中文
Value GiantsValue investors’ 13F holdings, as a whole
Q2 2026 13FData as of Aug 18, 2026
Quality value

Francois Rochon

Q2 2026 13F: 51 holdings worth about $3.0B; that quarter 7 new, 11 added, 28 trimmed, 7 sold out.

Firm: Giverny Capital Inc
Filer: Giverny Capital Inc. CIK 1641864
Last filed: Aug 14, 2026 | Quality value | Counted in this quarter’s totals

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

  • Rule numbers (Q2 2026): 51 holdings, top 10 = 52%, stocks $3.0B, options 0%; all four rules met
  • Source for the value approach: Annual Letter to our Partners 2025 (Giverny Capital Inc., p. 20): “Our philosophy is to favor companies with solid balance sheets and dominant business models, along with purchasing these companies at reasonable valuations.” (checked 2026-10-11)

Full selection rules →

13F value
$3.0B
previous $2.7B (+8.9%)
Holdings
51
7 new / 7 sold out
Net deploymentest.
+1.1%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
52%
overlap with the composite 19%
Turnoverest.
8.5%
held 21 quarters on average
I

Trades in Q2 2026

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

MoveCompanyChange in sharesChange %Position shift (pts)Start → end priceEst. trade price
TrimmedBRK.BBerkshire Hathaway Inc−130.2K−34%−2.24$479.20 → $500.39$489.79
TrimmedKEYSKeysight Technologies, Inc−180.1K−56%−2.12$282.37 → $350.07$316.22
AddedADPAutomatic Data Processing+235.5K+56%+1.77$203.18 → $223.95$213.56
NewNYTNew York Times Co+484.4K—+1.14$83.73 → $69.98$76.86
TrimmedADIAnalog Devices Inc−77.7K−45%−1.04$318.14 → $397.17$357.65
AddedRMDResMed Inc+157.7K+69%+1.03$224.48 → $194.88$209.68
NewMSAMSA Safety Inc+166.3K—+0.98$163.95 → $174.58$169.26
NewWSOWatsco Inc+66.0K—+0.92$363.79 → $416.73$390.26
AddedBFAMBright Horizons Family Solutions+338.5K+46%+0.81$82.13 → $70.88$76.50
TrimmedMKLMarkel Group Inc−12.1K−28%−0.79$1,914 → $1,953$1,934
TrimmedGOOGLAlphabet Inc−15.4K−2%−0.64$287.56 → $357.37$322.47
NewVEEVVeeva Systems Inc+95.0K—+0.57$175.66 → $177.47$176.56
NewAXPAmerican Express Co+46.7K—+0.53$302.48 → $338.25$320.37
TrimmedANETArista Networks, Inc−83.5K−20%−0.48$122.78 → $169.88$146.33
NewHWKNHawkins Inc+95.0K—+0.45$153.60 → $142.10$147.85
AddedSCHWCharles Schwab Corp+145.4K+9%+0.45$93.98 → $92.27$93.12
