By Soumya Eswaran
Publication Date: 2025-12-15 13:45:00
Giverny Capital Asset Management, LLC, an investment management company, recently published its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The portfolio generated good results in the third quarter and returned 6.78% compared to 8.12% for the S&P 500. YTD, the fund returned 12.57% compared to 14.83% for the index. Additionally, you can review the fund’s top 5 holdings to see its best picks for 2025.
In its third-quarter 2025 investor letter, Giverny Capital Asset Management highlighted stocks such as NVIDIA Corporation (NASDAQ:NVDA). NVIDIA Corporation (NASDAQ:NVDA) offers graphics, compute, and networking solutions. The one-month return for NVIDIA Corporation (NASDAQ:NVDA) was -6.21%, and its shares gained 32.59% over the last 52 weeks. On December 12, 2025, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $175.02 per share, with a market capitalization of $4.261 trillion.
Giverny Capital Asset Management stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its third quarter 2025 investor letter:
“I will end with a note of caution. While I am excited over TSMC’s prospects, I also perceive that enthusiasm over Artificial Intelligence has reached a level of euphoria. In late September, NVIDIA Corporation (NASDAQ:NVDA) announced a deal in which it would invest $100 billion in Open Al, the developer of ChatGPT. Open Al will use that money to buy Nvidia chips to use in new data centers. Nvidia essentially is…
