Giverny Capital Inc. — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Giverny Capital Inc. initiated 5 new positions, increased allocation to 8 existing positions, trimmed 10 positions, and exited 4 positions entirely. The fund's 13F equity book declined from $3.00B to $2.73B (-8.9% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $3.00BPrior quarter
- $2.73BCurrent quarter
- $-0.27BNet delta
- -8.9%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| AUTOMATIC DATA PROCESSING IN | ADP | 3.12% | Holders → |
| SUNBELT RENTALS HOLDINGS INC | SUNB | 0.65% | Holders → |
| AAON INC | AAON | 0.61% | Holders → |
| INVESCO EXCHANGE TRADED FD T | RSP | 0.04% | Holders → |
| INVESCO EXCH TRADED FD TR II | QQQM | 0.04% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| BRIGHT HORIZONSFAMILY SOLUTION | BFAM | +0.84% | +80.97% | Holders → |
| TWFG INC | TWFG | +0.05% | +66.54% | Holders → |
| MICROSOFT CORP | MSFT | +-0.00% | +12.09% | Holders → |
| KINSALE CAPITAL GROUP IN | KNSL | +-0.06% | +2.18% | Holders → |
| BUILDERS FIRSTSOURCE INC | BLDR | +-0.03% | +2.03% | Holders → |
| ARISTA NETWORKS INC | ANET | +0.07% | +1.00% | Holders → |
| FERGUSON ENTERPRISES INC | FERG | +0.04% | +0.97% | Holders → |
| JPMORGAN CHASE & CO | JPM | +0.01% | +0.89% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | -0.06% | -49.44% | Holders → |
| AMETEK INC | AME | -1.90% | -37.51% | History → |
| BERKSHIRE HATHAWAY INC DEL | BRK/B | -1.84% | -25.17% | Holders → |
| INSTALLED BLDG PRODS INC | IBP | -0.57% | -22.26% | History → |
| APPLE INC | AAPL | -0.01% | -8.95% | Holders → |
| ISHARES TR | ITB | -0.00% | -7.21% | Holders → |
| OLD DOMINION FREIGHT LINE IN | ODFL | 0.01% | -4.74% | Holders → |
| ALPHABET INC | GOOGL | -0.10% | -3.58% | History → |
| NVR INC | NVR | -0.14% | -3.30% | Holders → |
| KEYSIGHT TECHNOLOGIES INC | KEYS | 1.08% | -3.25% | Holders → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| CAPITAL ONE FINL CORP | COF | 0.07% |
| DREAM FINDERS HOMES | DFH | 0.02% |
| INTUITIVE SURGICAL, INC. | ISRG | 0.01% |
| COSTCO WHOLESALE CORPORATION | COST | 0.01% |
Methodology & FAQ
How Giverny Capital Inc. Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Giverny Capital Inc. against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did Giverny Capital Inc. initiate in Q1 2026?
Giverny Capital Inc. established 5 new positions in Q1 2026: AUTOMATIC DATA PROCESSING IN (ADP, 3.12%), SUNBELT RENTALS HOLDINGS INC (SUNB, 0.65%), AAON INC (AAON, 0.61%), INVESCO EXCHANGE TRADED FD T (RSP, 0.04%), INVESCO EXCH TRADED FD TR II (QQQM, 0.04%).
Which existing positions saw the largest allocation increases for Giverny Capital Inc. in Q1 2026?
The largest portfolio-weight increases in existing positions were: BRIGHT HORIZONSFAMILY SOLUTION (BFAM, +0.84% weight, +80.97% shares), TWFG INC (TWFG, +0.05% weight, +66.54% shares), MICROSOFT CORP (MSFT, +-0.00% weight, +12.09% shares), KINSALE CAPITAL GROUP IN (KNSL, +-0.06% weight, +2.18% shares), BUILDERS FIRSTSOURCE INC (BLDR, +-0.03% weight, +2.03% shares), ARISTA NETWORKS INC (ANET, +0.07% weight, +1.00% shares), FERGUSON ENTERPRISES INC (FERG, +0.04% weight, +0.97% shares), JPMORGAN CHASE & CO (JPM, +0.01% weight, +0.89% shares).
Which positions did Giverny Capital Inc. fully exit in Q1 2026?
Giverny Capital Inc. fully exited 4 positions in Q1 2026: CAPITAL ONE FINL CORP (COF, last-reported weight 0.07%), DREAM FINDERS HOMES (DFH, last-reported weight 0.02%), INTUITIVE SURGICAL, INC. (ISRG, last-reported weight 0.01%), COSTCO WHOLESALE CORPORATION (COST, last-reported weight 0.01%).
Which existing positions saw the largest allocation reductions for Giverny Capital Inc. in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: TAIWAN SEMICONDUCTOR MANUFAC (TSM, -0.06% weight, -49.44% shares), AMETEK INC (AME, -1.90% weight, -37.51% shares), BERKSHIRE HATHAWAY INC DEL (BRK/B, -1.84% weight, -25.17% shares), INSTALLED BLDG PRODS INC (IBP, -0.57% weight, -22.26% shares), APPLE INC (AAPL, -0.01% weight, -8.95% shares), ISHARES TR (ITB, -0.00% weight, -7.21% shares), OLD DOMINION FREIGHT LINE IN (ODFL, 0.01% weight, -4.74% shares), ALPHABET INC (GOOGL, -0.10% weight, -3.58% shares), NVR INC (NVR, -0.14% weight, -3.30% shares), KEYSIGHT TECHNOLOGIES INC (KEYS, 1.08% weight, -3.25% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.