Giverny Capital Inc. 13F: Quarter-over-Quarter Portfolio Changes
Giverny Capital Inc. reported a disclosed portfolio value of approximately $3.0 billion in its latest SEC Form 13F-HR filing for Q2 2026, up 8.9% quarter on quarter. Over the quarter, the manager initiated 7 new positions, bought more shares in 12 holdings, trimmed 30 holdings, and exited 7 positions.
Giverny Capital Inc.'s top buy was a new stake in New York Times CO Mtn Be (NYT) , equal to 1.1% of the disclosed portfolio. Its top sell was M & T Bk CORP (MTB) . The manager exited the position completely after it had accounted for 0.1% of the previous portfolio.
New PositionsQ2 2026
Securities disclosed for the first time in Q2 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| NEW YORK TIMES CO MTN BE | NYT | 1.1% | Holders → |
| MSA SAFETY INC | MSA | 1.0% | Holders → |
| WATSCO INC | WSO | 0.9% | Holders → |
| VEEVA SYS INC | VEEV | 0.6% | Holders → |
| AMERICAN EXPRESS CO | AXP | 0.5% | Holders → |
| HAWKINS INC | HWKN | 0.5% | Holders → |
| INVESCO QQQ TR | QQQ | 0.0% | Holders → |
Top BuysQ2 2026
Showing the top 10 buys among 12 existing positions where the manager bought more shares in Q2 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| BOOKING HLDGS INC | BKNG | +-0.1% | +2375.1% | Holders → |
| RESMED INC | RMD | +0.6% | +68.5% | Holders → |
| AUTOMATIC DATA PROCESSING IN | ADP | +1.8% | +56.2% | History → |
| BRIGHT HORIZONS FAM SOL IN D | BFAM | +0.3% | +45.6% | Holders → |
| TWFG INC | TWFG | +0.2% | +18.2% | Holders → |
| KINSALE CAPITAL GROUP IN | KNSL | +-0.1% | +10.0% | Holders → |
| SCHWAB CHARLES CORP | SCHW | +-0.1% | +9.5% | History → |
| ISHARES TR | ITB | +0.0% | +7.4% | Holders → |
| MASTERCARD INC-CLASS A | MA | +-0.0% | +2.7% | Holders → |
| PROGRESSIVE CORP | PGR | +0.1% | +2.6% | History → |
Top SellsQ2 2026
Showing the top 10 sells among 30 existing positions where the manager sold shares in Q2 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| COPART INC | CPRT | -0.0% | 69.9% | Holders → |
| KEYSIGHT TECHNOLOGIES INC | KEYS | -1.7% | 55.7% | Holders → |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | -0.0% | 55.0% | Holders → |
| ANALOG DEVICES INC | ADI | -0.7% | 45.4% | Holders → |
| BERKSHIRE HATHAWAY INC CL B | BRK/B | -2.5% | 34.4% | – |
| MARKEL GROUP INC | MKL | -1.0% | 28.1% | Holders → |
| ARISTA NETWORKS INC | ANET | 0.0% | 19.7% | Holders → |
| BERKSHIRE HATHAWAY INC CL A | BRK/A | -0.1% | 18.2% | – |
| APPLE INC | AAPL | -0.0% | 13.6% | Holders → |
| ALPHABET INC-CL A | GOOGL | 0.1% | 11.0% | History → |
Full ExitsQ2 2026
Positions present in the prior 13F-HR filing that no longer appear in Q2 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| M & T BK CORP | MTB | 0.1% |
| INVESCO EXCHANGE TRADED FD T | RSP | 0.0% |
| INVESCO EXCH TRADED FD TR II | QQQM | 0.0% |
| BIRKENSTOCK HOLDING PLC | BIRK | 0.0% |
| OLD DOMINION FREIGHT LIN | ODFL | 0.0% |
| SITEONE LANDSCAPE SUPPLY INC | SITE | 0.0% |
| NOVO-NORDISK A S | NVO | 0.0% |
Net Portfolio Value ChangeQ2 2026
- $2.7BPrior quarter
- $3.0BCurrent quarter
- +$0.2BNet delta
- +8.9%% change
Methodology & FAQ
How Giverny Capital Inc. Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Giverny Capital Inc.: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description, including how confidential treatment filings are handled, is documented in the Methodology.
What stocks did Giverny Capital Inc. buy in Q2 2026?
