13F
中
← All fund report cards

Giverny Capital Inc.

13F equity value
$2.7B
Positions
51
Top 10 concentration
53.4%
Quarters / total new picks
24 / 77
13F equity value over time
$0M$2B$3B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 24 quarters, returned +0.5% per quarter — versus +3.0% per quarter from simply owning every 13F stock. It beat that baseline in only 37.5% of quarters (excess t = -1.39, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-5.2%
t-stat
-1.39
Quarterly win rate
38%
Annualized excess
-11.5%
$1 → follow vs universe
$0.96 vs $1.86
Cumulative return: $1 invested in new picks vs universe
1.00 20180630: universe 0.92120180930: universe 0.96320181231: universe 0.95320190331: universe 0.93720190930: universe 1.00720200331: universe 1.21420200630: universe 1.34120200930: universe 1.64520210630: universe 1.77720210930: universe 1.59520211231: universe 1.35720220331: universe 1.45720220630: universe 1.35020221231: universe 1.25420230331: universe 1.32120231231: universe 1.38020240331: universe 1.41120240630: universe 1.53920240930: universe 1.52620241231: universe 1.42420250331: universe 1.55320250630: universe 1.60220250930: universe 1.80120251231: universe 1.863 20180630: follow 0.93020180930: follow 0.92720181231: follow 0.90120190331: follow 0.93920190930: follow 1.09920200331: follow 1.39020200630: follow 1.38820200930: follow 1.51420210630: follow 1.63120210930: follow 1.31820211231: follow 1.05720220331: follow 1.20020220630: follow 1.02620221231: follow 0.99520230331: follow 1.00020231231: follow 0.88620240331: follow 0.80620240630: follow 0.80220240930: follow 0.85720241231: follow 0.84520250331: follow 0.99320250630: follow 0.97020250930: follow 1.01820251231: follow 0.965 0.74 1.37 2.01 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 51 · 2026 Q1

Ticker Value Weight QoQ
BRK/B $181M
6.6%
TRIM
GOOG $178M
6.5%
TRIM
META $176M
6.5%
HOLD
HEI/A $156M
5.7%
TRIM
SCHW $144M
5.3%
TRIM
FIVE $141M
5.2%
TRIM
AME $131M
4.8%
TRIM
MEDP $123M
4.5%
TRIM
V $120M
4.4%
TRIM
IBP $107M
3.9%
TRIM
PGR $105M
3.8%
HOLD
GOOGL $100M
3.7%
TRIM
KEYS $91M
3.3%
TRIM
NVR $90M
3.3%
TRIM
BKNG $89M
3.3%
HOLD
ADP $85M
3.1%
NEW
MKL $82M
3.0%
TRIM
KNSL $75M
2.7%
ADD
BFAM $61M
2.2%
ADD
OZK $56M
2.1%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

AAONADPQQQMRSP

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.