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Giverny Capital François Rochon
In Q2 2026, Giverny Capital held 49 US-listed stocks worth $3.0bn. Its biggest move was cutting Berkshire Hathaway (34% fewer shares, now 4.4%), followed by adding to Automatic Data Processing (56% more shares, now 4.9%). It started 7 new positions and sold out of 7. Its largest holding is Alphabet at 11%.
Source: SEC Form 13F for Q2 2026, filed 26 Aug 2026. How we use them
Changes Holdings Over time Look-through Sectors Value What changed in Q2 2026 Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.
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US holdings from the 13F Q2 2026, filed 26 Aug 2026 (filing ): 7 new, 11 added to, 29 trimmed, 7 sold out. Select a row to see it over time. How this works Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter Company Value Shares Portfolio Change Q1 2026 Alphabet GOOG $325m 915,578 10.9%$325m ▼ Trimmed -5.5%10.2% HEICO Ord HEI.A $190m 735,248 6.4%$190m ▼ Trimmed -0.4%5.7% Meta Platforms META $171m 302,888 5.7%$171m ▼ Trimmed -1.6%6.5% Charles Schwab SCHW $155m 1,681,567 5.2%$155m ▲ Added +9.5%5.3% Automatic Data Processing ADP $147m 654,556 4.9%$147m ▲ Added +56%3.1% Ametek AME $145m 598,781 4.9%$145m ▼ Trimmed -2.2%4.8% Medpace Holdings MEDP $134m 253,931 4.5%$134m ▼ Trimmed -0.8%4.5% Visa V $134m 389,900 4.5%$134m ▼ Trimmed -1.6%4.4% Berkshire Hathaway BRK.B $131m 248,456 4.4%$131m ▼ Trimmed -34%6.9% Progressive PGR $118m 542,292 4.0%$118m ▲ Added +2.6%3.8% Five Below FIVE $108m 598,122 3.6%$108m ▼ Trimmed -3.1%5.2% Booking Holdings BKNG $93.2m 522,664 3.1%$93.2m ▼ Trimmed -1.0%3.3% Installed Building Products IBP $91.4m 397,662 3.1%$91.4m ▼ Trimmed -1.5%3.9% NVR NVR $90.2m 13,238 3.0%$90.2m ▼ Trimmed -3.0%3.3% Kinsale Capital Group KNSL $79.4m 240,731 2.7%$79.4m ▲ Added +10%2.7% Bright Horizons Family Solutions BFAM $76.6m 1,080,793 2.6%$76.6m ▲ Added +46%2.2% Resmed RMD $75.5m 387,665 2.5%$75.5m ▲ Added +69%1.9% Bank OZK OZK $62.4m 1,198,116 2.1%$62.4m ▼ Trimmed -2.7%2.1% Markel Group MKL $60.3m 30,877 2.0%$60.3m ▼ Trimmed -28%3.0% Arista Networks ANET $57.7m 339,892 1.9%$57.7m ▼ Trimmed -20%1.9% Keysight Technologies KEYS $50.1m 143,072 1.7%$50.1m ▼ Trimmed -56%3.3% Walt Disney DIS $49.6m 515,567 1.7%$49.6m ▼ Trimmed -3.9%1.9% Brown & Brown BRO $48.3m 753,288 1.6%$48.3m ▼ Trimmed -0.3%1.8% Analog Devices ADI $37.1m 93,310 1.3%$37.1m ▼ Trimmed -45%2.0% Ny Times NYT $33.9m 484,424 1.1%$33.9m ▲ New– Littelfuse LFUS $33.8m 74,125 1.1%$33.8m ▼ Trimmed -8.2%1.0% MSA Safety MSA $29.0m 166,305 1.0%$29.0m ▲ New– Watsco WSO $27.5m 65,975 0.9%$27.5m ▲ New– Aaon AAON $26.0m 204,779 0.9%$26.0m ▲ Added +1.5%0.6% Spdr Gold Trust GLD $25.0m 3,876 0.8%$25.0m 0.1% Sunbelt Rentals Holdings SUNB $21.6m 246,369 0.7%$21.6m ▼ Trimmed -9.0%0.7% Veeva