AddedKNSLKinsale Capital Group, Inc+21.8K+10%+0.24$341.66 → $329.81$335.73
TrimmedFIVEFive Below−19.1K−3%−0.12$228.48 → $179.79$204.14
TrimmedAMEAmetek Inc−13.3K−2%−0.11$214.36 → $241.94$228.15
AddedPGRProgressive Corp+13.9K+3%+0.10$198.24 → $218.45$208.35
TrimmedLFUSLittelfuse Inc−6.6K−8%−0.10$339.35 → $455.33$397.34
TrimmedNVRNVR Inc−409−3%−0.09$6,590 → $6,813$6,702
TrimmedMETAMeta Platforms, Inc−4.9K−2%−0.09$572.13 → $563.29$567.71
AddedTWFGTWFG Inc+100.3K+18%+0.08$18.39 → $24.05$21.22
TrimmedVVisa Inc−6.5K−2%−0.07$302.24 → $343.09$322.66
TrimmedTSMTaiwan Semiconductor Manufacturing−4.5K−55%−0.07$337.95 → $477.57$407.76
TrimmedDISWalt Disney Co−20.9K−4%−0.07$96.38 → $96.25$96.31
TrimmedSUNBSunbelt Rentals Holdings, Inc−24.5K−9%−0.06$65.09 → $74.81$69.95
Sold outMTBM & T Bank Corp−7.5K—−0.06$206.72 → $238.01$222.37
TrimmedOZKBank Ozk−32.9K−3%−0.06$45.89 → $52.09$48.99
TrimmedLULUlululemon athletica inc−13.8K−10%−0.05$153.03 → $114.18$133.61
TrimmedJPMJPMorgan Chase & Co−4.4K−8%−0.05$294.16 → $327.33$310.75
TrimmedIBPInstalled Building Products, Inc−6.0K−1%−0.05$265.15 → $229.84$247.50
Sold outRSPInvesco S&P 500 Equal Weight−6.1K—−0.04$191.92 → $212.77$202.34
Sold outQQQMInvesco Nasdaq 100 ETF−4.2K—−0.04$237.62 → $302.97$270.29
Sold outBIRKBirkenstock Holding plc−27.4K—−0.04$35.83 → $43.03$39.43
TrimmedMEDPMedpace Holdings, Inc−2.1K−1%−0.04$480.19 → $529.59$504.89
Sold outODFLOld Dominion Freight Line−5.0K—−0.04$195.40 → $216.60$206.00
TrimmedBKNGBooking Holdings Inc−5.3K−1%−0.03$4,210 → $178.24$2,194
Sold outNVONovo Nordisk−12.4K—−0.02$36.75 → $47.94$42.35
TrimmedAAPLApple Inc−2.0K−14%−0.02$253.79 → $289.36$271.57
TrimmedCPRTCopart Inc−19.2K−70%−0.02$33.20 → $28.19$30.70
Sold outSITESiteOne Landscape Supply, Inc−3.8K—−0.01$133.11 → $114.41$123.76
AddedMAMastercard Inc+750+3%+0.01$499.66 → $513.60$506.63
AddedAAONAAON Inc+2.9K+1%+0.01$82.75 → $126.86$104.81
NewQQQInvesco QQQ Trust Series 1+391—+0.01$577.17 → $736.41$656.79
AddedFERGFerguson Enterprises Inc.+652+2%+0.01$233.26 → $237.33$235.30
TrimmedSPYSPDR S&P 500 ETF Trust−180−7%−0.00$650.34 → $746.77$698.56
TrimmedFNDFloor & Decor Holdings, Inc−2.0K−1%−0.00$50.80 → $59.36$55.08
AddedITBiShares U.S. Home Constructi+808+7%+0.00$90.55 → $104.48$97.52
TrimmedMSFTMicrosoft Corp−123−6%−0.00$370.17 → $373.02$371.60
II

