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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
NYT icon
26
New York Times
NYT
$10.6B
$33.9M 1.14%
+484,424
New +$37.3M
LFUS icon
27
Littelfuse
LFUS
$10.5B
$33.8M 1.13%
74,125
-6,594
-8% -$2.85M
MSA icon
28
Mine Safety
MSA
$7.31B
$29M 0.98%
+166,305
New +$27.9M
WSO icon
29
Watsco Inc
WSO
$12.9B
$27.5M 0.92%
+65,975
New +$26.5M
AAON icon
30
Aaon
AAON
$6.55B
$26M 0.87%
204,779
+2,947
+1% +$345K
GLD icon
31
SPDR Gold Trust
GLD
$152B
$25M 0.84%
3,876
– –
SUNB
32
Sunbelt Rentals Holdings
SUNB
$31.5B
$21.6M 0.73%
246,369
-24,474
-9% -$1.84M
VEEV icon
33
Veeva Systems
VEEV
$40.3B
$16.9M 0.57%
+94,956
New +$15.7M
AXP icon
34
American Express
AXP
$227B
$15.8M 0.53%
+46,702
New +$15M
TWFG
35
TWFG Inc
TWFG
$373M
$15.7M 0.53%
652,452
+100,345
+18% +$1.97M
JPM icon
36
JPMorgan Chase
JPM
$935B
$15.7M 0.53%
47,876
-4,422
-8% -$1.37M
MA icon
37
Mastercard
MA
$509B
$14.8M 0.5%
28,816
+750
+3% +$374K
LULU icon
38
lululemon athletica
LULU
$13.7B
$14.7M 0.49%
128,803
-13,797
-10% -$1.84M
FND icon
39
Floor & Decor
FND
$5.78B
$13.6M 0.46%
229,867
-1,962
-0.8% -$99.3K
HWKN icon
40
Hawkins
HWKN
$2.48B
$13.5M 0.45%
+94,954
New +$15M
FERG icon
41
Ferguson
FERG
$46.9B
$8.87M 0.3%
37,380
+652
+2% +$157K
BLDR icon
42
Builders FirstSource
BLDR
$7.55B
$8.18M 0.28%
91,464
-349
-0.4% -$27.9K
BRK.A icon
43
Berkshire Hathaway Class A
BRK.A
$1.06T
$6.74M 0.23%
9
-2
-18% -$1.44M
AAPL icon
44
Apple
AAPL
$4.51T
$3.76M 0.13%
12,995
-2,045
-14% -$585K
TSM icon
45
TSMC
TSM
$2.17T
$1.75M 0.06%
3,655
-4,470
-55% -$1.81M
SPY icon
46
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$1.71M 0.06%
2,294
-180
-7% -$131K
YUMC icon
47
Yum China
YUMC
$16.9B
$1.47M 0.05%
36,036
– –
ITB icon
48
iShares US Home Construction ETF
ITB
$2.27B
$1.22M 0.04%
11,662
+808
+7% +$76.7K
MSFT icon
49
Microsoft
MSFT
$3.59T
$667K 0.02%
1,787
-123
-6% -$49.8K
QQQ icon
50
Invesco QQQ Trust
QQQ
$486B
$288K 0.01%
+391
New +$269K
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.