Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Giverny Capital
superinvestor_value
B
Reliability improving可靠性走强
leaderboard rank榜单排名 #16WATCH观察
Book持仓规模
$3.0B
long US listed only仅美股多头
Positions持仓数
51
100% resolved已解析
Top-10 concentration前十集中度
56%
% of book占组合%
Turnover换手
LOW
9.7% per quarter每季
Median excess中位超额
-11%
buys vs SPY, since filing买入相对SPY，自披露起 · n 89
Hit rate胜率
37%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Industrials (Equal-Weight) — added ADP (+4.9pp of book this quarter)核心倾向：工业（等权） — 本季度加仓 ADP（占组合 +4.9pp）
Industrials (Equal-Weight)工业（等权）
+4.9pp
10.1% of book held占组合持有
· 4 names标的
· US Sectors (EW)
ADP
Travel & Experiences旅行与体验
+3.1pp
3.1% of book held占组合持有
· 1 names标的
· Consumer Cyclical
BKNG
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+3.1pp
6.7% of book held占组合持有
· 3 names标的
· US Sectors (EW)
BKNG
Health Care (Equal-Weight)医疗保健（等权）
+3.1pp
3.1% of book held占组合持有
· 2 names标的
· US Sectors (EW)
RMD
VEEV
Industrial Distribution & Capital Goods工业分销与资本品
+0.9pp
1.2% of book held占组合持有
· 2 names标的
· Industrials
WSO
Payments & Fintech支付与金融科技
+0.5pp
5.5% of book held占组合持有
· 3 names标的
· Financials
AXP
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 13 scored quarters已评分季度 · 15% positive为正 · recent-4 median近4季中位 -3% vs all-time对全期 -14%
Median excess by quarter各季度中位超额: ▁▅▅▅▆▆▄▇▇▇▇█ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 3 | -0% | 33% | -7% |
| 2023-09-30 | 5 | -117% | 20% | +9% |
| 2023-12-31 | 6 | -45% | 33% | +1% |
| 2024-03-31 | 5 | -34% | 20% | -9% |
| 2024-06-30 | 7 | -47% | 0% | -4% |
| 2024-09-30 | 11 | -24% | 27% | +1% |
| 2024-12-31 | 12 | -14% | 42% | -1% |
| 2025-03-31 | 3 | -50% | 0% | -9% |
| 2025-06-30 | 8 | -6% | 50% | -1% |
| 2025-09-30 | 3 | -9% | 33% | +4% |
| 2025-12-31 | 6 | -11% | 17% | -17% |
| 2026-03-31 | 8 | +3% | 75% | +5% |
| 2026-06-30 | 12 | +4% | 67% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Financial
27.9%
▼ -3.0pp
Communication Services
19.5%
▲ +0.9pp
Consumer Cyclical
17.1%
▼ -2.6pp
Industrials
13.2%
▲ +4.0pp
Unclassified
8.1%
▲ +1.4pp
Healthcare
7.6%
▲ +1.2pp
Technology
6.2%
▼ -2.3pp
Basic Materials
0.5%
▲ +0.5pp
Theme categories主题类别
US Sectors (EW) 29.0%
Financials 13.8%
Consumer Cyclical 13.1%
AI & Technology 11.6%
Industrials & Defense 4.9%
Semiconductors & Hardware 1.2%
Rotating into (QoQ)轮入（环比）
Industrials +4.0pp
Healthcare +1.2pp
Communication Services +0.9pp
Rotating out of (QoQ)轮出（环比）
Financial -3.0pp
Consumer Cyclical -2.6pp
Technology -2.3pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Financial 28% · Communication Services 19% · Consumer Cyclical 17% |
| 2026-03-31 | Financial 31% · Consumer Cyclical 20% · Communication Services 19% |
| 2025-12-31 | Financial 34% · Communication Services 19% · Consumer Cyclical 19% |
| 2025-09-30 | Financial 32% · Consumer Cyclical 18% · Communication Services 15% |
| 2025-06-30 | Financial 39% · Consumer Cyclical 22% · Communication Services 15% |
| 2025-03-31 | Financial 43% · Consumer Cyclical 22% · Communication Services 13% |
| 2024-12-31 | Financial 38% · Consumer Cyclical 24% · Communication Services 15% |
| 2024-09-30 | Financial 35% · Consumer Cyclical 25% · Communication Services 14% |
| 2024-06-30 | Financial 34% · Consumer Cyclical 25% · Communication Services 15% |
| 2024-03-31 | Financial 35% · Consumer Cyclical 26% · Communication Services 13% |
| 2023-12-31 | Financial 33% · Consumer Cyclical 25% · Communication Services 12% |
| 2023-09-30 | Financial 34% · Consumer Cyclical 23% · Communication Services 14% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至披露日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。51 positions shown项持仓 · resolved已解析 51/51 (100%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  GOOG |