All Holdings (49 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

CompanySectorWeight (prev.)SharesValueThis quarterFirst boughtQuarters heldEst. avg costQuarter-end pricevs costHistory
GOOGLAlphabet IncInformation technology10.9%10.2%605.5K$324.8MTrimmed −2%Q3 201640$78.15est.$357.37+357%History
HEI.AHeico CorpIndustrials6.4%5.7%735.2K$189.6MHeldQ3 201640$92.20est.$257.91+180%History
METAMeta Platforms, IncInformation technology5.7%6.4%302.9K$170.6MTrimmed −2%Q2 201833$236.17est.$563.29+139%History
SCHWCharles Schwab CorpFinancials5.2%5.3%1.68M$155.2MAdded +9%Q3 201832$68.65est.$92.27+34%History
ADPAutomatic Data ProcessingInformation technology4.9%3.1%654.6K$146.6MAdded +56%Q1 20262$224.22est.$223.95−0%History
AMEAmetek IncInformation technology4.9%4.8%598.8K$144.9MTrimmed −2%Q2 201545$84.94est.$241.94+185%History
MEDPMedpace Holdings, IncHealth care4.5%4.5%253.9K$134.5MTrimmed −1%Q3 202312$305.76est.$529.59+73%History
VVisa IncFinancials4.5%4.4%389.9K$133.8MTrimmed −2%Q1 201546$122.83est.start point$343.09+179%History
BRK.BBerkshire Hathaway IncFinancials4.4%6.9%248.4K$131.1MTrimmed −34%Q1 201546$210.49est.start point$500.39+138%History
PGRProgressive CorpFinancials4.0%3.8%542.3K$118.5MAdded +3%Q3 201928$102.88est.$218.45+112%History
FIVEFive BelowConsumer discretionary3.6%5.2%598.1K$107.5MTrimmed −3%Q1 201738$137.49est.$179.79+31%History
BKNGBooking Holdings IncConsumer discretionary3.1%3.3%522.7K$93.2MTrimmed −1%Q1 202410$149.09est.$178.24+20%History
IBPInstalled Building Products, IncIndustrials3.1%3.9%397.7K$91.4MTrimmed −1%Q4 202119$134.08est.$229.84+71%History
NVRNVR IncIndustrials3.0%3.3%13.2K$90.2MTrimmed −3%Q3 201832$3,568est.$6,813+91%History
KNSLKinsale Capital Group, IncFinancials2.7%2.7%240.7K$79.4MAdded +10%Q3 202312$434.02est.$329.81−24%History
BFAMBright Horizons Family SolutionsIndustrials2.6%2.2%1.08M$76.6MAdded +46%Q4 20253$90.64est.$70.88−22%History
RMDResMed IncHealth care2.5%1.9%387.7K$75.5MAdded +69%Q3 20254$247.68est.$194.88−21%History
OZKBank OzkUnclassified2.1%2.1%1.20M$62.4MTrimmed −3%Q4 201831$44.67est.$52.09+17%History
MKLMarkel Group IncFinancials2.0%3.0%30.9K$60.3MTrimmed −28%Q1 201546$1,056est.start point$1,953+85%History
ANETArista Networks, IncInformation technology1.9%1.9%339.9K$57.7MTrimmed −20%Q2 20255$91.04est.$169.88+87%History
KEYSKeysight Technologies, IncInformation technology1.7%3.3%143.1K$50.1MTrimmed −56%Q1 201930$101.08est.$350.07+246%History
DISWalt Disney CoCommunication & media1.7%1.9%515.6K$49.6MTrimmed −4%Q1 201546$113.58est.start point$96.25−15%History
BROBrown & Brown IncFinancials1.6%1.8%753.3K$48.3MHeldQ4 20247$93.97est.$64.15−32%History
