Funds › Giverny Capital (François Rochon) › Q3 2025Giverny Capital (François Rochon) 13F holdings, Q3 2025 Giverny Capital (François Rochon) disclosed 52 US equity positions worth $3.0bn in its Q3 2025 13F filing. Its largest position is BRK/B at 8.7% of the reported book, followed by META and HEI/A. Versus Q2 2025 it opened 1 new position, added to 7, reduced 10 and exited 4.
$3.0bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
52 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
8.7% Largest position The largest single position as a share of the reported equity book.
57.6% Top 10 weight The ten largest positions together, as a share of the reported equity book.
22 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 Q2 2025: 1 new , 7 added , 10 reduced , 4 exited
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Stock Sector Weight Value Shares Δ shares Action BRK/B BERKSHIRE HATHAWAY INC DEL – 8.7% $257m 510,644 −0.2% held META META PLATFORMS INC Communication Services 7.8% $229m 311,810 −2.2% reduced HEI/A HEICO CORP NEW – 6.5% $190m 749,501 0.0% held AME AMETEK INC Industrials 6.3% $187m 996,676 0.0% held GOOG ALPHABET INC Communication Services 5.3% $155m 638,213 −2.4% reduced SCHW SCHWAB CHARLES CORP Financial Services 5.1% $150m 1.58m +0.5% added V VISA INC Financial Services 4.7% $138m 405,520 +1.1% added MEDP MEDPACE HLDGS INC Healthcare 4.6% $135m 261,802 0.0% held PGR PROGRESSIVE CORP Financial Services 4.5% $132m 533,889 +2.6% added IBP INSTALLED BLDG PRODS INC Consumer Cyclical 4.3% $127m 514,736 +0.1% held BKNG BOOKING HOLDINGS INC Consumer Cyclical 3.9% $115m 21,343 +0.2% held NVR NVR INC Consumer Cyclical 3.8% $113m 14,075 +0.3% held FIVE FIVE BELOW INC Consumer Cyclical 3.3% $98.6m 637,090 +1.8% added GOOGL ALPHABET INC Communication Services 3.0% $87.3m 359,143 −5.4% reduced FISV FISERV INC – 2.8% $84.0m 651,257 +0.4% held MKL MARKEL GROUP INC Financial Services 2.8% $83.8m 43,829 +0.3% held KNSL KINSALE CAP GROUP INC Financial Services 2.7% $81.0m 190,462 +6.3% added KMX CARMAX INC Consumer Cyclical 2.5% $74.9m 1.67m +0.9% added RMD RESMED INC Healthcare 2.2% $64.4m 235,418 – new OZK BANK OZK LITTLE ROCK ARK Financial Services 2.2% $64.3m 1.26m +0.2% held ANET ARISTA NETWORKS INC Technology 2.0% $60.1m 412,399 −15% reduced KEYS KEYSIGHT TECHNOLOGIES INC Technology 2.0% $58.4m 333,927 +0.1% held ADI ANALOG DEVICES INC Technology 1.5% $43.4m 176,468 +0.2% held BRO BROWN & BROWN INC Financial Services 1.0% $30.2m 322,246 +0.2% held DIS DISNEY WALT CO Communication Services 1.0% $29.8m 260,400 0.0% held LULU LULULEMON ATHLETICA INC Consumer Cyclical 0.9% $25.6m 144,001 0.0% held LFUS LITTELFUSE INC Technology 0.7% $21.0m 81,257 +0.2% held FND FLOOR & DECOR HLDGS INC Consumer Cyclical 0.6% $17.4m 236,148 +0.1% held JPM JPMORGAN CHASE & CO Financial Services 0.5% $16.0m 50,705 −0.5% held MA MASTERCARD INC Financial Services 0.5% $15.8m 27,724 −0.4% held BLDR BUILDERS FIRSTSOURCE INC Industrials 0.4% $10.6m 87,096 −0.3% held BRK/A BERKSHIRE HATHAWAY INC DEL – 0.3% $8.5m 11 0.0% held TWFG TWFG INC – 0.3% $8.2m 300,317 +69% added FERG FERGUSON ENTERPRISES INC Industrials 0.3% $8.0m 35,503 −0.5% held ALGN ALIGN TECHNOLOGY INC Healthcare 0.2% $5.7m 45,691 −1.4% reduced AAPL APPLE INC Technology 0.1% $4.3m 16,875 −0.6% reduced CACC CREDIT ACCEP CORP MICH Financial Services 0.09% $2.6m 6,874 −77% reduced TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.08% $2.3m 8,163 −29% reduced COF CAPITAL ONE FINL CORP Financial Services 0.06% $1.8m 8,275 −11% reduced SPY SPDR S&P 500 ETF Trust – 0.06% $1.6m 2,474 0.0% held YUMC YUM CHINA HLDGS INC Consumer Cyclical 0.05% $1.5m 36,036 0.0% held MTB M & T BK CORP Financial Services 0.05% $1.5m 7,540 0.0% held GLD SPDR GOLD TRUST – 0.05% $1.4m 3,876 0.0% held ITB ISHARES TR – 0.04% $1.2m 11,561 +0.4% held BIRK BIRKENSTOCK HOLDING PLC Consumer Cyclical 0.04% $1.2m 27,392 0.0% held CPRT COPART INC Industrials 0.04% $1.2m 27,484 0.0% held MSFT MICROSOFT CORP Technology 0.03% $882k 1,703 −26% reduced DFH DREAM FINDERS HOMES INC Consumer Cyclical 0.03% $835k 32,202 0.0% held ODFL OLD DOMINION FREIGHT LINE IN Industrials 0.03% $740k 5,255 0.0% held NVO NOVO-NORDISK A S Healthcare 0.02% $688k 12,400 0.0% held
Exited since Q2 2025 4 rows
Stock Prior weight Prior value SBUX STARBUCKS CORP 2.4% $68.7m BAC BANK OF AMER CORP 1.6% $47.5m AMZN AMAZON COM INC 0.01% $258k ISRG INTUITIVE SURGICAL INC 0.01% $220k
Sector mix Financial Services 24.3% Consumer Cyclical 19.5% Unclassified 18.7% Communication Services 17.0% Industrials 7.1% Healthcare 7.0% Technology 6.5% 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