# Giverny Capital: 13F portfolio, Q2 2026

Investment firm, Montreal.

Source: SEC Form 13F filed 2026-08-26 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/1641864/000164186426000010/0001641864-26-000010-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/giverny-capital
Updated: 2026-08-26 · Next filing due by 2026-11-14

## Summary
- Reported value: $3.0B (Q1 2026: $2.7B)
- Positions: 51 (Q1 2026: 51)
- Top 10 holdings: 51.5% of the portfolio
- This quarter: 7 new, 11 added to, 30 trimmed, 7 sold out

## What Giverny Capital did in Q2 2026
Giverny Capital opened 7 new positions, the largest New York Times, MSA Safety and Watsco. It raised its stake in Resmed by 69% and Automatic Data Processing by 56%. It sold out of 7 positions, among them M&T Bank, Invesco S&P500 Eq Wgt ETF and Invesco Exch Traded Fd Tr II. It cut Copart by 70%, Keysight Technologies by 56% and Taiwan Semiconductor Manufacturing by 55%. Alphabet is now the largest holding, at 7.2% of the portfolio.

## Biggest buys
- New York Times (NYT): New
- MSA Safety (MSA): New
- Watsco (WSO): New
- Veeva Systems (VEEV): New
- American Express (AXP): New

## Biggest sells
- M&T Bank (MTB): Sold out
- Invesco S&P500 Eq Wgt ETF (RSP): Sold out
- Invesco Exch Traded Fd Tr II (QQQM): Sold out
- Birkenstock Holding (BIRK): Sold out
- Old Dominion Freight Line (ODFL): Sold out

## Top 15 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Alphabet | GOOG | 7.2% | $213.9M | −2% | Q3 2024 or earlier |
| 2 | Heico | HEI-A | 6.4% | $189.6M | −0.4% | Q3 2024 or earlier |
| 3 | Meta Platforms | META | 5.7% | $170.6M | −2% | Q3 2024 or earlier |
| 4 | Schwab Charles | SCHW | 5.2% | $155.2M | +9% | Q3 2024 or earlier |
| 5 | Automatic Data Processing | ADP | 4.9% | $146.6M | +56% | Q1 2026 |
| 6 | Ametek Inc/ | AME | 4.9% | $144.9M | −2% | Q3 2024 or earlier |
| 7 | Medpace Holdings | MEDP | 4.5% | $134.5M | −0.8% | Q3 2024 or earlier |
| 8 | Visa | V | 4.5% | $133.8M | −2% | Q3 2024 or earlier |
| 9 | Berkshire Hathaway | BRK-B | 4.2% | $124.3M | −34% | Q3 2024 or earlier |
| 10 | Progressive | PGR | 4.0% | $118.5M | +3% | Q3 2024 or earlier |
| 11 | Alphabet | GOOGL | 3.7% | $110.8M | −11% | Q3 2024 or earlier |
| 12 | Five Below | FIVE | 3.6% | $107.5M | −3% | Q3 2024 or earlier |
| 13 | Booking Holdings | BKNG | 3.1% | $93.2M | Split | Q3 2024 or earlier |
| 14 | Installed Building Products | IBP | 3.1% | $91.4M | −1% | Q3 2024 or earlier |
| 15 | Nvr | NVR | 3.0% | $90.2M | −3% | Q3 2024 or earlier |

36 more positions and every quarter's holdings are on Valuepeg for members: https://valuepeg.com/managers/giverny-capital

## Other value investors
- Gotham Asset Management (Joel Greenblatt): https://valuepeg.com/managers/gotham-asset-management
- Greenlight Capital: https://valuepeg.com/managers/greenlight-capital
- Himalaya Capital (Li Lu): https://valuepeg.com/managers/himalaya-capital
- Icahn (Carl Icahn): https://valuepeg.com/managers/carl-icahn
- Kahn Brothers: https://valuepeg.com/managers/kahn-brothers

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.