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 |
CarMax
KMX
|
+$6.48M |
| 2 |
LBRDA
Liberty Broadband Class A
LBRDA
|
+$6.19M |
| 3 |
Meta Platforms (Facebook)
META
|
+$4.99M |
| 4 |
Coherent
COHR
|
+$4.21M |
| 5 |
Credit Acceptance
CACC
|
+$3.96M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$3.56M |
| 2 |
Jacobs Solutions
J
|
+$1.53M |
| 3 |
Visa
V
|
+$456K |
| 4 |
Edwards Lifesciences
EW
|
+$386K |
| 5 |
Walt Disney
DIS
|
+$252K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 42.26% |
| 2 | Consumer Discretionary | 19.15% |
| 3 | Communication Services | 16.25% |
| 4 | Industrials | 12.98% |
| 5 | Technology | 5.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
iShares Silver Trust
SLV
$33.8B
| $472K | 0.03% |
23,000
-400
| -2% | -$8.99K |
|
52
Knight Transportation
KNX
$11.7B
| $412K | 0.02% |
8,046
| – | – |
|
53
iShares US Financials ETF
IYF
$4.36B
| $257K | 0.02% |
3,110
| – | – |
|
54
iShares US Home Construction ETF
ITB
$2.27B
| $242K | 0.01% |
3,661
+718
| +24% | +$50.6K |
|
55
CGI
GIB
$15.5B
| $141K | 0.01% |
1,665
-455
| -21% | -$40.9K |
|
56
ResMed
RMD
$33.4B
| $115K | 0.01% |
437
| – | – |
|
57
Eli Lilly
LLY
$1.12T
| $100K | 0.01% |
432
| – | – |
|
58
RB Global
RBA
$16.1B
| $66K | ﹤0.01% |
1,070
| – | – |
|
59
Intuitive Surgical
ISRG
$134B
| $45K | ﹤0.01% |
405
| – | – |
|
|
60
Jacobs Solutions
J
$17.6B
| – | – |
-13,875
| Closed | -$1.53M |
|
|
LBRDK
61
DELISTED
Liberty Broadband Class C
LBRDK
| – | – |
-20,482
| Closed | -$3.56M |
|
|
NGD
62
DELISTED
New Gold Inc
NGD
| – | – |
-30,000
| Closed | -$54K |
|
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Francois Rochon's Q3 2021 Portfolio in Review
As of Q3 2021, Francois Rochon held 62 positions worth $1.68B, up 2% from $1.64B the previous quarter. Its ten largest holdings account for 61% of the portfolio.
Francois Rochon deployed $70.5M of net new capital in Q3 2021, opening 5 new positions and adding to 29 existing holdings. Its largest new stake was Liberty Broadband Class A: 35,455 shares worth $5.97M.
By sector, the portfolio is most concentrated in Financials at 42% of assets, up from 42% a quarter earlier, followed by Consumer Discretionary and Communication Services.
On the sell side, the largest reduction was Visa, an estimated $456K trimmed.
- Francois Rochon's largest Q3 2021 buy was Liberty Broadband Class A: 35,455 shares worth $5.97M.
- Francois Rochon added most to CarMax in Q3 2021, an estimated $6.48M increase.
- Francois Rochon's biggest Q3 2021 reduction was Visa, cutting an estimated $456K.
- Francois Rochon fully exited Liberty Broadband Class C in Q3 2021, selling an estimated $3.56M.
- Francois Rochon's ten largest holdings make up 61% of its $1.68B portfolio in Q3 2021.
- Francois Rochon opened 5 new positions and closed 3 in Q3 2021.
- Francois Rochon's portfolio value rose 2% quarter-over-quarter to $1.68B.
Based on Giverny Capital's 13F filing for Q3 2021, filed 12 Nov 2021.