Alphabet Inc C | 7.2% | $214M | hold | -2% | — | 70 · HIGH | Communication Services | Communication Services (Equal-Weight) | -17% |
| 2 |  HEI-A |
Heico Corp New | 6.4% | $190M | hold | -0% | — | 69 · MODERATE | — | — | -16% |
| 3 |  META |
Meta Platforms Inc | 5.7% | $171M | hold | -2% | — | 69 · MODERATE | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +7% |
| 4 |  SCHW |
Schwab Charles Corp | 5.2% | $155M | hold | +10% | — | 68 · MODERATE | Financial | Financials (Equal-Weight) | -17% |
| 5 | ADP |
Automatic Data Proc Inc | 4.9% | $147M | add | +56% | 2q | 77 · HIGH | Industrials | Industrials (Equal-Weight) | +6% |
| 6 |  AME |
Ametek Inc | 4.9% | $145M | hold | -2% | — | 67 · MODERATE | Industrials | Reshoring & Industrial Capex, Industrials (Equal-Weight) | -4% |
| 7 |  MEDP |
Medpace Holdings Inc | 4.5% | $134M | hold | -1% | — | 66 · MODERATE | Healthcare | — | +18% |
| 8 |  V |
Visa Inc | 4.5% | $134M | hold | -2% | — | 65 · MODERATE | Financial | Payments & Fintech, Financials (Equal-Weight) | +13% |
| 9 |  BRK-B |
Berkshire Hathaway Inc Del | 4.2% | $124M | trim | -34% | — | 64 · MODERATE | Financial | Financials (Equal-Weight) | +9% |
| 10 |  PGR |
Progressive Corp | 4.0% | $118M | hold | +3% | — | 64 · MODERATE | Financial | Insurance & Brokers, Financials (Equal-Weight) | +10% |
| 11 |  GOOGL |
Alphabet Inc | 3.7% | $111M | trim | -11% | — | 48 · MODERATE | Communication Services | Magnificent Seven, AI Software & Platforms, Quantum Computing | -17% |
| 12 |  FIVE |
Five Below Inc | 3.6% | $108M | hold | -3% | — | 48 · MODERATE | Consumer Cyclical | Retail | +1% |
| 13 | BKNG |
Booking Holdings Inc. | 3.1% | $93M | add | +2375% | 1q | 52 · MODERATE | Consumer Cyclical | Travel & Experiences, Consumer Discretionary (Equal-Weight) | -28% |
| 14 |  IBP |
Installed Bldg Prods Inc | 3.1% | $91M | hold | -2% | — | 46 · MODERATE | Consumer Cyclical | Housing Chain | -15% |
| 15 |  NVR |
Nvr Inc | 3.0% | $90M | hold | -3% | — | 45 · MODERATE | Consumer Cyclical | Housing Chain, Consumer Discretionary (Equal-Weight) | -3% |
| 16 |  KNSL |
Kinsale Capital Group In | 2.7% | $79M | hold | +10% | — | 45 · LOW | Financial | Insurance & Brokers | -2% |
| 17 |  BFAM |
Bright Horizonsfamily Solution | 2.6% | $77M | add | +46% | 3q | 59 · MODERATE | Consumer Cyclical | — | +2% |
| 18 | RMD |
Resmed Inc | 2.5% | $76M | add | +68% | 1q | 48 · MODERATE | Healthcare | Health Care (Equal-Weight) | +14% |
| 19 |  OZK |
Bank Ozk Little Rock Ark | 2.1% | $62M | hold | -3% | — | 43 · LOW | Financial | — | -1% |
| 20 |  MKL |
Markel Corp | 2.0% | $60M | trim | -28% | — | 42 · LOW | Financial | — | +2% |
| 21 |  ANET |
Arista Networks Inc | 1.9% | $58M | trim | -20% | — | 31 · LOW | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | -7% |
| 22 |  KEYS |
Keysight Technologies Inc | 1.7% | $50M | trim | -56% | — | 31 · LOW | Technology | Technology (Equal-Weight) | -10% |
| 23 |  DIS |
Disney Walt Co | 1.7% | $50M | hold | -4% | — | 30 · LOW | Communication Services | Communication Services (Equal-Weight) | +4% |
| 24 |  BRO |
Brown & Brown | 1.6% | $48M | hold | -0% | — | 29 · LOW | Financial | Insurance & Brokers, Financials (Equal-Weight) | -3% |
| 25 |  ADI |
Analog Devices Inc | 1.2% | $37M | trim | -45% | — | 28 · LOW | Technology | Non-AI Tech & Hardware, Technology (Equal-Weight) | +12% |
| 26 |  NYT |
New York Times Co-A- | 1.1% | $34M | new | — | 1q | 23 · LOW | Communication Services | — | +10% |
| 27 |  LFUS |
Littelfuse Inc | 1.1% | $34M | hold | -8% | — | 27 · LOW | Technology | — | -7% |
| 28 |  MSA |
Msa Safety Inc | 1.0% | $29M | new | — | 1q | 22 · LOW | Industrials | — | -2% |
| 29 | WSO |
Watsco Inc | 0.9% | $27M | new | — | 1q | 21 · LOW | Industrials | Industrial Distribution & Capital Goods | +6% |
