Giverny Capital Asset Management, LLC, an investment management company, recently published its fourth-quarter 2025 investor letter. A copy of the same can be downloaded here. The Portfolio returned 0.01% compared to 2.66% for the S&P 500. YTD, the fund returned 12.58% compared to 17.88% for the Index. The firm faced a challenging fourth quarter and calendar year, despite solid appreciation. The outperformance of a few large technology companies has negatively impacted performance, given the portfolio’s underweight in large tech and overweight in smaller niche leaders. While portfolio companies are excelling in earnings growth and capital returns, the market is fixated on AI investments, leaving the actual benefits unclear. Additionally, you can review the Portfolio’s top 5 holdings to see its best picks for 2025.
In its fourth-quarter 2025 investor letter, Giverny Capital Asset Management highlighted Kinsale Capital Group, Inc. (NYSE:KNSL). Founded in 2009, Kinsale Capital Group, Inc. (NYSE:KNSL) is a property and casualty insurance company. The one-month return of Kinsale Capital Group, Inc. (NYSE:KNSL) was -0.29%, and its shares lost 12.09% of their value over the last 52 weeks. On January 30, 2026, Kinsale Capital Group, Inc. (NYSE:KNSL) stock closed at $395.88 per share, with a market capitalization of $9.224 billion.
Giverny Capital Asset Management stated the following regarding Kinsale Capital Group, Inc. (NYSE:KNSL) in its fourth quarter 2025 investor letter:
“We added to Kinsale Capital Group, Inc. (NYSE:KNSL) on weakness, and I’m perfectly happy to keep adding. Kinsale is an efficient underwriter of low-cost property and casualty insurance to small and medium-sized clients. It is led by its founder, Mike Kehoe, who has built a disciplined and high-functioning culture. I attended Kinsale’s investor day presentation in Richmond recently and left more enthusiastic than when I arrived. One small example of Kinsale’s competitive advantage: it has technology in place to assemble data quickly and thus quote most policy submissions faster than rivals. Chief Underwriting Officer Stuart Winston says an underwriter at Kinsale can provide quotes on about 10 policy submissions per day vs two or three for an average insurance company. Even with this superior technology, Kinsale has the lowest expense structure in its peer group.
