Great investors · François Rochon · Q2 2025
What François Rochon bought and sold in Q2 2025
Giverny Capital 13F portfolio as of Jun 30, 2025: 55 positions worth $2.9 bn. Largest: BRK/B, META, HEI/A, AME. Filed with the SEC on Aug 13, 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 Q2 2025
- IncreasedCharles SchwabSCHW+1.9 pp
Sells in Q2 2025
- ReducedM&t BankMTB−2.3 pp
2 companies with material moves, out of 33 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 Q2 2025 13F lists 55 lines of US-listed securities worth $2.9 bn; the largest is BRK/B at 8.53% of the portfolio. It was accepted by the SEC on Aug 13, 2025 at 10:10 AM ET.
Against the previous quarter, it opened 2 positions (TWFG and AMZN), closed 1 (PMMF), added to 26 (SCHW, KNSL, NVR and BRK/B and 22 more) and trimmed 4 (PGR, MTB, COF and SPY). 23 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/B | 511,784 | $249M | 8.53% | +1.7% |
| 2 | Meta Platforms META | 318,902 | $235M | 8.07% | +1.2% |
| 3 | Heico HEI/A | 749,492 | $194M | 6.65% | +1% |
| 4 | Ametek AME | 996,344 | $180M | 6.18% | +1.9% |
| 5 | Charles Schwab SCHW | 1.6 M | $143M | 4.90% | +65% |
| 6 | Visa V | 401,297 | $142M | 4.89% | +2% |
| 7 | Progressive PGR | 520,367 | $139M | 4.76% | −1.7% |
| 8 | Booking Holdings BKNG | 21,290 | $123M | 4.23% | no change |
| 9 | Alphabet GOOG | 653,717 | $116M | 3.98% | no change |
| 10 | Fiserv FISV | 648,574 | $112M | 3.84% | +3% |
| 11 | Carmax KMX | 1.7 M | $111M | 3.82% | no change |
| 12 | NVR NVR | 14,038 | $104M | 3.56% | +4.1% |
| 13 | Installed Building Products IBP | 514,459 | $92.8M | 3.18% | +1.3% |
| 14 | Markel Group MKL | 43,696 | $87.3M | 2.99% | no change |
| 15 | Kinsale Capital Group KNSL | 179,153 | $86.7M | 2.97% | +5.4% |
| 16 | Medpace Holdings MEDP | 261,755 | $82.2M | 2.82% | +3.9% |
| 17 | Five Below FIVE | 625,871 | $82.1M | 2.82% | no change |
| 18 | Starbucks SBUX | 750,248 | $68.7M | 2.36% | no change |
| 19 | Alphabet GOOGL | 379,617 | $66.9M | 2.29% | +5.6% |
| 20 | Bank OZK Little Rock ARK OZK | 1.3 M | $59.2M | 2.03% | +4.1% |
| 21 | Keysight Technologies KEYS | 333,585 | $54.7M | 1.87% | no change |
| 22 | Arista Networks ANET | 482,561 | $49.4M | 1.69% | +3.4% |
| 23 | Bank of America BAC | 1.0 M | $47.5M | 1.63% | no change |
| 24 | Analog Devices ADI | 176,111 | $41.9M | 1.44% | +2.8% |
| 25 | Brown & Brown BRO | 321,637 | $35.7M | 1.22% | +9.2% |
| 26 | lululemon athletica LULU | 143,977 | $34.2M | 1.17% | no change |
| 27 | Walt Disney DIS | 260,475 | $32.3M | 1.11% | +5.2% |
| 28 | Littelfuse LFUS | 81,112 | $18.4M | 0.63% | no change |
| 29 | Floor & Decor Holdings FND | 235,831 | $17.9M | 0.61% | no change |
| 30 | Mastercard MA | 27,841 | $15.6M | 0.54% | +3% |
| 31 | Credit Acceptance CACC | 30,501 | $15.5M | 0.53% | +2.2% |
| 32 | JPMorgan Chase JPM | 50,950 | $14.8M | 0.51% | +15% |
| 33 | Builders Firstsource BLDR | 87,317 | $10.2M | 0.35% | +5.9% |
| 34 | Align Technology ALGN | 46,358 | $8.8M | 0.30% | +2.7% |
| 35 | Berkshire Hathaway BRK/A | 11 | $8.0M | 0.27% | no change |
| 36 | Ferguson Enterprises FERG | 35,679 | $7.8M | 0.27% | +3.8% |
| 37 | TWFG TWFG | 177,848 | $6.2M | 0.21% | new |
| 38 | Apple AAPL | 16,976 | $3.5M | 0.12% | +81% |
| 39 | Taiwan Semiconductor Manufacturing TSM | 11,550 | $2.6M | 0.09% | no change |
| 40 | Capital One Financial COF | 9,274 | $2.0M | 0.07% | −24% |
| 41 | Yum China Holdings YUMC | 36,036 | $1.6M | 0.06% | no change |
| 42 | State Str Spdr S&P 500 ETF T SPY | 2,474 | $1.5M | 0.05% | −3.6% |
| 43 | M&t Bank MTB | 7,540 | $1.5M | 0.05% | −98% |
| 44 | Copart CPRT | 27,484 | $1.3M | 0.05% | no change |
| 45 | Birkenstock Holding BIRK | 27,392 | $1.3M | 0.05% | no change |
| 46 | SPDR Gold Shares ETF GLD | 3,876 | $1.2M | 0.04% | no change |
| 47 | Microsoft MSFT | 2,303 | $1.1M | 0.04% | +16% |
| 48 | iShares U.s. Home Constructi ETF ITB | 11,518 | $1.1M | 0.04% | +5.1% |
| 49 | Novo Nordisk A/s NVO | 12,400 | $856K | 0.03% | no change |
| 50 | Old Dominion Freight Line ODFL | 5,255 | $853K | 0.03% | no change |
| 51 | Dream Finders Homes DFH | 32,202 | $809K | 0.03% | no change |
| 52 | SiteOne Landscape Supply SITE | 3,753 | $454K | 0.02% | no change |
| 53 | Amazon.com AMZN | 1,174 | $258K | 0.01% | new |
| 54 | Costco Wholesale COST | 240 | $238K | 0.01% | no change |
| 55 | Intuitive Surgical ISRG | 405 | $220K | 0.01% | no change |
Positions it closed (1)
- BlackRock Ishs PRM MM ETF PMMFwas 0.05% · 12,876 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.