Giverny Capital

François Rochon

Latest filing · Q2 2026

Filed Aug 14, 2026 for holdings on Jun 30, 2026, 45 days after the quarter ended, amended Aug 26, 2026. The next one is due by Nov 14, 2026.

Stocks reported

$2.97B

as of Jun 30, 2026

Positions

all shown below

Top 10 stocks

51.5%

of the money in stocks

Options

None

none reported

What changed in Q2 2026

compared with Q1 2026, by number of shares

New buys7

NYTNew York Times1.1%
MSAMsa Safety1.0%
WSOWatsco0.9%
VEEVVeeva Systems0.6%
AXPAmerican Express0.5%
HWKNHawkins0.5%
QQQInvesco QQQ Trust Series 1<0.1%

Added to11

ADPAutomatic Data Processing56.2% more
RMDResmed68.5% more
BFAMBright Horizons Family Solut45.6% more
SCHWSchwab (charles)9.5% more
KNSLKinsale Capital Group9.9% more
PGRProgressive2.6% more
TWFGTwfg18.2% more
MAMastercard2.7% more
and 3 more in the filing

Trimmed30

BRK.BBerkshire Hathaway · also BRK.A34.4% fewer
KEYSKeysight Technologies in55.7% fewer
ADIAnalog Devices45.5% fewer
MKLMarkel Group28.1% fewer
ANETArista Networks19.7% fewer
GOOGLAlphabet · also GOOG11.0% fewer
FIVEFive Below3.1% fewer
AMEAmetek2.2% fewer
and 22 more in the filing

Exited7

MTBM & T Bankwas 0.1%
RSPInvesco S&P 500 Equal Weightwas <0.1%
QQQMInvesco Nasdaq 100 ETFwas <0.1%
BIRKBirkenstockwas <0.1%
ODFLOld Dominion Freight Linewas <0.1%
SITESiteone Landscape Supplywas <0.1%
NVONovo-Nordisk A/s-Sponswas <0.1%

Portfolio

as of Jun 30, 2026 · source

#	Holding	Weight	Value	Shares	Vs last quarter	Held since
1	GOOGAlphabet Trimmed −2.5%	7.2%	$214M	605K	Trimmed −2.5%	Q3 2016
2	HEI.AHeico Trimmed −0.4%	6.4%	$190M	735K	Trimmed −0.4%	Q3 2016
3	METAMeta Platforms Trimmed −1.6%	5.7%	$171M	303K	Trimmed −1.6%	Q2 2018
4	SCHWSchwab (charles) Added +9.5%	5.2%	$155M	1.7M	Added +9.5%	Q3 2018
5	ADPAutomatic Data Processing Added +56.2%	4.9%	$147M	655K	Added +56.2%	Q1 2026
6	AMEAmetek Trimmed −2.2%	4.9%	$145M	599K	Trimmed −2.2%	Q2 2015
7	MEDPMedpace Trimmed −0.8%	4.5%	$134M	254K	Trimmed −0.8%	Q3 2023
8	VVisa Inc-Class a Shares Trimmed −1.6%	4.5%	$134M	390K	Trimmed −1.6%	≤ Q1 2015
9	BRK.BBerkshire Hathaway Trimmed −34.4%	4.2%	$124M	248K	Trimmed −34.4%	≤ Q1 2015
10	PGRProgressive Added +2.6%	4.0%	$118M	542K	Added +2.6%	Q3 2019
11	GOOGLAlphabet Trimmed −11.0%	3.7%	$111M	310K	Trimmed −11.0%	Q3 2016
12	FIVEFive Below Trimmed −3.1%	3.6%	$108M	598K	Trimmed −3.1%	Q1 2017
13	BKNGBooking	3.1%	$93.2M	523K	No change	Q2 2018
14	IBPInstalled Building Products Trimmed −1.5%	3.1%	$91.4M	398K	Trimmed −1.5%	Q4 2021
15	NVRNVR Trimmed −3.0%	3.0%	$90.2M	13K	Trimmed −3.0%	Q3 2018
16	KNSLKinsale Capital Group Added +9.9%	2.7%	$79.4M	241K	Added +9.9%	Q3 2023
17	BFAMBright Horizons Family Solut Added +45.6%	2.6%	$76.6M	1.1M	Added +45.6%	Q4 2025
18	RMDResmed Added +68.5%	2.5%	$75.5M	388K	Added +68.5%	Q3 2020
19	OZKBank Ozk Trimmed −2.7%	2.1%	$62.4M	1.2M	Trimmed −2.7%	Q4 2018
20	MKLMarkel Group Trimmed −28.1%	2.0%	$60.3M	31K	Trimmed −28.1%	≤ Q1 2015

