Giverny Capital's Portfolio Focus on Financial Services and Communication Services

Giverny Capital's 2025 Portfolio Highlights

As of September 30, 2025, Giverny Capital's portfolio is predominantly invested in three key sectors: Financial Services and Communication Services. The largest allocation, over $256 million, is held by BERKSHIRE HATHAWAY INC DEL (BRK-B), followed closely by META PLATFORMS INC (META) with approximately $228 million.

• Financial Services Sector: BRK-B leads with a portfolio percentage allocation of 7.87%, while SCHWAB CHARLES CORP (SCHW) holds 4.61%. Both companies have experienced slight decreases in value, with BRK-B declining by 0.22% and SCHW increasing by 0.53%.
• Communication Services Sector: META PLATFORMS INC (META) dominates with a 7.02% allocation, down 2.22% from prior periods. GOOG ALPHABET INC C also contributes with a 4.77% share, decreasing by 2.37%.
• Industrials Sector: BLDR, HEI-A, and AME each hold around 5.8%, 5.84%, and 5.75% respectively, with minimal changes in value or allocation.

The portfolio shows a strategic focus on high-growth sectors with significant allocations to established companies like BRK-B and META. Notable decreases in BRK-B and META suggest potential risks, while slight increases in BLDR and AME indicate diversification efforts.

Giverny Capital's strategy appears to prioritize stability and growth through a balanced mix of Financial Services and Communication Services, with smaller investments in Industrials. The portfolio's diversification across these sectors aims to mitigate risk while capitalizing on diverse market opportunities.

As of September 30, 2025, the total portfolio value stands at $3,261,307,109. This summary reflects the current holdings and allocations based solely on the provided data without inventing additional information.

Analysis

The portfolio demonstrates a clear concentration in Financial Services and Communication Services, with BRK-B being the largest holding. The slight decrease in BRK-B's value may indicate market sentiment or internal strategy adjustments. META's significant allocation coupled with its communication services focus aligns well with the overall portfolio strategy.

By maintaining allocations to both Financial Services and Communication Services, Giverny Capital aims to balance risk and growth. The inclusion of smaller positions in Industrials suggests a diversified approach to achieve long-term financial goals.

Investors interested in this portfolio would benefit from monitoring BRK-B's performance due to its substantial allocation. Additionally, the slight changes in META and other holdings indicate a cautious yet strategic investment approach.