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 the outperformance of large technology companies, which negatively impacted the portfolio's performance due to its underweight in large tech and overweight in smaller niche leaders [1] - Despite strong earnings growth and capital returns from portfolio companies, the market's focus on AI investments has created uncertainty regarding actual benefits [1] Company Highlights - Hawkins, Inc. (NASDAQ:HWKN) was highlighted as a new holding in Giverny Capital Asset Management's Q4 2025 investor letter [2] - Hawkins, Inc. specializes in manufacturing ingredients for water treatment, food and health applications, and industrial use, with a market capitalization of approximately $2.722 billion [2] - The stock closed at $130.25 per share on January 30, 2026, with a one-month return of 13.20% and a twelve-month gain of 15.77% [2] - The company was closely monitored by Giverny Capital, with management visits conducted in the summer of 2024, and a price correction in fall 2025 provided an opportunity for investment [3]