Giverny Q1 2026: A Sequoia-Lineage Quality Book

Giverny Capital, the quality-focused firm led by David Poppe — a former chief executive of Ruane, Cunniff & Goldfarb, the firm behind the legendary Sequoia Fund — reported a $2.73B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001641864-26-000004, filed 2026-05-15). The book carries the unmistakable stamp of that heritage: a concentrated portfolio of high-quality compounders bought to hold for the long term.

Berkshire Hathaway's Class B shares lead at 6.64%, followed by Alphabet's GOOG shares at 6.52%, Meta (META) at 6.45%, aerospace-parts maker Heico at 5.71%, and Charles Schwab (SCHW) at 5.29%. It is a roster of durable, high-return businesses — exactly the kind of compounders the Sequoia lineage is known for owning.

The quarter's notable moves were trims: Giverny cut Berkshire by 25%, industrial Ametek (AME) by 38%, and Installed Building Products (IBP) by 22%.

A quality-compounder book

Beyond the top five come specialty retailer Five Below (FIVE) at 5.16%, Ametek at 4.80%, contract-research organization Medpace (MEDP) at 4.50%, Visa (V) at 4.39%, and Installed Building Products at 3.92%.

The mix blends megacap quality (Alphabet, Meta, Visa) with high-quality mid-caps and compounders (Heico, Medpace, Five Below, Installed Building Products). With 51 positions and the top ten at roughly 53% of the book, Giverny runs a focused portfolio of businesses it believes can grow intrinsic value steadily over many years — the Sequoia-style quality discipline applied at a boutique scale.

Trimming, holding the core

The quarter's trims — Berkshire (-25%), Ametek (-38%), and Installed Building Products (-22%) — pared some long-held positions, while the megacap-quality core (Alphabet, Meta, Heico, Schwab, Visa) was held roughly flat.

Giverny's reported value has ranged in the $2.4B-$3.3B band, easing to $2.73B this quarter. For a quality manager, such trims often reflect valuation discipline — taking something off positions that have run — rather than a change in the long-term thesis on the businesses.

What it means for 13F readers

Giverny offers a clean look at boutique quality-compounder investing in the Sequoia tradition — a concentrated book of durable, high-return businesses. The trims to Berkshire and Ametek are the quarter's signals, likely valuation-driven within an otherwise stable core. Track the firm's quarter-over-quarter holdings on the Giverny Capital filer page.

FAQ

What is Giverny Capital?

Giverny Capital is a quality-focused investment firm led by David Poppe, a former chief executive of Ruane, Cunniff & Goldfarb (the firm behind the Sequoia Fund). It reported a $2.73B U.S. equity 13F book for the quarter ended March 31, 2026.

What are Giverny's largest holdings?

Its five largest positions are Berkshire Hathaway Class B (6.64%), Alphabet's GOOG shares (6.52%), Meta (6.45%), Heico (5.71%), and Charles Schwab (5.29%) — a concentrated quality-compounder book.

What did Giverny do in Q1 2026?

Giverny trimmed Berkshire Hathaway by 25%, Ametek by 38%, and Installed Building Products by 22%, while holding its megacap-quality core — Alphabet, Meta, Heico, Schwab, Visa — roughly flat.

What kind of stocks does Giverny own?

High-quality compounders — durable, high-return businesses bought to hold for years. The book blends megacap quality like Alphabet and Visa with high-quality mid-caps such as Heico, Medpace, and Five Below.