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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
+5.59%
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
$729M
AUM Growth
+$44.5M
Cap. Flow
+$10.4M
Cap. Flow %
1.42%
Top 10 Hldgs %
71.44%
Holding
35
New
4
Increased
6
Reduced
15
Closed
–

Top Buys

Rank Stock Value
1
EW icon
Edwards Lifesciences
EW
+$17.8M
2
CACC icon
Credit Acceptance
CACC
+$17.7M
3
KMX icon
CarMax
KMX
+$6.97M
4
GOOG icon
Alphabet (Google) Class C
GOOG
+$3.53M
5
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$1.64M

Top Sells

Rank Stock Value
1
WFC icon
Wells Fargo
WFC
+$11.2M
2
DIS icon
Walt Disney
DIS
+$8.71M
3
MTB icon
M&T Bank
MTB
+$7.42M
4
LKQ icon
LKQ Corp
LKQ
+$7.01M
5
MHK icon
Mohawk Industries
MHK
+$736K

Sector Composition

Rank Sector Weight
1 Financials 46.1%
2 Consumer Discretionary 21.4%
3 Industrials 17.97%
4 Communication Services 11.77%
5 Healthcare 2.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BN icon
26
Brookfield
BN
$93.1B
$563K 0.08%
36,262
– –
MA icon
27
Mastercard
MA
$509B
$485K 0.07%
3,204
– –
LULU icon
28
lululemon athletica
LULU
$13.7B
$362K 0.05%
4,600
– –
LFUS icon
29
Littelfuse
LFUS
$10.5B
$301K 0.04%
+1,523
New +$305K
RYAAY icon
30
Ryanair
RYAAY
$28.9B
$260K 0.04%
+6,250
New +$278K
LUV icon
31
Southwest Airlines
LUV
$19.8B
$259K 0.04%
3,961
– –
HBI
32
DELISTED
Hanesbrands
HBI
$256K 0.04%
12,264
– –
FAST icon
33
Fastenal
FAST
$58.8B
$223K 0.03%
16,308
– –
BCPC
34
Balchem Corp
BCPC
$5.78B
$183K 0.03%
2,266
– –
TJX icon
35
TJX Companies
TJX
$155B
$164K 0.02%
4,282
-4,112
-49% -$149K
1
2

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Francois Rochon's Q4 2017 Portfolio in Review

As of Q4 2017, Francois Rochon held 35 positions worth $729M, up 6.5% from $684M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Francois Rochon's Q4 2017 filing shows 4 new, 6 increased and 15 reduced positions. Its largest new stake was Edwards Lifesciences: 484,713 shares worth $18.2M. The largest sale was Wells Fargo, an estimated $11.2M.

By sector, the portfolio is most concentrated in Financials at 46% of assets, up from 46% a quarter earlier, followed by Consumer Discretionary and Industrials.

  • Francois Rochon's largest Q4 2017 buy was Edwards Lifesciences: 484,713 shares worth $18.2M.
  • Francois Rochon added most to CarMax in Q4 2017, an estimated $6.97M increase.
  • Francois Rochon's biggest Q4 2017 reduction was Wells Fargo, cutting an estimated $11.2M.
  • Francois Rochon's ten largest holdings make up 71% of its $729M portfolio in Q4 2017.
  • Francois Rochon opened 4 new positions and closed 0 in Q4 2017.
  • Francois Rochon's portfolio value rose 6.5% quarter-over-quarter to $729M.

Based on Giverny Capital's 13F filing for Q4 2017, filed 13 Feb 2018.