Giverny Capital Asset Management’s Q4 2025 Investor Letter

Giverny Capital Asset Management, LLC, an investment management company, recently published its fourth-quarter 2025 investor letter. The Portfolio returned 0.01% compared to 2.66% for the S&P 500. YTD, the fund returned 12.58% compared to 17.88% for the Index. The firm faced a challenging fourth quarter and calendar year, despite solid appreciation. The outperformance of a few large technology companies has negatively impacted performance, given the portfolio’s underweight in large tech and overweight in smaller niche leaders. While portfolio companies are excelling in earnings growth and capital returns, the market is fixated on AI investments, leaving the actual benefits unclear. Additionally, you can review the Portfolio’s top 5 holdings to see its best picks for 2025.

A copy of Giverny Capital Asset Management’s Q4 2025 investor letter can be downloaded here.