Giverny Capital Portfolio in 2026: Top Holdings & Recent Changes
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Giverny Capital, led by Francois Rochon, showcases its disciplined approach to quality growth investing through the latest Q4 2025 13F filing. The firm's $3B portfolio reflects measured adjustments across its top positions, with a portfolio size trimmed to 50 -3 and low 10.0% turnover signaling confidence in long-term compounders amid market rotations.
Portfolio Overview: Concentrated Quality with Surgical Tweaks
Portfolio Highlights (Q4’2025): - Market Value: $2,997.8M - Top 10 Holdings: 58.7% - Portfolio Size: 50 -3 - Average Holding Period: 10 quarters - Turnover: 10.0%
Giverny Capital's portfolio maintains a hallmark concentration, with the top 10 holdings commanding 58.7% of the nearly $3 billion in assets. This structure underscores Rochon's philosophy of investing in a select group of high-quality businesses with durable competitive advantages, allowing for meaningful position sizing without excessive diversification. The reduction in portfolio size to 50 positions, down by three, suggests deliberate pruning of underperformers, aligning with the low 10.0% turnover that prioritizes stability over frequent trading.
The 10-quarter average holding period reveals a patient, buy-and-hold ethos, where conviction builds over time rather than reacting to short-term noise. Across the Giverny Capital portfolio, recent moves show a bias toward adding to proven winners in technology and industrials while modestly trimming legacy names, reflecting adaptive risk management in a high-valuation environment. This balance of concentration and low turnover positions the fund to capture compounding returns from its core bets.
Top Holdings: Doubling Down on Tech and Industrial Leaders
Giverny Capital's portfolio leads with Berkshire Hathaway Inc. (BRK-B) at 8.5% $254.3M, though the position saw a Reduce 0.91% adjustment, potentially locking in gains after strong performance. Meta Platforms, Inc. (META) follows at 6.9% $206.9M with an Add 0.53%, signaling growing conviction in its advertising dominance and AI initiatives. AMETEK, Inc. (AME) holds 6.7% $201.1M after a Reduce 1.73%, while Alphabet Inc. (GOOG) at the same 6.7% $200.7M received a modest Add 0.20%, betting on search and cloud resilience.
Adding to the mix, HEICO CORP NEW (6.4%, $190.5M) saw an Add 0.67%, highlighting aerospace aftermarket appeal, and The Charles Schwab Corporation (SCHW) (5.3%, $158.4M) gained Add 0.63% amid brokerage sector tailwinds. Medpace Holdings, Inc. (MEDP) (4.9%, $147.9M) expanded with Add 0.58%, tapping clinical research demand, while Visa Inc. (V) (4.8%, $142.9M) added Add 0.45% on payment network strength. Installed Building Products, Inc. (IBP) (4.5%, $134.7M) boosted Add 0.87%, and The Progressive Corporation (PGR) (4.1%, $122.2M) saw Add 0.55%, rounding out a portfolio tilted toward resilient growth names.
These adjustments across the top 10 illustrate Rochon's fine-tuning: seven adds versus two reduces, with increases concentrated in tech, financials, and niche industrials, suggesting optimism in sectors with pricing power and secular growth.
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What the Portfolio Reveals
Giverny Capital's Q4 moves paint a clear picture of a quality-over-quantity strategy, favoring businesses with strong moats and consistent execution.
- Sector Focus: Heavy tech exposure via META, GOOG, and V (over 18% combined) pairs with industrials like AME, HEICO, and IBP, balancing growth with cyclical resilience.
- Quality Compounders: Emphasis on firms like BRK-B and SCHW highlights preference for management excellence and capital allocation prowess.
- Risk Management: Low turnover and modest changes (averaging under 1%) indicate disciplined position sizing, trimming winners like BRK-B/AME to fund adds elsewhere.
- Geographic Concentration: Predominantly U.S.-centric, leveraging domestic innovation in tech and services.
