13F filing recap · Q4 2025

What did Giverny Capital buy in Q4 2025?

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

Stock value

$3.00B

Positions

Estimated turnover

10.3%

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 Bright Horizons Family Solutions and Intuitive Surgical, while exiting Align Technology, Carmax, Credit Acceptance Corp, and Fiserv. The firm also sharply increased its stakes in Walt Disney and Brown & Brown, and substantially added to Taiwan Semiconductor Manufacturing. Kinsale Capital Group and Twfg saw moderate increases, while most other changes were slight trims or additions.

New positions

BFAMBright Horizons Family Solutions Inc.$41.59Mreported value+410.2K shares ISRGIntuitive Surgical, Inc.$229.4Kreported value+405 shares

Increased positions

METAMeta Platforms, Inc.$206.90Mreported value+1.6K shares+0.5%GOOGAlphabet Inc.$200.68Mreported value+1.3K shares+0.2%HEI.AHeico Corporation$190.47Mreported value+5.0K shares+0.7%SCHWSchwab Charles Corp$158.42Mreported value+9.9K shares

Reduced positions

BRK.BBerkshire Hathaway Inc$254.33Mreported value-4.7K shares-0.9%AMEAmetek, Inc.$201.09Mreported value-17.2K shares-1.7%RMDResmed Inc.$56.70Mreported value-30 shares-0.0%FNDFloor & Decor Holdings, Inc.$14.36Mreported value-272 shares

Exited positions

FISVFiserv Inc$83.97Mprior reported value-651.3K shares-100.0%KMXCarmax, Inc.$74.94Mprior reported value-1.67M shares-100.0%ALGNAlign Technology, Inc.$5.72Mprior reported value-45.7K shares-100.0%CACCCredit Acceptance Corp$2.58Mprior reported value-6.9K shares