Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Giverny Capital
superinvestor_value
C
Reliability improving可靠性走强
leaderboard rank榜单排名 #35
Book持仓规模
$2.7B
long US listed only仅美股多头
Positions持仓数
51
98% resolved已解析
Top-10 concentration前十集中度
57%
% of book占组合%
Turnover换手
LOW
9.5% per quarter每季
Median excess中位超额
-18%
buys vs SPY, since filing买入相对SPY，自申报起 · n 66
Hit rate胜率
33%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Industrials (Equal-Weight) — added ADP (+3.1pp of book this quarter)核心倾向：工业（等权） — 本季度加仓 ADP（占组合 +3.1pp）
Industrials (Equal-Weight)工业（等权）
+3.1pp
8.3% of book held占组合持有
· 5 names标的
· US Sectors (EW)
ADP
Magnificent Seven七巨头
+0.0pp
10.3% of book held占组合持有
· 4 names标的
· AI & Technology
MSFT
AI Software & PlatformsAI 软件与平台
+0.0pp
10.2% of book held占组合持有
· 3 names标的
· AI & Technology
MSFT
Quantum Computing量子计算
+0.0pp
3.7% of book held占组合持有
· 2 names标的
· AI & Technology
MSFT
Technology (Equal-Weight)信息技术（等权）
+0.0pp
7.4% of book held占组合持有
· 5 names标的
· US Sectors (EW)
MSFT
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 12 scored quarters已评分季度 · 33% positive为正 · recent-4 median近4季中位 +2% vs all-time对全期 -16%
Median excess by quarter各季度中位超额: █▁▅▅▅▆▅▂▇▇▆▇ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 3 | +11% | 67% | -7% |
| 2023-09-30 | 5 | -85% | 20% | +7% |
| 2023-12-31 | 5 | -26% | 40% | +6% |
| 2024-03-31 | 5 | -17% | 20% | -7% |
| 2024-06-30 | 7 | -20% | 14% | -5% |
| 2024-09-30 | 11 | -11% | 46% | +3% |
| 2024-12-31 | 9 | -28% | 22% | -9% |
| 2025-03-31 | 2 | -63% | 0% | -1% |
| 2025-06-30 | 7 | +2% | 57% | +3% |
| 2025-09-30 | 2 | +2% | 50% | +14% |
| 2025-12-31 | 5 | -15% | 0% | -22% |
| 2026-03-31 | 5 | +5% | 60% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Financial
23.1%
▼ -2.8pp
Communication Services
18.5%
▼ -0.9pp
Consumer Discretionary
11.7%
▲ +1.4pp
Unclassified
10.8%
▲ +0.0pp
Industrials
8.9%
▲ +1.8pp
Technology
7.4%
▲ +1.5pp
Consumer Cyclical
7.3%
▼ -0.9pp
Financials
4.8%
▲ +0.1pp
Health Care
4.5%
▼ -0.4pp
Healthcare
1.9%
▼ -0.0pp
Information Technology
1.0%
▲ +0.3pp
Theme categories主题类别
US Sectors (EW) 30.1%
Consumer Cyclical 15.9%
Financials 13.3%
AI & Technology 12.2%
Industrials & Defense 4.8%
Semiconductors & Hardware 2.0%
Rotating into (QoQ)轮入（环比）
Industrials +1.8pp
Technology +1.5pp
Consumer Discretionary +1.4pp
Rotating out of (QoQ)轮出（环比）
Financial -2.8pp
Communication Services -0.9pp
Consumer Cyclical -0.9pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Financial 23% · Communication Services 19% · Consumer Discretionary 12% |
| 2025-12-31 | Financial 26% · Communication Services 19% · Unclassified 11% |
| 2025-09-30 | Financial 23% · Unclassified 16% · Communication Services 15% |
| 2025-06-30 | Financial 27% · Communication Services 15% · Unclassified 15% |
| 2025-03-31 | Financial 30% · Unclassified 16% · Communication Services 13% |
| 2024-12-31 | Financial 27% · Unclassified 15% · Communication Services 15% |
| 2024-09-30 | Financial 25% · Communication Services 14% · Unclassified 14% |
| 2024-06-30 | Financial 25% · Communication Services 15% · Unclassified 14% |
| 2024-03-31 | Financial 24% · Consumer Discretionary 17% · Unclassified 14% |
| 2023-12-31 | Financial 24% · Consumer Discretionary 18% · Unclassified 15% |
| 2023-09-30 | Financial 25% · Unclassified 16% · Consumer Discretionary 16% |
