Francois Rochon

Giverny Capital

Canadian quality growth investor

$3.00B

Portfolio Value

Holdings

Q4 '25

Period

2026-02-13

Filed

📉

Simulated 13F Return

⚠️ Approximation

Total Return

+14.01%

Q1 '25 → Q4 '25

Annualized

+19.02%/yr

S&P: +26.24%/yr

Alpha (vs S&P)

-5.17%

3 quarters tracked

1-Year Return

—

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

BRK.BREDUCED

8.5% of portfolio

-1% shares-0.2pp

METAINCREASED

6.9% of portfolio

+1% shares-0.9pp

AMEREDUCED

6.7% of portfolio

-2% shares+0.4pp

GOOGINCREASED

6.7% of portfolio

+0% shares+1.4pp

HEI-AINCREASED

6.4% of portfolio

+1% shares-0.1pp

SCHWINCREASED

5.3% of portfolio

+1% shares+0.2pp

MEDPINCREASED

4.9% of portfolio

+1% shares+0.4pp

VINCREASED

4.8% of portfolio

+0% shares+0.1pp

IBPINCREASED

4.5% of portfolio

+1% shares+0.2pp

PGRINCREASED

4.1% of portfolio

+1% shares-0.4pp

FIVEINCREASED

4.0% of portfolio

+0% shares+0.7pp

BKNGINCREASED

3.8% of portfolio

+0% shares-0.1pp

GOOGLINCREASED

3.8% of portfolio

+1% shares+0.8pp

NVRINCREASED

3.4% of portfolio

+0% shares-0.4pp

MKLINCREASED

3.2% of portfolio

+0% shares+0.3pp

KNSLINCREASED

2.8% of portfolio

+12% shares+0.1pp

KEYSINCREASED

2.3% of portfolio

+0% shares+0.3pp

DISINCREASED

2.1% of portfolio

+109% shares+1.1pp

BROINCREASED

2.1% of portfolio

+140% shares+1.0pp

OZKINCREASED

1.9% of portfolio

+0% shares-0.2pp

RMDREDUCED

1.9% of portfolio

-0% shares-0.3pp

ANETINCREASED

1.8% of portfolio

+2% shares-0.2pp

ADIINCREASED

1.6% of portfolio

+0% shares+0.1pp

BFAMNEW

1.4% of portfolio

New position

LULUINCREASED

1.0% of portfolio

+0% shares+0.1pp

LFUSINCREASED

0.7% of portfolio

+0% shares-0.0pp

JPMINCREASED

0.6% of portfolio

+2% shares+0.0pp

MAINCREASED

0.5% of portfolio

+4% shares+0.0pp

FNDREDUCED

0.5% of portfolio

-0% shares-0.1pp

TWFGINCREASED

0.3% of portfolio

+10% shares+0.0pp

BLDRINCREASED

0.3% of portfolio

+3% shares-0.0pp

FERGINCREASED

0.3% of portfolio

+2% shares

TSMREDUCED

0.2% of portfolio

+97% shares+0.1pp

AAPLREDUCED

0.1% of portfolio

-2% shares

COFREDUCED

0.1% of portfolio

-0% shares

ITBINCREASED

<0.1% of portfolio

+1% shares

MSFTINCREASED

<0.1% of portfolio

+0% shares

INTCNEW

<0.1% of portfolio

New position

FISOLD

was 2.8%

Sold out position

Filing price: $128.93

KMXSOLD

was 2.5%

Sold out position

Filing price: $44.87

ALGNSOLD

was 0.2%

Sold out position

Filing price: $125.22

CACCSOLD

was 0.1%

Sold out position

Filing price: $376.00

Sold Out (4)

SOLDFIFISERV INCwas 2.85%@$128.93

SOLDALGNALIGN TECHNOLOGY INCwas 0.19%@$125.22

SOLDKMXCARMAX INCwas 2.54%@$44.87

SOLDCACCCREDIT ACCEP CORP MICHwas 0.09%@$376.00

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 46.4%Financials 20.0%Technology 20.0%Industrials 6.7%Consumer Discretionary 4.8%+2 more (2.1%)

💼 Holdings

🔍

50 of 50 positions · $3.00B

This quarter: 2 new positions, increased 29, reduced 7, sold 4. Net buyer.

