Giverny Capital 13F, Q3 2025
Francois Rochon · quarter ending 30 September 2025 · filed 17 November 2025 · SEC CIK 1641864
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 52 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | BRK/B | $256.72M | 8.7% | unchanged |
| META PLATFORMS INC | META | $228.99M | 7.8% | -2% shares |
| HEICO CORP NEW | HEI/A | $190.44M | 6.5% | unchanged |
| AMETEK INC | AME | $187.38M | 6.3% | unchanged |
| ALPHABET INC C | GOOG | $155.44M | 5.3% | -2% shares |
| SCHWAB CHARLES CORP | SCHW | $150.44M | 5.1% | unchanged |
| VISA INC | V | $138.44M | 4.7% | unchanged |
| MEDPACE HOLDINGS INC | MEDP | $134.61M | 4.6% | unchanged |
| PROGRESSIVE CORP | PGR | $131.84M | 4.5% | +3% shares |
| INSTALLED BLDG PRODS INC | IBP | $126.96M | 4.3% | unchanged |
| BOOKING HOLDINGS INC. | BKNG | $115.24M | 3.9% | unchanged |
| NVR INC | NVR | $113.09M | 3.8% | unchanged |
| FIVE BELOW INC | FIVE | $98.56M | 3.3% | unchanged |
| ALPHABET INC | GOOGL | $87.31M | 3.0% | -5% shares |
| FISERV INC | FISV | $83.97M | 2.9% | unchanged |
| MARKEL CORP | MKL | $83.77M | 2.8% | unchanged |
| KINSALE CAPITAL GROUP IN | KNSL | $81.00M | 2.7% | +6% shares |
| CARMAX INC | KMX | $74.94M | 2.5% | unchanged |
| RESMED INC | RMD | $64.44M | 2.2% | new |
| BANK OZK LITTLE ROCK ARK | OZK | $64.33M | 2.2% | unchanged |
| ARISTA NETWORKS INC | ANET | $60.09M | 2.0% | -15% shares |
| KEYSIGHT TECHNOLOGIES INC | KEYS | $58.41M | 2.0% | unchanged |
| ANALOG DEVICES INC | ADI | $43.36M | 1.5% | unchanged |
| BROWN & BROWN | BRO | $30.22M | 1.0% | unchanged |
| DISNEY WALT CO | DIS | $29.82M | 1.0% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Giverny Capital opened 1 new position, added to 3, trimmed 8, left 40 unchanged and exited 4. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001641864-25-000012, filed by Giverny Capital Inc.. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.