What Francois Rochon bought and sold in Q4 2025

In Q4 2025, Francois Rochon (Giverny Capital) opened 2 new positions — including BFAM (1.4%), ISRG (<0.1%), added to 2, trimmed 1, exited 4 (FISV, KMX, ALGN). The book stood at $3.00B across 50 positions, filed Feb 13, 2026.

Changes vs the prior quarter's 13F, long US equity positions only (no shorts, options, or non-US listings). ADD/TRIM are share- count changes of ±20% or more. Sourced from SEC EDGAR. Not investment advice.