Francois Rochon - Giverny Capital Portfolio Q2'2025: Top Holdings & Recent Changes
Welcome to the Value Sense Blog, your resource for insights on the stock market! At Value Sense, we focus on intrinsic value tools and offer stock ideas with undervalued companies. Dive into our research products and learn more about our unique approach at valuesense.io
Explore diverse stock ideas covering technology, healthcare, and commodities sectors. Our insights are crafted to help investors spot opportunities in undervalued growth stocks, enhancing potential returns. Visit us to see evaluations and in-depth market research.
Francois Rochon, founder and chief investment officer of Giverny Capital, continues to exemplify a disciplined, long-term approach to equity investing. His Q2’2025 portfolio reveals a blend of quiet compounding in quality franchises and bold conviction in select opportunities, with $2.9 billion spread across 55 positions and a notable tilt toward high-conviction, low-turnover holdings.
Portfolio Overview: Quiet Compounding, Strategic Adjustments
Portfolio Highlights (Q2’2025): - Market Value: $2,915.8M - Top 10 Holdings: 56.0% - Portfolio Size: 55 +1 - Average Holding Period: 19 quarters - Turnover: 9.1%
Giverny Capital’s portfolio remains a model of patient, quality-focused investing. With over half of assets concentrated in the top 10 holdings, Rochon demonstrates conviction in a select group of businesses, while the addition of one new position this quarter brings the total to 55—suggesting a willingness to selectively expand the opportunity set without sacrificing discipline.
The average holding period of 19 quarters (nearly five years) and a low 9.1% turnover rate underscore a strategy built on compounding through time, not frenetic trading. This approach allows the portfolio to benefit from the long-term growth of high-quality companies, while minimizing frictional costs and capital gains taxes. The Q2’2025 portfolio also reflects a careful balance between established compounders and opportunistic adjustments, as seen in several notable position changes this quarter.
Top Holdings Analysis: Quality Compounders and Tactical Shifts
The portfolio’s core is anchored by a blend of blue-chip compounders and select growth franchises. Berkshire Hathaway Inc. (BRK-B) stands as a flagship position at 8.5% of assets, with Rochon adding 1.68% more shares this quarter—reinforcing his confidence in Warren Buffett’s conglomerate. Meta Platforms, Inc. follows closely at 8.1%, also seeing a 1.19% increase, signaling conviction in the company’s ongoing transformation and monetization of its social platforms.
Industrial and specialty manufacturing remain a key theme, with AMETEK, Inc. (AME) at 6.2% (Add 1.93%) and HEICO Corp New at 6.7% (Add 1.01%), reflecting a preference for businesses with durable competitive advantages and pricing power. Financials are represented by a bold move in SCHWAB CHARLES CORP, which saw a dramatic 65.16% increase, now at 4.9% of the portfolio—a clear sign of opportunistic buying amid sector volatility.
Payment networks and digital platforms are well-represented: Visa Inc. (4.9%, Add 1.97%) and Booking Holdings Inc. (4.2%, Add 0.75%) both saw incremental additions, while Alphabet Inc. 4.0% was trimmed by 13.43%, likely reflecting valuation discipline after a strong run.
Insurance and financial services exposure is further diversified with PROGRESSIVE CORP (4.8%, Reduce 1.66%), balancing risk and reward in the sector. Rounding out the top changes, Fiserv, Inc. (3.8%, Add 3.01%) reflects a continued bet on digital payments and fintech infrastructure.
Other notable top holdings (by weight, not all with recent changes) include a mix of established leaders and emerging growth stories, ensuring the portfolio is not overly reliant on any single sector or theme.
What the Portfolio Reveals About Current Strategy
- Quality Over Growth: The portfolio’s core remains focused on high-quality, cash-generative businesses with proven management and strong competitive moats.
- Selective Aggression: The outsized addition to SCHWAB CHARLES CORP demonstrates a willingness to act decisively when market dislocations create opportunity.
- Sector Diversification: Exposure spans financials, technology, industrials, and consumer services, reducing reliance on any single economic driver.
- Long-Term Orientation: With an average holding period of 19 quarters and low turnover, Rochon’s approach is to let winners compound rather than chase short-term trends.
