Francois Rochon - Giverny Capital 13F Activity & Position Changes (Q2 2025)

As of Jun 30, 2025, the Giverny Capital portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 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 Q2 2025, the filing reported:

New Buys - TWFG, Amazon.com, Inc.

Increases - Apple Inc., Analog Devices, Inc., Align Technology, Inc., AMETEK, Inc., Arista Networks, Inc., and 31 more

Reductions - Capital One Financial Corporati, SPDR Gold Trust, Alphabet Inc., M&T Bank Corporation, Progressive Corporation (The), and 1 more

Complete Exits - None reported

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
Q2 2025	87318A101 TWFG	TWFG	Buy - Position Entry	+177,848	-	$6.22M	177,848
Q2 2025	AAPL Apple Inc.	Apple Inc.	Buy	+7,609	+81.2%	$3.48M	16,976
Q2 2025	ADI Analog Devices, Inc.	Analog Devices, Inc.	Buy	+4,771	+2.8%	$41.92M	176,111
Q2 2025	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy	+1,223	+2.7%	$8.78M	46,358
Q2 2025	AME AMETEK, Inc.	AMETEK, Inc.	Buy	+18,910	+1.9%	$180.30M	996,344
Q2 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+1,174	-	$257.56K	1,174
Q2 2025	ANET Arista Networks, Inc.	Arista Networks, Inc.	Buy	+16,033	+3.4%	$49.37M	482,561
Q2 2025	BAC Bank of America Corporation	Bank of America Corporation	Buy	+6,118	+0.6%	$47.51M	1,004,119
Q2 2025	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Buy	+158	+0.7%	$123.25M	21,290
Q2 2025	BLDR Builders FirstSource, Inc.	Builders FirstSource, Inc.	Buy	+4,872	+5.9%	$10.19M	87,317
Q2 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+8,452	+1.7%	$248.61M	511,784
Q2 2025	BRO Brown & Brown, Inc.	Brown & Brown, Inc.	Buy	+27,034	+9.2%	$35.66M	321,637
Q2 2025	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Buy	+650	+2.2%	$15.54M	30,501
Q2 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-3,000	-24.4%	$1.97M	9,274
Q2 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+12,972	+5.2%	$32.30M	260,475
Q2 2025	FERG Ferguson Enterprises Inc.	Ferguson Enterprises Inc.	Buy	+1,293	+3.8%	$7.77M	35,679
Q2 2025	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+18,941	+3.0%	$111.82M	648,574
Q2 2025	FIVE Five Below, Inc.	Five Below, Inc.	Buy	+4,281	+0.7%	$82.10M	625,871
Q2 2025	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Buy	+1,953	+0.8%	$17.91M	235,831
Q2 2025	GLD SPDR Gold Trust	SPDR Gold Trust	Sell	-22	-0.6%	$1.18M	3,876
Q2 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-101,392	-13.4%	$115.96M	653,717
Q2 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+123,677	+48.3%	$66.90M	379,617
Q2 2025	HEI-A Heico Corporation	Heico Corporation	Buy	+7,481	+1.0%	$193.93M	749,492
Q2 2025	IBP Installed Building Products, In	Installed Building Products, In	Buy	+6,386	+1.3%	$92.77M	514,459
Q2 2025	ITB iShares U.S. Home Construction	iShares U.S. Home Construction	Buy	+557	+5.1%	$1.07M	11,518
Q2 2025	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+6,467	+14.5%	$14.77M	50,950
Q2 2025	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Buy	+2,574	+0.8%	$54.66M	333,585
Q2 2025	KMX CarMax Inc	CarMax Inc	Buy	+14,308	+0.9%	$111.30M	1,655,930
Q2 2025	KNSL Kinsale Capital Group, Inc.	Kinsale Capital Group, Inc.	Buy	+9,186	+5.4%	$86.69M	179,153
Q2 2025	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Buy	+608	+0.8%	$18.39M	81,112

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