#	Stock	% Portfolio▼	Activity	Shares	Reported Price	Value	Current Price	+/- Reported	52w Low	52w High	SEC
1	BRK.BBerkshire Hathaway Inc. Class B	8.5%	Reduce 0.91%	505984	$502.65	$254.3M	—	—	—	—	📄
2	METAMETA PLATFORMS INC	6.9%	Add 0.53%	313449	$660.09	$206.9M	—	—	—	—	📄
3	AMEAMETEK INC	6.7%	Reduce 1.73%	979458	$205.31	$201.1M	—	—	—	—	📄
4	GOOGALPHABET INC C	6.7%	Add 0.20%	639507	$313.80	$200.7M	—	—	—	—	📄
5	HEI-AHEICO CORP NEW	6.4%	Add 0.67%	754532	$252.43	$190.5M	—	—	—	—	📄
6	SCHWSCHWAB CHARLES CORP	5.3%	Add 0.63%	1585661	$99.91	$158.4M	—	—	—	—	📄
7	MEDPMEDPACE HOLDINGS INC	4.9%	Add 0.58%	263320	$561.65	$147.9M	—	—	—	—	📄
8	VVISA INC	4.8%	Add 0.45%	407345	$350.71	$142.9M	—	—	—	—	📄
9	IBPINSTALLED BLDG PRODS INC	4.5%	Add 0.87%	519236	$259.39	$134.7M	—	—	—	—	📄
10	PGRPROGRESSIVE CORP	4.1%	Add 0.55%	536832	$227.72	$122.2M	—	—	—	—	📄
11	FIVEFIVE BELOW INC	4.0%	Add 0.10%	637747	$188.36	$120.1M	—	—	—	—	📄
12	BKNGBOOKING HOLDINGS INC.	3.8%	Add 0.48%	21445	$5355.33	$114.8M	—	—	—	—	📄
13	GOOGLALPHABET INC	3.8%	Add 0.63%	361398	$313.00	$113.1M	—	—	—	—	📄
14	NVRNVR INC	3.4%	Add 0.26%	14112	$7292.77	$102.9M	—	—	—	—	📄
15	MKLMARKEL CORP	3.2%	Add 0.34%	43978	$2149.65	$94.5M	—	—	—	—	📄
16	KNSLKINSALE CAPITAL GROUP IN	2.8%	Add 12.50%	214264	$391.12	$83.8M	—	—	—	—	📄
17	KEYSKEYSIGHT TECHNOLOGIES INC	2.3%	Add 0.04%	334046	$203.19	$67.9M	—	—	—	—	📄
18	DISDISNEY WALT CO	2.1%	Add 109.07%	544419	$113.77	$61.9M	—	—	—	—	📄
19	BROBROWN & BROWN	2.1%	Add 139.73%	772520	$79.70	$61.6M	—	—	—	—	📄
20	OZKBANK OZK LITTLE ROCK ARK	1.9%	Add 0.16%	1264042	$46.02	$58.2M	—	—	—	—	📄
21	RMDRESMED INC	1.9%	Reduce 0.01%	235388	$240.87	$56.7M	—	—	—	—	📄
22	ANETARISTA NETWORKS INC	1.8%	Add 1.64%	419158	$131.03	$54.9M	—	—	—	—	📄
23	ADIANALOG DEVICES INC	1.6%	Add 0.16%	176747	$271.20	$47.9M	—	—	—	—	📄
24	BFAMBRIGHT HORIZONSFAMILY SOLUTION	1.4%	Buy	410196	$101.40	$41.6M	—	—	—	—	📄
25	LULULULULEMON ATHLETICA INC	1.0%	Add 0.16%	144237	$207.81	$30.0M	—	—	—	—	📄
26	LFUSLITTELFUSE INC	0.7%	Add 0.40%	81585	$252.92	$20.6M	—	—	—	—	📄
27	JPMJPMORGAN CHASE & CO	0.6%	Add 2.23%	51838	$322.22	$16.7M	—	—	—	—	📄
28	MAMASTERCARD INCORPORATED	0.5%	Add 3.73%	28759	$570.88	$16.4M	—	—	—	—	📄
29	FNDFLOOR & DECOR HLDGS INC	0.5%	Reduce 0.12%	235876	$60.89	$14.4M	—	—	—	—	📄
30	TWFGTWFG INC	0.3%	Add 10.39%	331511	$28.77	$9.5M	—	—	—	—	📄
31	BLDRBUILDERS FIRSTSOURCE INC	0.3%	Add 3.32%	89984	$102.89	$9.3M	—	—	—	—	📄
32	BRK.ABerkshire Hathaway Inc. Class A	0.3%	Held	11	$754800.00	$8.3M	—	—	—	—	📄
33	FERGFERGUSON ENTERPRISES INC	0.3%	Add 2.45%	36374	$222.63	$8.1M	—	—	—	—	📄
34	TSMTAIWAN SEMICONDUCTOR MFG LTD	0.2%	Reduce 96.85%	16069	$301.00	$4.8M	—	—	—	—	📄
35	AAPLAPPLE INC	0.1%	Reduce 2.12%	16518	$271.86	$4.5M	—	—	—	—	📄
36	COFCapital One Financial	0.1%	Reduce 0.01%	8274	$242.36	$2.0M	—	—	—	—	📄
37	YUMCYUM CHINA HLDGS INC	0.1%	Held	36036	$47.74	$1.7M	—	—	—	—	📄
38	SPYSPDR S&P 500 ETF	0.1%	Held	2474	$681.92	$1.7M	—	—	—	—	📄
39	GLDSPDR Gold Shares	0.1%	Held	3876	$396.31	$1.5M	—	—	—	—	📄
40	MTBM & T BK CORP	0.1%	Held	7540	$201.48	$1.5M	—	—	—	—	📄
41	ITBISHARES TR	<0.1%	Add 1.19%	11698	$96.30	$1.1M	—	—	—	—	📄
42	BIRKBIRKENSTOCK HLDG PLC	<0.1%	Held	27392	$40.90	$1.1M	—	—	—	—	📄
43	CPRTCOPART INC	<0.1%	Held	27484	$39.15	$1.1M	—	—	—	—	📄
44	MSFTMICROSOFT CORP	<0.1%	Add 0.06%	1704	$483.62	$824K	—	—	—	—	📄
45	ODFLOLD DOMINION FREIGHT LINE IN	<0.1%	Held	5255	$156.80	$824K	—	—	—	—	📄
46	NVONOVO-NORDISK A S	<0.1%	Held	12400	$50.88	$631K	—	—	—	—	📄
47	DFHDREAM FINDERS HOMES	<0.1%	Held	32202	$17.10	$551K	—	—	—	—	📄
48	SITESITEONE LANDSCAPE SUPPLY INC	<0.1%	Held	3753	$124.56	$467K	—	—	—	—	📄
49	INTCINTUITIVE SURGICAL INC	<0.1%	Buy	405	$566.36	$229K	—	—	—	—	📄
50	COSTCOSTCO WHSL CORP NEW	<0.1%	Held	240	$862.34	$207K	—	—	—	—	📄

