Giverny Capital 13F, Q4 2025
Francois Rochon · quarter ending 31 December 2025 · filed 13 February 2026 · SEC CIK 1641864
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
The 25 largest of 50 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | BRK/B | $254.33M | 8.5% | unchanged |
| META PLATFORMS INC | META | $206.90M | 6.9% | unchanged |
| AMETEK INC | AME | $201.09M | 6.7% | unchanged |
| ALPHABET INC C | GOOG | $200.68M | 6.7% | unchanged |
| HEICO CORP NEW | HEI/A | $190.47M | 6.3% | unchanged |
| SCHWAB CHARLES CORP | SCHW | $158.42M | 5.3% | unchanged |
| MEDPACE HOLDINGS INC | MEDP | $147.89M | 4.9% | unchanged |
| VISA INC | V | $142.86M | 4.8% | unchanged |
| INSTALLED BLDG PRODS INC | IBP | $134.68M | 4.5% | unchanged |
| PROGRESSIVE CORP | PGR | $122.25M | 4.1% | unchanged |
| FIVE BELOW INC | FIVE | $120.13M | 4.0% | unchanged |
| BOOKING HOLDINGS INC. | BKNG | $114.85M | 3.8% | unchanged |
| ALPHABET INC | GOOGL | $113.12M | 3.8% | unchanged |
| NVR INC | NVR | $102.92M | 3.4% | unchanged |
| MARKEL CORP | MKL | $94.54M | 3.1% | unchanged |
| KINSALE CAPITAL GROUP IN | KNSL | $83.80M | 2.8% | +13% shares |
| KEYSIGHT TECHNOLOGIES INC | KEYS | $67.87M | 2.3% | unchanged |
| DISNEY WALT CO | DIS | $61.94M | 2.1% | +109% shares |
| BROWN & BROWN | BRO | $61.57M | 2.0% | +140% shares |
| BANK OZK LITTLE ROCK ARK | OZK | $58.17M | 1.9% | unchanged |
| RESMED INC | RMD | $56.70M | 1.9% | unchanged |
| ARISTA NETWORKS INC | ANET | $54.92M | 1.8% | unchanged |
| ANALOG DEVICES INC | ADI | $47.93M | 1.6% | unchanged |
| BRIGHT HORIZONSFAMILY SOLUTION | BFAM | $41.59M | 1.4% | new |
| LULULEMON ATHLETICA INC | LULU | $29.97M | 1.0% | unchanged |
What changed since Q3 2025
Against the Q3 2025 filing, Giverny Capital opened 2 new positions, added to 9, trimmed 1, left 38 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 0001641864-26-000002, 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.