Giverny Capital Exits M&T Bank, Adds Kinsale and Fiserv.

Giverny Capital trimmed its stake in Progressive, exited M&T Bank, and added Kinsale Insurance and Fiserv to its portfolio during Q2 2025. The firm exited M&T Bank due to its strong balance sheet, while adding Kinsale Insurance and Fiserv to its portfolio. The transactions were part of a handful of changes made during the quarter.

Giverny Capital Asset Management, LLC made significant adjustments to its portfolio during the second quarter of 2025. The investment management firm exited its position in M&T Bank Corporation (NYSE:MTB) and trimmed its stake in The Progressive Corporation (NYSE:PGR). Simultaneously, Giverny Capital added Kinsale Insurance and Fiserv to its portfolio.

The decision to exit M&T Bank was driven by its strong balance sheet. Despite the stock's recent gains, Giverny Capital believes that certain AI stocks offer greater upside potential and carry less downside risk [1]. The one-month return of M&T Bank was -7.85%, and its shares gained 15.95% over the last 52 weeks, closing at $188.04 per share on August 5, 2025, with a market capitalization of $29.385 billion [1].

Giverny Capital also reduced its stake in The Progressive Corporation (NYSE:PGR), a US-based insurance company. The Progressive Corporation's shares gained 12.53% over the last 52 weeks and closed at $242.94 per share on August 5, 2025, with a market capitalization of $142.414 billion [2]. The Progressive Corporation is in the 30th position on Giverny Capital's list of 30 Most Popular Stocks Among Hedge Funds, with 91 hedge fund portfolios holding it at the end of the first quarter [2].

In contrast, Giverny Capital added Kinsale Insurance and Fiserv to its portfolio. Kinsale Insurance is a specialized insurance company, and Fiserv is a financial services company that provides technology solutions to banks and credit unions. These additions reflect Giverny Capital's strategy to diversify its portfolio and capitalize on emerging opportunities in the financial services sector.

The market was volatile during the first half of 2025, with the S&P 500 ending June 30 up 6.20%. Giverny Capital's portfolio lagged behind the market initially but gained 5.41% over the six months. In the quarter ended June, the portfolio returned 9.11% compared to the S&P 500’s 10.94% return [1].

These transactions were part of a handful of changes made during the quarter. Giverny Capital continues to focus on identifying undervalued stocks with significant growth potential, particularly in the AI and financial technology sectors.

References:
[1] https://finance.yahoo.com/news/why-giverny-capital-asset-management-132319736.html
[2] https://finance.yahoo.com/news/giverny-capital-asset-management-projected-131548801.html