Giverny Capital Asset Management delivered strong performance in the third quarter, outpacing the S&P 500 Index for much of the period.
During the quarter, the fund initiated a 3.5% position in Taiwan Semiconductor (NYSE:TSM), the world’s foremost semiconductor manufacturer.
Giverny Capital Asset’s portfolio has a lot of exposure to AI in the form of Arista Networks (ANET), Alphabet (GOOG), Meta (META), Taiwan Semiconductor (NYSE:TSM), and AAON (AAON), it said in its Q3 commentary.
As for sales, it trimmed Credit Acceptance (NASDAQ:CACC) throughout the third quarter and exited fully on October 1, as it believes the company has fallen behind other leading subprime lenders in both technology and underwriting sophistication and may have a hard time catching up.