| 2023-06-30 | Financial 23% · Consumer Discretionary 18% · Unclassified 16% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。50 positions shown项持仓 · resolved已解析 50/51 (98%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  BRK-B |
Berkshire Hathaway Inc Del | 6.6% | $181M | trim | -25% | — | 70 · HIGH | Financial | Financials (Equal-Weight) | -1% |
| 2 |  GOOG |
Alphabet Inc C | 6.5% | $178M | hold | -3% | — | 69 · MODERATE | Communication Services | Communication Services (Equal-Weight) | -12% |
| 3 |  META |
Meta Platforms Inc | 6.5% | $176M | hold | -2% | — | 69 · MODERATE | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +7% |
| 4 |  HEI-A |
Heico Corp New | 5.7% | $156M | hold | -2% | — | 68 · MODERATE | — | — | — |
| 5 |  SCHW |
Schwab Charles Corp | 5.3% | $144M | hold | -3% | — | 67 · MODERATE | Financial | Financials (Equal-Weight) | +11% |
| 6 |  FIVE |
Five Below Inc | 5.2% | $141M | hold | -3% | — | 66 · MODERATE | Consumer Discretionary | Retail | -9% |
| 7 |  AME |
Ametek Inc | 4.8% | $131M | trim | -38% | — | 66 · MODERATE | Industrials | Reshoring & Industrial Capex, Industrials (Equal-Weight) | +0% |
| 8 |  MEDP |
Medpace Holdings Inc | 4.5% | $123M | hold | -3% | — | 65 · MODERATE | Health Care | — | +28% |
| 9 |  V |
Visa Inc | 4.4% | $120M | hold | -3% | — | 64 · MODERATE | Financial | Payments & Fintech, Financials (Equal-Weight) | +11% |
| 10 |  IBP |
Installed Bldg Prods Inc | 3.9% | $107M | trim | -22% | — | 64 · MODERATE | Consumer Discretionary | Housing Chain | +7% |
| 11 |  PGR |
Progressive Corp | 3.8% | $105M | hold | -2% | — | 48 · MODERATE | Financial | Insurance & Brokers, Financials (Equal-Weight) | +2% |
| 12 |  GOOGL |
Alphabet Inc | 3.7% | $100M | hold | -4% | — | 47 · MODERATE | Communication Services | Magnificent Seven, AI Software & Platforms, Quantum Computing | -12% |
| 13 |  KEYS |
Keysight Technologies Inc | 3.3% | $91M | hold | -3% | — | 47 · MODERATE | Technology | Technology (Equal-Weight) | -10% |
| 14 |  NVR |
Nvr Inc | 3.3% | $90M | hold | -3% | — | 46 · MODERATE | Consumer Cyclical | Housing Chain, Consumer Discretionary (Equal-Weight) | +15% |
| 15 |  BKNG |
Booking Holdings Inc. | 3.3% | $89M | hold | -2% | — | 45 · MODERATE | Consumer Cyclical | Travel & Experiences, Consumer Discretionary (Equal-Weight) | +19% |
| 16 | ADP |
Automatic Data Proc Inc | 3.1% | $85M | new | — | 1q | 50 · MODERATE | Industrials | Industrials (Equal-Weight) | +19% |
| 17 |  MKL |
Markel Corp | 3.0% | $82M | hold | -2% | — | 44 · LOW | — | — | +5% |
| 18 |  KNSL |
Kinsale Capital Group In | 2.7% | $75M | hold | +2% | — | 43 · LOW | Financials | Insurance & Brokers | +1% |
| 19 |  BFAM |
Bright Horizonsfamily Solution | 2.2% | $61M | add | +81% | 2q | 52 · MODERATE | Consumer Discretionary | — | +6% |
| 20 |  OZK |
Bank Ozk Little Rock Ark | 2.1% | $56M | hold | -3% | — | 42 · LOW | Financials | — | +8% |
| 21 |  ADI |
Analog Devices Inc | 2.0% | $54M | hold | -3% | — | 31 · LOW | Technology | Non-AI Tech & Hardware, Technology (Equal-Weight) | -10% |
| 22 |  ANET |
Arista Networks Inc | 1.9% | $52M | hold | +1% | — | 30 · LOW | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | +17% |
| 23 |  DIS |
Disney Walt Co | 1.9% | $52M | hold | -2% | — | 30 · LOW | Communication Services | Communication Services (Equal-Weight) | -4% |
| 24 |  RMD |
Resmed Inc | 1.9% | $52M | hold | -2% | — | 30 · LOW | Healthcare | Health Care (Equal-Weight) | -1% |
| 25 |  BRO |
Brown & Brown | 1.8% | $49M | hold | -2% | — | 28 · LOW | Financial | Insurance & Brokers, Financials (Equal-Weight) | +22% |
