Giverny Capital
François RochonMONTREAL, A8files as Giverny Capital Inc.
$3.0bn in 51 US stocks at the end of 30 June 2026. The top 10 are 51.5% of the money. It changed about 10.7% of the portfolio this quarter.
Value
$3.0bn
Stocks
51
Top 10 share
51.5%
Turnover
10.7%
What changed this quarter
New
Bought for the first time this quarter.
- New York TimesNYT1.1% of the fund
- MSA SafetyMSA1.0% of the fund
- WatscoWSO0.9% of the fund
- Veeva SystemsVEEV0.6% of the fund
- American ExpressAXP0.5% of the fund
- HawkinsHWKN0.5% of the fund
- Invesco QQQ TRQQQ<0.1% of the fund
Added
Bought more of a stock they already held.
- Charles SchwabSCHW5.2% of the fund+9%
- Automatic Data ProcessingADP4.9% of the fund+56%
- ProgressivePGR4.0% of the fund+3%
- Kinsale Capital GroupKNSL2.7% of the fund+10%
- Bright Horizons Family SolutionsBFAM2.6% of the fund+46%
- ResmedRMD2.5% of the fund+69%
- TwfgTWFG0.5% of the fund+18%
- MastercardMA0.5% of the fund+3%
- Ishares TRITB<0.1% of the fund+7%
Cut
Sold some of their stake.
- AlphabetGOOG7.2% of the fund-2%
- AmetekAME4.9% of the fund-2%
- Berkshire HathawayBRK-B4.2% of the fund-34%
- AlphabetGOOGL3.7% of the fund-11%
- Five BelowFIVE3.6% of the fund-3%
- NVRNVR3.0% of the fund-3%
- Bank OZKOZK2.1% of the fund-3%
- Markel GroupMKL2.0% of the fund-28%
- Arista NetworksANET1.9% of the fund-20%
- Keysight TechnologiesKEYS1.7% of the fund-56%
- Walt DisneyDIS1.7% of the fund-4%
- Analog DevicesADI1.2% of the fund-45%
- LittelfuseLFUS1.1% of the fund-8%
- Sunbelt Rentals HoldingsSUNB0.7% of the fund-9%
- JPMorgan ChaseJPM0.5% of the fund-8%
- lululemon athleticaLULU0.5% of the fund-10%
- Berkshire Hathaway INC DELBRK-A0.2% of the fund-18%
- AppleAAPL0.1% of the fund-14%
- Taiwan Semiconductor ManufacturingTSM<0.1% of the fund-55%
- State STR Spdr S&P 500 ETF TSPY<0.1% of the fund-7%
- MicrosoftMSFT<0.1% of the fund-6%
- CopartCPRT<0.1% of the fund-70%
Sold out
Sold their entire stake.
- M&T BankMTB-100%
- Invesco Exchange Traded FD TRSP-100%
- Invesco Exch Traded FD TR IIQQQM-100%
- Birkenstock HoldingBIRK-100%
- Old Dominion Freight LineODFL-100%
- SiteOne Landscape SupplySITE-100%
- Novo Nordisk A SNVO-100%
Holdings
- Bank OZKOZK
- Share
- 2.1%
- Value
- $62m
- Shares
- 1,198,116
-3%
- Spdr Gold TRGLD
- Share
- 0.8%
- Value
- $25m
- Shares
- 3,876
Held
- Berkshire Hathaway INC DELBRK-A
- Share
- 0.2%
- Value
- $7m
- Shares
- 9
-18%
- State STR Spdr S&P 500 ETF TSPY
- Share
- <0.1%
- Value
- $2m
- Shares
- 2,294
-7%
- Ishares TRITB
- Share
- <0.1%
- Value
- $1m
- Shares
- 11,662
+7%
- Invesco QQQ TRQQQ
- Share
- <0.1%
- Value
- $287,932
- Shares
- 391
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| AlphabetGOOG | 7.2% | $214m | 605,460 | -2% |
| HeicoHEI-A | 6.4% | $190m | 735,248 | Held |
| Meta PlatformsMETA | 5.7% | $171m | 302,888 | Held |
