Giverny Capital
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed August 12, 2025), Francois Rochon's Giverny Capital reported 54 stock positions worth $2.7 billion. Its top holding was Berkshire Hathaway Class B (BRK.B) at 9.9% of the portfolio, followed by Meta Platforms Class A (META, 6.7%) and Ametek (AME, 6.2%). Compared with Q4 2024, it opened 2 new positions, sold out of 10, added to 17 and reduced 26. The biggest buy was Kinsale Capital (KNSL, shares +87%) and the biggest sale an exit from Fortune Brands Innovations I (FBIN).
- Most Recent 13F
- Q2 2026
- Notable People
- Francois Rochon
- Location
- MONTREAL, A8
- CIK
- 0001641864
- Portfolio Value
- $2.7B (Q1 2025)
- SEC Filing
- 0001641864-25-000006 ↗ filed Aug 12, 2025
Holdings Value
Holdings 54 stocks · $2.7B
| BRK.B Berkshire Hathaway Inc. Class B | 9.88% | 503,332 | $268.1M | Reduce -0.4% |
| META Meta Platforms Inc. Class A | 6.70% | 315,144 | $181.6M | Add +0.0% |
| AME Ametek Inc. | 6.20% | 977,434 | $168.3M | Add +0.3% |
| HEI.A Heico Corp. Class A | 5.77% | 742,011 | $156.5M | Add +0.1% |
| PGR Progressive Corp. | 5.52% | 529,154 | $149.8M | Reduce -3.1% |
| FISV Fiserv Inc. | 5.13% | 629,633 | $139.0M | Reduce -0.1% |
| V Visa Inc. Class A | 5.08% | 393,549 | $137.9M | Reduce -0.6% |
| KMX Carmax Inc. | 4.72% | 1,641,622 | $127.9M | Reduce -2.5% |
| GOOG Alphabet Inc. Class C | 3.75% | 651,446 | $101.8M | Reduce -0.6% |
| NVR NVR Inc. | 3.60% | 13,490 | $97.7M | Reduce -0.5% |
| BKNG Booking Holdings Inc. | 3.59% | 21,132 | $97.4M | Reduce -0.2% |
| IBP Installed Building Products | 3.21% | 508,073 | $87.1M | Add +0.7% |
| KNSL Kinsale Capital Group Inc. | 3.05% | 169,967 | $82.7M | Add +87.3% |
| MKL Markel Group Inc. | 2.99% | 43,402 | $81.1M | Add +0.2% |
| MEDP Medpace Holdings Inc. | 2.83% | 251,937 | $76.8M | Add +7.5% |
| SCHW Schwab (charles) Corp. | 2.74% | 949,066 | $74.3M | Add +0.1% |
| SBUX Starbucks Corp. | 2.70% | 746,686 | $73.2M | Reduce -0.4% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 2.42% | 367,532 | $65.7M | Reduce -0.0% |
| GOOGL Alphabet Inc. Class A | 2.05% | 359,603 | $55.6M | Add +0.8% |
| OZK Bank Ozk | 1.94% | 1,209,513 | $52.6M | Reduce -0.2% |
| KEYS Keysight Technologies Inc. | 1.83% | 331,011 | $49.6M | Reduce -0.3% |
| FIVE Five Below | 1.72% | 621,590 | $46.6M | Reduce -15.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.54% | 998,001 | $41.6M | Reduce -0.3% |
| LULU Lululemon Athletica Inc. | 1.49% | 143,169 | $40.5M | Reduce -0.1% |
| BRO Brown & Brown Inc. | 1.35% | 294,603 | $36.6M | Reduce -0.1% |
| ANET Arista Networks Inc. | 1.33% | 466,528 | $36.1M | Add +13.7% |
| ADI Analog Devices Inc. | 1.27% | 171,340 | $34.6M | Reduce -0.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.90% | 247,503 | $24.4M | Reduce -0.3% |
| FND Floor & Decor Holdings Inc. Class A | 0.69% | 233,878 | $18.8M | Reduce -0.0% |
