Francois Rochon's Q2 Portfolio Activity Detailed: Major Buys and Sells at Giverny Capital

Portfolio Changes Overview

Francois Rochon managed substantial portfolio adjustments during the second quarter of 2026, as detailed in his latest filing. The overall portfolio value remained strong at $2.95 billion, but specific stock positions fluctuated significantly.

Significant Purchases This Quarter

Rochon demonstrated considerable buying power this period, establishing or increasing significant positions across several sectors:

• Booking Holdings (BKNG), a major player in the Consumer Cyclical sector, saw its stake grow by an impressive 2375.09% quarter-over-quarter.
• Within Financial Services, Schwab Charlestown Trust experienced a notable increase in allocation percentage from 5.22%, though its share growth was moderate at 9.46%.
• Berkshire Hathaway Inc (BRK-B), the cornerstone of many portfolios, received a substantial increase in allocation from 4.18%, reflecting significant buying activity despite a slight share decrease (-34.38%) and stable value.
• In Healthcare, Resmed was added with conviction, seeing its portfolio percentage allocation rise to 2.54% from an increase of 68.55% in shares.
• The Consumer Cyclical sector also benefited from new positions or increased stakes in Bright Horizons Family Solutions and the substantial purchase of New York Times Co (NYT).
• An international symbol, 87318A101 representing TWFG Inc, was also added to the portfolio.

Substantial Sales and Reduced Exposure

Rochon's strategy involved significant divestment activities as well:

• The Technology sector saw a major reduction with the sale of Keysight Technologies (KEYS). The position was completely liquidated, representing one of the largest sell moves in this quarter's portfolio changes.
• Within Communication Services, there were notable decreases in holdings for both Alphabet Inc (GOOG) and Meta Platforms Inc (META).
• Analog Devices, another Technology holding, experienced a significant reduction of 45.45% in its stake.
• Healthcare allocation also decreased for Medpace Holdings (MEDP).

New Positions and Minor Activity

The portfolio reflects the addition of several new holdings or minor adjustments:

• Progressive Corporation (PGR) was added to the portfolio, increasing its allocation within Financial Services.
• Ametek Inc, an Industrials holding, saw a slight increase in shares but remained below the top holdings threshold by weight.
• Several other positions experienced smaller changes or were added without significant prior exposure:
• Veera Systems
• Hawkins, Inc.
• Arista Networks
• MSA Safety (added via change)

Trends and Insights from Rochon's Portfolio Changes

Rochon appears to favor established blue-chip stocks like Berkshire Hathaway for core holdings, while also showing interest in growth sectors through purchases like Booking Holdings. The substantial reduction of positions such as Keysight Technologies and the partial exits from Alphabet (GOOG) and Meta (META) suggest a dynamic approach to managing Technology sector exposure. Overall, his portfolio demonstrates both strategic accumulation in select areas and deliberate reduction elsewhere during Q2 2026.