Giverny Capital
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), Francois Rochon's Giverny Capital reported 52 stock positions worth $3.0 billion. Its top holding was Berkshire Hathaway Class B (BRK.B) at 8.7% of the portfolio, followed by Meta Platforms Class A (META, 7.8%) and Heico Class A (HEI.A, 6.5%). Compared with Q2 2025, it opened 1 new position, sold out of 4, added to 23 and reduced 16. The biggest buy was a new position in Resmed (RMD) and the biggest sale an exit from Starbucks (SBUX).
- Most Recent 13F
- Q2 2026
- Notable People
- Francois Rochon
- Location
- MONTREAL, A8
- CIK
- 0001641864
- Portfolio Value
- $3.0B (Q3 2025)
- SEC Filing
- 0001641864-25-000012 ↗ filed Nov 17, 2025
Holdings Value
Holdings 52 stocks · $3.0B
| BRK.B Berkshire Hathaway Inc. Class B | 8.70% | 510,644 | $256.7M | Reduce -0.2% |
| META Meta Platforms Inc. Class A | 7.76% | 311,810 | $229.0M | Reduce -2.2% |
| HEI.A Heico Corp. Class A | 6.45% | 749,501 | $190.4M | Add +0.0% |
| AME Ametek Inc. | 6.35% | 996,676 | $187.4M | Add +0.0% |
| GOOG Alphabet Inc. Class C | 5.27% | 638,213 | $155.4M | Reduce -2.4% |
| SCHW Schwab (charles) Corp. | 5.10% | 1,575,776 | $150.4M | Add +0.5% |
| V Visa Inc. Class A | 4.69% | 405,520 | $138.4M | Add +1.1% |
| MEDP Medpace Holdings Inc. | 4.56% | 261,802 | $134.6M | Add +0.0% |
| PGR Progressive Corp. | 4.47% | 533,889 | $131.8M | Add +2.6% |
| IBP Installed Building Products | 4.30% | 514,736 | $127.0M | Add +0.1% |
| BKNG Booking Holdings Inc. | 3.90% | 21,343 | $115.2M | Add +0.3% |
| NVR NVR Inc. | 3.83% | 14,075 | $113.1M | Add +0.3% |
| FIVE Five Below | 3.34% | 637,090 | $98.6M | Add +1.8% |
| GOOGL Alphabet Inc. Class A | 2.96% | 359,143 | $87.3M | Reduce -5.4% |
| FISV Fiserv Inc. | 2.85% | 651,257 | $84.0M | Add +0.4% |
| MKL Markel Group Inc. | 2.84% | 43,829 | $83.8M | Add +0.3% |
| KNSL Kinsale Capital Group Inc. | 2.74% | 190,462 | $81.0M | Add +6.3% |
| KMX Carmax Inc. | 2.54% | 1,670,114 | $74.9M | Add +0.9% |
| RMD Resmed Inc. | 2.18% | 235,418 | $64.4M | New |
| OZK Bank Ozk | 2.18% | 1,261,960 | $64.3M | Add +0.2% |
| ANET Arista Networks Inc. | 2.04% | 412,399 | $60.1M | Reduce -14.5% |
| KEYS Keysight Technologies Inc. | 1.98% | 333,927 | $58.4M | Add +0.1% |
| ADI Analog Devices Inc. | 1.47% | 176,468 | $43.4M | Add +0.2% |
| BRO Brown & Brown Inc. | 1.02% | 322,246 | $30.2M | Add +0.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.01% | 260,400 | $29.8M | Reduce -0.0% |
| LULU Lululemon Athletica Inc. | 0.87% | 144,001 | $25.6M | Add +0.0% |
| LFUS Littelfuse Inc. | 0.71% | 81,257 | $21.0M | Add +0.2% |
| FND Floor & Decor Holdings Inc. Class A | 0.59% | 236,148 | $17.4M | Add +0.1% |
| JPM JPMorgan Chase & Co. | 0.54% | 50,705 | $16.0M | Reduce -0.5% |
| MA Mastercard Inc. Class A | 0.53% | 27,724 | $15.8M | Reduce -0.4% |
| BLDR Builders Firstsource Inc. | 0.36% | 87,096 | $10.6M | Reduce -0.3% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.29% | 11 | $8.5M | No change |
| TWFG TWFG Inc. | 0.28% | 300,317 | $8.2M | Add +68.9% |
| FERG Ferguson Enterprises Inc. | 0.27% | 35,503 | $8.0M | Reduce -0.5% |
| ALGN Align Technology Inc. | 0.19% | 45,691 | $5.7M | Reduce -1.4% |
| AAPL Apple Inc. | 0.15% | 16,875 | $4.3M | Reduce -0.6% |
| CACC Credit Acceptance Corp. | 0.09% | 6,874 | $2.6M | Reduce -77.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.08% | 8,163 | $2.3M | Reduce -29.3% |
| COF Capital One Financial Corp. | 0.06% | 8,275 | $1.8M | Reduce -10.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.06% | 2,474 | $1.6M | No change |
