Giverny Capital Inc. 13F holdings and portfolio analysis

Directly following the baseline means accepting a concentrated stock-picking portfolio with meaningful single-name and sector bet risk. In the strategy artifact, the top 5 holdings make up 35.69%, the top 10 reach 60.74%, and the top 20 reach 90.56%. Sector exposure is led by Financials at 30.65%, Consumer Discretionary at 22.17%, Industrials at 16.25%, and Communication Services at 15.07%. That structure produced a 10.07% annualizedReturn, but also a -40.10% maxDrawdown and 0.61 Sharpe, so investors are getting concentrated active risk rather than index-like diversification.

The recent baseline trade-off is best illustrated by a few sharp contrasts. The strongest recent quarter was 2024-06-30, when optimizedReturn was 12.39% versus benchmarkReturn of 9.83%, for +2.56% excess with 12.06 turnover. By contrast, 2025-06-30 was a clear weak point: optimizedReturn was -6.64% against benchmarkReturn of 4.20%, a -10.84% excess result. Another useful contrast is 2025-03-31, where the baseline still made 2.64% but badly lagged SPY’s 9.22%, producing -6.58% excess. These periods show the baseline can win in selective quarters but can also suffer significant underperformance when its concentrated bets miss.

Before accepting the baseline, a user should inspect turnover, filing-lag risk, and the exact concentration path. The artifact notes estimated trading costs of 1.38 total, turnover spikes including an 85% period, and delayed filing implementation after disclosure deadlines. It is also important to review whether the latest weights still align with the user’s tolerance for concentration, because top 10 holdings are already 60.74% of the strategy portfolio and the maxDrawdown hit -40.10%. In other words, the next step is not just checking return, but validating whether lagged execution and concentration risk are acceptable in practice.