ADIAnalog Devices IncInformation technology1.2%2.0%93.3K$37.1MTrimmed −45%Q4 202119$192.75est.$397.17+106%History
NYTNew York Times CoCommunication & media1.1%—484.4K$33.9MNewQ2 20261$76.86est.$69.98−9%History
LFUSLittelfuse IncInformation technology1.1%1.0%74.1K$33.8MTrimmed −8%Q4 201735$251.91est.$455.33+81%History
MSAMSA Safety IncHealth care1.0%—166.3K$29.0MNewQ2 20261$169.27est.$174.58+3%History
WSOWatsco IncIndustrials0.9%—66.0K$27.5MNewQ2 20261$390.26est.$416.73+7%History
AAONAAON IncIndustrials0.9%0.6%204.8K$26.0MAdded +1%Q1 20262$79.86est.$126.86+59%History
GLDSPDR Gold SharesFunds & ETFs0.8%0.1%3.9K$25.0MHeldQ4 202119$167.59est.$368.38+120%History
SUNBSunbelt Rentals Holdings, IncIndustrials0.7%0.6%246.4K$21.6MTrimmed −9%Q1 20262$65.09est.$74.81+15%History
VEEVVeeva Systems IncInformation technology0.6%—95.0K$16.9MNewQ2 20261$176.56est.$177.47+1%History
AXPAmerican Express CoFinancials0.5%—46.7K$15.8MNewQ2 20261$320.37est.$338.25+6%History
TWFGTWFG IncFinancials0.5%0.4%652.5K$15.7MAdded +18%Q2 20255$27.42est.$24.05−12%History
JPMJPMorgan Chase & CoFinancials0.5%0.6%47.9K$15.7MTrimmed −8%Q2 201641$153.56est.$327.33+113%History
MAMastercard IncFinancials0.5%0.5%28.8K$14.8MAdded +3%Q1 201546$363.87est.start point$513.60+41%History
LULUlululemon athletica incConsumer discretionary0.5%0.8%128.8K$14.7MTrimmed −10%Q3 201736$296.31est.$114.18−61%History
FNDFloor & Decor Holdings, IncConsumer discretionary0.5%0.4%229.9K$13.6MTrimmed −1%Q2 202217$71.70est.$59.36−17%History
HWKNHawkins IncIndustrials0.5%—95.0K$13.5MNewQ2 20261$147.85est.$142.10−4%History
FERGFerguson Enterprises Inc.Industrials0.3%0.3%37.4K$8.9MAdded +2%Q4 20247$187.95est.$237.33+26%History
BLDRBuilders FirstSource, IncConsumer discretionary0.3%0.3%91.5K$8.2MHeldQ1 20256$131.73est.$89.48−32%History
AAPLApple IncInformation technology0.1%0.1%13.0K$3.8MTrimmed −14%Q3 201832$182.81est.$289.36+58%History
TSMTaiwan Semiconductor ManufacturingInformation technology0.1%0.1%3.7K$1.7MTrimmed −55%Q2 202025$204.44est.$477.57+134%History
SPYSPDR S&P 500 ETF TrustFunds & ETFs0.1%0.1%2.3K$1.7MTrimmed −7%Q3 201736$254.03est.$746.77+194%History
YUMCYum China Holdings, IncConsumer discretionary0.0%0.1%36.0K$1.5MHeldQ3 20248$37.93est.$40.87+8%History
ITBiShares U.S. Home ConstructiFunds & ETFs0.0%0.0%11.7K$1.2MAdded +7%Q2 202121$81.29est.$104.48+29%History
MSFTMicrosoft CorpInformation technology0.0%0.0%1.8K$667KTrimmed −6%Q4 20247$427.29est.$373.02−13%History
QQQInvesco QQQ Trust Series 1Funds & ETFs0.0%—391$288KNewQ2 20261$656.79est.$736.41+12%History
CPRTCopart IncConsumer discretionary0.0%0.0%8.3K$233KTrimmed −70%Q2 202217$29.27est.$28.19−4%History
III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%
IV

