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Francois Rochon Giverny Capital

AUM $2.97B
1-Year Est. Return 13.22%
 

François Rochon is the founder of Giverny Capital, a Montreal-based firm focused on long-term ownership of high-quality businesses. His annual letters discuss portfolio companies in plain language and emphasize culture, capital allocation, and multi-year compounding. Rochon is popular among value-oriented investors who follow concentrated Canadian and U.S. equity managers.

This Fund
S&P 500
This Quarter Est. Return
+7.84%
1 Year Est. Return
+13.22%
3 Year Est. Return
+69.2%
5 Year Est. Return
+87.35%
10 Year Est. Return
+393.18%
AUM
$2.97B
AUM Growth
+$243M
Cap. Flow
+$19.2M
Cap. Flow %
0.65%
Top 10 Hldgs %
51.5%
Holding
58
New
7
Increased
11
Reduced
31
Closed
7

Top Buys

Rank Stock Value
1
ADP icon
Automatic Data Processing
ADP
+$50.3M
2
NYT icon
New York Times
NYT
+$37.3M
3
RMD icon
ResMed
RMD
+$32.7M
4
MSA icon
Mine Safety
MSA
+$27.9M
5
WSO icon
Watsco Inc
WSO
+$26.5M

Top Sells

Rank Stock Value
1
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$62.6M
2
KEYS icon
Keysight
KEYS
+$61.4M
3
ADI icon
Analog Devices
ADI
+$30.8M
4
MKL icon
Markel Group
MKL
+$22.5M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$13.8M

Sector Composition

Rank Sector Weight
1 Financials 28.6%
2 Communication Services 19.46%
3 Consumer Discretionary 16.43%
4 Industrials 15.33%
5 Technology 11.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GOOG icon
1
Alphabet (Google) Class C
GOOG
$4.18T
$214M 7.19%
605,460
-15,449
-2% -$5.52M
HEI.A icon
2
HEICO Corp Class A
HEI.A
$36.5B
$190M 6.38%
735,248
-3,234
-0.4% -$739K
META icon
3
Meta Platforms (Facebook)
META
$1.4T
$171M 5.74%
302,888
-4,933
-2% -$3.02M
SCHW
4
Charles Schwab
SCHW
$194B
$155M 5.22%
1,681,567
+145,361
+9% +$13.3M
ADP icon
5
Automatic Data Processing
ADP
$112B
$147M 4.93%
654,556
+235,466
+56% +$50.3M
AME icon
6
Ametek
AME
$54.9B
$145M 4.87%
598,781
-13,277
-2% -$3.06M
MEDP icon
7
Medpace
MEDP
$17.3B
$134M 4.52%
253,931
-2,150
-0.8% -$992K
V icon
8
Visa
V
$693B
$134M 4.5%
389,900
-6,457
-2% -$2.07M
BRK.B icon
9
Berkshire Hathaway Class B
BRK.B
$1.06T
$124M 4.18%
248,447
-130,178
-34% -$62.6M
PGR icon
10
Progressive
PGR
$127B
$118M 3.98%
542,292
+13,928
+3% +$2.81M
GOOGL icon
11
Alphabet (Google) Class A
GOOGL
$4.22T
$111M 3.73%
310,118
-38,351
-11% -$13.8M
FIVE icon
12
Five Below
FIVE
$13.8B
$108M 3.62%
598,122
-19,069
-3% -$4.11M
BKNG icon
13
Booking.com
BKNG
$158B
$93.2M 3.13%
522,664
-5,261
-1% -$897K
IBP icon
14
Installed Building Products
IBP
$6.56B
$91.4M 3.07%
397,662
-6,003
-1% -$1.46M
NVR icon
15
NVR
NVR
$16.9B
$90.2M 3.03%
13,238
-409
-3% -$2.6M
KNSL icon
16
Kinsale Capital Group
KNSL
$8.74B
$79.4M 2.67%
240,731
+21,789
+10% +$7.01M
BFAM icon
17
Bright Horizons
BFAM
$3.54B
$76.6M 2.58%
1,080,793
+338,464
+46% +$24.5M
RMD icon
18
ResMed
RMD
$33.4B
$75.5M 2.54%
387,665
+157,660
+69% +$32.7M
OZK icon
19
Bank OZK
OZK
$5.39B
$62.4M 2.1%
1,198,116
-32,943
-3% -$1.6M
MKL icon
20
Markel Group
MKL
$22.2B
$60.3M 2.03%
30,877
-12,067
-28% -$22.5M
ANET icon
21
Arista Networks
ANET
$238B
$57.7M 1.94%
339,892
-83,469
-20% -$13.1M
KEYS icon
22
Keysight
KEYS
$53.8B
$50.1M 1.68%
143,072
-180,112
-56% -$61.4M
DIS icon
23
Walt Disney
DIS
$186B
$49.6M 1.67%
515,567
-20,947
-4% -$2.14M
BRO icon
24
Brown & Brown
BRO
$24.4B
$48.3M 1.62%
753,288
-1,981
-0.3% -$121K
ADI icon
25
Analog Devices
ADI
$182B
$37.1M 1.25%
93,310
-77,742
-45% -$30.8M
1
2 3

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Francois Rochon's Q2 2026 Portfolio in Review

As of Q2 2026, Francois Rochon held 58 positions worth $2.97B, up 8.9% from $2.73B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Francois Rochon's Q2 2026 filing shows 7 new, 11 increased, 31 reduced and 7 closed positions. Its largest new stake was New York Times: 484,424 shares worth $33.9M. The largest sale was Berkshire Hathaway Class B, an estimated $62.6M.

By sector, the portfolio is most concentrated in Financials at 29% of assets, down from 32% a quarter earlier, followed by Communication Services and Consumer Discretionary.

  • Francois Rochon's largest Q2 2026 buy was New York Times: 484,424 shares worth $33.9M.
  • Francois Rochon added most to Automatic Data Processing in Q2 2026, an estimated $50.3M increase.
  • Francois Rochon's biggest Q2 2026 reduction was Berkshire Hathaway Class B, cutting an estimated $62.6M.
  • Francois Rochon fully exited M&T Bank in Q2 2026, selling an estimated $1.56M.
  • Francois Rochon's ten largest holdings make up 52% of its $2.97B portfolio in Q2 2026.
  • Francois Rochon opened 7 new positions and closed 7 in Q2 2026.
  • Francois Rochon's portfolio value rose 8.9% quarter-over-quarter to $2.97B.

Based on Giverny Capital's 13F filing for Q2 2026, filed 14 Aug 2026.