How Did Giverny Capital's Holdings Change in Q3 2022 and Q4 2022?

Giverny Capital Inc., a reputable investment management firm, recently filed its 13F holdings report for Q3 2022 and Q4 2022. The quarterly report highlights the company's investment strategies and the changes in its portfolio from one quarter to the next. In this article, we will analyze the report and explain how Giverny Capital's holdings changed in Q3 2022 and Q4 2022.

Let's start by understanding what the 13F report is and why it is essential. All institutional investment managers who manage over $100 million in assets are required to file a Form 13F with the Securities and Exchange Commission (SEC). The report lists all the stocks, bonds, and other securities that the investment manager owns and plans to sell or buy. The 13F report is filed no more than 45 days after the end of the quarter and helps investors understand the investment manager's portfolio changes.

Now, let's take a closer look at Giverny Capital's 13F report. The firm's Q3 2022 report showed holdings worth $486,846,000, while the Q4 2022 report indicated holdings worth $533,784,000, a 9.6% increase in the value of their portfolio.

Among the top holdings, Giverny Capital decreased its holdings in Alphabet Inc. (GOOG) by 8.3%, Bank of America Corp. (BAC) by 10.2%, Edwards Lifesciences Corp. (EW) by 10.5%, and Intercontinental Exchange Inc. (ICE) by a staggering 95.6%. The firm also sold all its shares of Lilly Eli & Co. (LLY) and Brookfield Asset Mgmt Inc. (BKAA.SG) during Q4 2022.

On the other hand, holdings in Berkshire Hathaway Inc. (BRK-B) decreased only marginally, by 0.3%. Meanwhile, Giverny Capital increased its holdings in Fortune Brands Home & Security Inc. (FBIN) by 50.2%, Lululemon Athletica Inc. (LULU) by 110%, and Autohome Inc. (ATHM) by 4.6%. Additionally, the firm initiated positions in Vanguard 500 Index ETF-New (VOO) and UnitedHealth Group Inc. (UNH).

It's essential to note that while the 13F report provides valuable insights into an investment manager's portfolio and strategies, it is not an investment recommendation. The report is just one tool investors can use to make informed investment decisions.

In conclusion, Giverny Capital's Q3 2022 and Q4 2022 holding reports suggest the firm's investment strategies focused on selling some of its holdings while maintaining positions in others and initiating new positions. The firm's investment objective is to generate long-term capital appreciation, and these purchases and sales may reflect their current outlook on the stock's future performance. As with any investment decision, it is crucial to perform your due diligence and make informed choices based on your financial goals and risk tolerance.