| 26 |  LFUS |
Littelfuse Inc | 1.0% | $27M | hold | -1% | — | 28 · LOW | Information Technology | — | -9% |
| 27 |  LULU |
Lululemon Athletica Inc | 0.8% | $22M | hold | -1% | — | 27 · LOW | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | -4% |
| 28 |  SUNB |
Sunbelt Rentals Hldgs In Gb Shrs | 0.7% | $18M | new | — | 1q | 21 · LOW | — | — | — |
| 29 |  AAON |
Aaon Inc | 0.6% | $17M | new | — | 1q | 20 · LOW | Industrials | — | -19% |
| 30 |  JPM |
Jpmorgan Chase & Co | 0.6% | $15M | hold | +1% | — | 25 · LOW | Financial | Financials (Equal-Weight) | +14% |
| 31 |  MA |
Mastercard Incorporated | 0.5% | $14M | hold | -2% | — | 24 · LOW | Financial | Payments & Fintech, Financials (Equal-Weight) | +10% |
| 32 |  FND |
Floor & Decor Hldgs Inc | 0.4% | $12M | hold | -2% | — | 23 · LOW | Consumer Discretionary | — | +28% |
| 33 |  TWFG |
Twfg Inc | 0.4% | $10M | add | +66% | 4q | 43 · LOW | — | — | — |
| 34 |  FERG |
Ferguson Enterprises Inc | 0.3% | $9M | hold | +1% | — | 22 · LOW | — | Industrial Distribution & Capital Goods | — |
| 35 |  BRK-A |
Berkshire Hathaway Inc Del | 0.3% | $8M | hold | +0% | — | 21 · LOW | — | — | — |
| 36 |  BLDR |
Builders Firstsource Inc | 0.3% | $8M | hold | +2% | — | 20 · LOW | Industrials | Housing Chain, Industrials (Equal-Weight) | +6% |
| 37 |  AAPL |
Apple Inc | 0.1% | $4M | hold | -9% | — | 20 · LOW | Technology | Magnificent Seven, Technology (Equal-Weight) | +9% |
| 38 |  TSM |
Taiwan Semiconductor Mfg Ltd | 0.1% | $3M | trim | -49% | — | 19 · LOW | — | Compute, Compute, Foundries | +0% |
| 39 |  YUMC |
Yum China Hldgs Inc | 0.1% | $2M | hold | +0% | — | 18 · LOW | — | — | -4% |
| 40 |  GLD |
Spdr Gold Tr | 0.1% | $2M | hold | +0% | — | 18 · LOW | — | — | -12% |
| 41 |  SPY |
Spdr S&p 500 Etf | 0.1% | $2M | hold | +0% | — | 18 · LOW | — | — | +0% |
| 42 |  MTB |
M & T Bk Corp | 0.1% | $2M | hold | -0% | — | 18 · LOW | Financial | Regional Banks, Financials (Equal-Weight) | +20% |
| 43 |  RSP |
Invesco S&p500 Eq Wgt Etf | 0.0% | $1M | new | — | 1q | 11 · LOW | — | — | +5% |
| 44 |  QQQM |
Invesco Exch Traded Fd Tr Ii | 0.0% | $1M | new | — | 1q | 11 · LOW | — | — | — |
| 45 |  ITB |
Ishares Tr | 0.0% | $982830 | hold | -7% | — | 16 · LOW | — | — | +15% |
| 46 |  ODFL |
Old Dominion Freight Line In | 0.0% | $978172 | hold | -5% | — | 16 · LOW | Industrials | Industrials (Equal-Weight) | +9% |
| 47 |  CPRT |
Copart Inc | 0.0% | $912469 | hold | +0% | — | 13 · LOW | Industrials | Industrials (Equal-Weight) | -18% |
| 48 | MSFT |
Microsoft Corp | 0.0% | $707025 | add | +12% | 1q | 18 · LOW | Technology | Magnificent Seven, AI Software & Platforms, Quantum Computing | -6% |
| 49 |  SITE |
Siteone Landscape Supply Inc | 0.0% | $499562 | hold | +0% | — | 11 · LOW | — | — | — |
| 50 |  NVO |
Novo-Nordisk A S | 0.0% | $455700 | hold | +0% | — | 11 · LOW | — | GLP-1 & Obesity | +14% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (8)
| ADP new |
3.1% | +19% |
| BFAM add |
2.2% | +6% |
| SUNB new |
0.7% | — |
| AAON new |
0.6% | -19% |
| TWFG add |
0.4% | — |
| RSP new |
0.0% | +5% |
| QQQM new |
0.0% | — |
| MSFT add |
0.0% | -6% |
Rotated out of轮出 (8)
| BRK-B trim |
-25% | -1% |
| AME trim |
-38% | +0% |
| IBP trim |
-22% | +7% |
| TSM trim |
-49% | +0% |
 COF exit |
-100% | +12% |
 COST exit |
-100% | -11% |
 DFH exit |
-100% | +21% |
 ISRG exit |
-100% | -6% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。