Giverny Capital Asset Management, LLC, an investment management company, recently published its first-quarter 2026 investor letter.
A copy can be downloaded here
The model portfolio fell 6.88% this quarter, compared to the S&P 500’s 4.33% decline. Over the past year, the portfolio gained 8.52%, while the index increased by 17.80%. Geopolitical conflicts and inflation concerns drove quarterly volatility.
Despite ongoing uncertainties, the firm remains confident that its portfolio companies will sustain strong earnings and maintain healthy balance sheets, focusing on company-specific news rather than short-term fluctuations. Additionally, you can review the Portfolio’s top 5 holdings to see its best picks for 2026. In its first-quarter 2026 investor letter, Giverny Capital Asset Management highlighted AMETEK, Inc. (NYSE:AME).