Here’s Why Giverny Capital Asset Management Sold Fiserv (FISV) in 2025

1 month ago 38

Soumya Eswaran

Fri, January 30, 2026 astatine 8:25 AM CST 3 min read

Giverny Capital Asset Management, LLC, an concern absorption company, precocious published its fourth-quarter 2025 capitalist letter. A transcript of the aforesaid tin beryllium downloaded here. The Portfolio returned 0.01% compared to 2.66% for the S&P 500. YTD, the money returned 12.58% compared to 17.88% for the Index. The steadfast faced a challenging 4th fourth and calendar year, contempt coagulated appreciation. The outperformance of a fewer ample exertion companies has negatively impacted performance, fixed the portfolio's underweight successful ample tech and overweight successful smaller niche leaders. While portfolio companies are excelling successful net maturation and superior returns, the marketplace is fixated connected AI investments, leaving the existent benefits unclear. Additionally, you tin reappraisal the Portfolio’s apical 5 holdings to spot its champion picks for 2025.

In its fourth-quarter 2025 capitalist letter, Giverny Capital Asset Management highlighted Fiserv, Inc. (NASDAQ:FISV), which it exited during the year. Fiserv, Inc. (NASDAQ:FISV) is simply a starring fiscal exertion institution that provides outgo and fintech services. The one-month instrumentality of Fiserv, Inc. (NASDAQ:FISV) was -3.29%, and its shares mislaid 70.64% of their worth implicit the past 52 weeks. On January 29, 2026, Fiserv, Inc. (NASDAQ:FISV) banal closed astatine $63.43 per share, with a marketplace capitalization of $34.48 billion.

Giverny Capital Asset Management stated the pursuing regarding Fiserv, Inc. (NASDAQ:FISV) successful its 4th fourth 2025 capitalist letter:

"In the 4th fourth we exited CarMax, Fiserv, Inc. (NASDAQ:FISV) and Align Technology. Fiserv: We exited successful precocious October, soon earlier Fiserv blew up, but I’m embarrassed that I didn’t merchantability it earlier. Fiserv’s erstwhile CEO Frank Bisignano abruptly discontinue earlier this twelvemonth to instrumentality a occupation arsenic Commissioner of Social Security successful the Trump administration, saying helium felt the telephone to service his country. In hindsight, helium besides whitethorn person felt the telephone to merchantability each his banal successful Fiserv with semipermanent taxation deferrals, a perk of taking a national authorities job. Even astatine the time, I felt the determination made nary sense. If Fiserv was a large concern with a agleam future, Bisignano stood to gain a vast(er) luck implicit time. Instead, helium sold much than $500 cardinal of banal astatine prices supra $200 per stock to instrumentality a faceless presumption successful government.