Systems VEEV $16.9m 94,956 0.6%$16.9m ▲ New– American Express AXP $15.8m 46,702 0.5%$15.8m ▲ New– Twfg TWFG $15.7m 652,452 0.5%$15.7m ▲ Added +18%0.4% JPMorgan Chase JPM $15.7m 47,876 0.5%$15.7m ▼ Trimmed -8.5%0.6% Mastercard MA $14.8m 28,816 0.5%$14.8m ▲ Added +2.7%0.5% lululemon athletica LULU $14.7m 128,803 0.5%$14.7m ▼ Trimmed -9.7%0.8% Floor & Decor Holdings FND $13.6m 229,867 0.5%$13.6m ▼ Trimmed -0.8%0.4% Hawkins HWKN $13.5m 94,954 0.5%$13.5m ▲ New– Ferguson Enterprises FERG $8.9m 37,380 0.3%$8.9m ▲ Added +1.8%0.3% Builders Firstsource BLDR $8.2m 91,464 0.3%$8.2m ▼ Trimmed -0.4%0.3% Apple AAPL $3.8m 12,995 0.1%$3.8m ▼ Trimmed -14%0.1% Taiwan Semiconductor Manufacturing TSM $1.7m 3,655 0.1%$1.7m ▼ Trimmed -55%0.1% Spdr S&P 500 Etf Trust SPY $1.7m 2,294 0.1%$1.7m ▼ Trimmed -7.3%0.1% Yum China Holdings YUMC $1.5m 36,036 0.1%$1.5m 0.1% Ishares Tr ACWI $1.2m 11,662 0.0%$1.2m ▲ Added +7.4%0.0% Microsoft MSFT $667k 1,787 0.0%$667k ▼ Trimmed -6.4%0.0% Invesco QQQ Tr QQQ $288k 391 0.0%$288k ▲ New– Copart CPRT $233k 8,274 0.0%$233k ▼ Trimmed -70%0.0% M&T Bank MTB – – – ▼ Sold out0.1% Birkenstock Holding BIRK – – – ▼ Sold out0.0% Old Dominion Freight Line ODFL – – – ▼ Sold out0.0% Invesco Exch Traded Fd Tr II BKLN – – – ▼ Sold out0.0% Invesco Exchange Traded Fd T RSP – – – ▼ Sold out0.0% Siteone Landscape Supply SITE – – – ▼ Sold out0.0% Novo-Nordisk NVO – – – ▼ Sold out0.0%
Show all 56 Download the Q2 2026 holdings: CSV · JSON · Markdown
How the portfolio has changed Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
2015 · Carmax: 7.3% 2015 · Visa: 4.6% 2015 · Everything else: 88.1% 2016 · Berkshire Hathaway: 18.3% 2016 · Carmax: 9.3% 2016 · Ametek: 6.5% 2016 · Visa: 4.1% 2016 · Everything else: 61.9% 2017 · Berkshire Hathaway: 19.6% 2017 · Carmax: 9.1% 2017 · Ametek: 6.8% 2017 · Alphabet: 4.8% 2017 · Visa: 5.2% 2017 · Everything else: 54.4% 2018 · Berkshire Hathaway: 21.9% 2018 · Carmax: 9.6% 2018 · Ametek: 6.8% 2018 · Alphabet: 5.4% 2018 · Visa: 5.2% 2018 · Everything else: 51.1% 2019 · Berkshire Hathaway: 18.4% 2019 · Carmax: 9.3% 2019 · Ametek: 7.5% 2019 · Alphabet: 5.2% 2019 · Visa: 5.3% 2019 · Everything else: 54.3% 2020 · Berkshire Hathaway: 12488.3% 2020 · Carmax: 8083.7% 2020 · Ametek: 6608.4% 2020 · Alphabet: 6126.1% 2020 · Visa: 5119.5% 2020 · Progressive: 4960.9% 2021 · Berkshire Hathaway: 9.0% 2021 · Carmax: 7.7% 2021 · Ametek: 6.2% 2021 · Alphabet: 7.7% 2021 · Visa: 3.9% 2021 · Progressive: 4.5% 2021 · Everything else: 61.0% 2022 · Berkshire Hathaway: 9.1% 2022 · Carmax: 5.4% 2022 · Ametek: 7.4% 2022 · Alphabet: 6.0% 2022 · Visa: 4.6% 2022 · Progressive: 3.7% 2022 · Everything else: 63.9% 2023 · Berkshire Hathaway: 8.3% 2023 · Carmax: 5.5% 2023 · Ametek: 7.0% 2023 · Alphabet: 6.1% 2023 · Visa: 4.6% 2023 · Progressive: 3.8% 2023 · Everything else: 