| LFUS Littelfuse Inc. | 0.58% | 80,504 | $15.8M | Reduce -0.1% |
| CACC Credit Acceptance Corp. | 0.57% | 29,851 | $15.4M | Add +1.0% |
| MA Mastercard Inc. Class A | 0.55% | 27,043 | $14.8M | Add +2.9% |
| JPM JPMorgan Chase & Co. | 0.40% | 44,483 | $10.9M | Add +1.4% |
| BLDR Builders Firstsource Inc. | 0.38% | 82,445 | $10.3M | New |
| BRK.A Berkshire Hathaway Inc. Class A | 0.32% | 11 | $8.8M | Add +37.5% |
| ALGN Align Technology Inc. | 0.26% | 45,135 | $7.2M | Add +5.0% |
| FERG Ferguson Enterprises Inc. | 0.20% | 34,386 | $5.5M | Add +2.0% |
| COF Capital One Financial Corp. | 0.08% | 12,274 | $2.2M | Reduce -16.9% |
| AAPL Apple Inc. | 0.08% | 9,367 | $2.1M | Reduce -44.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.07% | 11,550 | $1.9M | Reduce -21.1% |
| YUMC Yum China Holdings Inc. | 0.07% | 36,036 | $1.9M | No change |
| CPRT Copart Inc. | 0.06% | 27,484 | $1.6M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.05% | 2,567 | $1.4M | Reduce -46.0% |
| PMMF Ishrs Prime MMKT ETF | 0.05% | 12,876 | $1.3M | New |
| BIRK Birkenstock Holding PLC | 0.05% | 27,392 | $1.3M | No change |
| GLD SPDR Gold Shares | 0.04% | 3,898 | $1.1M | Reduce -7.3% |
| ITB iShares U.S. Home Constructi | 0.04% | 10,961 | $1.0M | Add +5.1% |
| ODFL Old Dominion Freight Line | 0.03% | 5,255 | $869K | No change |
| NVO Novo-Nordisk A/S-Spons ADR | 0.03% | 12,400 | $861K | No change |
| MSFT Microsoft Corp. | 0.03% | 1,987 | $746K | Reduce -15.6% |
| DFH Dream Finders Homes Inc. Class A | 0.03% | 32,202 | $726K | No change |
| SITE Siteone Landscape Supply Inc. | 0.02% | 3,753 | $456K | No change |
| COST Costco Wholesale Corp. | 0.01% | 240 | $227K | No change |
| ISRG Intuitive Surgical Inc. | 0.01% | 405 | $201K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| FBIN Fortune Brands Innovations I | Sold out | 0.00% | −1.16 |
| FIVE Five Below | Reduce -15.1% | 1.72% | −1.09 |
| GOOG Alphabet Inc. Class C | Reduce -0.6% | 3.75% | −0.81 |
| LULU Lululemon Athletica Inc. | Reduce -0.1% | 1.49% | −0.51 |
| NVR NVR Inc. | Reduce -0.5% | 3.60% | −0.45 |
| KMX Carmax Inc. | Reduce -2.5% | 4.72% | −0.31 |
| BKNG Booking Holdings Inc. | Reduce -0.2% | 3.59% | −0.26 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -0.0% | 0.69% | −0.16 |
| KEYS Keysight Technologies Inc. | Reduce -0.3% | 1.83% | −0.12 |
| LFUS Littelfuse Inc. | Reduce -0.1% | 0.58% | −0.11 |
| DIS The Walt Disney Co. | Reduce -0.3% | 0.90% | −0.11 |
| MTB M & T Bank Corp. | Reduce -0.0% | 2.42% | −0.10 |
| ICE Intercontinental Exchange Inc. | Sold out | 0.00% | −0.09 |
| AAPL Apple Inc. | Reduce -44.8% | 0.08% | −0.08 |
| BAC Bank of America Corp. | Reduce -0.3% | 1.54% | −0.07 |
| ADI Analog Devices Inc. | Reduce -0.3% | 1.27% | −0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -46.0% | 0.05% | −0.05 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.04 |
