Funds › Giverny Capital (François Rochon) › Q4 2025Giverny Capital (François Rochon) 13F holdings, Q4 2025 Giverny Capital (François Rochon) disclosed 50 US equity positions worth $3.0bn in its Q4 2025 13F filing. Its largest position is BRK/B at 8.5% of the reported book, followed by META and AME. Versus Q3 2025 it opened 2 new positions, added to 18, reduced 3 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.
50 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.
58.7% Top 10 weight The ten largest positions together, as a share of the reported equity book.
21 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 Q3 2025: 2 new , 18 added , 3 reduced , 4 exited
50 rows
Stock Sector Weight Value Shares Δ shares Action BRK/B BERKSHIRE HATHAWAY INC DEL – 8.5% $254m 505,984 −0.9% reduced META META PLATFORMS INC Communication Services 6.9% $207m 313,449 +0.5% added AME AMETEK INC Industrials 6.7% $201m 979,458 −1.7% reduced GOOG ALPHABET INC Communication Services 6.7% $201m 639,507 +0.2% held HEI/A HEICO CORP NEW – 6.4% $190m 754,532 +0.7% added SCHW SCHWAB CHARLES CORP Financial Services 5.3% $158m 1.59m +0.6% added MEDP MEDPACE HLDGS INC Healthcare 4.9% $148m 263,320 +0.6% added V VISA INC Financial Services 4.8% $143m 407,345 +0.5% held IBP INSTALLED BLDG PRODS INC Consumer Cyclical 4.5% $135m 519,236 +0.9% added PGR PROGRESSIVE CORP Financial Services 4.1% $122m 536,832 +0.6% added FIVE FIVE BELOW INC Consumer Cyclical 4.0% $120m 637,747 +0.1% held BKNG BOOKING HOLDINGS INC Consumer Cyclical 3.8% $115m 21,445 +0.5% held GOOGL ALPHABET INC Communication Services 3.8% $113m 361,398 +0.6% added NVR NVR INC Consumer Cyclical 3.4% $103m 14,112 +0.3% held MKL MARKEL GROUP INC Financial Services 3.2% $94.5m 43,978 +0.3% held KNSL KINSALE CAP GROUP INC Financial Services 2.8% $83.8m 214,264 +12% added KEYS KEYSIGHT TECHNOLOGIES INC Technology 2.3% $67.9m 334,046 0.0% held DIS DISNEY WALT CO Communication Services 2.1% $61.9m 544,419 +109% added BRO BROWN & BROWN INC Financial Services 2.1% $61.6m 772,520 +140% added OZK BANK OZK LITTLE ROCK ARK Financial Services 1.9% $58.2m 1.26m +0.2% held RMD RESMED INC Healthcare 1.9% $56.7m 235,388 0.0% held ANET ARISTA NETWORKS INC Technology 1.8% $54.9m 419,158 +1.6% added ADI ANALOG DEVICES INC Technology 1.6% $47.9m 176,747 +0.2% held BFAM BRIGHT HORIZONS FAM SOL IN D Consumer Cyclical 1.4% $41.6m 410,196 – new LULU LULULEMON ATHLETICA INC Consumer Cyclical 1.0% $30.0m 144,237 +0.2% held LFUS LITTELFUSE INC Technology 0.7% $20.6m 81,585 +0.4% held JPM JPMORGAN CHASE & CO Financial Services 0.6% $16.7m 51,838 +2.2% added MA MASTERCARD INC Financial Services 0.5% $16.4m 28,759 +3.7% added FND FLOOR & DECOR HLDGS INC Consumer Cyclical 0.5% $14.4m 235,876 −0.1% held TWFG TWFG INC – 0.3% $9.5m 331,511 +10% added BLDR BUILDERS FIRSTSOURCE INC Industrials 0.3% $9.3m 89,984 +3.3% added BRK/A BERKSHIRE HATHAWAY INC DEL – 0.3% $8.3m 11 0.0% held FERG FERGUSON ENTERPRISES INC Industrials 0.3% $8.1m 36,374 +2.5% added TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.2% $4.8m 16,069 +97% added AAPL APPLE INC Technology 0.1% $4.5m 16,518 −2.1% reduced COF CAPITAL ONE FINL CORP Financial Services 0.07% $2.0m 8,274 0.0% held YUMC YUM CHINA HLDGS INC Consumer Cyclical 0.06% $1.7m 36,036 0.0% held SPY SPDR S&P 500 ETF Trust – 0.06% $1.7m 2,474 0.0% held GLD SPDR GOLD TRUST – 0.05% $1.5m 3,876 0.0% held MTB M & T BK CORP Financial Services 0.05% $1.5m 7,540 0.0% held ITB ISHARES TR – 0.04% $1.1m 11,698 +1.2% added BIRK BIRKENSTOCK HOLDING PLC Consumer Cyclical 0.04% $1.1m 27,392 0.0% held CPRT COPART INC Industrials 0.04% $1.1m 27,484 0.0% held MSFT MICROSOFT CORP Technology 0.03% $824k 1,704 +0.1% held ODFL OLD DOMINION FREIGHT LINE IN Industrials 0.03% $824k 5,255 0.0% held NVO NOVO-NORDISK A S Healthcare 0.02% $631k 12,400 0.0% held DFH DREAM FINDERS HOMES INC Consumer Cyclical 0.02% $551k 32,202 0.0% held SITE SITEONE LANDSCAPE SUPPLY INC Industrials 0.02% $467k 3,753 0.0% held ISRG INTUITIVE SURGICAL INC Healthcare 0.01% $229k 405 – new COST COSTCO WHOLESALE CORPORATION Consumer Defensive 0.01% $207k 240 0.0% held
Exited since Q3 2025 4 rows
Stock Prior weight Prior value FISV FISERV INC 2.8% $84.0m KMX CARMAX INC 2.5% $74.9m ALGN ALIGN TECHNOLOGY INC 0.2% $5.7m CACC CREDIT ACCEP CORP MICH 0.09% $2.6m
Sector mix Financial Services 25.3% Communication Services 19.4% Consumer Cyclical 18.7% Unclassified 15.6% Industrials 7.4% Healthcare 6.9% Technology 6.7% 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