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...
Create a free account, or log in to read the full article
No credit card required.
We may use your email to send marketing emails about our services. Click here to read our privacy policy.