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Giverny Capital Asset Management, LLC, an investment management company, recently published its first-quarter 2025 investor letter. A copy of the letter can be downloaded here. The portfolio returned -3.39% in the quarter, compared to a -4.27% return for the S&P 500 Total Return Index. For the year ended March 31, 2025, the fund returned 1.75% compared to an 8.25% return for the Index during the same period. For more information on the fund’s best picks in 2025, please check its top five holdings.
In its first-quarter 2025 investor letter, Giverny Capital Asset Management highlighted stocks such as AAON, Inc. (NASDAQ:AAON). AAON, Inc. (NASDAQ:AAON), with a market capitalization of $6.705 billion, engages in engineering, manufacturing, marketing, and selling air conditioning and heating equipment. The one-month return of AAON, Inc. (NASDAQ:AAON) was -3.83%, and its shares lost 3.26% of their value over the last 52 weeks. On April 17, 2025, AAON, Inc. (NASDAQ:AAON) stock closed at $82.46 per share.
Giverny Capital Asset Management stated the following regarding AAON, Inc. (NASDAQ:AAON) in its Q1 2025 investor letter:
"In March, we built a position AAON, Inc. (NASDAQ:AAON), an Oklahoma-based manufacturer of semi-custom heating, ventilation and air conditioning (HVAC) systems for commercial buildings. We’ve been following Aaon for some time, and pounced after an earnings miss caused the stock to plunge.
A technician surrounded by complex chillers and data center cooling solutions.