| YUMC Yum China Holdings Inc. | 0.05% | 36,036 | $1.5M | No change |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.05% | 7,540 | $1.5M | No change |
| GLD SPDR Gold Shares | 0.05% | 3,876 | $1.4M | No change |
| ITB iShares U.S. Home Constructi | 0.04% | 11,561 | $1.2M | Add +0.4% |
| BIRK Birkenstock Holding PLC | 0.04% | 27,392 | $1.2M | No change |
| CPRT Copart Inc. | 0.04% | 27,484 | $1.2M | No change |
| MSFT Microsoft Corp. | 0.03% | 1,703 | $882K | Reduce -26.1% |
| DFH Dream Finders Homes Inc. Class A | 0.03% | 32,202 | $835K | No change |
| ODFL Old Dominion Freight Line | 0.03% | 5,255 | $740K | No change |
| NVO Novo-Nordisk A/S-Spons ADR | 0.02% | 12,400 | $688K | No change |
| SITE Siteone Landscape Supply Inc. | 0.02% | 3,753 | $483K | No change |
| COST Costco Wholesale Corp. | 0.01% | 240 | $222K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| SBUX Starbucks Corp. | Sold out | 0.00% | −2.36 |
| BAC Bank of America Corp. | Sold out | 0.00% | −1.63 |
| CACC Credit Acceptance Corp. | Reduce -77.5% | 0.09% | −0.45 |
| META Meta Platforms Inc. Class A | Reduce -2.2% | 7.76% | −0.31 |
| ALGN Align Technology Inc. | Reduce -1.4% | 0.19% | −0.11 |
| DIS The Walt Disney Co. | Reduce -0.0% | 1.01% | −0.10 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -29.3% | 0.08% | −0.01 |
| MSFT Microsoft Corp. | Reduce -26.1% | 0.03% | −0.01 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.01 |
| COF Capital One Financial Corp. | Reduce -10.8% | 0.06% | −0.01 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -0.4% | 0.53% | −0.00 |
| FERG Ferguson Enterprises Inc. | Reduce -0.5% | 0.27% | +0.00 |
| BLDR Builders Firstsource Inc. | Reduce -0.3% | 0.36% | +0.01 |
| AAPL Apple Inc. | Reduce -0.6% | 0.15% | +0.03 |
| JPM JPMorgan Chase & Co. | Reduce -0.5% | 0.54% | +0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.2% | 8.70% | +0.17 |
| ANET Arista Networks Inc. | Reduce -14.5% | 2.04% | +0.34 |
| GOOGL Alphabet Inc. Class A | Reduce -5.4% | 2.96% | +0.66 |
| GOOG Alphabet Inc. Class C | Reduce -2.4% | 5.27% | +1.29 |
Portfolio Buys Q2 2025 → Q3 2025
| RMD Resmed Inc. | New | 2.18% | +2.18 |
| MEDP Medpace Holdings Inc. | Add +0.0% | 4.56% | +1.74 |
| IBP Installed Building Products | Add +0.1% | 4.30% | +1.12 |
| FIVE Five Below | Add +1.8% | 3.34% | +0.52 |
| NVR NVR Inc. | Add +0.3% | 3.83% | +0.28 |
| SCHW Schwab (charles) Corp. | Add +0.5% | 5.10% | +0.19 |
| AME Ametek Inc. | Add +0.0% | 6.35% | +0.17 |
| OZK Bank Ozk | Add +0.2% | 2.18% | +0.15 |
| KEYS Keysight Technologies Inc. | Add +0.1% | 1.98% | +0.10 |
| LFUS Littelfuse Inc. | Add +0.2% | 0.71% | +0.08 |
| TWFG TWFG Inc. | Add +68.9% | 0.28% | +0.07 |
| ADI Analog Devices Inc. | Add +0.2% | 1.47% | +0.03 |
| ITB iShares U.S. Home Constructi | Add +0.4% | 0.04% | +0.01 |
| FND Floor & Decor Holdings Inc. Class A | Add +0.1% | 0.59% | −0.02 |
| MKL Markel Group Inc. | Add +0.3% | 2.84% | −0.15 |
| V Visa Inc. Class A | Add +1.1% | 4.69% | −0.20 |
| HEI.A Heico Corp. Class A | Add +0.0% | 6.45% | −0.20 |
| BRO Brown & Brown Inc. | Add +0.2% | 1.02% | −0.20 |
| KNSL Kinsale Capital Group Inc. | Add +6.3% | 2.74% | −0.23 |
| PGR Progressive Corp. | Add +2.6% | 4.47% | −0.29 |
| LULU Lululemon Athletica Inc. | Add +0.0% | 0.87% | −0.30 |
| BKNG Booking Holdings Inc. | Add +0.3% | 3.90% | −0.32 |
| FISV Fiserv Inc. | Add +0.4% | 2.85% | −0.99 |
| KMX Carmax Inc. | Add +0.9% | 2.54% | −1.28 |
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 |