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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
+3.49%
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
$602M
AUM Growth
+$10.9M
Cap. Flow
-$6.18M
Cap. Flow %
-1.03%
Top 10 Hldgs %
77.37%
Holding
29
New
3
Increased
11
Reduced
6
Closed
3

Top Buys

Rank Stock Value
1
HEI.A icon
HEICO Corp Class A
HEI.A
+$6.91M
2
GOOG icon
Alphabet (Google) Class C
GOOG
+$4.29M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$2.25M
4
V icon
Visa
V
+$1.99M
5
ORLY icon
O'Reilly Automotive
ORLY
+$1.52M

Top Sells

Rank Stock Value
1
BWLD
Buffalo Wild Wings, Inc.
BWLD
+$11.8M
2
SRCL
Stericycle Inc
SRCL
+$7.91M
3
KNGT
KNIGHT TRANSPORTATION INC
KNGT
+$7.11M
4
MTB icon
M&T Bank
MTB
+$499K
5
OZK icon
Bank OZK
OZK
+$343K

Sector Composition

Rank Sector Weight
1 Financials 47.93%
2 Consumer Discretionary 22.96%
3 Industrials 17.4%
4 Communication Services 11.68%
5 Materials 0.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRK.B icon
1
Berkshire Hathaway Class B
BRK.B
$1.06T
$113M 18.71%
676,049
+13,420
+2% +$2.25M
OZK icon
2
Bank OZK
OZK
$5.39B
$58.3M 9.68%
1,121,087
-6,372
-0.6% -$343K
KMX icon
3
CarMax
KMX
$8.82B
$51.4M 8.53%
867,620
+16,738
+2% +$1.09M
DIS icon
4
Walt Disney
DIS
$186B
$46.5M 7.72%
409,753
-960
-0.2% -$106K
AME icon
5
Ametek
AME
$54.9B
$42.4M 7.04%
783,955
-6,085
-0.8% -$321K
LKQ icon
6
LKQ Corp
LKQ
$6.52B
$38.7M 6.44%
1,323,809
+27,407
+2% +$853K
V icon
7
Visa
V
$693B
$29.7M 4.93%
334,301
+23,085
+7% +$1.99M
MKL icon
8
Markel Group
MKL
$22.2B
$28.9M 4.79%
29,569
+1,542
+6% +$1.46M
WFC icon
9
Wells Fargo
WFC
$254B
$28.8M 4.78%
517,016
+2,689
+0.5% +$153K
MTB icon
10
M&T Bank
MTB
$34.7B
$28.5M 4.74%
184,461
-3,084
-2% -$499K
UNP icon
11
Union Pacific
UNP
$183B
$26.1M 4.33%
246,348
-2,505
-1% -$267K
MHK icon
12
Mohawk Industries
MHK
$9.23B
$24.5M 4.08%
106,931
+3,150
+3% +$692K
ORLY icon
13
O'Reilly Automotive
ORLY
$72.1B
$23.1M 3.83%
1,283,280
+84,030
+7% +$1.52M
FBIN icon
14
Fortune Brands Innovations
FBIN
$5.32B
$18.9M 3.14%
363,101
+5,701
+2% +$280K
GOOG icon
15
Alphabet (Google) Class C
GOOG
$4.18T
$18.8M 3.13%
453,840
+104,680
+30% +$4.29M
HEI.A icon
16
HEICO Corp Class A
HEI.A
$36.5B
$15.9M 2.64%
516,804
+241,526
+88% +$6.91M
GOOGL icon
17
Alphabet (Google) Class A
GOOGL
$4.22T
$5.03M 0.84%
118,660
-1,000
-0.8% -$42K
JPM icon
18
JPMorgan Chase
JPM
$935B
$1.09M 0.18%
12,379
– –
STN icon
19
Stantec
STN
$8.33B
$1.07M 0.18%
41,352
– –
BN icon
20
Brookfield
BN
$93.1B
$477K 0.08%
36,705
– –
FIVE icon
21
Five Below
FIVE
$13.8B
$257K 0.04%
+5,939
New +$236K
HBI
22
DELISTED
Hanesbrands
HBI
$255K 0.04%
+12,264
New +$260K
LUV icon
23
Southwest Airlines
LUV
$19.8B
$213K 0.04%
+3,961
New +$213K
FAST icon
24
Fastenal
FAST
$58.8B
$210K 0.03%
16,308
– –
BCPC
25
Balchem Corp
BCPC
$5.78B
$187K 0.03%
2,266
– –
1
2

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Francois Rochon's Q1 2017 Portfolio in Review

As of Q1 2017, Francois Rochon held 29 positions worth $602M, up 1.9% from $591M the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Francois Rochon's Q1 2017 filing shows 3 new, 11 increased, 6 reduced and 3 closed positions. Its largest new stake was Hanesbrands: 12,264 shares worth $255K. The largest sale was Buffalo Wild Wings, Inc., an estimated $11.8M.

By sector, the portfolio is most concentrated in Financials at 48% of assets, up from 47% a quarter earlier, followed by Consumer Discretionary and Industrials.

  • Francois Rochon's largest Q1 2017 buy was Hanesbrands: 12,264 shares worth $255K.
  • Francois Rochon added most to HEICO Corp Class A in Q1 2017, an estimated $6.91M increase.
  • Francois Rochon's biggest Q1 2017 reduction was M&T Bank, cutting an estimated $499K.
  • Francois Rochon fully exited Buffalo Wild Wings, Inc. in Q1 2017, selling an estimated $11.8M.
  • Francois Rochon's ten largest holdings make up 77% of its $602M portfolio in Q1 2017.
  • Francois Rochon opened 3 new positions and closed 3 in Q1 2017.
  • Francois Rochon's portfolio value rose 1.9% quarter-over-quarter to $602M.

Based on Giverny Capital's 13F filing for Q1 2017, filed 11 May 2017.