| Charles SchwabSCHW | 5.2% | $155m | 1,681,567 | +9% |
| Automatic Data ProcessingADP | 4.9% | $147m | 654,556 | +56% |
| AmetekAME | 4.9% | $145m | 598,781 | -2% |
| Medpace HoldingsMEDP | 4.5% | $134m | 253,931 | Held |
| VisaV | 4.5% | $134m | 389,900 | Held |
| Berkshire HathawayBRK-B | 4.2% | $124m | 248,447 | -34% |
| ProgressivePGR | 4.0% | $118m | 542,292 | +3% |
| AlphabetGOOGL | 3.7% | $111m | 310,118 | -11% |
| Five BelowFIVE | 3.6% | $108m | 598,122 | -3% |
| Booking HoldingsBKNG | 3.1% | $93m | 522,664 | Held |
| Installed Building ProductsIBP | 3.1% | $91m | 397,662 | Held |
| NVRNVR | 3.0% | $90m | 13,238 | -3% |
| Kinsale Capital GroupKNSL | 2.7% | $79m | 240,731 | +10% |
| Bright Horizons Family SolutionsBFAM | 2.6% | $77m | 1,080,793 | +46% |
| ResmedRMD | 2.5% | $76m | 387,665 | +69% |
| Bank OZKOZK | 2.1% | $62m | 1,198,116 | -3% |
| Markel GroupMKL | 2.0% | $60m | 30,877 | -28% |
| Arista NetworksANET | 1.9% | $58m | 339,892 | -20% |
| Keysight TechnologiesKEYS | 1.7% | $50m | 143,072 | -56% |
| Walt DisneyDIS | 1.7% | $50m | 515,567 | -4% |
| Brown & BrownBRO | 1.6% | $48m | 753,288 | Held |
| Analog DevicesADI | 1.2% | $37m | 93,310 | -45% |
| New York TimesNYT | 1.1% | $34m | 484,424 | New |
| LittelfuseLFUS | 1.1% | $34m | 74,125 | -8% |
| MSA SafetyMSA | 1.0% | $29m | 166,305 | New |
| WatscoWSO | 0.9% | $27m | 65,975 | New |
| AaonAAON | 0.9% | $26m | 204,779 | Held |
| Spdr Gold TRGLD | 0.8% | $25m | 3,876 | Held |
| Sunbelt Rentals HoldingsSUNB | 0.7% | $22m | 246,369 | -9% |
| Veeva SystemsVEEV | 0.6% | $17m | 94,956 | New |
| American ExpressAXP | 0.5% | $16m | 46,702 | New |
| TwfgTWFG | 0.5% | $16m | 652,452 | +18% |
| JPMorgan ChaseJPM | 0.5% | $16m | 47,876 | -8% |
| MastercardMA | 0.5% | $15m | 28,816 | +3% |
| lululemon athleticaLULU | 0.5% | $15m | 128,803 | -10% |
| Floor & Decor HoldingsFND | 0.5% | $14m | 229,867 | Held |
| HawkinsHWKN | 0.5% | $13m | 94,954 | New |
| Ferguson EnterprisesFERG | 0.3% | $9m | 37,380 | Held |
| Builders FirstSourceBLDR | 0.3% | $8m | 91,464 | Held |
| Berkshire Hathaway INC DELBRK-A | 0.2% | $7m | 9 | -18% |
| AppleAAPL | 0.1% | $4m | 12,995 | -14% |
| Taiwan Semiconductor ManufacturingTSM | <0.1% | $2m | 3,655 | -55% |
| State STR Spdr S&P 500 ETF TSPY | <0.1% | $2m | 2,294 | -7% |
| Yum China HoldingsYUMC | <0.1% | $1m | 36,036 | Held |
| Ishares TRITB | <0.1% | $1m | 11,662 | +7% |
| MicrosoftMSFT | <0.1% | $666,587 | 1,787 | -6% |
| Invesco QQQ TRQQQ | <0.1% | $287,932 | 391 | New |
| CopartCPRT | <0.1% | $233,244 | 8,274 | -70% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 2.0% since 30 June 2025.
Where the money is
Financial services28.4%
Industrials19.7%
Media & telecom19.5%
Retail & consumer16.7%
Health care7.6%
Technology6.9%
Other1.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.