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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
+17.86%
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
$1.3B
AUM Growth
+$213M
Cap. Flow
+$36.1M
Cap. Flow %
2.77%
Top 10 Hldgs %
60.01%
Holding
54
New
–
Increased
33
Reduced
6
Closed
1

Top Buys

Rank Stock Value
1
ATHM icon
Autohome
ATHM
+$11.9M
2
SNBR
Sleep Number
SNBR
+$8.07M
3
PGR icon
Progressive
PGR
+$3.78M
4
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$3.56M
5
KMX icon
CarMax
KMX
+$3.5M

Top Sells

Rank Stock Value
1
LFUS icon
Littelfuse
LFUS
+$12.1M
2
AME icon
Ametek
AME
+$4.89M
3
W icon
Wayfair
W
+$745K
4
TSM icon
TSMC
TSM
+$286K
5
LBRDA
Liberty Broadband Class A
LBRDA
+$171K

Sector Composition

Rank Sector Weight
1 Financials 40.75%
2 Consumer Discretionary 19.15%
3 Communication Services 16.01%
4 Industrials 15.07%
5 Technology 5.28%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RMD icon
51
ResMed
RMD
$33.4B
$93K 0.01%
437
– –
RBA icon
52
RB Global
RBA
$16.1B
$74K 0.01%
1,070
– –
LLY icon
53
Eli Lilly
LLY
$1.12T
$73K 0.01%
432
– –
LBRDA
54
DELISTED
Liberty Broadband Class A
LBRDA
– –
-1,205
Closed -$171K
1 2
3

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Francois Rochon's Q4 2020 Portfolio in Review

As of Q4 2020, Francois Rochon held 54 positions worth $1.3B, up 20% from $1.09B the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Trading was light in Q4 2020: portfolio turnover was 1.9%. Francois Rochon opened no new positions and exited 1, leaving the 54-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 41% of assets, down from 41% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Francois Rochon added most to Autohome in Q4 2020, an estimated $11.9M increase.
  • Francois Rochon's biggest Q4 2020 reduction was Littelfuse, cutting an estimated $12.1M.
  • Francois Rochon fully exited Liberty Broadband Class A in Q4 2020, selling an estimated $171K.
  • Francois Rochon's ten largest holdings make up 60% of its $1.3B portfolio in Q4 2020.
  • Francois Rochon opened 0 new positions and closed 1 in Q4 2020.
  • Francois Rochon's portfolio value rose 20% quarter-over-quarter to $1.3B.

Based on Giverny Capital's 13F filing for Q4 2020, filed 16 Feb 2021.