BRK.BREDUCED

8.5%

8.5% of portfolio (was 8.7%, trimmed)

Filed ~$503

—📄

METAINCREASED

6.9%

6.9% of portfolio (was 7.8%, added)

Filed ~$660

—📄

AMEREDUCED

6.7%

6.7% of portfolio (was 6.3%, trimmed)

Filed ~$205

—📄

GOOGINCREASED

6.7%

6.7% of portfolio (was 5.3%, added)

Filed ~$314

—📄

HEI-AINCREASED

6.4%

6.4% of portfolio (was 6.5%, added)

Filed ~$252

—📄

SCHWINCREASED

5.3%

5.3% of portfolio (was 5.1%, added)

Filed ~$100

—📄

MEDPINCREASED

4.9%

4.9% of portfolio (was 4.6%, added)

Filed ~$562

—📄

VINCREASED

4.8%

4.8% of portfolio (was 4.7%, added)

Filed ~$351

—📄

IBPINCREASED

4.5%

4.5% of portfolio (was 4.3%, added)

Filed ~$259

—📄

PGRINCREASED

4.1%

4.1% of portfolio (was 4.5%, added)

Filed ~$228

—📄

FIVEINCREASED

4.0%

4.0% of portfolio (was 3.3%, added)

Filed ~$188

—📄

BKNGINCREASED

3.8%

3.8% of portfolio (was 3.9%, added)

