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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Giverny Capital Asset Management. This analysis is provided for institutional research purposes only and is not investment advice.
"Giverny Capital maintains a concentrated portfolio of quality earnings compounders despite Q2 underperformance driven by extreme market dispersion favoring momentum. Manager Poppe trimmed expensive AI winners Alphabet and Arista to add to undervalued financials like Schwab and Progressive growing earnings 15-25% annually but trading at half the market multiple."
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.
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