Funds › Giverny Capital (François Rochon) › Q2 2025Giverny Capital (François Rochon) 13F holdings, Q2 2025 Giverny Capital (François Rochon) disclosed 55 US equity positions worth $2.9bn in its Q2 2025 13F filing. Its largest position is BRK/B at 8.5% of the reported book, followed by META and HEI/A. Versus Q1 2025 it opened 2 new positions, added to 35, reduced 5 and exited 1.
$2.9bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
55 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
8.5% Largest position The largest single position as a share of the reported equity book.
56.0% 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 Q1 2025: 2 new , 35 added , 5 reduced , 1 exited
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Stock Sector Weight Value Shares Δ shares Action BRK/B BERKSHIRE HATHAWAY INC DEL – 8.5% $249m 511,784 +1.7% added META META PLATFORMS INC Communication Services 8.1% $235m 318,902 +1.2% added HEI/A HEICO CORP NEW – 6.7% $194m 749,492 +1.0% added AME AMETEK INC Industrials 6.2% $180m 996,344 +1.9% added SCHW SCHWAB CHARLES CORP Financial Services 4.9% $143m 1.57m +65% added V VISA INC Financial Services 4.9% $142m 401,297 +2.0% added PGR PROGRESSIVE CORP Financial Services 4.8% $139m 520,367 −1.7% reduced BKNG BOOKING HOLDINGS INC Consumer Cyclical 4.2% $123m 21,290 +0.7% added GOOG ALPHABET INC Communication Services 4.0% $116m 653,717 +0.3% held FISV FISERV INC – 3.8% $112m 648,574 +3.0% added KMX CARMAX INC Consumer Cyclical 3.8% $111m 1.66m +0.9% added NVR NVR INC Consumer Cyclical 3.6% $104m 14,038 +4.1% added IBP INSTALLED BLDG PRODS INC Consumer Cyclical 3.2% $92.8m 514,459 +1.3% added MKL MARKEL GROUP INC Financial Services 3.0% $87.3m 43,696 +0.7% added KNSL KINSALE CAP GROUP INC Financial Services 3.0% $86.7m 179,153 +5.4% added MEDP MEDPACE HLDGS INC Healthcare 2.8% $82.2m 261,755 +3.9% added FIVE FIVE BELOW INC Consumer Cyclical 2.8% $82.1m 625,871 +0.7% added SBUX STARBUCKS CORP Consumer Cyclical 2.4% $68.7m 750,248 +0.5% held GOOGL ALPHABET INC Communication Services 2.3% $66.9m 379,617 +5.6% added OZK BANK OZK LITTLE ROCK ARK Financial Services 2.0% $59.2m 1.26m +4.1% added KEYS KEYSIGHT TECHNOLOGIES INC Technology 1.9% $54.7m 333,585 +0.8% added ANET ARISTA NETWORKS INC Technology 1.7% $49.4m 482,561 +3.4% added BAC BANK OF AMER CORP Financial Services 1.6% $47.5m 1.00m +0.6% added ADI ANALOG DEVICES INC Technology 1.4% $41.9m 176,111 +2.8% added BRO BROWN & BROWN INC Financial Services 1.2% $35.7m 321,637 +9.2% added LULU LULULEMON ATHLETICA INC Consumer Cyclical 1.2% $34.2m 143,977 +0.6% added DIS DISNEY WALT CO Communication Services 1.1% $32.3m 260,475 +5.2% added LFUS LITTELFUSE INC Technology 0.6% $18.4m 81,112 +0.8% added FND FLOOR & DECOR HLDGS INC Consumer Cyclical 0.6% $17.9m 235,831 +0.8% added MA MASTERCARD INC Financial Services 0.5% $15.6m 27,841 +3.0% added CACC CREDIT ACCEP CORP MICH Financial Services 0.5% $15.5m 30,501 +2.2% added JPM JPMORGAN CHASE & CO Financial Services 0.5% $14.8m 50,950 +15% added BLDR BUILDERS FIRSTSOURCE INC Industrials 0.3% $10.2m 87,317 +5.9% added ALGN ALIGN TECHNOLOGY INC Healthcare 0.3% $8.8m 46,358 +2.7% added BRK/A BERKSHIRE HATHAWAY INC DEL – 0.3% $8.0m 11 0.0% held FERG FERGUSON ENTERPRISES INC Industrials 0.3% $7.8m 35,679 +3.8% added TWFG TWFG INC – 0.2% $6.2m 177,848 – new AAPL APPLE INC Technology 0.1% $3.5m 16,976 +81% added TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.09% $2.6m 11,550 0.0% held COF CAPITAL ONE FINL CORP Financial Services 0.07% $2.0m 9,274 −24% reduced YUMC YUM CHINA HLDGS INC Consumer Cyclical 0.06% $1.6m 36,036 0.0% held SPY SPDR S&P 500 ETF Trust – 0.05% $1.5m 2,474 −3.6% reduced MTB M & T BK CORP Financial Services 0.05% $1.5m 7,540 −98% reduced CPRT COPART INC Industrials 0.05% $1.3m 27,484 0.0% held BIRK BIRKENSTOCK HOLDING PLC Consumer Cyclical 0.05% $1.3m 27,392 0.0% held GLD SPDR GOLD TRUST – 0.04% $1.2m 3,876 −0.6% reduced MSFT MICROSOFT CORP Technology 0.04% $1.1m 2,303 +16% added ITB ISHARES TR – 0.04% $1.1m 11,518 +5.1% added NVO NOVO-NORDISK A S Healthcare 0.03% $856k 12,400 0.0% held ODFL OLD DOMINION FREIGHT LINE IN Industrials 0.03% $853k 5,255 0.0% held
Exited since Q1 2025 1 row
Stock Prior weight Prior value BLACKROCK ISHS PRM MM ETF no ticker 0.05% $1.3m
Sector mix Financial Services 27.1% Consumer Cyclical 21.9% Unclassified 19.6% Communication Services 15.5% Industrials 6.9% Technology 5.9% Healthcare 3.2% 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