Filed ~$5355

—📄

GOOGLINCREASED

3.8%

3.8% of portfolio (was 3.0%, added)

Filed ~$313

—📄

NVRINCREASED

3.4%

3.4% of portfolio (was 3.8%, added)

Filed ~$7293

—📄

MKLINCREASED

3.2%

3.2% of portfolio (was 2.8%, added)

Filed ~$2150

—📄

KNSLINCREASED

2.8%

2.8% of portfolio (was 2.7%, added)

Filed ~$391

—📄

KEYSINCREASED

2.3%

2.3% of portfolio (was 2.0%, added)

Filed ~$203

—📄

DISINCREASED

2.1%

2.1% of portfolio (was 1.0%, added)

Filed ~$114

—📄

BROINCREASED

2.1%

2.1% of portfolio (was 1.0%, added)

Filed ~$80

—📄

OZKINCREASED

1.9%

1.9% of portfolio (was 2.2%, added)

Filed ~$46

—📄

RMDREDUCED

1.9%

1.9% of portfolio (was 2.2%, trimmed)

Filed ~$241

—📄

ANETINCREASED

1.8%

1.8% of portfolio (was 2.0%, added)

Filed ~$131

—📄

ADIINCREASED

1.6%

1.6% of portfolio (was 1.5%, added)

Filed ~$271

—📄

BFAMNEW

1.4%

1.4% of portfolio (new position)

Filed ~$101

—📄

LULUINCREASED

1.0%

1.0% of portfolio (was 0.9%, added)

Filed ~$208

—📄

LFUSINCREASED

0.7%

0.7% of portfolio (was 0.7%, added)

Filed ~$253

—📄

JPMINCREASED

0.6%

0.6% of portfolio (was 0.5%, added)

Filed ~$322

—📄

MAINCREASED

0.5%

0.5% of portfolio (was 0.5%, added)

Filed ~$571

—📄

FNDREDUCED

0.5%

0.5% of portfolio (was 0.6%, trimmed)

Filed ~$61

—📄

TWFGINCREASED

0.3%

0.3% of portfolio (was 0.3%, added)

Filed ~$29

—📄

BLDRINCREASED

0.3%

0.3% of portfolio (was 0.4%, added)

Filed ~$103

—📄

BRK.A

0.3%

0.3% of portfolio

Filed ~$754800

—📄

FERGINCREASED

0.3%

0.3% of portfolio (was 0.3%, added)

Filed ~$223

—📄

TSMREDUCED

0.2%

0.2% of portfolio (was 0.1%, trimmed)

Filed ~$301

—📄

AAPLREDUCED

0.1%

0.1% of portfolio (was 0.1%, trimmed)

Filed ~$272

—📄

COFREDUCED

0.1%

0.1% of portfolio (was 0.1%, trimmed)

Filed ~$242

—📄

YUMC

0.1%

0.1% of portfolio

Filed ~$48

—📄

SPY

0.1%

0.1% of portfolio

Filed ~$682

—📄

GLD

0.1%

0.1% of portfolio

Filed ~$396

—📄

MTB

0.1%

0.1% of portfolio

Filed ~$201

—📄

ITBINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$96

—📄

BIRK

<0.1%

<0.1% of portfolio

Filed ~$41

—📄

CPRT

<0.1%

<0.1% of portfolio

Filed ~$39

—📄

MSFTINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$484

—📄

ODFL

<0.1%

<0.1% of portfolio

Filed ~$157

—📄

NVO

<0.1%

<0.1% of portfolio

Filed ~$51

—📄

DFH

<0.1%

<0.1% of portfolio

Filed ~$17

—📄

SITE

<0.1%

<0.1% of portfolio

Filed ~$125

—📄

INTCNEW

<0.1%

<0.1% of portfolio (new position)

Filed ~$566

—📄

COST

<0.1%

<0.1% of portfolio

Filed ~$862

—📄

🚫 Sold Out (4 positions)

SOLDFIFISERV INCwas 2.85%@$128.93651257 shares · $84.0M

SOLDALGNALIGN TECHNOLOGY INCwas 0.19%@$125.2245691 shares · $5.7M

SOLDKMXCARMAX INCwas 2.54%@$44.871670114 shares · $74.9M

SOLDCACCCREDIT ACCEP CORP MICHwas 0.09%@$376.006874 shares · $2.6M