Giverny Capital Asset Management’s Q3 2022 Investor Letter

Giverny Capital, an investment management company, recently published its third-quarter investor letter in 2022. A copy of the same can be downloaded here.  In the third quarter, the fund’s performance was in line with the market, but it underperformed year-to-date. During the quarter, the fund fell by 4.64%, net of fees, compared to a 4.88% decline for the Standard & Poor’s 500 Index benchmark. Year-to-date, the portfolio returned -28.71%, net of fees, compared to a return of -23.87% for the S&P 500 Index. You can check the top 5 holdings of the fund to see its best picks for 2022.