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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
+7.36%
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
$2.95B
AUM Growth
+$35.3M
Cap. Flow
-$69.8M
Cap. Flow %
-2.37%
Top 10 Hldgs %
57.65%
Holding
56
New
1
Increased
23
Reduced
16
Closed
4

Top Buys

Rank Stock Value
1
RMD icon
ResMed
RMD
+$64.3M
2
KNSL icon
Kinsale Capital Group
KNSL
+$5.13M
3
TWFG
TWFG Inc
TWFG
+$3.54M
4
PGR icon
Progressive
PGR
+$3.33M
5
FIVE icon
Five Below
FIVE
+$1.59M

Top Sells

Rank Stock Value
1
SBUX icon
Starbucks
SBUX
+$68.7M
2
BAC icon
Bank of America
BAC
+$47.5M
3
CACC icon
Credit Acceptance
CACC
+$11.8M
4
ANET icon
Arista Networks
ANET
+$9.03M
5
META icon
Meta Platforms (Facebook)
META
+$5.28M

Sector Composition

Rank Sector Weight
1 Financials 33.58%
2 Consumer Discretionary 19.5%
3 Communication Services 17%
4 Industrials 13.51%
5 Technology 9.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SITE icon
51
SiteOne Landscape Supply
SITE
$4.19B
$483K 0.02%
3,753
– –
COST icon
52
Costco
COST
$420B
$222K 0.01%
240
– –
AMZN icon
53
Amazon
AMZN
$2.79T
– –
-1,174
Closed -$258K
BAC icon
54
Bank of America
BAC
$431B
– –
-1,004,119
Closed -$47.5M
ISRG icon
55
Intuitive Surgical
ISRG
$134B
– –
-405
Closed -$220K
SBUX icon
56
Starbucks
SBUX
$122B
– –
-750,248
Closed -$68.7M
1 2
3

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Francois Rochon's Q3 2025 Portfolio in Review

As of Q3 2025, Francois Rochon held 56 positions worth $2.95B, up 1.2% from $2.92B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Francois Rochon's Q3 2025 filing shows 1 new, 23 increased, 16 reduced and 4 closed positions. Its largest new stake was ResMed: 235,418 shares worth $64.4M. The largest sale was Starbucks, an estimated $68.7M.

By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 36% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Francois Rochon's largest Q3 2025 buy was ResMed: 235,418 shares worth $64.4M.
  • Francois Rochon added most to Kinsale Capital Group in Q3 2025, an estimated $5.13M increase.
  • Francois Rochon's biggest Q3 2025 reduction was Credit Acceptance, cutting an estimated $11.8M.
  • Francois Rochon fully exited Starbucks in Q3 2025, selling an estimated $68.7M.
  • Francois Rochon's ten largest holdings make up 58% of its $2.95B portfolio in Q3 2025.
  • Francois Rochon opened 1 new position and closed 4 in Q3 2025.
  • Francois Rochon's portfolio value rose 1.2% quarter-over-quarter to $2.95B.

Based on Giverny Capital's 13F filing for Q3 2025, filed 14 Nov 2025.