Over Time

From Q1 2015, 46 quarters (this giant’s electronic 13F filings).

13F Value

13F Value$0$1.0B$2.0BQ1 2015Q2 2016Q3 2017Q4 2018Q1 2020Q2 2021Q3 2022Q4 2023Q1 2025Q2 2026

Holdings

Holdings0204060Q1 2015Q2 2016Q3 2017Q4 2018Q1 2020Q2 2021Q3 2022Q4 2023Q1 2025Q2 2026

Top-10 Concentration

Top-10 Concentration0%25%50%75%100%Q1 2015Q2 2016Q3 2017Q4 2018Q1 2020Q2 2021Q3 2022Q4 2023Q1 2025Q2 2026

Turnover (Est.)

Turnover0%2%5%8%Q1 2015Q2 2016Q3 2017Q4 2018Q1 2020Q2 2021Q3 2022Q4 2023Q1 2025Q2 2026

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
Sector Mix0%25%50%75%100%Q1 2015Q2 2016Q3 2017Q4 2018Q1 2020Q2 2021Q3 2022Q4 2023Q1 2025Q2 2026
V

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 46 Quarters
QuarterHoldingsNewSold out13F valueTurnoverNet deploymentSEC
Q2 20265177$3.0B8.5%+1.1%13F-HR 13F-HR/A
Q1 20265154$2.7B6.0%−1.9%13F-HR
Q4 20255024$3.0B4.5%−0.5%13F-HR
Q3 20255214$3.0B2.8%−2.4%13F-HR 13F-HR/A 13F-HR/A
Q2 20255532$2.9B3.8%+1.7%13F-HR
Q1 202554210$2.7B2.2%+0.2%13F-HR 13F-HR/A
Q4 202462111$2.7B2.4%+2.3%13F-HR 13F-HR/A
Q3 20245253$2.6B0.5%+3.9%13F-HR
Q2 20245003$2.4B2.9%+1.0%13F-HR
Q1 20245339$2.5B4.3%+3.8%13F-HR 13F-HR/A
Q4 20235922$2.1B3.7%+1.4%13F-HR 13F-HR/A
Q3 20235933$1.8B0.8%+2.4%13F-HR 13F-HR/A
Q2 20235901$1.9B1.5%+5.1%13F-HR
Q1 20236017$1.7B2.2%−3.2%13F-HR
Q4 20226641$1.6B3.3%+1.1%13F-HR 13F-HR/A
Q3 20226311$1.5B4.1%+1.2%13F-HR
Q2 20226322$1.5B1.3%+4.1%13F-HR
Q1 20226312$1.8B3.0%+2.6%13F-HR
Q4 20216483$1.9B6.6%+3.9%13F-HR
Q3 20215953$1.7B0.4%+4.2%13F-HR 13F-HR/A
Q2 20215740$1.6B0.2%+4.3%13F-HR
Q1 20215311$1.5B1.0%+2.7%13F-HR
Q4 20205301$1.3B1.5%+3.3%13F-HR
Q3 20205483$1.1B1.4%−2.5%13F-HR
Q2 202049124$1.0B1.4%+8.3%13F-HR
Q1 20204142$785.2M7.1%−4.3%13F-HR
Q4 20193900$1.1B1.4%+2.9%13F-HR
Q3 20193911$1.0B2.2%+0.8%13F-HR
Q2 20193900$990.0M2.2%+4.1%13F-HR
Q1 20193951$871.7M4.4%+4.1%13F-HR
Q4 20183512$758.7M9.7%−1.2%13F-HR
Q3 20183655$883.1M4.9%+9.0%13F-HR
Q2 20183621$768.9M5.5%+2.5%13F-HR 13F-HR/A
Q1 20183500$746.9M0.0%+3.7%13F-HR
Q4 20173540$728.9M5.4%+1.5%13F-HR
Q3 20173140$684.4M0.0%+3.6%13F-HR
Q2 20172710$618.6M4.4%+1.5%13F-HR
Q1 20172633$602.1M3.7%−1.0%13F-HR
Q4 20162622$591.2M8.2%+3.6%13F-HR
Q3 2016 *2632$537.5M3.8%+1.8%13F-HR
Q2 2016 *2510$515.2M1.1%+3.0%13F-HR
Q1 2016 *2423$508.5M8.8%+3.4%13F-HR
Q4 2015 *2501$502.4M2.3%+1.6%13F-HR
Q3 2015 *2611$497.2M4.7%+3.4%13F-HR
Q2 2015 *2631$500.3M8.2%+8.7%13F-HR
Q1 2015 *2400$456.7M——13F-HR
VI

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

CompanyHeldPeak weightCompany since
MTBM & T Bank CorpQ2 2021 – Q2 20264%—
KMXCarMax IncQ1 2015 – Q4 202511%—
FISVFiserv IncQ1 2023 – Q4 20255%—
BACBank of America CorpQ1 2019 – Q3 20254%—
SBUXStarbucks CorpQ3 2020 – Q3 20253%—
FBINFortune Brands Innovations, IncQ1 2016 – Q1 20254%—
EWEdwards Lifesciences CorpQ4 2017 – Q1 20254%—
CIENCiena CorpQ4 2021 – Q2 20242%—
ATHMAutohome IncQ1 2020 – Q1 20242%—
SNBRQSleep Number CorpQ1 2020 – Q3 20233%Bankruptcy filing more than 2 years after the sale Jun 12, 2026
SSNCSS&C Technologies Holdings IncQ1 2020 – Q3 20233%—
ICEIntercontinental Exchange, IncQ2 2020 – Q1 20232%—
LLYVKLiberty Live Holdings, IncQ2 2017 – Q3 20204%—
UNPUnion Pacific CorpQ1 2015 – Q2 20205%—
MHKMohawk Industries IncQ1 2015 – Q2 20204%—
MTBM & T Bank CorpQ1 2015 – Q1 20205%—
ORLYO’Reilly Automotive IncQ1 2015 – Q1 20204%—
LKQLKQ CorpQ1 2015 – Q3 20198%—
—Bank of the Ozarks, Inc ComQ4 2016 – Q4 201810%—
WFCWells Fargo & CoQ1 2015 – Q3 20187%—
CACCCredit Acceptance CorpQ4 2017 – Q3 20183%—
FASTFastenal CoQ1 2015 – Q2 20182%—
KNXKnight-Swift Transportation Holdings IncQ2 2015 – Q1 20173%—
BWLDBuffalo Wild Wings IncQ1 2015 – Q1 20173%—
SRCLStericycle IncQ3 2015 – Q1 20172%Acquired or delisted Nov 14, 2024
—Bank of the Ozarks IncQ2 2015 – Q4 20169%—