Francois Rochon - Giverny Capital 13F Activity & Position Changes (Q1 2026)

As of Mar 31, 2026, the Giverny Capital portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2026, the filing reported:

New Buys - AAON, Inc., Automatic Data Processing, Inc., Invesco NASDAQ 100 ETF, Invesco S&P 500 Equal Weight ET

Increases - TWFG, Arista Networks, Inc., Bright Horizons Family Solution, Builders FirstSource, Inc., Ferguson Enterprises Inc., and 3 more

Reductions - Apple Inc., Analog Devices, Inc., AMETEK, Inc., Booking Holdings Inc. Common St, Berkshire Hathaway Inc. New, and 25 more

Complete Exits - Capital One Financial Corporati, Costco Wholesale Corporation, Dream Finders Homes, Inc., Intuitive Surgical, Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2026	87318A101 TWFG	TWFG	Buy	+220,596	+66.5%	$10.15M	552,107
Q1 2026	AAON AAON, Inc.	AAON, Inc.	Buy - Position Entry	+201,832	-	$16.70M	201,832
Q1 2026	AAPL Apple Inc.	Apple Inc.	Sell	-1,478	-8.9%	$3.82M	15,040
Q1 2026	ADI Analog Devices, Inc.	Analog Devices, Inc.	Sell	-5,695	-3.2%	$54.42M	171,052
Q1 2026	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy - Position Entry	+419,090	-	$85.15M	419,090
Q1 2026	AME AMETEK, Inc.	AMETEK, Inc.	Sell	-367,400	-37.5%	$131.20M	612,058
Q1 2026	ANET Arista Networks, Inc.	Arista Networks, Inc.	Buy	+4,203	+1.0%	$51.98M	423,361
Q1 2026	BFAM Bright Horizons Family Solution	Bright Horizons Family Solution	Buy	+332,133	+81.0%	$60.97M	742,329
Q1 2026	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell	-328	-1.5%	$88.91M	21,117
Q1 2026	BLDR Builders FirstSource, Inc.	Builders FirstSource, Inc.	Buy	+1,829	+2.0%	$7.56M	91,813
Q1 2026	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-127,359	-25.2%	$181.44M	378,625
Q1 2026	BRO Brown & Brown, Inc.	Brown & Brown, Inc.	Sell	-17,251	-2.2%	$49.25M	755,269
Q1 2026	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell - Position Exit	-8,274	-100.0%	$0.00	-
Q1 2026	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell - Position Exit	-240	-100.0%	$0.00	-
Q1 2026	DFH Dream Finders Homes, Inc.	Dream Finders Homes, Inc.	Sell - Position Exit	-32,202	-100.0%	$0.00	-
Q1 2026	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-7,905	-1.5%	$51.71M	536,514
Q1 2026	FERG Ferguson Enterprises Inc.	Ferguson Enterprises Inc.	Buy	+354	+1.0%	$8.57M	36,728
Q1 2026	FIVE Five Below, Inc.	Five Below, Inc.	Sell	-20,556	-3.2%	$141.02M	617,191
Q1 2026	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Sell	-4,047	-1.7%	$11.78M	231,829
Q1 2026	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-18,598	-2.9%	$178.11M	620,909
Q1 2026	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-12,929	-3.6%	$100.21M	348,469
Q1 2026	HEI-A Heico Corporation	Heico Corporation	Sell	-16,050	-2.1%	$155.89M	738,482
Q1 2026	IBP Installed Building Products, In	Installed Building Products, In	Sell	-115,571	-22.3%	$107.03M	403,665
Q1 2026	ISRG Intuitive Surgical, Inc.	Intuitive Surgical, Inc.	Sell - Position Exit	-405	-100.0%	$0.00	-
Q1 2026	ITB iShares U.S. Home Construction	iShares U.S. Home Construction	Sell	-844	-7.2%	$982.83K	10,854
Q1 2026	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+460	+0.9%	$15.38M	52,298
Q1 2026	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Sell	-10,862	-3.3%	$91.26M	323,184
Q1 2026	KNSL Kinsale Capital Group, Inc.	Kinsale Capital Group, Inc.	Buy	+4,678	+2.2%	$74.80M	218,942
Q1 2026	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-866	-1.1%	$27.39M	80,719
Q1 2026	LULU lululemon athletica inc.	lululemon athletica inc.	Sell	-1,637	-1.1%	$21.83M	142,600

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