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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
+8.66%
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
$2.92B
AUM Growth
+$203M
Cap. Flow
+$41.9M
Cap. Flow %
1.44%
Top 10 Hldgs %
56.03%
Holding
56
New
2
Increased
37
Reduced
5
Closed
1

Top Buys

Rank Stock Value
1
SCHW
Charles Schwab
SCHW
+$51.8M
2
TWFG
TWFG Inc
TWFG
+$5.93M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$4.29M
4
KNSL icon
Kinsale Capital Group
KNSL
+$4.28M
5
NVR icon
NVR
NVR
+$3.93M

Top Sells

Rank Stock Value
1
MTB icon
M&T Bank
MTB
+$63.5M
2
PGR icon
Progressive
PGR
+$2.41M
3
PMMF
iShares Prime Money Market ETF
PMMF
+$1.29M
4
COF icon
Capital One
COF
+$560K
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$53.2K

Sector Composition

Rank Sector Weight
1 Financials 36.11%
2 Consumer Discretionary 21.88%
3 Communication Services 15.45%
4 Industrials 13.54%
5 Technology 9.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LULU icon
26
lululemon athletica
LULU
$13.7B
$34.2M 1.17%
143,977
+808
+0.6% +$223K
DIS icon
27
Walt Disney
DIS
$186B
$32.3M 1.11%
260,475
+12,972
+5% +$1.35M
LFUS icon
28
Littelfuse
LFUS
$10.5B
$18.4M 0.63%
81,112
+608
+0.8% +$120K
FND icon
29
Floor & Decor
FND
$5.78B
$17.9M 0.61%
235,831
+1,953
+0.8% +$145K
MA icon
30
Mastercard
MA
$509B
$15.6M 0.54%
27,841
+798
+3% +$441K
CACC icon
31
Credit Acceptance
CACC
$6.24B
$15.5M 0.53%
30,501
+650
+2% +$319K
JPM icon
32
JPMorgan Chase
JPM
$935B
$14.8M 0.51%
50,950
+6,467
+15% +$1.65M
BLDR icon
33
Builders FirstSource
BLDR
$7.55B
$10.2M 0.35%
87,317
+4,872
+6% +$562K
ALGN icon
34
Align Technology
ALGN
$11.5B
$8.78M 0.3%
46,358
+1,223
+3% +$216K
BRK.A icon
35
Berkshire Hathaway Class A
BRK.A
$1.06T
$8.02M 0.27%
11
– –
FERG icon
36
Ferguson
FERG
$46.9B
$7.77M 0.27%
35,679
+1,293
+4% +$238K
TWFG
37
TWFG Inc
TWFG
$373M
$6.22M 0.21%
+177,848
New +$5.93M
AAPL icon
38
Apple
AAPL
$4.51T
$3.48M 0.12%
16,976
+7,609
+81% +$1.54M
TSM icon
39
TSMC
TSM
$2.17T
$2.62M 0.09%
11,550
– –
COF icon
40
Capital One
COF
$134B
$1.97M 0.07%
9,274
-3,000
-24% -$560K
YUMC icon
41
Yum China
YUMC
$16.9B
$1.61M 0.06%
36,036
– –
SPY icon
42
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$1.53M 0.05%
2,474
-93
-4% -$53.2K
MTB icon
43
M&T Bank
MTB
$34.7B
$1.46M 0.05%
7,540
-359,992
-98% -$63.5M
CPRT icon
44
Copart
CPRT
$31.3B
$1.35M 0.05%
27,484
– –
BIRK icon
45
Birkenstock
BIRK
$5.89B
$1.35M 0.05%
27,392
– –
GLD icon
46
SPDR Gold Trust
GLD
$152B
$1.18M 0.04%
3,876
-22
-0.6% -$6.66K
MSFT icon
47
Microsoft
MSFT
$3.59T
$1.15M 0.04%
2,303
+316
+16% +$137K
ITB icon
48
iShares US Home Construction ETF
ITB
$2.27B
$1.07M 0.04%
11,518
+557
+5% +$50.9K
NVO
49
Novo Nordisk
NVO
$207B
$856K 0.03%
12,400
– –
ODFL icon
50
Old Dominion Freight Line
ODFL
$42.8B
$853K 0.03%
5,255
– –
1
2
3

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Francois Rochon's Q2 2025 Portfolio in Review

As of Q2 2025, Francois Rochon held 56 positions worth $2.92B, up 7.5% from $2.71B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Francois Rochon's Q2 2025 filing shows 2 new, 37 increased, 5 reduced and 1 closed positions. Its largest new stake was TWFG Inc: 177,848 shares worth $6.22M. The largest sale was M&T Bank, an estimated $63.5M.

By sector, the portfolio is most concentrated in Financials at 36% of assets, down from 38% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Francois Rochon's largest Q2 2025 buy was TWFG Inc: 177,848 shares worth $6.22M.
  • Francois Rochon added most to Charles Schwab in Q2 2025, an estimated $51.8M increase.
  • Francois Rochon's biggest Q2 2025 reduction was M&T Bank, cutting an estimated $63.5M.
  • Francois Rochon fully exited iShares Prime Money Market ETF in Q2 2025, selling an estimated $1.29M.
  • Francois Rochon's ten largest holdings make up 56% of its $2.92B portfolio in Q2 2025.
  • Francois Rochon opened 2 new positions and closed 1 in Q2 2025.
  • Francois Rochon's portfolio value rose 7.5% quarter-over-quarter to $2.92B.

Based on Giverny Capital's 13F filing for Q2 2025, filed 13 Aug 2025.