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Funds (13F)

Giverny Capital Inc.

Backtest from 15 May 2015 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+10.1%
S&P 500 +13.6%
Last 12 months
+9.6%
S&P 500 +12.1%
Sharpe ratio
0.47
S&P 500 0.71
Biggest drop
−37.7%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 201520172019202120232025 $43.0k$30.2k
Giverny Capital Inc.S&P 500 $10,000 in Giverny Capital Inc. from 15 May 2015 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Giverny Capital Inc.'s quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Giverny Capital Inc.'s 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+10.1%+13.6%
Total return+202%+330%
Last 12 months+9.6%+12.1%
Last 3 months+2.0%—
Last month+1.4%—
This year so far+4.3%—
Volatility a year19.7%16.6%
Sharpe ratio0.470.71
Biggest drop−37.7%−31.8%
Beta to the S&P 5001.081.00
Alpha a year (t-statistic)−3.5% (−1.45)—
Share of weeks up56%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
META7.3%——
SCHW6.6%——
ADP6.2%——
AME6.2%——
MEDP5.7%——
V5.7%——
PGR5.0%——
GOOGL4.7%——
FIVE4.6%——
BKNG4.0%——
IBP3.9%——
NVR3.8%——
KNSL3.4%——
BFAM3.3%——
RMD3.2%——
MKL2.6%——
ANET2.5%——
KEYS2.1%——
DIS2.1%——
BRO2.1%——
ADI1.6%——
NYT1.4%——
LFUS1.4%——
MSA1.2%——
WSO1.2%——
AAON1.1%——
SUNB0.9%——
VEEV0.7%——
AXP0.7%——
TWFG0.7%——
JPM0.7%——
MA0.6%——
LULU0.6%——
FND0.6%——
HWKN0.6%——
FERG0.4%——
BLDR0.3%——
AAPL0.2%——
TSM0.1%——
YUMC0.1%——
MSFT0.0%——
CPRT0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest15 May 2015 to 2 Nov 2026+10.1%+13.6%0.470.71−37.7%1.08−3.5% (−1.45)
2018 onwards5 Jan 2018 to 2 Nov 2026+10.0%+13.9%0.420.66−37.7%1.08−3.8% (−1.31)
Last three years3 Nov 2023 to 2 Nov 2026+15.2%+21.8%0.671.15−17.2%0.93−4.1% (−0.74)
Last year7 Nov 2025 to 2 Nov 2026+11.8%+14.2%0.570.84−10.8%0.85−0.3% (−0.03)
DateCompanyAction
28 Aug 2026WSOBought
28 Aug 2026VEEVBought
28 Aug 2026NYTBought
28 Aug 2026MSABought
28 Aug 2026HWKNBought
28 Aug 2026AXPBought
22 May 2026SUNBBought
22 May 2026ADPBought
22 May 2026AAONBought
20 Feb 2026ISRGBought
20 Feb 2026BFAMBought
21 Nov 2025RMDBought
15 Aug 2025TWFGBought
15 Aug 2025MSFTBought
15 Aug 2025ISRGBought
15 Aug 2025FERGBought
15 Aug 2025BROBought
15 Aug 2025BLDRBought
15 Aug 2025BIRKBought
15 Aug 2025ANETBought
15 Aug 2025AMZNBought
15 Nov 2024YUMCBought
15 Nov 2024ICEBought
15 Nov 2024COSTBought
15 Nov 2024COFBought

Dated at the rebalance that made the change.

DateCompanyAction
28 Aug 2026SITESold
28 Aug 2026ODFLSold
28 Aug 2026NVOSold
28 Aug 2026MTBSold
28 Aug 2026BIRKSold
22 May 2026ISRGSold
22 May 2026DFHSold
22 May 2026COSTSold
22 May 2026COFSold
20 Feb 2026KMXSold
20 Feb 2026FISVSold
20 Feb 2026CACCSold
20 Feb 2026ALGNSold
21 Nov 2025SBUXSold
21 Nov 2025ISRGSold
21 Nov 2025BACSold
21 Nov 2025AMZNSold
15 Aug 2025ICESold
15 Aug 2025FBINSold
15 Aug 2025EWSold
15 Nov 2024ABNBSold
16 Aug 2024TJXSold
16 Aug 2024ROPSold
16 Aug 2024MSFTSold
16 Aug 2024MBCSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest