Great investors · François Rochon · Q1 2025
What François Rochon bought and sold in Q1 2025
Giverny Capital 13F portfolio as of Mar 31, 2025: 54 positions worth $2.7 bn. Largest: BRK/B, META, AME, HEI/A. Filed with the SEC on Aug 12, 2025.
The 13F is filed by Giverny Capital, not by François Rochon personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- IncreasedKinsale Capital GroupKNSL+1.4 pp
Sells in Q1 2025
- Sold outFortune Brands InnovationsFBIN−1.2 pp
2 companies with material moves, out of 29 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Giverny Capital's Q1 2025 13F lists 54 lines of US-listed securities worth $2.7 bn; the largest is BRK/B at 9.88% of the portfolio. It was accepted by the SEC on Aug 12, 2025 at 10:27 AM ET.
Against the previous quarter, it opened 2 positions (BLDR and PMMF), closed 10 (FBIN, ICE, UNH and LBRDK and 6 more), added to 9 (KNSL, MEDP, ANET and BRK/A and 5 more) and trimmed 9 (FIVE, PGR, KMX and AAPL and 5 more). 34 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/B | 503,332 | $268M | 9.88% | no change |
| 2 | Meta Platforms META | 315,144 | $182M | 6.70% | no change |
| 3 | Ametek AME | 977,434 | $168M | 6.20% | no change |
| 4 | Heico HEI/A | 742,011 | $157M | 5.77% | no change |
| 5 | Progressive PGR | 529,154 | $150M | 5.52% | −3.1% |
| 6 | Fiserv FISV | 629,633 | $139M | 5.13% | no change |
| 7 | Visa V | 393,549 | $138M | 5.08% | no change |
| 8 | Carmax KMX | 1.6 M | $128M | 4.72% | −2.5% |
| 9 | Alphabet GOOG | 651,446 | $102M | 3.75% | no change |
| 10 | NVR NVR | 13,490 | $97.7M | 3.60% | no change |
| 11 | Booking Holdings BKNG | 21,132 | $97.4M | 3.59% | no change |
| 12 | Installed Building Products IBP | 508,073 | $87.1M | 3.21% | no change |
| 13 | Kinsale Capital Group KNSL | 169,967 | $82.7M | 3.05% | +87% |
| 14 | Markel Group MKL | 43,402 | $81.1M | 2.99% | no change |
| 15 | Medpace Holdings MEDP | 251,937 | $76.8M | 2.83% | +7.5% |
| 16 | Charles Schwab SCHW | 949,066 | $74.3M | 2.74% | no change |
| 17 | Starbucks SBUX | 746,686 | $73.2M | 2.70% | no change |
| 18 | M&t Bank MTB | 367,532 | $65.7M | 2.42% | no change |
| 19 | Alphabet GOOGL | 359,603 | $55.6M | 2.05% | no change |
| 20 | Bank OZK Little Rock ARK OZK | 1.2 M | $52.6M | 1.94% | no change |
| 21 | Keysight Technologies KEYS | 331,011 | $49.6M | 1.83% | no change |
| 22 | Five Below FIVE | 621,590 | $46.6M | 1.72% | −15% |
| 23 | Bank of America BAC | 998,001 | $41.6M | 1.54% | no change |
| 24 | lululemon athletica LULU | 143,169 | $40.5M | 1.49% | no change |
| 25 | Brown & Brown BRO | 294,603 | $36.6M | 1.35% | no change |
| 26 | Arista Networks ANET | 466,528 | $36.1M | 1.33% | +14% |
| 27 | Analog Devices ADI | 171,340 | $34.6M | 1.27% | no change |
| 28 | Walt Disney DIS | 247,503 | $24.4M | 0.90% | no change |
| 29 | Floor & Decor Holdings FND | 233,878 | $18.8M | 0.69% | no change |
| 30 | Littelfuse LFUS | 80,504 | $15.8M | 0.58% | no change |
| 31 | Credit Acceptance CACC | 29,851 | $15.4M | 0.57% | no change |
| 32 | Mastercard MA | 27,043 | $14.8M | 0.55% | +2.9% |
| 33 | JPMorgan Chase JPM | 44,483 | $10.9M | 0.40% | +1.4% |
| 34 | Builders Firstsource BLDR | 82,445 | $10.3M | 0.38% | new |
| 35 | Berkshire Hathaway BRK/A | 11 | $8.8M | 0.32% | +38% |
| 36 | Align Technology ALGN | 45,135 | $7.2M | 0.26% | +5% |
| 37 | Ferguson Enterprises FERG | 34,386 | $5.5M | 0.20% | +2% |
| 38 | Capital One Financial COF | 12,274 | $2.2M | 0.08% | −17% |
| 39 | Apple AAPL | 9,367 | $2.1M | 0.08% | −45% |
| 40 | Taiwan Semiconductor Manufacturing TSM | 11,550 | $1.9M | 0.07% | −21% |
| 41 | Yum China Holdings YUMC | 36,036 | $1.9M | 0.07% | no change |
| 42 | Copart CPRT | 27,484 | $1.6M | 0.06% | no change |
| 43 | State Str Spdr S&P 500 ETF T SPY | 2,567 | $1.4M | 0.05% | −46% |
| 44 | BlackRock ETF Trust PMMF | 12,876 | $1.3M | 0.05% | new |
| 45 | Birkenstock Holding BIRK | 27,392 | $1.3M | 0.05% | no change |
| 46 | SPDR Gold Shares ETF GLD | 3,898 | $1.1M | 0.04% | −7.3% |
| 47 | iShares U.s. Home Constructi ETF ITB | 10,961 | $1.0M | 0.04% | +5.1% |
| 48 | Old Dominion Freight Line ODFL | 5,255 | $869K | 0.03% | no change |
| 49 | Novo Nordisk A/s NVO | 12,400 | $861K | 0.03% | no change |
| 50 | Microsoft MSFT | 1,987 | $746K | 0.03% | −16% |
| 51 | Dream Finders Homes DFH | 32,202 | $726K | 0.03% | no change |
| 52 | SiteOne Landscape Supply SITE | 3,753 | $456K | 0.02% | no change |
| 53 | Costco Wholesale COST | 240 | $227K | 0.01% | no change |
| 54 | Intuitive Surgical ISRG | 405 | $201K | 0.01% | no change |
Positions it closed (10)
- Fortune Brands Innovations FBINwas 1.16% · 463,140 shares
- Intercontinental Exchange ICEwas 0.09% · 16,799 shares
- UnitedHealth Group UNHwas 0.04% · 2,364 shares
- Liberty Broadband LBRDKwas 0.04% · 15,000 shares
- Ishares Silver Tr SLVwas 0.02% · 23,000 shares
- Jacobs Solutions Jwas 0.02% · 4,394 shares
- Grayscale Bitcoin Tr BTC GBTCwas 0.02% · 7,442 shares
- Doubleline Shiller Enhanced CAPE I CAPEwas 0.01% · 10,645 shares
- Vanguard 500 Indx Etf-new VOOwas 0.01% · 584 shares
- Edwards Lifesciences EWwas 0.00% · 257 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Giverny Capital's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.