Giverny Capital

Francois Rochon

Period

Q1 2026

Portfolio Date

Mar 31, 2026

Stocks Held

51

Market Value

$2.7B

Portfolio Analysis

AIPreview
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I. Institutional Overview

Francois Rochon, the founder and Chief Investment Officer of Giverny Capital, has long been regarded as a quintessential practitioner of "Quality at a Reasonable Price" (QARP) investing. Drawing significant inspiration from the philosophies of Warren Buffett and Charlie Munger, Rochon’s investment approach is characterized by a disciplined search for...

The current report reveals a portfolio consisting of 51 holdings, a number that suggests a deliberate balance between high-conviction concentration and prudent diversification. In the world of institutional management, a portfolio of 51 stocks typically indicates that the manager is not merely "buying the index" but is also not taking the extreme risks...

Analyzing the scale trend, the $2.73B market value reflects a robust capital base. While the institution has historically favored a "buy and hold" mentality, the activity in the first quarter of 2026 suggests a period of active strategic rebalancing. The institution is currently in a phase of "capital recycling," where it is trimming some of its most...

Based on the latest available 13F filing.

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Holdings Value Trend

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Top 5 Holdings

1

$BRK.B

Berkshire Hathaway Inc.

6.6%

% of Portfolio

2

$GOOG

Alphabet Inc.

6.5%

% of Portfolio

3

$META

Meta Platforms, Inc.

6.5%

% of Portfolio

4

$HEI.A

HEICO Corporation

5.7%

% of Portfolio

5

$SCHW

The Charles Schwab Corporation

5.3%

% of Portfolio

Historical Positions

SymbolQ1 2026Q4 2025Q3 2025Q2 2025
BRK.B6.6%8.5%7.9%8.5%
GOOG6.5%6.7%4.8%4.0%
META6.5%6.9%7.0%8.1%
HEI.A5.7%6.3%5.8%6.7%
SCHW5.3%5.3%4.6%4.9%
FIVE5.2%---
AME4.8%6.7%5.8%6.2%
MEDP4.5%4.9%4.1%-
V4.4%4.8%4.2%4.9%
IBP3.9%4.5%--

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

GOOG+24.30%
GOOGL+24.42%
KEYS+20.42%
ADI+29.54%
META-0.65%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

IBP-21.74%
MEDP-1.07%
NVR-1.67%
FIVE-11.60%
BFAM-20.48%

Sector Analysis

Others0.7%
Financials31.6%
Healthcare6.4%
Technology11.7%
Industrials11.8%
Consumer Staples0.0%
Communication Services18.6%
Consumer Discretionary19.2%

Trading Summary

1

$ADP

3.1%

2

$SUNB

0.7%

3

$AAON

0.6%

4

$ETF-RSP

0.0%

5

$ETF-QQQM

0.0%

All Holdings

1

$BRK.B

6.6%

2

$GOOG

6.5%

3

$META

6.5%

4

$HEI.A

5.7%

5

$SCHW

5.3%

6

$FIVE

5.2%

7

$AME

4.8%

8

$MEDP

4.5%

9

$V

4.4%

10

$IBP

3.9%

11

$PGR

3.8%

12

$GOOGL

3.7%

13

$KEYS

3.3%

14

$NVR

3.3%

15

$BKNG

3.3%

16

$ADP

3.1%

17

$MKL

3.0%

18

$KNSL

2.7%

19

$BFAM

2.2%

20

$OZK

2.1%

21

$ADI

2.0%

22

$ANET

1.9%

23

$DIS

1.9%

24

$RMD

1.9%

25

$BRO

1.8%

26

$LFUS

1.0%

27

$LULU

0.8%

28

$SUNB

0.7%

29

$AAON

0.6%

30

$JPM

0.6%

31

$MA

0.5%

32

$FND

0.4%

33

$TWFG

0.4%

34

$FERG

0.3%

35

$BRK.A

0.3%

36

$BLDR

0.3%

37

$AAPL

0.1%

38

$TSM

0.1%

39

$YUMC

0.1%

40

$ETF-GLD

0.1%

41

$ETF-SPY

0.1%

42

$MTB

0.1%

43

$ETF-RSP

0.0%

44

$ETF-QQQM

0.0%

45

$ETF-ITB

0.0%

46

$BIRK

0.0%

47

$ODFL

0.0%

48

$CPRT

0.0%

49

$MSFT

0.0%

50

$SITE

0.0%