Giverny Capital Inc.

The portfolio remains highly concentrated, holding only 26 positions, which suggests a high-conviction investment philosophy. The manager focuses on a select set of "best ideas" rather than broad diversification. Despite the reduction in assets, the fund maintains a distinct structure, with the top 10 holdings accounting for approximately 88% of the total portfolio value. The concentration risk is elevated, as the top three positions—Meta, Alphabet (Class C), and Visa—comprise nearly 36% of the fund's assets.

2. Key Holdings

The portfolio is anchored by large-cap "quality compounders," with a specific emphasis on the communication services and financial sectors.