13F filing recap · Q3 2025

What did Giverny Capital buy in Q3 2025?

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

Stock value

$2.95B

Positions

Estimated turnover

8.0%

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 a new position in Resmed and exited Amazon, Bank of America, Intuitive Surgical, and Starbucks. The firm also trimmed Arista Networks, Taiwan Semiconductor, Capital One, and Microsoft, while substantially reducing Credit Acceptance and adding to Twfg.

New positions

RMDResmed Inc.$64.44Mreported value+235.4K shares

Increased positions

HEI.AHeico Corporation$190.44Mreported value+9 shares+0.0%AMEAmetek, Inc.$187.38Mreported value+332 shares+0.0%SCHWSchwab Charles Corp$150.44Mreported value+8.3K shares+0.5%VVisa Inc.$138.44Mreported value+4.2K shares

Reduced positions

BRK.BBerkshire Hathaway Inc$256.72Mreported value-1.1K shares-0.2%METAMeta Platforms, Inc.$228.99Mreported value-7.1K shares-2.2%GOOGAlphabet Inc.$155.44Mreported value-15.5K shares-2.4%GOOGLAlphabet Inc.$87.31Mreported value-20.5K shares

Exited positions

SBUXStarbucks Corporation$68.75Mprior reported value-750.2K shares-100.0%BACBank of America Corp$47.51Mprior reported value-1.00M shares-100.0%AMZNAmazon.com Inc$257.6Kprior reported value-1.2K shares-100.0%ISRGIntuitive Surgical, Inc.$220.1Kprior reported value-405 shares