Giverny Capital Inc. 13F: Quarter-over-Quarter Portfolio Changes
Giverny Capital Inc. reported a disclosed portfolio value of approximately $2.7 billion in its latest SEC Form 13F-HR filing for Q1 2026, down 8.9% quarter on quarter. Over the quarter, the manager initiated 5 new positions, bought more shares in 8 holdings, trimmed 30 holdings, and exited 4 positions.
Giverny Capital Inc.'s top buy was a new stake in Automatic Data Processing in (ADP) , equal to 3.1% of the disclosed portfolio. Its top sell was Capital One Finl CORP (COF) . The manager exited the position completely after it had accounted for 0.1% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| AUTOMATIC DATA PROCESSING IN | ADP | 3.1% | Holders → |
| SUNBELT RENTALS HOLDINGS INC | SUNB | 0.6% | Holders → |
| AAON INC | AAON | 0.6% | Holders → |
| INVESCO EXCHANGE TRADED FD T | RSP | 0.0% | Holders → |
| INVESCO EXCH TRADED FD TR II | QQQM | 0.0% | Holders → |
Top BuysQ1 2026
The manager's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| BRIGHT HORIZONS FAM SOL IN D | BFAM | +0.8% | +81.0% | Holders → |
| TWFG INC | TWFG | +0.1% | +66.5% | Holders → |
| MICROSOFT | MSFT | +-0.0% | +12.1% | Holders → |
| KINSALE CAP GROUP INC | KNSL | +-0.1% | +2.2% | Holders → |
| BUILDERS FIRSTSOURCE INC | BLDR | +-0.0% | +2.0% | Holders → |
| ARISTA NETWORKS INC | ANET | +0.1% | +1.0% | Holders → |
| FERGUSON ENTERPRISES INC | FERG | +0.0% | +1.0% | Holders → |
| JPMORGAN | JPM | +0.0% | +0.9% | Holders → |
Top SellsQ1 2026
Showing the top 10 sells among 30 existing positions where the manager sold shares in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| TAIWAN SEMIC-ADR | TSM | -0.1% | 49.4% | Holders → |
| AMETEK INC | AME | -1.9% | 37.5% | History → |
| BERKSHIRE HATHAWAY B | BRK/B | -1.8% | 25.2% | — |
| INSTALLED BLDG PRODS INC | IBP | -0.6% | 22.3% | History → |
| APPLE | AAPL | -0.0% | 8.9% | Holders → |
| ISHARES TR | ITB | -0.0% | 7.2% | Holders → |
| OLD DOMINION FREIGHT LINE IN | ODFL | 0.0% | 4.7% | Holders → |
| ALPHABET CL A | GOOGL | -0.1% | 3.6% | History → |
| NVR INC. | NVR | -0.1% | 3.3% | Holders → |
| KEYSIGHT TECHNOLOGIES INC | KEYS | 1.1% | 3.3% | Holders → |
Full ExitsQ1 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 | 0.1% |
| DREAM FINDERS HOMES | DFH | 0.0% |
| INTUITIVE SURGICAL INC | ISRG | 0.0% |
| COSTCO WHOLESALE | COST | 0.0% |
Net Portfolio Value ChangeQ1 2026
- $3.0BPrior quarter
- $2.7BCurrent quarter
- $-0.3BNet 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 Q1 2026?
In Q1 2026, Giverny Capital Inc. initiated 5 new positions (AUTOMATIC DATA PROCESSING IN (ADP), SUNBELT RENTALS HOLDINGS INC (SUNB), AAON INC (AAON), INVESCO EXCHANGE TRADED FD T (RSP), INVESCO EXCH TRADED FD TR II (QQQM)); bought more shares of BRIGHT HORIZONS FAM SOL IN D (BFAM), TWFG INC (TWFG), MICROSOFT (MSFT), KINSALE CAP GROUP INC (KNSL), BUILDERS FIRSTSOURCE INC (BLDR) — the largest 5 of 8 adds.
What stocks did Giverny Capital Inc. sell in Q1 2026?
In Q1 2026, Giverny Capital Inc. fully sold 4 positions (CAPITAL ONE FINL CORP (COF), DREAM FINDERS HOMES (DFH), INTUITIVE SURGICAL INC (ISRG), COSTCO WHOLESALE (COST)); reduced holdings in TAIWAN SEMIC-ADR (TSM), AMETEK INC (AME), BERKSHIRE HATHAWAY B (BRK/B), INSTALLED BLDG PRODS INC (IBP), APPLE (AAPL) — the largest 5 of 30 reductions.
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, 3.1%), SUNBELT RENTALS HOLDINGS INC (SUNB, 0.6%), AAON INC (AAON, 0.6%), INVESCO EXCHANGE TRADED FD T (RSP, 0.0%), INVESCO EXCH TRADED FD TR II (QQQM, 0.0%).
Which existing positions saw the largest allocation increases for Giverny Capital Inc. in Q1 2026?
Of 8 existing positions with share-count increases in Q1 2026, the largest were: BRIGHT HORIZONS FAM SOL IN D (BFAM, +0.8% weight, +81.0% shares), TWFG INC (TWFG, +0.1% weight, +66.5% shares), MICROSOFT (MSFT, +-0.0% weight, +12.1% shares), KINSALE CAP GROUP INC (KNSL, +-0.1% weight, +2.2% shares), BUILDERS FIRSTSOURCE INC (BLDR, +-0.0% weight, +2.0% shares), ARISTA NETWORKS INC (ANET, +0.1% weight, +1.0% shares), FERGUSON ENTERPRISES INC (FERG, +0.0% weight, +1.0% shares), JPMORGAN (JPM, +0.0% weight, +0.9% 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 0.1%), DREAM FINDERS HOMES (DFH, last-reported weight 0.0%), INTUITIVE SURGICAL INC (ISRG, last-reported weight 0.0%), COSTCO WHOLESALE (COST, last-reported weight 0.0%).
Which existing positions saw the largest allocation reductions for Giverny Capital Inc. in Q1 2026?
Of 30 existing positions with share-count reductions in Q1 2026, the largest were: TAIWAN SEMIC-ADR (TSM, -0.1% weight, -49.4% shares), AMETEK INC (AME, -1.9% weight, -37.5% shares), BERKSHIRE HATHAWAY B (BRK/B, -1.8% weight, -25.2% shares), INSTALLED BLDG PRODS INC (IBP, -0.6% weight, -22.3% shares), APPLE (AAPL, -0.0% weight, -8.9% shares), ISHARES TR (ITB, -0.0% weight, -7.2% shares), OLD DOMINION FREIGHT LINE IN (ODFL, 0.0% weight, -4.7% shares), ALPHABET CL A (GOOGL, -0.1% weight, -3.6% shares), NVR INC. (NVR, -0.1% weight, -3.3% shares), KEYSIGHT TECHNOLOGIES INC (KEYS, 1.1% weight, -3.3% 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.