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Francois Rochon Giverny Capital
AUM
$2.97B
Turnover
24.14%
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
(+8.9%)
Cap. Flow
+$19.2M
Cap. Flow % of AUM
Cap. Flow %
0.65%
Top 10 Holdings %
Top 10 Hldgs %
51.5%
Holding
58
New
7
Increased
11
Reduced
31
Closed
7
Avg Time Held
5.2
years
Top 10 Avg Time Held
3.7
years
Top 20 Avg Time Held
5.5
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Automatic Data Processing
ADP
|
+$50.3M |
| 2 |
New York Times
NYT
|
+$37.3M |
| 3 |
ResMed
RMD
|
+$32.7M |
| 4 |
Mine Safety
MSA
|
+$27.9M |
| 5 |
Watsco Inc
WSO
|
+$26.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Berkshire Hathaway Class B
BRK.B
|
+$62.6M |
| 2 |
Keysight
KEYS
|
+$61.4M |
| 3 |
Analog Devices
ADI
|
+$30.8M |
| 4 |
Markel Group
MKL
|
+$22.5M |
| 5 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
|
26
New York Times
NYT
$11.2B
| $33.9M | 1.14% |
+484,424
| New | +$37.3M |
2026 Q2
0 quarters
|
|
27
Littelfuse
LFUS
$9.7B
| $33.8M | 1.13% |
74,125
-6,594
| -8% | -$2.85M |
2017 Q4
34 quarters
|
|
|
28
Mine Safety
MSA
$7.03B
| $29M | 0.98% |
+166,305
| New | +$27.9M |
2026 Q2
0 quarters
|
|
|
29
Watsco Inc
WSO
$12.5B
| $27.5M | 0.92% |
+65,975
| New | +$26.5M |
2026 Q2
0 quarters
|
|
30
Aaon
AAON
$6.09B
| $26M | 0.87% |
204,779
+2,947
| +1% | +$345K |
2026 Q1
1 quarter
|
|
31
SPDR Gold Trust
GLD
$140B
| $25M | 0.84% |
3,876
| – | – |
2021 Q4
18 quarters
|
|
32
Sunbelt Rentals Holdings
SUNB
$31.6B
| $21.6M | 0.73% |
246,369
-24,474
| -9% | -$1.84M |
2026 Q1
1 quarter
|
|
33
Veeva Systems
VEEV
$51.6B
| $16.9M | 0.57% |
+94,956
| New | +$15.7M |
2026 Q2
0 quarters
|
|
34
American Express
AXP
$215B
| $15.8M | 0.53% |
+46,702
| New | +$15M |
2026 Q2
0 quarters
|
|
35
TWFG Inc
TWFG
$332M
| $15.7M | 0.53% |
652,452
+100,345
| +18% | +$1.97M |
2025 Q2
4 quarters
|
|
36
JPMorgan Chase
JPM
$890B
| $15.7M | 0.53% |
47,876
-4,422
| -8% | -$1.37M |
2016 Q2
40 quarters
|
|
37
Mastercard
MA
$543B
| $14.8M | 0.5% |
28,816
+750
| +3% | +$374K |
2015 Q1
45 quarters
|
|
38
lululemon athletica
LULU
$11.6B
| $14.7M | 0.49% |
128,803
-13,797
| -10% | -$1.84M |
2017 Q3
35 quarters
|
|
39
Floor & Decor
FND
$4.81B
| $13.6M | 0.46% |
229,867
-1,962
| -0.8% | -$99.3K |
2022 Q2
16 quarters
|
|
40
Hawkins
HWKN
$2.73B
| $13.5M | 0.45% |
+94,954
| New | +$15M |
2026 Q2
0 quarters
|
|
41
Ferguson
FERG
$43.9B
| $8.87M | 0.3% |
37,380
+652
| +2% | +$157K |
2024 Q4
6 quarters
|
|
42
Builders FirstSource
BLDR
$5.8B
| $8.18M | 0.28% |
91,464
-349
| -0.4% | -$27.9K |
2025 Q1
5 quarters
|
|
43
Berkshire Hathaway Class A
BRK.A
$1.16T
| $6.74M | 0.23% |
9
-2
| -18% | -$1.44M |
2017 Q3
35 quarters
|
|
44
Apple
AAPL
$4.95T
| $3.76M | 0.13% |
12,995
-2,045
| -14% | -$585K |
2018 Q3
31 quarters
|
|
45
TSMC
TSM
$2.2T
| $1.75M | 0.06% |
3,655
-4,470
| -55% | -$1.81M |
2020 Q2
24 quarters
|
|
46
State Street SPDR S&P 500 ETF Trust
SPY
$820B
| $1.71M | 0.06% |
2,294
-180
| -7% | -$131K |
2017 Q3
35 quarters
|
|
47
Yum China
YUMC
$15.2B
| $1.47M | 0.05% |
36,036
| – | – |
2024 Q3
7 quarters
|
|
48
iShares US Home Construction ETF
ITB
$2.56B
| $1.22M | 0.04% |
11,662
+808
| +7% | +$76.7K |
2021 Q2
20 quarters
|
|
49
Microsoft
MSFT
$3.95T
| $667K | 0.02% |
1,787
-123
| -6% | -$49.8K |
2024 Q4
6 quarters
|
|
50
Invesco QQQ Trust
QQQ
$484B
| $288K | 0.01% |
+391
| New | +$269K |
2026 Q2
0 quarters
|
|
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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.