Giverny Capital Asset Management Q4 2024 Letter
Source: SeekingAlpha
2025-01-29 22:40:00 ET
Summary
- GCAM's model portfolio underperformed the S&P 500 in 2024 due to underweighting in the top-performing "Magnificent Seven" tech stocks.
- Despite strong returns from holdings like Arista Networks (+87%) and Meta Platforms (+66%), the portfolio's overall performance lagged behind the S&P 500.
- We focus on midcap stocks with proven business models and growth potential, believing they offer better long-term compounding opportunities than large-cap tech giants.
- Our strategy includes investing in high-quality businesses at fair prices, emphasizing smaller companies with strong growth prospects and efficient management teams.
To our clients & friends:
For the fourth quarter and year ended December 31, 2024, the Giverny Capital Asset Management (“GCAM”) model portfolio performed as follows: 1
GCAM Performance | Quarter ended | One-year ended | Three- years ended | *Annualized Since Inception |
12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 | |
Portfolio Return -Net | 0.78% | 21.09% | 6.54% | 19.19% |
S&P 500 TR | 2.41% | 25.02% | 8.94% | 20.77% |
Excess Return -Net | -1.63% | -3.93% | -2.40% | -1.58% |
* Inception Date 4/01/2020 |
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For further details see:
Giverny Capital Asset Management Q4 2024 Letter
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