Francois Rochon Giverny Capital
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SCHW
Charles Schwab
SCHW
|
+$25.8M |
| 2 |
JPMorgan Chase
JPM
|
+$21.8M |
| 3 |
NVR
NVR
|
+$19.4M |
| 4 |
Berkshire Hathaway Class B
BRK.B
|
+$10.5M |
| 5 |
CarMax
KMX
|
+$4.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wells Fargo
WFC
|
+$18.9M |
| 2 |
O'Reilly Automotive
ORLY
|
+$14.1M |
| 3 |
Visa
V
|
+$5.86M |
| 4 |
Five Below
FIVE
|
+$825K |
| 5 |
Stantec
STN
|
+$721K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 43.18% |
| 2 | Industrials | 18.33% |
| 3 | Consumer Discretionary | 18% |
| 4 | Communication Services | 14.34% |
| 5 | Healthcare | 3.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
lululemon athletica
LULU
$13.7B
| $747K | 0.08% |
4,600
| – | – |
|
27
TJX Companies
TJX
$155B
| $612K | 0.07% |
10,934
| – | – |
|
28
Brookfield
BN
$93.1B
| $576K | 0.07% |
36,262
| – | – |
|
29
Apple
AAPL
$4.51T
| $480K | 0.05% |
+8,508
| New | +$443K |
|
|
30
Five Below
FIVE
$13.8B
| $468K | 0.05% |
3,596
-7,413
| -67% | -$825K |
|
31
Mastercard
MA
$509B
| $462K | 0.05% |
2,074
-1,075
| -34% | -$224K |
|
32
Healthcare Services Group
HCSG
$1.56B
| $376K | 0.04% |
+9,266
| New | +$385K |
|
|
BCPC
33
Balchem Corp
BCPC
$5.78B
| $254K | 0.03% |
2,266
| – | – |
|
34
Southwest Airlines
LUV
$19.8B
| $247K | 0.03% |
3,961
| – | – |
|
35
Ryanair
RYAAY
$28.9B
| $240K | 0.03% |
6,250
| – | – |
|
36
Fastenal
FAST
$58.8B
| $237K | 0.03% |
+16,308
| New | +$232K |
|
37
Booking.com
BKNG
$158B
| – | – |
-1,250
| Closed | -$101K |
|
38
Credit Acceptance
CACC
$6.24B
| – | – |
-992
| Closed | -$351K |
|
|
HBI
39
DELISTED
Hanesbrands
HBI
| – | – |
-12,264
| Closed | -$270K |
|
|
40
Stantec
STN
$8.33B
| – | – |
-21,329
| Closed | -$721K |
|
|
41
Wells Fargo
WFC
$254B
| – | – |
-341,577
| Closed | -$18.9M |
|
Similar funds
Francois Rochon's Q3 2018 Portfolio in Review
As of Q3 2018, Francois Rochon held 41 positions worth $883M, up 15% from $769M the previous quarter. Its ten largest holdings account for 70% of the portfolio.
Francois Rochon deployed $70.6M of net new capital in Q3 2018, opening 5 new positions and adding to 19 existing holdings. Its largest new stake was Charles Schwab: 506,129 shares worth $24.9M.
By sector, the portfolio is most concentrated in Financials at 43% of assets, up from 42% a quarter earlier, followed by Industrials and Consumer Discretionary.
On the sell side, the largest reduction was O'Reilly Automotive, an estimated $14.1M trimmed.
- Francois Rochon's largest Q3 2018 buy was Charles Schwab: 506,129 shares worth $24.9M.
- Francois Rochon added most to JPMorgan Chase in Q3 2018, an estimated $21.8M increase.
- Francois Rochon's biggest Q3 2018 reduction was O'Reilly Automotive, cutting an estimated $14.1M.
- Francois Rochon fully exited Wells Fargo in Q3 2018, selling an estimated $18.9M.
- Francois Rochon's ten largest holdings make up 70% of its $883M portfolio in Q3 2018.
- Francois Rochon opened 5 new positions and closed 5 in Q3 2018.
- Francois Rochon's portfolio value rose 15% quarter-over-quarter to $883M.
Based on Giverny Capital's 13F filing for Q3 2018, filed 13 Nov 2018.