Concentration and tenure
12.8% Median largest position, all quarters The largest single position as a share of the reported equity book.
62.6% Median top 10 weight, all quarters The ten largest positions together, as a share of the reported equity book.
Concentrated Style, by median largest position
6 Median completed holding, quarters