| 30 |  AAON |
Aaon Inc | 0.9% | $26M | hold | +2% | — | 25 · LOW | Industrials | — | -20% |
| 31 |  GLD |
Spdr Gold Tr | 0.8% | $25M | hold | +0% | — | 24 · LOW | — | — | -8% |
| 32 |  SUNB |
Sunbelt Rentals Holdings | 0.7% | $22M | hold | -9% | — | 24 · LOW | Consumer Cyclical | — | -5% |
| 33 | VEEV |
Veeva Systems Inc Cl-A | 0.6% | $17M | new | — | 1q | 18 · LOW | Healthcare | Health Care (Equal-Weight) | +34% |
| 34 | AXP |
American Express Co | 0.5% | $16M | new | — | 1q | 17 · LOW | Financial | Payments & Fintech, Financials (Equal-Weight) | -5% |
| 35 |  TWFG |
Twfg Inc | 0.5% | $16M | add | +18% | 5q | 42 · LOW | — | — | +8% |
| 36 |  JPM |
Jpmorgan Chase & Co | 0.5% | $16M | hold | -8% | — | 22 · LOW | Financial | Financials (Equal-Weight) | -4% |
| 37 |  MA |
Mastercard Incorporated | 0.5% | $15M | hold | +3% | — | 20 · LOW | Financial | Payments & Fintech, Financials (Equal-Weight) | +12% |
| 38 |  LULU |
Lululemon Athletica Inc | 0.5% | $15M | hold | -10% | — | 20 · LOW | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | -15% |
| 39 |  FND |
Floor & Decor Hldgs Inc | 0.5% | $14M | hold | -1% | — | 19 · LOW | Consumer Cyclical | — | -16% |
| 40 |  HWKN |
Hawkins Inc | 0.5% | $13M | new | — | 1q | 13 · LOW | Basic Materials | — | +3% |
| 41 |  FERG |
Ferguson Enterprises Inc | 0.3% | $9M | hold | +2% | — | 18 · LOW | Industrials | Industrial Distribution & Capital Goods, Industrials (Equal-Weight) | -5% |
| 42 |  BLDR |
Builders Firstsource Inc | 0.3% | $8M | hold | -0% | — | 17 · LOW | Industrials | Housing Chain | -20% |
| 43 |  BRK-A |
Berkshire Hathaway Inc Del | 0.2% | $7M | trim | -18% | — | 16 · LOW | — | — | +10% |
| 44 |  AAPL |
Apple Inc | 0.1% | $4M | trim | -14% | — | 16 · LOW | Technology | Magnificent Seven, Technology (Equal-Weight) | +15% |
| 45 |  TSM |
Taiwan Semiconductor Mfg Ltd | 0.1% | $2M | trim | -55% | — | 15 · LOW | Technology | Compute, Compute, Foundries | +2% |
| 46 |  SPY |
Spdr S&p 500 Etf | 0.1% | $2M | hold | -7% | — | 15 · LOW | — | — | +0% |
| 47 |  YUMC |
Yum China Hldgs Inc | 0.1% | $1M | hold | +0% | — | 13 · LOW | — | — | -4% |
| 48 |  ITB |
Ishares Tr | 0.0% | $1M | hold | +7% | — | 13 · LOW | — | — | -5% |
| 49 |  MSFT |
Microsoft Corp | 0.0% | $666587 | hold | -6% | — | 12 · LOW | Technology | Magnificent Seven, AI Software & Platforms, Quantum Computing | +8% |
| 50 |  QQQ |
Invesco Qqq Tr | 0.0% | $287932 | new | — | 1q | 6 · LOW | — | — | -1% |
| 51 |  CPRT |
Copart Inc | 0.0% | $233244 | trim | -70% | — | 11 · LOW | Industrials | Industrials (Equal-Weight) | -6% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (12)
| ADP add |
4.9% | +6% |
| BKNG add |
3.1% | -28% |
| BFAM add |
2.6% | +2% |
| RMD add |
2.5% | +14% |
| NYT new |
1.1% | +10% |
| MSA new |
1.0% | -2% |
| WSO new |
0.9% | +6% |
| VEEV new |
0.6% | +34% |
| AXP new |
0.5% | -5% |
| TWFG add |
0.5% | +8% |
| HWKN new |
0.5% | +3% |
| QQQ new |
0.0% | -1% |
Rotated out of轮出 (16)
| BRK-B trim |
-34% | +9% |
| GOOGL trim |
-11% | -17% |
| MKL trim |
-28% | +2% |
| ANET trim |
-20% | -7% |
| KEYS trim |
-56% | -10% |
| ADI trim |
-45% | +12% |
| BRK-A trim |
-18% | +10% |
| AAPL trim |
-14% | +15% |
| TSM trim |
-55% | +2% |
| CPRT trim |
-70% | -6% |
 MTB exit |
-100% | -10% |
 NVO exit |
-100% | -13% |
 ODFL exit |
-100% | -11% |
 QQQM exit |
-100% | -2% |
 RSP exit |
-100% | -0% |
 SITE exit |
-100% | +6% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以披露日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, reported long positions from managers with at least $100M in Section 13(f) securities. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量披露日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。