In Q2 2026, Giverny Capital Inc. initiated 7 new positions (NEW YORK TIMES CO MTN BE (NYT), MSA SAFETY INC (MSA), WATSCO INC (WSO), VEEVA SYS INC (VEEV), AMERICAN EXPRESS CO (AXP), HAWKINS INC (HWKN), INVESCO QQQ TR (QQQ)); bought more shares of BOOKING HLDGS INC (BKNG), RESMED INC (RMD), AUTOMATIC DATA PROCESSING IN (ADP), BRIGHT HORIZONS FAM SOL IN D (BFAM), TWFG INC (TWFG) (the largest 5 of 12 adds).
What stocks did Giverny Capital Inc. sell in Q2 2026?
In Q2 2026, Giverny Capital Inc. fully sold 7 positions (M & T BK CORP (MTB), INVESCO EXCHANGE TRADED FD T (RSP), INVESCO EXCH TRADED FD TR II (QQQM), BIRKENSTOCK HOLDING PLC (BIRK), OLD DOMINION FREIGHT LIN (ODFL), SITEONE LANDSCAPE SUPPLY INC (SITE), NOVO-NORDISK A S (NVO)); reduced holdings in COPART INC (CPRT), KEYSIGHT TECHNOLOGIES INC (KEYS), TAIWAN SEMICONDUCTOR MANUFAC (TSM), ANALOG DEVICES INC (ADI), BERKSHIRE HATHAWAY INC CL B (BRK/B) (the largest 5 of 30 reductions).
Which positions did Giverny Capital Inc. initiate in Q2 2026?
Giverny Capital Inc. established 7 new positions in Q2 2026: NEW YORK TIMES CO MTN BE (NYT, 1.1%), MSA SAFETY INC (MSA, 1.0%), WATSCO INC (WSO, 0.9%), VEEVA SYS INC (VEEV, 0.6%), AMERICAN EXPRESS CO (AXP, 0.5%), HAWKINS INC (HWKN, 0.5%), INVESCO QQQ TR (QQQ, 0.0%).
Which existing positions saw the largest allocation increases for Giverny Capital Inc. in Q2 2026?
Of 12 existing positions with share-count increases in Q2 2026, the largest were: BOOKING HLDGS INC (BKNG, +-0.1% weight, +2375.1% shares), RESMED INC (RMD, +0.6% weight, +68.5% shares), AUTOMATIC DATA PROCESSING IN (ADP, +1.8% weight, +56.2% shares), BRIGHT HORIZONS FAM SOL IN D (BFAM, +0.3% weight, +45.6% shares), TWFG INC (TWFG, +0.2% weight, +18.2% shares), KINSALE CAPITAL GROUP IN (KNSL, +-0.1% weight, +10.0% shares), SCHWAB CHARLES CORP (SCHW, +-0.1% weight, +9.5% shares), ISHARES TR (ITB, +0.0% weight, +7.4% shares), MASTERCARD INC-CLASS A (MA, +-0.0% weight, +2.7% shares), PROGRESSIVE CORP (PGR, +0.1% weight, +2.6% shares).
Which positions did Giverny Capital Inc. fully exit in Q2 2026?
Giverny Capital Inc. fully exited 7 positions in Q2 2026: M & T BK CORP (MTB, last-reported weight 0.1%), INVESCO EXCHANGE TRADED FD T (RSP, last-reported weight 0.0%), INVESCO EXCH TRADED FD TR II (QQQM, last-reported weight 0.0%), BIRKENSTOCK HOLDING PLC (BIRK, last-reported weight 0.0%), OLD DOMINION FREIGHT LIN (ODFL, last-reported weight 0.0%), SITEONE LANDSCAPE SUPPLY INC (SITE, last-reported weight 0.0%), NOVO-NORDISK A S (NVO, last-reported weight 0.0%).
Which existing positions saw the largest allocation reductions for Giverny Capital Inc. in Q2 2026?
Of 30 existing positions with share-count reductions in Q2 2026, the largest were: COPART INC (CPRT, -0.0% weight, -69.9% shares), KEYSIGHT TECHNOLOGIES INC (KEYS, -1.7% weight, -55.7% shares), TAIWAN SEMICONDUCTOR MANUFAC (TSM, -0.0% weight, -55.0% shares), ANALOG DEVICES INC (ADI, -0.7% weight, -45.4% shares), BERKSHIRE HATHAWAY INC CL B (BRK/B, -2.5% weight, -34.4% shares), MARKEL GROUP INC (MKL, -1.0% weight, -28.1% shares), ARISTA NETWORKS INC (ANET, 0.0% weight, -19.7% shares), BERKSHIRE HATHAWAY INC CL A (BRK/A, -0.1% weight, -18.2% shares), APPLE INC (AAPL, -0.0% weight, -13.6% shares), ALPHABET INC-CL A (GOOGL, 0.1% weight, -11.0% 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. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.