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Giverny Capital

Dec 2024 → Jun 2026 · Publishes quarterly · 3 funds

Our archive holds 9 letters from Giverny Capital, behind 19 investment theses and positions in 17 companies. Every quote below is copied verbatim from the letter it came from.

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Giverny Capital’s own letters page
9
Letters
17
Companies
10
Moves
19
Theses

2 strategies

Giverny Capital publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

Also filed under Giverny Capital.

What they bought and sold · 10 moves

Companies held · 17

Every company Giverny Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 19

  • American Express
    March 2026

    American Express is a premium payments and card franchise with strong brand power, rising spend, and attractive earnings growth at a fair valuation.

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  • American Express Company
    March 2026

    American Express has a premium brand, a virtuous rewards ecosystem, strong card spending growth, rapid premium cardholder additions, and attractive valuation after a 25% drop.

    Read the full thesis
  • Constellation Software
    March 2026

    Constellation Software is a durable ERP and vertical software compounder with sticky customer data, strong service, and growing free cash flow at an attractive yield.

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  • TWFG
    December 2025

    TWFG is an insurance distribution platform offering agents carrier access and back-office support for a commission split, with founder ownership and growth potential.

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  • Constellation Software Inc.
    December 2025

    Constellation Software is a diversified vertical-market software acquirer with sticky, bespoke solutions and continued earnings growth despite AI fears and leadership change.

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  • Kinsale Capital Group, Inc.
    December 2025

    Kinsale Capital Group is a founder-led, highly efficient specialty insurer with technology-driven underwriting speed and the lowest expense ratio.

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  • Hawkins, Inc.
    December 2025

    Hawkins is a chemicals company with a fast-growing, high-ROE water treatment segment, disciplined M&A, and aligned family leadership driving compounding potential.

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  • Watsco, Inc.
    December 2025

    Watsco is the largest HVAC distributor with technology advantages and secular replacement demand, poised to resume double-digit earnings growth after a standards-driven pause.

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  • Taiwan Semiconductor Manufacturing Company
    September 2025

    Taiwan Semiconductor is a leading chip manufacturer with a strong market position and growth potential, despite geopolitical risks affecting its operations.

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  • Fiserv
    June 2025

    Fiserv is a resilient growth company with a 39-year track record of 10% earnings growth, serving as the key technology provider for regional banks and offering significant potential through products like Clover.

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  • Aaon Inc.
    March 2025

    Aaon Inc. is a promising investment due to its semi-custom HVAC systems that offer energy efficiency and robust growth potential, especially with upcoming regulatory changes and a strong data center cooling division.

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  • Builders FirstSource
    March 2025

    Builders FirstSource is a leading building products distributor poised for growth due to its efficient services and strong market position, despite current obstacles in the housing market.

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Letter archive · 9

2026

2025

2024

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