13F filing recap · Q2 2025

What did Giverny Capital buy in Q2 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$2.92B

Positions

Estimated turnover

9.8%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Giverny Capital opened new positions in Arista Networks, Twfg, and Amazon.com, while exiting Arista Networks and Blackrock. The firm substantially increased its Schwab Charles Corp stake and added to Apple Inc. It trimmed M&T Bank Corporation substantially and reduced Capital One Financial Corp moderately.

New positions

ANETArista Networks, Inc.$49.37Mreported value+482.6K shares TWFGTwfg, Inc.$6.22Mreported value+177.8K shares AMZNAmazon.com Inc$257.6Kreported value+1.2K shares

Increased positions

BRK.BBerkshire Hathaway Inc$248.61Mreported value+8.5K shares+1.7%METAMeta Platforms, Inc.$235.38Mreported value+3.8K shares+1.2%HEI.AHeico Corporation$193.93Mreported value+7.5K shares+1.0%AMEAmetek, Inc.$180.30Mreported value+18.9K shares

Reduced positions

PGRProgressive Corp/oh/$138.87Mreported value-8.8K shares-1.7%COFCapital One Financial Corp$1.97Mreported value-3.0K shares-24.4%SPYSPDR S&P 500 ETF Trust$1.53Mreported value-93 shares-3.6%MTBM&T Bank Corporation$1.46Mreported value-360.0K shares

Exited positions

ANETArista Networks, Inc.$36.15Mprior reported value-466.5K shares-100.0%PMMFBlackrock, Inc.$1.29Mprior reported value-12.9K shares-100.0%