64.7% Q3 ’24 · Berkshire Hathaway: 8.8% Q3 ’24 · Carmax: 4.8% Q3 ’24 · Ametek: 6.3% Q3 ’24 · Alphabet: 6.3% Q3 ’24 · Visa: 4.1% Q3 ’24 · Progressive: 5.2% Q3 ’24 · Everything else: 64.6% Q4 ’24 · Berkshire Hathaway: 8.6% Q4 ’24 · Carmax: 5.0% Q4 ’24 · Ametek: 6.4% Q4 ’24 · Alphabet: 7.0% Q4 ’24 · Visa: 4.6% Q4 ’24 · Progressive: 4.8% Q4 ’24 · Everything else: 63.6% Q1 ’25 · Berkshire Hathaway: 10.2% Q1 ’25 · Carmax: 4.7% Q1 ’25 · Ametek: 6.2% Q1 ’25 · Alphabet: 5.8% Q1 ’25 · Visa: 5.1% Q1 ’25 · Progressive: 5.5% Q1 ’25 · Everything else: 62.5% Q2 ’25 · Berkshire Hathaway: 8.8% Q2 ’25 · Carmax: 3.8% Q2 ’25 · Ametek: 6.2% Q2 ’25 · Alphabet: 6.3% Q2 ’25 · Visa: 4.9% Q2 ’25 · Progressive: 4.8% Q2 ’25 · Everything else: 65.3% Q3 ’25 · Berkshire Hathaway: 9.0% Q3 ’25 · Ametek: 6.3% Q3 ’25 · Alphabet: 8.2% Q3 ’25 · Visa: 4.7% Q3 ’25 · Progressive: 4.5% Q3 ’25 · Everything else: 67.3% Q4 ’25 · Berkshire Hathaway: 8.8% Q4 ’25 · Ametek: 6.7% Q4 ’25 · Alphabet: 10.5% Q4 ’25 · Visa: 4.8% Q4 ’25 · Progressive: 4.1% Q4 ’25 · Everything else: 65.2% Q1 ’26 · Berkshire Hathaway: 6.9% Q1 ’26 · Ametek: 4.8% Q1 ’26 · Alphabet: 10.2% Q1 ’26 · Visa: 4.4% Q1 ’26 · Progressive: 3.8% Q1 ’26 · Everything else: 69.9% Q2 ’26 · Berkshire Hathaway: 4.4% Q2 ’26 · Ametek: 4.9% Q2 ’26 · Alphabet: 10.9% Q2 ’26 · Visa: 4.5% Q2 ’26 · Progressive: 4.0% Q2 ’26 · Everything else: 71.3% 2015
2017
2019
2021
2023
Q4 ’24
Q2 ’25
Q4 ’25
Q2 ’26
2015: Berkshire Hathaway 0.0%, Carmax 7.3%, Ametek 0.0%, Alphabet 0.0%, Visa 4.6%, Progressive 0.0%; 2016: Berkshire Hathaway 18.3%, Carmax 9.3%, Ametek 6.5%, Alphabet 0.0%, Visa 4.1%, Progressive 0.0%; 2017: Berkshire Hathaway 19.6%, Carmax 9.1%, Ametek 6.8%, Alphabet 4.8%, Visa 5.2%, Progressive 0.0%; 2018: Berkshire Hathaway 21.9%, Carmax 9.6%, Ametek 6.8%, Alphabet 5.4%, Visa 5.2%, Progressive 0.0%; 2019: Berkshire Hathaway 18.4%, Carmax 9.3%, Ametek 7.5%, Alphabet 5.2%, Visa 5.3%, Progressive 0.0%; 2020: Berkshire Hathaway 12488.3%, Carmax 8083.7%, Ametek 6608.4%, Alphabet 6126.1%, Visa 5119.5%, Progressive 4960.9%; 2021: Berkshire Hathaway 9.0%, Carmax 7.7%, Ametek 6.2%, Alphabet 7.7%, Visa 3.9%, Progressive 4.5%; 2022: Berkshire Hathaway 9.1%, Carmax 5.4%, Ametek 7.4%, Alphabet 6.0%, Visa 4.6%, Progressive 3.7%; 2023: Berkshire Hathaway 8.3%, Carmax 5.5%, Ametek 7.0%, Alphabet 6.1%, Visa 4.6%, Progressive 3.8%; Q3 ’24: Berkshire Hathaway 8.8%, Carmax 4.8%, Ametek 6.3%, Alphabet 6.3%, Visa 4.1%, Progressive 5.2%; Q4 ’24: Berkshire Hathaway 8.6%, Carmax 5.0%, Ametek 6.4%, Alphabet 7.0%, Visa 4.6%, Progressive 4.8%; Q1 ’25: Berkshire Hathaway 10.2%, Carmax 4.7%, Ametek 6.2%, Alphabet 5.8%, Visa 5.1%, Progressive 5.5%; Q2 ’25: Berkshire Hathaway 8.8%, Carmax 3.8%, Ametek 6.2%, Alphabet 6.3%, Visa 4.9%, Progressive 4.8%; Q3 ’25: Berkshire Hathaway 9.0%, Carmax 0.0%, Ametek 6.3%, Alphabet 8.2%, Visa 4.7%, Progressive 4.5%; Q4 ’25: Berkshire Hathaway 8.8%, Carmax 0.0%, Ametek 6.7%, Alphabet 10.5%, Visa 4.8%, Progressive 4.1%; Q1 ’26: Berkshire Hathaway 6.9%, Carmax 0.0%, Ametek 4.8%, Alphabet 10.2%, Visa 4.4%, Progressive 3.8%; Q2 ’26: Berkshire Hathaway 4.4%, Carmax 0.0%, Ametek 4.9%, Alphabet 10.9%, Visa 4.5%, Progressive 4.0% ▶ Play Q2 2026
