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Giverny Capital Asset Management’s Q1 2025 Investor Letter

Giverny Capital Asset Management, LLC, an investment management company, recently published its first-quarter 2025 investor letter. The portfolio returned -3.39% in the quarter, compared to a -4.27% return for the S&P 500 Total Return Index. For the year ended March 31, 2025, the fund returned 1.75% compared to an 8.25% return for the Index during the same period. For more information on the fund’s best picks in 2025, please check its top five holdings.

A copy of Giverny Capital Asset Management’s Q1 2025 investor letter can be downloaded here.