| LBRDK Liberty Broadband-C | Sold out | 0.00% | −0.04 |
| OZK Bank Ozk | Reduce -0.2% | 1.94% | −0.04 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -21.1% | 0.07% | −0.04 |
| SLV iShares Silver Trust | Sold out | 0.00% | −0.02 |
| J Jacobs Solutions Inc. | Sold out | 0.00% | −0.02 |
| GBTC Grayscale Bitcoin Trust ETF | Sold out | 0.00% | −0.02 |
| COF Capital One Financial Corp. | Reduce -16.9% | 0.08% | −0.02 |
| CAPE Doubleline Shiller Cape US | Sold out | 0.00% | −0.01 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −0.01 |
| MSFT Microsoft Corp. | Reduce -15.6% | 0.03% | −0.01 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −0.00 |
| GLD SPDR Gold Shares | Reduce -7.3% | 0.04% | +0.00 |
| SBUX Starbucks Corp. | Reduce -0.4% | 2.70% | +0.20 |
| BRO Brown & Brown Inc. | Reduce -0.1% | 1.35% | +0.25 |
| FISV Fiserv Inc. | Reduce -0.1% | 5.13% | +0.39 |
| V Visa Inc. Class A | Reduce -0.6% | 5.08% | +0.51 |
| PGR Progressive Corp. | Reduce -3.1% | 5.52% | +0.74 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.4% | 9.88% | +1.51 |
Portfolio Buys Q4 2024 → Q1 2025
| KNSL Kinsale Capital Group Inc. | Add +87.3% | 3.05% | +1.51 |
| HEI.A Heico Corp. Class A | Add +0.1% | 5.77% | +0.73 |
| BLDR Builders Firstsource Inc. | New | 0.38% | +0.38 |
| MKL Markel Group Inc. | Add +0.2% | 2.99% | +0.26 |
| SCHW Schwab (charles) Corp. | Add +0.1% | 2.74% | +0.17 |
| BRK.A Berkshire Hathaway Inc. Class A | Add +37.5% | 0.32% | +0.12 |
| CACC Credit Acceptance Corp. | Add +1.0% | 0.57% | +0.06 |
| PMMF Ishrs Prime MMKT ETF | New | 0.05% | +0.05 |
| MA Mastercard Inc. Class A | Add +2.9% | 0.55% | +0.04 |
| JPM JPMorgan Chase & Co. | Add +1.4% | 0.40% | +0.02 |
| ITB iShares U.S. Home Constructi | Add +5.1% | 0.04% | −0.00 |
| FERG Ferguson Enterprises Inc. | Add +2.0% | 0.20% | −0.01 |
| MEDP Medpace Holdings Inc. | Add +7.5% | 2.83% | −0.02 |
| IBP Installed Building Products | Add +0.7% | 3.21% | −0.02 |
| META Meta Platforms Inc. Class A | Add +0.0% | 6.70% | −0.05 |
| ALGN Align Technology Inc. | Add +5.0% | 0.26% | −0.06 |
| AME Ametek Inc. | Add +0.3% | 6.20% | −0.22 |
| ANET Arista Networks Inc. | Add +13.7% | 1.33% | −0.33 |
| GOOGL Alphabet Inc. Class A | Add +0.8% | 2.05% | −0.42 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 51 | $3.0B | GOOG, HEI.A, META, SCHW, ADP |
| Q1 2026 | 51 | $2.7B | BRK.B, GOOG, META, HEI.A, SCHW |
| Q4 2025 | 50 | $3.0B | BRK.B, META, AME, GOOG, HEI.A |
| Q3 2025Amended | 52 | $3.0B | BRK.B, META, HEI.A, AME, GOOG |
| Q2 2025 | 55 | $2.9B | BRK.B, META, HEI.A, AME, SCHW |
| Q1 2025Amended | 54 | $2.7B | BRK.B, META, AME, HEI.A, PGR |
| Q4 2024Amended | 62 | $2.7B | BRK.B, META, AME, HEI.A, KMX |
| Q3 2024 | 52 | $2.6B | BRK.B, META, AME, HEI.A, PGR |
| Q2 2024 | 50 | $2.4B | BRK.B, AME, META, HEI.A, GOOG |
| Q1 2024Amended | 53 | $2.5B | BRK.B, AME, META, KMX, MKL |