Alphabet 10.9% HEICO Ord 6.4% Meta Platforms 5.7% Charles Schwab 5.2% Automatic Data Processing 4.9% Ametek 4.9% Medpace Holdings 4.5% Visa 4.5% Berkshire Hathaway 4.4% Progressive 4.0% Five Below 3.6% Booking Holdings 3.1% Q4 2015 Q2 2026
Look-through earnings Giverny Capital’s share of the profits of the US companies it holds. How this works Look-through earnings, Q2 2026
$116m
Last 12 months, holdings with SEC financials
Price paid for those earnings
22.5×
Value of those holdings ÷ their earnings
Earnings per share growth
+21.6%
Same holdings, against a year earlier
Portfolio covered
88%
Of the 13F value
By year Rolling 12 months
Q1 2017: $4.0m Q2 2017: $4.7m Q3 2017: $3.6m Q4 2017: $8.4m Q1 2018: $4.8m Q2 2018: $6.6m Q3 2018: $7.7m Q4 2018: $5.2m Q1 2019: $9.4m Q2 2019: $10.4m Q3 2019: $9.4m Q4 2019: $10.7m Q1 2020: $2.4m Q2 2020: $8.8m Q3 2020: $12.0m Q4 2020: $15.2m Q1 2021: $15.4m Q2 2021: $18.3m Q3 2021: $13.7m Q4 2021: $15.4m Q1 2022: $12.3m Q2 2022: $8.4m Q3 2022: $12.8m Q4 2022: $14.2m Q1 2023: $16.7m Q2 2023: $21.1m Q3 2023: $17.1m Q4 2023: $20.2m Q1 2024: $23.3m Q2 2024: $21.4m Q3 2024: $26.8m Q4 2024: $23.8m Q1 2025: $22.9m Q2 2025: $27.8m Q3 2025: $26.0m Q4 2025: $19.8m Q1 2026: $26.4m Q2 2026: $38.6m $20.7m 2017
$24.2m 2018
$39.9m 2019
$38.4m 2020
$62.7m 2021
$47.7m 2022
$75.2m 2023
$95.3m 2024
$96.5m 2025
$65.0m 2026*
2017: $20.7m; 2018: $24.2m; 2019: $39.9m; 2020: $38.4m; 2021: $62.7m; 2022: $47.7m; 2023: $75.2m; 2024: $95.3m; 2025: $96.5m; 2026 (2 quarters): $65.0m
Holdings behind Q2 2026 (latest) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021
Show all 30 Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained . Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.
US holdings by sector Industrials 21.8% Communication and media 17.8% Consumer discretionary 15.8% Insurance 15.2% Financials 12.1% Health care 8.0% Technology 4.0% Other 3.0% Not classified 2.2% Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.
US portfolio value by quarter $1.8bn Q3 ’23
$2.1bn Q4 ’23
$2.5bn Q1 ’24
$2.4bn Q2 ’24
$2.6bn Q3 ’24
$2.7bn Q4 ’24
$2.7bn Q1 ’25
$2.9bn Q2 ’25
$3.0bn Q3 ’25
$3.0bn Q4 ’25
$2.7bn Q1 ’26
$3.0bn Q2 ’26
Q3 ’23: $1.8bn; Q4 ’23: $2.1bn; Q1 ’24: $2.5bn; Q2 ’24: $2.4bn; Q3 ’24: $2.6bn; Q4 ’24: $2.7bn; Q1 ’25: $2.7bn; Q2 ’25: $2.9bn; Q3 ’25: $3.0bn; Q4 ’25: $3.0bn; Q1 ’26: $2.7bn; Q2 ’26: $3.0bn From each quarter’s 13F. Changes reflect both trading and share-price moves.