Great investors · François Rochon · Q4 2025
What François Rochon bought and sold in Q4 2025
Giverny Capital 13F portfolio as of Dec 31, 2025: 50 positions worth $3.0 bn. Largest: GOOG, BRK/B, META, AME. Filed with the SEC on Feb 13, 2026.
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 Q4 2025
- NewBright Horizons Family SolutionsBFAM+1.4 pp
- IncreasedBrown & BrownBRO+1.2 pp
- IncreasedWalt DisneyDIS+1.1 pp
Sells in Q4 2025
5 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 Q4 2025 13F lists 50 lines of US-listed securities worth $3.0 bn; the largest is BRK/B at 8.48% of the portfolio. It was accepted by the SEC on Feb 13, 2026 at 10:42 AM ET.
Against the previous quarter, it opened 2 positions (BFAM and ISRG), closed 4 (FISV, KMX, ALGN and CACC), added to 11 (BRO, DIS, KNSL and TSM and 7 more) and trimmed 2 (AME and AAPL). 35 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/B | 505,984 | $254M | 8.48% | no change |
| 2 | Meta Platforms META | 313,449 | $207M | 6.90% | no change |
| 3 | Ametek AME | 979,458 | $201M | 6.71% | −1.7% |
| 4 | Alphabet GOOG | 639,507 | $201M | 6.69% | no change |
| 5 | Heico HEI/A | 754,532 | $190M | 6.35% | no change |
| 6 | Charles Schwab SCHW | 1.6 M | $158M | 5.28% | no change |
| 7 | Medpace Holdings MEDP | 263,320 | $148M | 4.93% | no change |
| 8 | Visa V | 407,345 | $143M | 4.77% | no change |
| 9 | Installed Building Products IBP | 519,236 | $135M | 4.49% | no change |
| 10 | Progressive PGR | 536,832 | $122M | 4.08% | no change |
| 11 | Five Below FIVE | 637,747 | $120M | 4.01% | no change |
| 12 | Booking Holdings BKNG | 21,445 | $115M | 3.83% | no change |
| 13 | Alphabet GOOGL | 361,398 | $113M | 3.77% | no change |
| 14 | NVR NVR | 14,112 | $103M | 3.43% | no change |
| 15 | Markel Group MKL | 43,978 | $94.5M | 3.15% | no change |
| 16 | Kinsale Capital Group KNSL | 214,264 | $83.8M | 2.80% | +12% |
| 17 | Keysight Technologies KEYS | 334,046 | $67.9M | 2.26% | no change |
| 18 | Walt Disney DIS | 544,419 | $61.9M | 2.07% | +109% |
| 19 | Brown & Brown BRO | 772,520 | $61.6M | 2.05% | +140% |
| 20 | Bank OZK Little Rock ARK OZK | 1.3 M | $58.2M | 1.94% | no change |
| 21 | ResMed RMD | 235,388 | $56.7M | 1.89% | no change |
| 22 | Arista Networks ANET | 419,158 | $54.9M | 1.83% | +1.6% |
| 23 | Analog Devices ADI | 176,747 | $47.9M | 1.60% | no change |
| 24 | Bright Horizons Family Solutions BFAM | 410,196 | $41.6M | 1.39% | new |
| 25 | lululemon athletica LULU | 144,237 | $30.0M | 1.00% | no change |
| 26 | Littelfuse LFUS | 81,585 | $20.6M | 0.69% | no change |
| 27 | JPMorgan Chase JPM | 51,838 | $16.7M | 0.56% | +2.2% |
| 28 | Mastercard MA | 28,759 | $16.4M | 0.55% | +3.7% |
| 29 | Floor & Decor Holdings FND | 235,876 | $14.4M | 0.48% | no change |
| 30 | TWFG TWFG | 331,511 | $9.5M | 0.32% | +10% |
| 31 | Builders Firstsource BLDR | 89,984 | $9.3M | 0.31% | +3.3% |
| 32 | Berkshire Hathaway BRK/A | 11 | $8.3M | 0.28% | no change |
| 33 | Ferguson Enterprises FERG | 36,374 | $8.1M | 0.27% | +2.5% |
| 34 | Taiwan Semiconductor Manufacturing TSM | 16,069 | $4.8M | 0.16% | +97% |
| 35 | Apple AAPL | 16,518 | $4.5M | 0.15% | −2.1% |
| 36 | Capital One Financial COF | 8,274 | $2.0M | 0.07% | no change |
| 37 | Yum China Holdings YUMC | 36,036 | $1.7M | 0.06% | no change |
| 38 | State Str Spdr S&P 500 ETF T SPY | 2,474 | $1.7M | 0.06% | no change |
| 39 | SPDR Gold Shares ETF GLD | 3,876 | $1.5M | 0.05% | no change |
| 40 | M&t Bank MTB | 7,540 | $1.5M | 0.05% | no change |
| 41 | iShares U.s. Home Constructi ETF ITB | 11,698 | $1.1M | 0.04% | +1.2% |
| 42 | Birkenstock Holding BIRK | 27,392 | $1.1M | 0.04% | no change |
| 43 | Copart CPRT | 27,484 | $1.1M | 0.04% | no change |
| 44 | Microsoft MSFT | 1,704 | $824K | 0.03% | no change |
| 45 | Old Dominion Freight Line ODFL | 5,255 | $824K | 0.03% | no change |
| 46 | Novo Nordisk A/s NVO | 12,400 | $631K | 0.02% | no change |
| 47 | Dream Finders Homes DFH | 32,202 | $551K | 0.02% | no change |
| 48 | SiteOne Landscape Supply SITE | 3,753 | $467K | 0.02% | no change |
| 49 | Intuitive Surgical ISRG | 405 | $229K | 0.01% | new |
| 50 | Costco Wholesale COST | 240 | $207K | 0.01% | no change |
Positions it closed (4)
- Fiserv FISVwas 2.85% · 651,257 shares
- Carmax KMXwas 2.54% · 1.7 M shares
- Align Technology ALGNwas 0.19% · 45,691 shares
- Credit Acceptance CACCwas 0.09% · 6,874 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.