Show 31 more

21	ANETArista Networks Trimmed −19.7%	1.9%	$57.7M	340K	Trimmed −19.7%	Q2 2025
22	KEYSKeysight Technologies in Trimmed −55.7%	1.7%	$50.1M	143K	Trimmed −55.7%	Q1 2019
23	DISWalt Disney Trimmed −3.9%	1.7%	$49.6M	516K	Trimmed −3.9%	≤ Q1 2015
24	BROBrown & Brown Trimmed −0.3%	1.6%	$48.3M	753K	Trimmed −0.3%	Q4 2024
25	ADIAnalog Devices Trimmed −45.5%	1.2%	$37.1M	93K	Trimmed −45.5%	Q4 2021
26	NYTNew York Times New	1.1%	$33.9M	484K	New	Q2 2026
27	LFUSLittelfuse Trimmed −8.2%	1.1%	$33.8M	74K	Trimmed −8.2%	Q4 2017
28	MSAMsa Safety New	1.0%	$29.0M	166K	New	Q2 2026
29	WSOWatsco New	0.9%	$27.5M	66K	New	Q2 2026
30	AAONAaon Added +1.5%	0.9%	$26.0M	205K	Added +1.5%	Q1 2026
31	GLDSPDR Gold Shares	0.8%	$25.0M	3,876	No change	Q4 2021
32	SUNBSunbelt Rentals Trimmed −9.0%	0.7%	$21.6M	246K	Trimmed −9.0%	Q1 2026
33	VEEVVeeva Systems New	0.6%	$16.9M	95K	New	Q2 2026
34	AXPAmerican Express New	0.5%	$15.8M	47K	New	Q2 2026
35	TWFGTwfg Added +18.2%	0.5%	$15.7M	652K	Added +18.2%	Q2 2025
36	JPMJPMorgan Chase Trimmed −8.5%	0.5%	$15.7M	48K	Trimmed −8.5%	Q2 2016
37	MAMastercard Added +2.7%	0.5%	$14.8M	29K	Added +2.7%	≤ Q1 2015
38	LULULululemon Athletica Trimmed −9.7%	0.5%	$14.7M	129K	Trimmed −9.7%	Q3 2017
39	FNDFloor & Decor Holdings Trimmed −0.9%	0.5%	$13.6M	230K	Trimmed −0.9%	Q2 2022
40	HWKNHawkins New	0.5%	$13.5M	95K	New	Q2 2026
41	FERGFerguson Enterprises Added +1.8%	0.3%	$8.9M	37K	Added +1.8%	Q4 2024
42	BLDRBuilders Firstsource Trimmed −0.4%	0.3%	$8.2M	91K	Trimmed −0.4%	Q1 2025
43	BRK.ABerkshire Hathaway Trimmed −18.2%	0.2%	$6.7M	9	Trimmed −18.2%	Q3 2017
44	AAPLApple Trimmed −13.6%	0.1%	$3.8M	13K	Trimmed −13.6%	Q3 2018
45	TSMTaiwan Semiconductor Trimmed −55.0%	0.1%	$1.7M	3,655	Trimmed −55.0%	Q2 2020
46	SPYSs SPDR S&P 500 ETF Trust-Us Trimmed −7.3%	0.1%	$1.7M	2,294	Trimmed −7.3%	Q3 2017
47	YUMCYum China	<0.1%	$1.5M	36K	No change	Q3 2024
48	ITBiShares U.s. Home Constructi Added +7.4%	<0.1%	$1.2M	12K	Added +7.4%	Q2 2021
49	MSFTMicrosoft Trimmed −6.4%	<0.1%	$667K	1,787	Trimmed −6.4%	Q2 2020
50	QQQInvesco QQQ Trust Series 1 New	<0.1%	$288K	391	New	Q2 2026
51	CPRTCopart Trimmed −69.9%	<0.1%	$233K	8,274	Trimmed −69.9%	Q2 2022

Values at quarter end, not today's prices.

