Giverny Capital
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Francois Rochon's Giverny Capital reported 55 stock positions worth $2.9 billion. Its top holding was Berkshire Hathaway Class B (BRK.B) at 8.5% of the portfolio, followed by Meta Platforms Class A (META, 8.1%) and Heico Class A (HEI.A, 6.7%). Compared with Q1 2025, it opened 3 new positions, sold out of 2, added to 36 and reduced 5. The biggest buy was Schwab (charles) (SCHW, shares +65%) and the biggest sale M & T Bank (MTB, shares −98%).
- Most Recent 13F
- Q2 2026
- Notable People
- Francois Rochon
- Location
- MONTREAL, A8
- CIK
- 0001641864
- Portfolio Value
- $2.9B (Q2 2025)
- SEC Filing
- 0001641864-25-000007 ↗ filed Aug 13, 2025
Holdings Value
Holdings 55 stocks · $2.9B
| BRK.B Berkshire Hathaway Inc. Class B | 8.53% | 511,784 | $248.6M | Add +1.7% |
| META Meta Platforms Inc. Class A | 8.07% | 318,902 | $235.4M | Add +1.2% |
| HEI.A Heico Corp. Class A | 6.65% | 749,492 | $193.9M | Add +1.0% |
| AME Ametek Inc. | 6.18% | 996,344 | $180.3M | Add +1.9% |
| SCHW Schwab (charles) Corp. | 4.90% | 1,567,495 | $143.0M | Add +65.2% |
| V Visa Inc. Class A | 4.89% | 401,297 | $142.5M | Add +2.0% |
| PGR Progressive Corp. | 4.76% | 520,367 | $138.9M | Reduce -1.7% |
| BKNG Booking Holdings Inc. | 4.23% | 21,290 | $123.3M | Add +0.8% |
| GOOG Alphabet Inc. Class C | 3.98% | 653,717 | $116.0M | Add +0.3% |
| FISV Fiserv Inc. | 3.83% | 648,574 | $111.8M | Add +3.0% |
| KMX Carmax Inc. | 3.82% | 1,655,930 | $111.3M | Add +0.9% |
| NVR NVR Inc. | 3.56% | 14,038 | $103.7M | Add +4.1% |
| IBP Installed Building Products | 3.18% | 514,459 | $92.8M | Add +1.3% |
| MKL Markel Group Inc. | 2.99% | 43,696 | $87.3M | Add +0.7% |
| KNSL Kinsale Capital Group Inc. | 2.97% | 179,153 | $86.7M | Add +5.4% |
| MEDP Medpace Holdings Inc. | 2.82% | 261,755 | $82.2M | Add +3.9% |
| FIVE Five Below | 2.82% | 625,871 | $82.1M | Add +0.7% |
| SBUX Starbucks Corp. | 2.36% | 750,248 | $68.7M | Add +0.5% |
| GOOGL Alphabet Inc. Class A | 2.29% | 379,617 | $66.9M | Add +5.6% |
| OZK Bank Ozk | 2.03% | 1,258,996 | $59.2M | Add +4.1% |
| KEYS Keysight Technologies Inc. | 1.87% | 333,585 | $54.7M | Add +0.8% |
| ANET Arista Networks Inc. | 1.69% | 482,561 | $49.4M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.63% | 1,004,119 | $47.5M | Add +0.6% |
| ADI Analog Devices Inc. | 1.44% | 176,111 | $41.9M | Add +2.8% |
| BRO Brown & Brown Inc. | 1.22% | 321,637 | $35.7M | Add +9.2% |
| LULU Lululemon Athletica Inc. | 1.17% | 143,977 | $34.2M | Add +0.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.11% | 260,475 | $32.3M | Add +5.2% |
| LFUS Littelfuse Inc. | 0.63% | 81,112 | $18.4M | Add +0.8% |
| FND Floor & Decor Holdings Inc. Class A | 0.61% | 235,831 | $17.9M | Add +0.8% |
| MA Mastercard Inc. Class A | 0.54% | 27,841 | $15.6M | Add +3.0% |
| CACC Credit Acceptance Corp. | 0.53% | 30,501 | $15.5M | Add +2.2% |
| JPM JPMorgan Chase & Co. | 0.51% | 50,950 | $14.8M | Add +14.5% |
| BLDR Builders Firstsource Inc. | 0.35% | 87,317 | $10.2M | Add +5.9% |
| ALGN Align Technology Inc. | 0.30% | 46,358 | $8.8M | Add +2.7% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.27% | 11 | $8.0M | No change |
| FERG Ferguson Enterprises Inc. | 0.27% | 35,679 | $7.8M | Add +3.8% |
| TWFG TWFG Inc. | 0.21% | 177,848 | $6.2M | New |
| AAPL Apple Inc. | 0.12% | 16,976 | $3.5M | Add +81.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.09% | 11,550 | $2.6M | No change |
| COF Capital One Financial Corp. | 0.07% | 9,274 | $2.0M | Reduce -24.4% |
| YUMC Yum China Holdings Inc. | 0.06% | 36,036 | $1.6M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.05% | 2,474 | $1.5M | Reduce -3.6% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.05% | 7,540 | $1.5M | Reduce -98.0% |
