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FR

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
+3.4%
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
$2.74B
AUM Growth
+$106M
Cap. Flow
+$61.6M
Cap. Flow %
2.25%
Top 10 Hldgs %
54.31%
Holding
63
New
11
Increased
35
Reduced
4
Closed
1

Top Buys

Rank Stock Value
1
BRO icon
Brown & Brown
BRO
+$31.5M
2
FISV
Fiserv Inc
FISV
+$26.3M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$7.5M
4
FERG icon
Ferguson
FERG
+$6.69M
5
IBP icon
Installed Building Products
IBP
+$3.83M

Top Sells

Rank Stock Value
1
EW icon
Edwards Lifesciences
EW
+$31.2M
2
KEYS icon
Keysight
KEYS
+$24.1M
3
ADI icon
Analog Devices
ADI
+$7.59M
4
ANET icon
Arista Networks
ANET
+$1.67M
5
FWONK icon
Liberty Media Series C
FWONK
+$1.16M

Sector Composition

Rank Sector Weight
1 Financials 33.56%
2 Consumer Discretionary 24.47%
3 Communication Services 14.82%
4 Industrials 12.97%
5 Technology 10.66%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ADI icon
26
Analog Devices
ADI
$182B
$36.5M 1.33%
171,775
-34,336
-17% -$7.59M
FBIN icon
27
Fortune Brands Innovations
FBIN
$5.32B
$31.6M 1.16%
463,140
+17,034
+4% +$1.36M
BRO icon
28
Brown & Brown
BRO
$24.4B
$30.1M 1.1%
+294,809
New +$31.5M
DIS icon
29
Walt Disney
DIS
$186B
$27.6M 1.01%
248,218
+2,670
+1% +$280K
FND icon
30
Floor & Decor
FND
$5.78B
$23.3M 0.85%
233,921
+3,240
+1% +$348K
LFUS icon
31
Littelfuse
LFUS
$10.5B
$19M 0.69%
80,615
+1,600
+2% +$399K
CACC icon
32
Credit Acceptance
CACC
$6.24B
$13.9M 0.51%
29,558
+300
+1% +$139K
MA icon
33
Mastercard
MA
$509B
$13.8M 0.51%
26,275
+729
+3% +$377K
JPM icon
34
JPMorgan Chase
JPM
$935B
$10.5M 0.38%
43,862
+538
+1% +$125K
ALGN icon
35
Align Technology
ALGN
$11.5B
$8.97M 0.33%
43,006
+10,013
+30% +$2.24M
FERG icon
36
Ferguson
FERG
$46.9B
$5.85M 0.21%
+33,708
New +$6.69M
BRK.A icon
37
Berkshire Hathaway Class A
BRK.A
$1.06T
$5.45M 0.2%
8
+1
+14% +$693K
AAPL icon
38
Apple
AAPL
$4.51T
$4.25M 0.16%
16,976
+7,124
+72% +$1.68M
TSM icon
39
TSMC
TSM
$2.17T
$2.89M 0.11%
14,638
+88
+0.6% +$17K
SPY icon
40
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$2.79M 0.1%
4,752
– –
COF icon
41
Capital One
COF
$134B
$2.63M 0.1%
14,774
– –
ICE icon
42
Intercontinental Exchange
ICE
$90.5B
$2.5M 0.09%
16,799
– –
YUMC icon
43
Yum China
YUMC
$16.9B
$1.74M 0.06%
36,036
– –
CPRT icon
44
Copart
CPRT
$31.3B
$1.58M 0.06%
27,484
– –
BIRK icon
45
Birkenstock
BIRK
$5.89B
$1.55M 0.06%
+27,392
New +$1.39M
UNH icon
46
UnitedHealth
UNH
$350B
$1.2M 0.04%
+2,364
New +$1.34M
LBRDK
47
DELISTED
Liberty Broadband Class C
LBRDK
$1.12M 0.04%
+15,000
New +$1.25M
ITB icon
48
iShares US Home Construction ETF
ITB
$2.27B
$1.08M 0.04%
10,432
+133
+1% +$15.8K
NVO
49
Novo Nordisk
NVO
$207B
$1.07M 0.04%
12,400
– –
GLD icon
50
SPDR Gold Trust
GLD
$152B
$1.02M 0.04%
4,206
– –
1
2
3

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Francois Rochon's Q4 2024 Portfolio in Review

As of Q4 2024, Francois Rochon held 63 positions worth $2.74B, up 4% from $2.63B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Francois Rochon's Q4 2024 filing shows 11 new, 35 increased, 4 reduced and 1 closed positions. Its largest new stake was Brown & Brown: 294,809 shares worth $30.1M. The largest sale was Edwards Lifesciences, an estimated $31.2M.

By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 32% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Francois Rochon's largest Q4 2024 buy was Brown & Brown: 294,809 shares worth $30.1M.
  • Francois Rochon added most to Fiserv Inc in Q4 2024, an estimated $26.3M increase.
  • Francois Rochon's biggest Q4 2024 reduction was Edwards Lifesciences, cutting an estimated $31.2M.
  • Francois Rochon fully exited Liberty Media Series C in Q4 2024, selling an estimated $1.16M.
  • Francois Rochon's ten largest holdings make up 54% of its $2.74B portfolio in Q4 2024.
  • Francois Rochon opened 11 new positions and closed 1 in Q4 2024.
  • Francois Rochon's portfolio value rose 4% quarter-over-quarter to $2.74B.

Based on Giverny Capital's 13F filing for Q4 2024, filed 13 Feb 2025.