Francois Rochon - Giverny Capital 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 13, 2026, the Giverny Capital portfolio showed several notable changes in holdings as of quarter-end Dec 31, 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 Q4 2025, the filing reported:

New Buys - Bright Horizons Family Solution, Intuitive Surgical, Inc.

Increases - TWFG, Analog Devices, Inc., Arista Networks, Inc., Booking Holdings Inc. Common St, Builders FirstSource, Inc., and 24 more

Reductions - Apple Inc., AMETEK, Inc., Berkshire Hathaway Inc. New, Capital One Financial Corporati, Floor & Decor Holdings, Inc., and 2 more

Complete Exits - Align Technology, Inc., Credit Acceptance Corporation, Fiserv, Inc., CarMax 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
Q4 2025	87318A101 TWFG	TWFG	Buy	+31,194	+10.4%	$9.54M	331,511
Q4 2025	AAPL Apple Inc.	Apple Inc.	Sell	-357	-2.1%	$4.49M	16,518
Q4 2025	ADI Analog Devices, Inc.	Analog Devices, Inc.	Buy	+279	+0.2%	$47.93M	176,747
Q4 2025	ALGN Align Technology, Inc.	Align Technology, Inc.	Sell - Position Exit	-45,691	-100.0%	$0.00	-
Q4 2025	AME AMETEK, Inc.	AMETEK, Inc.	Sell	-17,218	-1.7%	$201.09M	979,458
Q4 2025	ANET Arista Networks, Inc.	Arista Networks, Inc.	Buy	+6,759	+1.6%	$54.92M	419,158
Q4 2025	BFAM Bright Horizons Family Solution	Bright Horizons Family Solution	Buy - Position Entry	+410,196	-	$41.59M	410,196
Q4 2025	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Buy	+102	+0.5%	$114.85M	21,445
Q4 2025	BLDR Builders FirstSource, Inc.	Builders FirstSource, Inc.	Buy	+2,888	+3.3%	$9.26M	89,984
Q4 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-4,660	-0.9%	$254.33M	505,984
Q4 2025	BRO Brown & Brown, Inc.	Brown & Brown, Inc.	Buy	+450,274	+139.7%	$61.57M	772,520
Q4 2025	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Sell - Position Exit	-6,874	-100.0%	$0.00	-
Q4 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-1	-0.0%	$2.01M	8,274
Q4 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+284,019	+109.1%	$61.94M	544,419
Q4 2025	FERG Ferguson Enterprises Inc.	Ferguson Enterprises Inc.	Buy	+871	+2.5%	$8.10M	36,374
Q4 2025	FI Fiserv, Inc.	Fiserv, Inc.	Sell - Position Exit	-651,257	-100.0%	$0.00	-
Q4 2025	FIVE Five Below, Inc.	Five Below, Inc.	Buy	+657	+0.1%	$120.13M	637,747
Q4 2025	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Sell	-272	-0.1%	$14.36M	235,876
Q4 2025	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+1,294	+0.2%	$200.68M	639,507
Q4 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+2,255	+0.6%	$113.12M	361,398
Q4 2025	HEI-A Heico Corporation	Heico Corporation	Buy	+5,031	+0.7%	$190.47M	754,532
Q4 2025	IBP Installed Building Products, In	Installed Building Products, In	Buy	+4,500	+0.9%	$134.68M	519,236
Q4 2025	ISRG Intuitive Surgical, Inc.	Intuitive Surgical, Inc.	Buy - Position Entry	+405	-	$229.38K	405
Q4 2025	ITB iShares U.S. Home Construction	iShares U.S. Home Construction	Buy	+137	+1.2%	$1.13M	11,698
Q4 2025	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+1,133	+2.2%	$16.70M	51,838
Q4 2025	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Buy	+119	+0.0%	$67.87M	334,046
Q4 2025	KMX CarMax Inc	CarMax Inc	Sell - Position Exit	-1,670,114	-100.0%	$0.00	-
Q4 2025	KNSL Kinsale Capital Group, Inc.	Kinsale Capital Group, Inc.	Buy	+23,802	+12.5%	$83.80M	214,264
Q4 2025	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Buy	+328	+0.4%	$20.63M	81,585
Q4 2025	LULU lululemon athletica inc.	lululemon athletica inc.	Buy	+236	+0.2%	$29.97M	144,237

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