- Risk Management: Trimming positions like Alphabet Inc. after strong performance shows a disciplined approach to valuation and risk.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Berkshire Hathaway Inc. (BRK-B) | $248.6M | 8.5% | Add 1.68% |
| Meta Platforms, Inc. (META) | $235.4M | 8.1% | Add 1.19% |
| HEICO CORP NEW | $193.9M | 6.7% | Add 1.01% |
| AMETEK, Inc. (AME) | $180.3M | 6.2% | Add 1.93% |
| SCHWAB CHARLES CORP | $143.0M | 4.9% | Add 65.16% |
| Visa Inc. (V) | $142.5M | 4.9% | Add 1.97% |
| PROGRESSIVE CORP | $138.9M | 4.8% | Reduce 1.66% |
| Booking Holdings Inc. (BKNG) | $123.3M | 4.2% | Add 0.75% |
| Alphabet Inc. (GOOG) | $116.0M | 4.0% | Reduce 13.43% |
The table above highlights a portfolio that is both concentrated and diversified. The top 10 holdings account for 56% of total assets, with the largest position (Berkshire Hathaway) at 8.5%. This structure allows for meaningful impact from best ideas, while still maintaining diversification across sectors and business models. The significant increase in SCHWAB CHARLES CORP stands out as a tactical move, while the reduction in Alphabet Inc. reflects ongoing risk management and valuation awareness.
Investment Lessons from Francois Rochon’s Approach
- Concentrate When You Know the Business: Rochon’s willingness to allocate significant capital to his highest-conviction ideas demonstrates the power of focus.
- Let Winners Compound: The long average holding period shows the value of patience and allowing quality businesses to grow over time.
- Act Decisively on Opportunity: The large addition to SCHWAB CHARLES CORP is a reminder to be bold when the odds are favorable.
- Trim When Valuations Stretch: Reducing positions like Alphabet Inc. after strong gains helps lock in profits and manage risk.
- Balance Quality and Value: The portfolio blends blue-chip compounders with opportunistic buys, ensuring both stability and upside.
Looking Ahead: What Comes Next?
With a modest turnover rate and a portfolio anchored in quality, Giverny Capital is well-positioned to weather market volatility and capitalize on new opportunities. The recent aggressive buy in SCHWAB CHARLES CORP suggests Rochon sees value in select financials, while incremental adds to core holdings like Berkshire Hathaway and Meta Platforms indicate continued confidence in their long-term prospects. Investors should watch for further tactical moves if market dislocations persist, as well as potential new positions in undervalued sectors.
FAQ about Giverny Capital Portfolio
Q: Why did Giverny Capital make such a large addition to SCHWAB CHARLES CORP this quarter?
A: The 65.16% increase in SCHWAB CHARLES CORP reflects opportunistic buying amid sector volatility, suggesting Rochon sees significant value and recovery potential in the financial services space.
Q: How concentrated is the Giverny Capital portfolio?
A: The top 10 holdings account for 56% of assets, with the largest position at 8.5%. This balance allows for both conviction and diversification, reducing single-stock risk while maximizing the impact of best ideas.
Q: What is Francois Rochon’s typical holding period?
A: The average holding period is 19 quarters (nearly five years), reflecting a long-term, compounding approach rather than frequent trading.
Q: Why was Alphabet Inc. reduced this quarter?
A: The 13.43% reduction in Alphabet Inc. likely reflects valuation discipline after a period of strong performance, consistent with Rochon’s risk management philosophy.
Q: How can I track Giverny Capital’s moves in real time?
A: You can follow Giverny Capital’s portfolio and quarterly 13F filing updates on ValueSense. Note that 13F filings are reported with a 45-day lag, so recent moves may not be immediately reflected.
Explore More Investment Opportunities
For investors seeking undervalued companies with high fundamental quality, our analytics team provides curated stock lists:
📌 50 Undervalued Stocks (Best overall value plays for 2025)
📌 50 Undervalued Dividend Stocks (For income-focused investors)
📌 50 Undervalued Growth Stocks (High-growth potential with strong fundamentals)
🔍 Check out these stocks on the Value Sense platform for free!