Francois Rochon - Giverny Capital 13F Activity & Position Changes (Q1 2025)

As of Mar 31, 2025, the Giverny Capital portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 13, 2025. 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 2025, the filing reported:

New Buys - Builders FirstSource, Inc.

Increases - Align Technology, Inc., AMETEK, Inc., Arista Networks, Inc., Berkshire Hathaway Inc., Credit Acceptance Corporation, and 11 more

Reductions - Apple Inc., Analog Devices, Inc., Bank of America Corporation, Booking Holdings Inc. Common St, Berkshire Hathaway Inc. New, and 22 more

Complete Exits - DoubleLine ETF Trust DoubleLine, Edwards Lifesciences Corporatio, Fortune Brands Innovations, Inc, Grayscale Bitcoin Trust (BTC), Intercontinental Exchange Inc., and 5 more

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 2025	AAPL Apple Inc.	Apple Inc.	Sell	-7,609	-44.8%	$2.08M	9,367
Q1 2025	ADI Analog Devices, Inc.	Analog Devices, Inc.	Sell	-435	-0.3%	$34.55M	171,340
Q1 2025	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy	+2,129	+5.0%	$7.17M	45,135
Q1 2025	AME AMETEK, Inc.	AMETEK, Inc.	Buy	+2,975	+0.3%	$168.26M	977,434
Q1 2025	ANET Arista Networks, Inc.	Arista Networks, Inc.	Buy	+56,100	+13.7%	$36.15M	466,528
Q1 2025	BAC Bank of America Corporation	Bank of America Corporation	Sell	-2,977	-0.3%	$41.65M	998,001
Q1 2025	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell	-45	-0.2%	$97.35M	21,132
Q1 2025	BLDR Builders FirstSource, Inc.	Builders FirstSource, Inc.	Buy - Position Entry	+82,445	-	$10.30M	82,445
Q1 2025	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Buy	+3	+37.5%	$8.78M	11
Q1 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-2,218	-0.4%	$268.06M	503,332
Q1 2025	BRO Brown & Brown, Inc.	Brown & Brown, Inc.	Sell	-206	-0.1%	$36.65M	294,603
Q1 2025	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Buy	+293	+1.0%	$15.41M	29,851
Q1 2025	CAPE DoubleLine ETF Trust DoubleLine	DoubleLine ETF Trust DoubleLine	Sell - Position Exit	-10,645	-100.0%	$0.00	-
Q1 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-2,500	-16.9%	$2.20M	12,274
Q1 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-715	-0.3%	$24.43M	247,503
Q1 2025	EW Edwards Lifesciences Corporatio	Edwards Lifesciences Corporatio	Sell - Position Exit	-257	-100.0%	$0.00	-
Q1 2025	FBIN Fortune Brands Innovations, Inc	Fortune Brands Innovations, Inc	Sell - Position Exit	-463,140	-100.0%	$0.00	-
Q1 2025	FERG Ferguson	Ferguson	Buy	+678	+2.0%	$5.51M	34,386
Q1 2025	FI Fiserv, Inc.	Fiserv, Inc.	Sell	-621	-0.1%	$139.04M	629,633
Q1 2025	FIVE Five Below, Inc.	Five Below, Inc.	Sell	-110,520	-15.1%	$46.57M	621,590
Q1 2025	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Sell	-43	-0.0%	$18.82M	233,878
Q1 2025	GBTC Grayscale Bitcoin Trust (BTC)	Grayscale Bitcoin Trust (BTC)	Sell - Position Exit	-7,442	-100.0%	$0.00	-
Q1 2025	GLD SPDR Gold Trust	SPDR Gold Trust	Sell	-308	-7.3%	$1.12M	3,898
Q1 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-233	-0.0%	$117.97M	755,109
Q1 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-583	-0.2%	$39.58M	255,940
Q1 2025	HEI-A Heico Corporation	Heico Corporation	Buy	+356	+0.0%	$156.54M	742,011
Q1 2025	IBP Installed Building Products, In	Installed Building Products, In	Buy	+3,338	+0.7%	$87.11M	508,073
Q1 2025	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Sell - Position Exit	-16,799	-100.0%	$0.00	-
Q1 2025	ITB iShares U.S. Home Construction	iShares U.S. Home Construction	Buy	+529	+5.1%	$1.04M	10,961
Q1 2025	J Jacobs Solutions Inc.	Jacobs Solutions Inc.	Sell - Position Exit	-4,394	-100.0%	$0.00	-

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