Giverny Capital Q1 2026 13F Holdings and Activity Report

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 companies with durable competitive advantages, high returns on invested capital, and exceptional management teams. As of the portfolio snapshot on March 31, 2026 , Giverny Capital managed a reported equity portfolio valued at approximately $2.73B . This represents a sophisticated mid-sized institutional fund that balances the agility of a boutique firm with the rigorous analytical depth of a major asset manager.

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II. Sector Allocation Analysis

The top three sectors—Financials, Consumer Discretionary, and Communication Services—account for a combined 69.45% of the total portfolio. This level of concentration indicates a highly focused investment strategy. By allocating nearly one-third of the portfolio to Financials , Giverny Capital is signaling a profound belief in the resilience of the American financial infrastructure. However, it is important to note that Rochon’s "Financials" are often not traditional banks but rather "capital compounders" and service providers like Berkshire Hathaway, Charles Schwab, and Progressive. This suggests a macro judgment that favors businesses with "float," recurring fee income, and dominant market positions over those sensitive to simple interest rate spreads.

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III. Top 10 Holdings Deep Dive

This operation should be qualified as a "Strategic Rebalancing of a Conviction Holding." It is highly unlikely that Giverny has lost faith in Berkshire’s fundamental value; rather, the move appears to be a response to Berkshire’s strong price performance and a desire to harvest capital for new opportunities like ADP. By selling roughly $61M worth of Berkshire, Rochon is effectively "trimming the sails" of his largest ship to ensure the rest of the fleet has enough wind. The fact that it remains the #1 holding despite a 25% cut speaks to its previous dominance in the portfolio. This is a classic example of "selling some of what you love to buy what you need."

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IV. Major Buys/Additions

This move can be qualified as a "Growth Acceleration Bet on a High-Moat Utility." ADP fits the Giverny criteria perfectly: it has an incredibly sticky customer base, high switching costs, and a "float" component (earning interest on funds held for payroll) that benefits from a stable interest rate environment. By making ADP a top-20 holding from the start, Rochon is signaling that he views the current valuation as an attractive entry point for a business that is essentially a "toll booth" on the global workforce. This is not a speculative trade; it is the construction of a new "core" pillar for the portfolio.

The new positions in Sunbelt Rentals (SUNB) and AAON, Inc. (AAON) , totaling approximately $34M combined, represent a broadening of the firm's industrial exposure. Sunbelt (a subsidiary of Ashtead Group) is a powerhouse in equipment rental, while AAON specializes in high-performance HVAC systems. Both companies are known for their operational excellence and strong competitive positions in their respective niches. These additions suggest that Giverny is finding value in "tangible" businesses that provide essential services to the construction and infrastructure sectors, likely viewing them as more attractive than the high-flying tech names it has avoided.

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V. Major Sells and Exits

The motivation here appears to be a combination of valuation discipline and risk management. After nearly a decade of holding, AMETEK’s weight had grown significantly. By slashing the position by more than a third, Rochon is effectively saying that the "easy money" has been made and that the stock's current valuation may be discounting too much future growth. This is a "logical clearing" based on the stock's fundamentals and its relative weight in the portfolio. It provides a massive cash cushion to fund new ideas like ADP.

The overall quality of this quarter's exit operations is high. Giverny is not "panic selling"; it is "harvesting gains" from its most successful, long-term holdings to maintain a fresh and balanced portfolio. The total funds retrieved from these major reductions and exits (over $175M ) almost perfectly offsets the capital deployed into new additions. This indicates a "zero-sum" rebalancing strategy where the institution is raising the overall "quality-to-valuation" ratio of the portfolio without significantly changing its net market exposure. They are raising cash levels not to sit on the sidelines, but to immediately put that cash to work in higher-conviction, better-valued opportunities.

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VI. Investment Insights and Risk Warnings

The logic chain is clear: 1. Sold What : Mature, highly-appreciated "ballast" positions like Berkshire Hathaway and AMETEK, along with cyclical housing exposure (IBP). 2. Why Sell : To realize significant long-term gains and reduce concentration in names that may have reached "fair value" or cyclical peaks. 3. Bought What : High-moat, recurring-revenue business services (ADP), recovery-themed education services (BFAM), and specialized industrials (AAON, SUNB). 4. Why Buy : To capture better relative value and higher growth potential in companies that possess the same "quality" characteristics as the ones being sold but are at a more attractive stage of their investment cycle. 5. Overall Result : A portfolio that remains anchored in "Quality" but has been "refreshed" with new growth drivers and reduced sensitivity to the broad conglomerate and housing sectors.

For the individual investor, the reference value here is the discipline of rebalancing . Many investors find it difficult to sell their "winners," especially legendary ones like Berkshire. Giverny’s move shows that "pruning the garden" is essential for long-term health. However, retail investors should note that Giverny’s moves are based on a multi-year horizon and a $2.7B capital base; simple imitation without understanding the underlying "quality" metrics could lead to mistimed trades.

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.