Giverny Capital filed a Q4 2025 13F revealing a $3.00 trillion portfolio spread across 50 distinct holdings. The firm introduced 2 new positions while simultaneously shedding 4 previous investments, rebalancing its concentrated book. Berkshire Hathaway (BRK.B) claimed 8.5% of the portfolio, leading Meta Platforms (META) at 6.9%, Ametek (AME) at 6.7%, Alphabet (GOOG) at 6.7%, and HEICO (HEI.A) at 6.3%.

François Rochon’s Giverny Capital staked $41.59 billion in Bright Horizons Family Solutions (BFAM) during Q4 2025. Employers increasingly offer childcare as a benefit, a strategy to retain talent in tight labor markets. BFAM, a provider of corporate-sponsored care and early education, gains from this demand, capitalizing on its extensive network and pricing power. Giverny also committed $229.4 million to Intuitive Surgical (ISRG). Aging global demographics drive surgical procedure volumes, increasing adoption of ISRG’s da Vinci robotic systems. Hospitals face high switching costs once they invest in and train staff on Intuitive’s equipment, ensuring recurring revenue from instruments and services.

Rochon’s Q4 purchases reveal a distinct investment approach. Both Bright Horizons and Intuitive Surgical possess dominant positions in non-discretionary sectors. These companies benefit from immutable long-term demographic shifts: working parents demanding childcare, an aging population requiring more healthcare. Each maintains high barriers to entry, whether through brand, operational scale, or proprietary technology and integrated hospital systems. Their business models generate predictable, recurring revenue streams. Rochon targets durable enterprises with significant competitive advantages, capitalizing on essential services with persistent growth vectors.

François Rochon, managing Giverny Capital, made precise adjustments to his highest-conviction holdings during Q4 2025. He increased his Meta Platforms position by 1%, bringing its value to $206.90 billion, Giverny’s largest equity holding. Alphabet remained Rochon’s second-largest stake at $200.68 billion, seeing no percentage change in Q4. He added another 1% to HEI.A, raising its portfolio allocation to $190.47 billion, solidifying its place as a top three position. These minor increases in his largest bets signal a refining of Giverny’s portfolio structure, not a fundamental shift.

Rochon also deepened existing commitments in Charles Schwab and Medpace Holdings. He boosted the Charles Schwab stake by 1%, now valued at $158.42 billion. Medpace Holdings received a similar 1% addition, reaching $147.89 billion within the portfolio. Giverny Capital’s Q4 activity shows a clear pattern: marginal additions to established, substantial positions. Rochon reinforced his largest, most successful investments, rather than initiating new speculative ventures. The strategy points to conviction maintained across his core holdings.

Giverny Capital’s François Rochon executed targeted, small-scale reductions across his portfolio in Q4 2025. He trimmed Berkshire Hathaway (BRK.B) by 1%, Ametek (AME) by 2%, and Apple (AAPL) by 2%. Floor & Decor Holdings (FND) saw a minimal 0% reduction, effectively maintaining its position. These adjustments represent minor rebalancing efforts, not a wholesale strategic shift.

Such fractional cuts suggest Rochon retains conviction in these core holdings. He avoided outright liquidations of any major positions within the period. The small percentage changes imply a cautious recalibration of exposure, perhaps driven by valuation concerns at the margin or a reallocation to higher-conviction opportunities elsewhere in the portfolio. Investors interpret these minor adjustments as portfolio optimization rather than a loss of faith in these well-known companies.