This thematic tilt reveals confidence in American enterprise amid global uncertainties, with adds signaling bets on AI, aerospace, and housing recovery.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Berkshire Hathaway Inc. (BRK-B) | $254.3M | 8.5% | Reduce 0.91% |
| Meta Platforms, Inc. | $206.9M | 6.9% | Add 0.53% |
| AMETEK, Inc. | $201.1M | 6.7% | Reduce 1.73% |
| Alphabet Inc. | $200.7M | 6.7% | Add 0.20% |
| HEICO CORP NEW | $190.5M | 6.4% | Add 0.67% |
| The Charles Schwab Corporation | $158.4M | 5.3% | Add 0.63% |
| Medpace Holdings, Inc. | $147.9M | 4.9% | Add 0.58% |
| Visa Inc. | $142.9M | 4.8% | Add 0.45% |
| Installed Building Products, Inc. | $134.7M | 4.5% | Add 0.87% |
| The Progressive Corporation | $122.2M | 4.1% | Add 0.55% |
The table highlights Giverny Capital's disciplined concentration, with the top holding at 8.5% and a steady decline to 4.1%, yet collectively dominating 58.7% of assets. This sizing avoids over-reliance on any single name while enabling outsized impact from conviction picks—note the seven adds outpacing two reduces, reallocating capital toward higher-conviction growth areas like tech and industrials. The modest change magnitudes (all under 2%) reflect a low-risk tweaking approach, preserving the 10-quarter holding average and supporting compounded returns in a volatile market.
Investment Lessons from Giverny Capital's Approach
- Prioritize Quality Moats: Holdings like BRK-B, META, and V demonstrate betting on durable advantages over cheap valuations alone.
- Patience Pays in Holding Periods: A 10-quarter average underscores letting winners run, with low 10% turnover avoiding churn.
- Active Trimming Funds Growth: Reduces in AME and BRK-B financed adds in emerging names like IBP and MEDP, balancing maturity with opportunity.
- Concentration Drives Alpha: 58.7% in top 10 demands deep research, but amplifies returns from understood businesses.
- Sector Balance Mitigates Risk: Tech leadership tempered by financials (SCHW, V, PGR) and industrials creates resilient exposure.
Looking Ahead: What Comes Next?
Giverny Capital's positioning, with trimmed size and low turnover, suggests ample dry powder for opportunistic deploys amid 2026 uncertainties like rate paths and elections. The bias toward adds in tech (META, GOOG) and niche growth (HEICO, MEDP) sets up for AI and recovery tailwinds, while trims in stalwarts like BRK-B free capital for undervalued compounders. Portfolio contraction to 50 positions implies selectivity, potentially targeting housing (via IBP) or healthcare expansion if valuations correct. In a market favoring quality, this setup positions Giverny for steady compounding, with its portfolio tracker ideal for monitoring shifts.
FAQ about Giverny Capital Portfolio
Q: What were the most significant changes in Giverny Capital's Q4 2025 13F filing?
A: Key moves included Reduce 1.73% in AME and Reduce 0.91% in BRK-B, offset by adds like 0.87% in IBP and 0.67% in HEICO, alongside portfolio trimming to 50 positions.
Q: Why does Giverny Capital maintain such high concentration in its top 10 holdings?
A: At 58.7%, this reflects Francois Rochon's conviction in quality compounders, enabling focused bets on moats while the 40-position tail provides diversification—low 10% turnover reinforces long-term strategy over speculation.
Q: What sectors dominate Giverny Capital's portfolio strategy?
A: Technology (META, GOOG) and industrials (AME, HEICO, IBP) lead, with financials (SCHW, V, PGR) adding stability, betting on innovation and resilience over cyclical bets.
Q: How can I track and follow Giverny Capital's portfolio?
A: Use ValueSense's superinvestor tracker at https://valuesense.io/superinvestors/giverny-capital for real-time 13F updates, historical changes, and visualizations—remember the 45-day SEC filing lag means monitoring post-quarter moves.
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