Filing history

46 quarters since Q1 2015

Quarter	Filed	Lag	Stocks	Positions	Filing
Q2 2026	Aug 14, 2026 *	45d	$2.97B	51	EDGAR
Q1 2026	May 15, 2026	45d	$2.73B	51	EDGAR
Q4 2025	Feb 13, 2026	44d	$3.00B	50	EDGAR
Q3 2025	Nov 14, 2025 *	45d	$2.95B	52	EDGAR
Q2 2025	Aug 13, 2025	44d	$2.92B	55	EDGAR
Q1 2025	May 13, 2025 *	43d	$2.71B	54	EDGAR
Q4 2024	Feb 13, 2025 *	44d	$2.74B	62	EDGAR
Q3 2024	Nov 13, 2024	44d	$2.63B	52	EDGAR
Q2 2024	Aug 14, 2024	45d	$2.37B	50	EDGAR
Q1 2024	May 13, 2024 *	43d	$2.46B	53	EDGAR
Q4 2023	Feb 9, 2024 *	40d	$2.13B	59	EDGAR
Q3 2023	Nov 13, 2023 *	44d	$1.84B	59	EDGAR
Q2 2023	Aug 7, 2023	38d	$1.90B	59	EDGAR
Q1 2023	May 12, 2023	42d	$1.66B	60	EDGAR
Q4 2022	Feb 10, 2023 *	41d	$1.62B	66	EDGAR
Q3 2022	Nov 14, 2022	45d	$1.48B	63	EDGAR
Q2 2022	Aug 12, 2022	43d	$1.52B	63	EDGAR
Q1 2022	May 12, 2022	42d	$1.77B	63	EDGAR
Q4 2021	Feb 11, 2022	42d	$1.87B	64	EDGAR
Q3 2021	Nov 12, 2021 *	43d	$3.37B	59	EDGAR
Q2 2021	Aug 13, 2021	44d	$1.64B	57	EDGAR
Q1 2021	May 17, 2021	47d	$1.50B	53	EDGAR
Q4 2020	Feb 16, 2021	47d	$1.30B	53	EDGAR
Q3 2020	Nov 13, 2020	44d	$1.09B	54	EDGAR
Q2 2020	Aug 7, 2020	38d	$1.01B	49	EDGAR
Q1 2020	May 15, 2020	45d	$785M	41	EDGAR
Q4 2019	Feb 7, 2020	38d	$1.11B	39	EDGAR
Q3 2019	Nov 14, 2019	45d	$1.00B	39	EDGAR
Q2 2019	Aug 13, 2019	44d	$990M	39	EDGAR
Q1 2019	May 14, 2019	44d	$872M	39	EDGAR
Q4 2018	Feb 13, 2019	44d	$759M	35	EDGAR
Q3 2018	Nov 13, 2018	44d	$883M	36	EDGAR
Q2 2018	Aug 13, 2018 *	44d	$769M	36	EDGAR
Q1 2018	May 11, 2018	41d	$747M	35	EDGAR
Q4 2017	Feb 13, 2018	44d	$729M	35	EDGAR
Q3 2017	Nov 13, 2017	44d	$684M	31	EDGAR
Q2 2017	Aug 4, 2017	35d	$619M	27	EDGAR
Q1 2017	May 11, 2017	41d	$602M	26	EDGAR
Q4 2016	Feb 10, 2017	41d	$591M	26	EDGAR
Q3 2016	Nov 8, 2016	39d	$537M	26	EDGAR
Q2 2016	Aug 11, 2016	42d	$515M	25	EDGAR
Q1 2016	May 11, 2016	41d	$509M	24	EDGAR
Q4 2015	Feb 11, 2016	42d	$502M	25	EDGAR
Q3 2015	Nov 12, 2015	43d	$497M	26	EDGAR
Q2 2015	Aug 12, 2015	43d	$500M	26	EDGAR
Q1 2015	May 12, 2015	42d	$457M	24	EDGAR

They usually file 43 days after the quarter ends. * amended later.

Earlier filings, quarter by quarter

Aug 14
NewNYT1.1% of the bookNewMSA1.0% of the bookNewWSO0.9% of the bookNewVEEV0.6% of the bookAddedADP56.2% more sharesAddedRMD68.5% more shares
Holdings as of Jun 30 (Q2 2026), filed 45 days later (the report at the SEC)
May 15
NewADP3.1% of the bookNewSUNB0.6% of the bookNewAAON0.6% of the bookNewRSP<0.1% of the bookAddedBFAM81.0% more sharesAddedTWFG66.5% more shares
Holdings as of Mar 31 (Q1 2026), filed 45 days later (the report at the SEC)
Feb 13
NewBFAM1.4% of the bookNewISRG<0.1% of the bookAddedBRO140% more sharesAddedDIS109% more sharesAddedKNSL12.5% more sharesAddedTSM96.8% more shares
Holdings as of Dec 31 (Q4 2025), filed 44 days later (the report at the SEC)
Nov 14
NewRMD2.2% of the bookAddedKNSL6.3% more sharesAddedTWFG68.9% more sharesAddedPGR2.6% more sharesAddedFIVE1.8% more sharesTrimmedANET14.5% fewer shares
Holdings as of Sep 30 (Q3 2025), filed 45 days later (the report at the SEC)
Aug 13
NewANET1.7% of the bookNewTWFG0.2% of the bookNewAMZN<0.1% of the bookAddedSCHW65.2% more sharesAddedKNSL5.4% more sharesAddedBRK.B1.7% more shares
Holdings as of Jun 30 (Q2 2025), filed 44 days later (the report at the SEC)
May 13
NewBLDR0.4% of the bookNewPMMF<0.1% of the bookAddedKNSL87.3% more sharesAddedMEDP7.5% more sharesAddedArista Networks Inc13.7% more sharesAddedBRK.A37.5% more shares
Holdings as of Mar 31 (Q1 2025), filed 43 days later (the report at the SEC)

About Giverny Capital: Owner-style investing in a few dozen steady businesses. A 13F is up to 45 days old when filed and shows long US stock positions only. Not investment advice.