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Francois Rochon Giverny Capital
AUM
$2.92B
Turnover
11.11%
1-Year Est. Return
9.57%
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
+2.37%
1 Year Est. Return
+9.57%
3 Year Est. Return
+83.95%
5 Year Est. Return
+97.96%
10 Year Est. Return
+397.49%
AUM
$619M
AUM Growth
+$16.5M
(+2.7%)
Cap. Flow
+$4.52M
Cap. Flow % of AUM
Cap. Flow %
0.73%
Top 10 Holdings %
Top 10 Hldgs %
74.26%
Holding
27
New
1
Increased
11
Reduced
8
Closed
–
Avg Time Held
1.7
years
Top 10 Avg Time Held
1.7
years
Top 20 Avg Time Held
1.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Liberty Media Corporation Series C Common Stock
FWONK
|
+$20.4M |
| 2 |
Berkshire Hathaway Class B
BRK.B
|
+$2.55M |
| 3 |
Bank OZK
OZK
|
+$2.48M |
| 4 |
CarMax
KMX
|
+$1.97M |
| 5 |
O'Reilly Automotive
ORLY
|
+$1.06M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
LKQ Corp
LKQ
|
+$7.55M |
| 2 |
Walt Disney
DIS
|
+$6.85M |
| 3 |
Ametek
AME
|
+$6.38M |
| 4 |
M&T Bank
MTB
|
+$4.93M |
| 5 |
Stantec
STN
|
+$492K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 46.65% |
| 2 | Consumer Discretionary | 22.3% |
| 3 | Industrials | 17.29% |
| 4 | Communication Services | 13.74% |
| 5 | Materials | 0.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Berkshire Hathaway Class B
BRK.B
$1.25T
| $117M | 18.93% |
691,361
+15,312
| +2% | +$2.55M |
2015 Q1
9 quarters
|
|
|
2
CarMax
KMX
$7.46B
| $56.8M | 9.18% |
900,309
+32,689
| +4% | +$1.97M |
2015 Q1
9 quarters
|
|
|
3
Bank OZK
OZK
$5.44B
| $55M | 8.89% |
1,173,272
+52,185
| +5% | +$2.48M |
2015 Q1
9 quarters
|
|
|
4
Ametek
AME
$55.3B
| $40.9M | 6.62% |
675,716
-108,239
| -14% | -$6.38M |
2015 Q2
8 quarters
|
|
|
5
Walt Disney
DIS
$204B
| $36.9M | 5.96% |
347,176
-62,577
| -15% | -$6.85M |
2015 Q1
9 quarters
|
|
|
6
LKQ Corp
LKQ
$4.97B
| $35.6M | 5.75% |
1,079,555
-244,254
| -18% | -$7.55M |
2015 Q1
9 quarters
|
|
7
Visa
V
$784B
| $31.7M | 5.12% |
337,801
+3,500
| +1% | +$325K |
2015 Q1
9 quarters
|
|
8
Markel Group
MKL
$24B
| $29.2M | 4.72% |
29,904
+335
| +1% | +$325K |
2015 Q1
9 quarters
|
|
9
Wells Fargo
WFC
$257B
| $29M | 4.69% |
523,628
+6,612
| +1% | +$354K |
2015 Q1
9 quarters
|
|
10
Union Pacific
UNP
$181B
| $27.2M | 4.4% |
250,151
+3,803
| +2% | +$415K |
2015 Q1
9 quarters
|
|
11
Mohawk Industries
MHK
$8.52B
| $25.4M | 4.1% |
104,910
-2,021
| -2% | -$477K |
2015 Q1
9 quarters
|
|
|
12
M&T Bank
MTB
$31.5B
| $24.8M | 4.01% |
153,224
-31,237
| -17% | -$4.93M |
2015 Q1
9 quarters
|
|
|
13
Liberty Media Corporation Series C Common Stock
FWONK
$27.9B
| $21.8M | 3.52% |
+614,435
| New | +$20.4M |
2017 Q2
0 quarters
|
|
14
Alphabet (Google) Class C
GOOG
$3.63T
| $20.8M | 3.37% |
458,720
+4,880
| +1% | +$223K |
2015 Q1
9 quarters
|
|
15
Fortune Brands Innovations
FBIN
$5.64B
| $20.4M | 3.3% |
365,684
+2,583
| +0.7% | +$140K |
2016 Q1
5 quarters
|
|
|
16
O'Reilly Automotive
ORLY
$73.4B
| $19.7M | 3.18% |
1,348,080
+64,800
| +5% | +$1.06M |
2015 Q1
9 quarters
|
|
17
HEICO Corp Class A
HEI.A
$35.5B
| $17.4M | 2.82% |
548,584
+31,780
| +6% | +$991K |
2016 Q3
3 quarters
|
|
18
Alphabet (Google) Class A
GOOGL
$3.67T
| $5.49M | 0.89% |
118,020
-640
| -0.5% | -$29.9K |
2016 Q3
3 quarters
|
|
19
JPMorgan Chase
JPM
$910B
| $1.13M | 0.18% |
12,379
| – | – |
2016 Q2
4 quarters
|
|
|
20
Stantec
STN
$8.44B
| $535K | 0.09% |
21,329
-20,023
| -48% | -$492K |
2015 Q1
9 quarters
|
|
21
Brookfield
BN
$93B
| $507K | 0.08% |
36,262
-443
| -1% | -$5.96K |
2015 Q1
9 quarters
|
|
22
Five Below
FIVE
$13.6B
| $293K | 0.05% |
5,939
| – | – |
2017 Q1
1 quarter
|
|
23
DELISTED
Hanesbrands
HBI
| $284K | 0.05% |
12,264
| – | – |
2017 Q1
1 quarter
|
|
24
Southwest Airlines
LUV
$22.1B
| $246K | 0.04% |
3,961
| – | – |
2017 Q1
1 quarter
|
|
25
Mastercard
MA
$569B
| $183K | 0.03% |
1,504
| – | – |
2015 Q1
9 quarters
|
|
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Francois Rochon's Q2 2017 Portfolio in Review
As of Q2 2017, Francois Rochon held 27 positions worth $619M, up 2.7% from $602M the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Trading was light in Q2 2017: portfolio turnover was 3.7%. Francois Rochon opened 1 new position and made no exits, leaving the 27-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 47% of assets, down from 48% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Francois Rochon's largest Q2 2017 buy was Liberty Media Corporation Series C Common Stock: 614,435 shares worth $21.8M.
- Francois Rochon added most to Berkshire Hathaway Class B in Q2 2017, an estimated $2.55M increase.
- Francois Rochon's biggest Q2 2017 reduction was LKQ Corp, cutting an estimated $7.55M.
- Francois Rochon's ten largest holdings make up 74% of its $619M portfolio in Q2 2017.
- Francois Rochon opened 1 new position and closed 0 in Q2 2017.
- Francois Rochon's portfolio value rose 2.7% quarter-over-quarter to $619M.
Based on Giverny Capital's 13F filing for Q2 2017, filed 4 Aug 2017.