| CPRT Copart Inc. | 0.05% | 27,484 | $1.3M | No change |
| BIRK Birkenstock Holding PLC | 0.05% | 27,392 | $1.3M | No change |
| GLD SPDR Gold Shares | 0.04% | 3,876 | $1.2M | Reduce -0.6% |
| MSFT Microsoft Corp. | 0.04% | 2,303 | $1.1M | Add +15.9% |
| ITB iShares U.S. Home Constructi | 0.04% | 11,518 | $1.1M | Add +5.1% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.03% | 12,400 | $856K | No change |
| ODFL Old Dominion Freight Line | 0.03% | 5,255 | $853K | No change |
| DFH Dream Finders Homes Inc. Class A | 0.03% | 32,202 | $809K | No change |
| SITE Siteone Landscape Supply Inc. | 0.02% | 3,753 | $454K | No change |
| AMZN Amazon.com Inc. | 0.01% | 1,174 | $258K | New |
| COST Costco Wholesale Corp. | 0.01% | 240 | $238K | No change |
| ISRG Intuitive Surgical Inc. | 0.01% | 405 | $220K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| MTB M & T Bank Corp. | Reduce -98.0% | 0.05% | −2.37 |
| ANET Arista Networks Inc. | Sold out | 0.00% | −1.33 |
| PGR Progressive Corp. | Reduce -1.7% | 4.76% | −0.76 |
| PMMF Ishrs Prime MMKT ETF | Sold out | 0.00% | −0.05 |
| COF Capital One Financial Corp. | Reduce -24.4% | 0.07% | −0.01 |
| GLD SPDR Gold Shares | Reduce -0.6% | 0.04% | −0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -3.6% | 0.05% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| SCHW Schwab (charles) Corp. | Add +65.2% | 4.90% | +2.17 |
| ANET Arista Networks Inc. | New | 1.69% | +1.69 |
| META Meta Platforms Inc. Class A | Add +1.2% | 8.07% | +1.38 |
| FIVE Five Below | Add +0.7% | 2.82% | +1.10 |
| HEI.A Heico Corp. Class A | Add +1.0% | 6.65% | +0.88 |
| BKNG Booking Holdings Inc. | Add +0.8% | 4.23% | +0.64 |
| GOOGL Alphabet Inc. Class A | Add +5.6% | 2.29% | +0.24 |
| GOOG Alphabet Inc. Class C | Add +0.3% | 3.98% | +0.23 |
| TWFG TWFG Inc. | New | 0.21% | +0.21 |
| DIS The Walt Disney Co. | Add +5.2% | 1.11% | +0.21 |
| ADI Analog Devices Inc. | Add +2.8% | 1.44% | +0.16 |
| JPM JPMorgan Chase & Co. | Add +14.5% | 0.51% | +0.10 |
| OZK Bank Ozk | Add +4.1% | 2.03% | +0.09 |
| BAC Bank of America Corp. | Add +0.6% | 1.63% | +0.09 |
| FERG Ferguson Enterprises Inc. | Add +3.8% | 0.27% | +0.06 |
| KEYS Keysight Technologies Inc. | Add +0.8% | 1.87% | +0.05 |
| LFUS Littelfuse Inc. | Add +0.8% | 0.63% | +0.05 |
| AAPL Apple Inc. | Add +81.2% | 0.12% | +0.04 |
| ALGN Align Technology Inc. | Add +2.7% | 0.30% | +0.04 |
| MSFT Microsoft Corp. | Add +15.9% | 0.04% | +0.01 |
| AMZN Amazon.com Inc. | New | 0.01% | +0.01 |
| MKL Markel Group Inc. | Add +0.7% | 2.99% | +0.00 |
| ITB iShares U.S. Home Constructi | Add +5.1% | 0.04% | −0.00 |
| MA Mastercard Inc. Class A | Add +3.0% | 0.54% | −0.01 |
| MEDP Medpace Holdings Inc. | Add +3.9% | 2.82% | −0.01 |
| AME Ametek Inc. | Add +1.9% | 6.18% | −0.02 |
| IBP Installed Building Products | Add +1.3% | 3.18% | −0.03 |
| BLDR Builders Firstsource Inc. | Add +5.9% | 0.35% | −0.03 |
| CACC Credit Acceptance Corp. | Add +2.2% | 0.53% | −0.04 |
| NVR NVR Inc. | Add +4.1% | 3.56% | −0.05 |
| KNSL Kinsale Capital Group Inc. | Add +5.4% | 2.97% | −0.08 |
| FND Floor & Decor Holdings Inc. Class A | Add +0.8% | 0.61% | −0.08 |
| BRO Brown & Brown Inc. | Add +9.2% | 1.22% | −0.13 |
| V Visa Inc. Class A | Add +2.0% | 4.89% | −0.20 |
| LULU Lululemon Athletica Inc. | Add +0.6% | 1.17% | −0.32 |
| SBUX Starbucks Corp. | Add +0.5% | 2.36% | −0.34 |
| KMX Carmax Inc. | Add +0.9% | 3.82% | −0.90 |
| FISV Fiserv Inc. | Add +3.0% | 3.83% | −1.29 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.7% | 8.53% | −1.36 |
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 |