Giverny Capital Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

The Q4 2025 13F filing for Francois Rochon and Giverny Capital reveals a portfolio that is a masterclass in disciplined, quality-oriented value investing. With a reported portfolio value of approximately $2.998 billion and a stable roster of 50 holdings , Rochon continues to demonstrate the "owner’s mindset" that has defined his career. Rochon, a disciple of the school of Benjamin Graham, Warren Buffett, and Charlie Munger, manages Giverny Capital with a focus on "outstanding companies" managed by "outstanding people." This quarter’s data provides a window into how a high-conviction manager navigates a market characterized by high valuations in technology and shifting dynamics in the financial and consumer sectors.

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II. Sector Allocation Analysis

The dominance of Financials is not a bet on traditional banking (though Bank OZK and JPMorgan are present) but rather a bet on "Capital Allocators and Toll-Keepers." This includes Berkshire Hathaway (the ultimate capital allocator), Visa and Mastercard (the global payment toll-keepers), and insurance powerhouses like Progressive, Kinsale, and Markel. This allocation suggests a belief that in an environment of fluctuating interest rates and economic uncertainty, the most reliable returns come from companies that manage risk or facilitate commerce without taking on significant balance sheet risk themselves.

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III. Top 10 Holdings Deep Dive

This is a "Conviction Holding" in its purest form. Rochon views Berkshire as a "fortress" that provides exposure to insurance, energy, railroads, and a massive portfolio of public equities (including Apple). In an uncertain macro environment, Berkshire’s $150B+ cash pile serves as a "call option" on market volatility, which Rochon values highly. The holding nature here is "permanent capital." As long as Berkshire maintains its culture of rational capital allocation, it will likely remain Giverny’s top position. The increase in weight despite a share reduction highlights the "passive outperformance" that Rochon seeks—letting the company’s intrinsic value growth do the heavy lifting.

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IV. Major Buys/Additions

The clustering in Insurance (BRO, KNSL, TWFG) and Specialized Consumer/Services (BFAM, DIS) reveals a clear trend: Rochon is moving toward businesses with "Sticky Revenue" and "Pricing Power." Whether it is a parent who won't move their child from a trusted daycare (BFAM), a business that must renew its liability insurance (BRO), or a family that "must" go to Disney World, these companies all possess a "psychological moat" that allows them to raise prices even in a tough economy.

The total estimated addition scale across the top 3 buys is approximately $110M . This is almost perfectly offset by the cash recouped from the exits of Fiserv ($84M) and CarMax ($75M) . This is a clear example of "Inventory Reallocation." Rochon is not necessarily adding new capital to the market; he is "upgrading" his portfolio by selling mature or struggling businesses (Fiserv, CarMax) to buy businesses with better forward-looking risk-reward profiles (BRO, DIS, BFAM).

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V. Major Sells and Exits

Valuation : TSM’s stock has soared on AI enthusiasm. Rochon may believe the "AI hardware" trade is overextended. 2. Geopolitics : While we focus on financial risk, the "concentration risk" of having the world's advanced chip production on one island is a business risk that may have finally exceeded Rochon’s comfort zone. 3. Capital Intensity : TSM must spend tens of billions on new fabs (Intel/Samsung competition). Rochon prefers "capital-light" compounders.

The exits from Align Technology (ALGN) and Credit Acceptance (CACC) represent "tail cleanup." Align (Invisalign) has faced severe headwinds from "direct-to-consumer" competition and a pullback in discretionary healthcare spending (PnL -54.3%). Credit Acceptance is a subprime auto lender that faces increasing regulatory and credit cycle risks. By removing these "low-conviction" or "deteriorating" names, Rochon has "slimmed" the portfolio, focusing his energy on the top 30 names.

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VI. Investment Insights and Risk Warnings

The Insurance "Safe Haven" : The aggressive additions to Brown & Brown and Kinsale suggest a belief that the "Insurance Super-Cycle" (higher rates, higher premiums) has more room to run. These businesses are "inflation-protected" because their revenue is a percentage of the value of the assets they insure. 3. The "Iconic Brand" Contrarianism : The move into Disney shows a willingness to be a "lonely buyer" of a great asset during a period of structural transition. This is the hallmark of a true value investor—buying when the "narrative" is bad but the "asset" is still world-class. 4. Reference Value for Investors : For retail investors, the takeaway is the importance of "Opportunity Cost." Rochon was willing to sell a "good" company like Fiserv or a "legendary" one like TSM to buy what he perceived as "better" opportunities in BRO and DIS. He doesn't just hold because a stock is "up"; he holds because the "price-to-value" ratio is still favorable.

Disclaimer : This analysis is for informational purposes only and does not constitute investment advice. The securities mentioned may be volatile and carry significant risk. Investors should conduct their own due diligence or consult with a financial advisor before making any investment decisions.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.