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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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Giverny Capital's portfolio returned 13.7% in Q2 2026 versus 15.2% for the S&P 500, bringing year-to-date returns to 5.89% versus 10.21% for the Index. Manager David Poppe observes extreme market dispersion, with 210 S&P 500 stocks posting negative returns while the Index gained 10.2% in the first half. The manager attributes this to momentum-chasing behavior, with investors oscillating between fear of missing AI opportunities and fear of disappointing returns from massive data center investments. Despite underperformance, Poppe maintains conviction in quality holdings like Charles Schwab, Mastercard, JP Morgan, and Progressive, which continue growing earnings at healthy rates but trade at significant discounts to the Index. The portfolio's largest positions remain AI-exposed companies Alphabet, Arista Networks, and Taiwan Semiconductor, though Poppe trimmed both Alphabet and Arista after strong appreciation made them expensive. He redeployed proceeds into undervalued financials. The manager believes the market remains a weighing machine long-term and expects earnings growth to drive returns for his concentrated portfolio of 10-15 high-quality compounders.
Own high-quality earnings compounders with dominant competitive positions that are being undervalued by a momentum-driven market, while maintaining exposure to AI leaders despite elevated valuations.
The manager expects to continue owning high quality earnings compounders that will benefit from implementing AI capabilities and maintain dominant competitive positions. While acknowledging that top technology positions are expensive and future returns may be lower, the manager believes the best course is to continue owning terrific companies being left behind by momentum-chasing alongside technology leaders. The manager views current holdings outside technology as attractively priced despite healthy earnings growth.
As of Aug 4, 2026
David Poppe brings more than 25 years of investment experience as President and Co-Founder, including nearly 20 years at Ruane, Cunniff where he served as Chairman and CEO from 2016-2018. In 2010, he and co-manager Bob Goldfarb were named equity portfolio managers of the year by Morningstar for Sequoia Fund's performance. The firm operates as a partnership with François Rochon of Montreal-based Giverny Capital Inc., combining transatlantic investment expertise.
GCAM's investment process is founded on the core principles of Value Investing, buying shares in companies with durable competitive advantages when intrinsic value is meaningfully higher than current share prices. The firm expects to hold between 20 and 30 stocks with low portfolio turnover, holding top-flight management teams for years when identified. The approach emphasizes long-term fundamental analysis over short-term market movements.
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