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

Core Insights - Giverny Capital Asset Management's portfolio returned 0.01% in Q4 2025, underperforming the S&P 500's 2.66% return, and year-to-date returns were 12.58% compared to the index's 17.88% [1] - The firm faced challenges due to an underweight in large technology companies and an overweight in smaller niche leaders, which negatively impacted performance as the market focused on AI investments [1] - Despite strong earnings growth and capital returns from portfolio companies, the actual benefits of AI investments remain unclear [1] Company-Specific Insights - Fiserv, Inc. (NASDAQ:FISV) was highlighted in the investor letter, with a one-month return of -3.29% and a 52-week loss of 70.64% [2] - As of January 29, 2026, Fiserv's stock closed at $63.43 per share, with a market capitalization of $34.48 billion [2] - The company exited its position in Fiserv in late October 2025, shortly before significant declines in its stock value, and expressed regret for not selling earlier [3] - The abrupt resignation of Fiserv's former CEO, Frank Bisignano, raised concerns, especially given his significant stock sales prior to leaving the company [3]