Great investors · François Rochon · Q3 2025
What François Rochon bought and sold in Q3 2025
Giverny Capital 13F portfolio as of Sep 30, 2025: 52 positions worth $3.0 bn. Largest: BRK/B, GOOG, META, HEI/A. Filed with the SEC on Nov 17, 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 Q3 2025
- NewResMedRMD+2.2 pp
Sells in Q3 2025
- Sold outStarbucksSBUX−2.3 pp
- Sold outBank of AmericaBAC−1.6 pp
3 companies with material moves, out of 19 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 Q3 2025 13F lists 52 lines of US-listed securities worth $3.0 bn; the largest is BRK/B at 8.70% of the portfolio. It was accepted by the SEC on Nov 17, 2025 at 9:16 AM ET.
Against the previous quarter, it opened 1 position (RMD), closed 4 (SBUX, BAC, AMZN and ISRG), added to 5 (TWFG, KNSL, PGR and FIVE and 1 more) and trimmed 9 (ANET, META, GOOGL and GOOG and 5 more). 37 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/B | 510,644 | $257M | 8.70% | no change |
| 2 | Meta Platforms META | 311,810 | $229M | 7.76% | −2.2% |
| 3 | Heico HEI/A | 749,501 | $190M | 6.45% | no change |
| 4 | Ametek AME | 996,676 | $187M | 6.35% | no change |
| 5 | Alphabet GOOG | 638,213 | $155M | 5.27% | −2.4% |
| 6 | Charles Schwab SCHW | 1.6 M | $150M | 5.10% | no change |
| 7 | Visa V | 405,520 | $138M | 4.69% | +1.1% |
| 8 | Medpace Holdings MEDP | 261,802 | $135M | 4.56% | no change |
| 9 | Progressive PGR | 533,889 | $132M | 4.47% | +2.6% |
| 10 | Installed Building Products IBP | 514,736 | $127M | 4.30% | no change |
| 11 | Booking Holdings BKNG | 21,343 | $115M | 3.90% | no change |
| 12 | NVR NVR | 14,075 | $113M | 3.83% | no change |
| 13 | Five Below FIVE | 637,090 | $98.6M | 3.34% | +1.8% |
| 14 | Alphabet GOOGL | 359,143 | $87.3M | 2.96% | −5.4% |
| 15 | Fiserv FISV | 651,257 | $84.0M | 2.85% | no change |
| 16 | Markel Group MKL | 43,829 | $83.8M | 2.84% | no change |
| 17 | Kinsale Capital Group KNSL | 190,462 | $81.0M | 2.74% | +6.3% |
| 18 | Carmax KMX | 1.7 M | $74.9M | 2.54% | no change |
| 19 | ResMed RMD | 235,418 | $64.4M | 2.18% | new |
| 20 | Bank OZK Little Rock ARK OZK | 1.3 M | $64.3M | 2.18% | no change |
| 21 | Arista Networks ANET | 412,399 | $60.1M | 2.04% | −15% |
| 22 | Keysight Technologies KEYS | 333,927 | $58.4M | 1.98% | no change |
| 23 | Analog Devices ADI | 176,468 | $43.4M | 1.47% | no change |
| 24 | Brown & Brown BRO | 322,246 | $30.2M | 1.02% | no change |
| 25 | Walt Disney DIS | 260,400 | $29.8M | 1.01% | no change |
| 26 | lululemon athletica LULU | 144,001 | $25.6M | 0.87% | no change |
| 27 | Littelfuse LFUS | 81,257 | $21.0M | 0.71% | no change |
| 28 | Floor & Decor Holdings FND | 236,148 | $17.4M | 0.59% | no change |
| 29 | JPMorgan Chase JPM | 50,705 | $16.0M | 0.54% | no change |
| 30 | Mastercard MA | 27,724 | $15.8M | 0.53% | no change |
| 31 | Builders Firstsource BLDR | 87,096 | $10.6M | 0.36% | no change |
| 32 | Berkshire Hathaway BRK/A | 11 | $8.5M | 0.29% | no change |
| 33 | TWFG TWFG | 300,317 | $8.2M | 0.28% | +69% |
| 34 | Ferguson Enterprises FERG | 35,503 | $8.0M | 0.27% | no change |
| 35 | Align Technology ALGN | 45,691 | $5.7M | 0.19% | −1.4% |
| 36 | Apple AAPL | 16,875 | $4.3M | 0.15% | no change |
| 37 | Credit Acceptance CACC | 6,874 | $2.6M | 0.09% | −77% |
| 38 | Taiwan Semiconductor Manufacturing TSM | 8,163 | $2.3M | 0.08% | −29% |
| 39 | Capital One Financial COF | 8,275 | $1.8M | 0.06% | −11% |
| 40 | State Str Spdr S&P 500 ETF T SPY | 2,474 | $1.6M | 0.06% | no change |
| 41 | Yum China Holdings YUMC | 36,036 | $1.5M | 0.05% | no change |
| 42 | M&t Bank MTB | 7,540 | $1.5M | 0.05% | no change |
| 43 | SPDR Gold Shares ETF GLD | 3,876 | $1.4M | 0.05% | no change |
| 44 | iShares U.s. Home Constructi ETF ITB | 11,561 | $1.2M | 0.04% | no change |
| 45 | Birkenstock Holding BIRK | 27,392 | $1.2M | 0.04% | no change |
| 46 | Copart CPRT | 27,484 | $1.2M | 0.04% | no change |
| 47 | Microsoft MSFT | 1,703 | $882K | 0.03% | −26% |
| 48 | Dream Finders Homes DFH | 32,202 | $835K | 0.03% | no change |
| 49 | Old Dominion Freight Line ODFL | 5,255 | $740K | 0.03% | no change |
| 50 | Novo Nordisk A/s NVO | 12,400 | $688K | 0.02% | no change |
| 51 | SiteOne Landscape Supply SITE | 3,753 | $483K | 0.02% | no change |
| 52 | Costco Wholesale COST | 240 | $222K | 0.01% | no change |
Positions it closed (4)
- Starbucks SBUXwas 2.36% · 750,248 shares
- Bank of America BACwas 1.63% · 1.0 M shares
- Amazon.com AMZNwas 0.01% · 1,174 shares
- Intuitive Surgical ISRGwas 0.01% · 405 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.