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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
+2.61%
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
$769M
AUM Growth
+$22M
Cap. Flow
+$13.7M
Cap. Flow %
1.78%
Top 10 Hldgs %
70.82%
Holding
37
New
2
Increased
17
Reduced
5
Closed
1

Top Buys

Rank Stock Value
1
LFUS icon
Littelfuse
LFUS
+$19.3M
2
META icon
Meta Platforms (Facebook)
META
+$18.9M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$4.25M
4
OZK icon
Bank OZK
OZK
+$1.93M
5
AME icon
Ametek
AME
+$1.61M

Top Sells

Rank Stock Value
1
CACC icon
Credit Acceptance
CACC
+$21.6M
2
LKQ icon
LKQ Corp
LKQ
+$18.8M
3
FAST icon
Fastenal
FAST
+$223K
4
HEI.A icon
HEICO Corp Class A
HEI.A
+$60.8K
5
MA icon
Mastercard
MA
+$10.3K

Sector Composition

Rank Sector Weight
1 Financials 41.94%
2 Consumer Discretionary 18.87%
3 Industrials 17.92%
4 Communication Services 15.07%
5 Healthcare 3.27%
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
$142M 18.48%
761,430
+21,802
+3% +$4.25M
KMX icon
2
CarMax
KMX
$8.82B
$80.7M 10.5%
1,107,901
+16,313
+1% +$1.09M
OZK icon
3
Bank OZK
OZK
$5.39B
$57.7M 7.51%
1,281,286
+40,438
+3% +$1.93M
AME icon
4
Ametek
AME
$54.9B
$52M 6.77%
720,986
+21,743
+3% +$1.61M
V icon
5
Visa
V
$693B
$45.5M 5.92%
343,809
+5,733
+2% +$738K
UNP icon
6
Union Pacific
UNP
$183B
$38.7M 5.03%
272,920
+4,649
+2% +$648K
MKL icon
7
Markel Group
MKL
$22.2B
$35M 4.56%
32,319
+653
+2% +$737K
GOOG icon
8
Alphabet (Google) Class C
GOOG
$4.18T
$34.3M 4.46%
614,360
+27,960
+5% +$1.51M
DIS icon
9
Walt Disney
DIS
$186B
$30.4M 3.96%
290,271
+4,960
+2% +$507K
HEI.A icon
10
HEICO Corp Class A
HEI.A
$36.5B
$28M 3.64%
458,891
-1,018
-0.2% -$60.8K
ORLY icon
11
O'Reilly Automotive
ORLY
$72.1B
$26.1M 3.4%
1,432,170
+24,840
+2% +$432K
EW icon
12
Edwards Lifesciences
EW
$51.8B
$25.1M 3.27%
517,524
+4,026
+0.8% +$188K
FWONK icon
13
Liberty Media Series C
FWONK
$26.3B
$24.4M 3.17%
679,306
+3,930
+0.6% +$120K
MHK icon
14
Mohawk Industries
MHK
$9.23B
$23.5M 3.05%
109,587
+2,676
+3% +$586K
LFUS icon
15
Littelfuse
LFUS
$10.5B
$20.8M 2.71%
91,338
+89,815
+5,897% +$19.3M
META icon
16
Meta Platforms (Facebook)
META
$1.4T
$20.3M 2.65%
+104,672
New +$18.9M
MTB icon
17
M&T Bank
MTB
$34.7B
$19.1M 2.48%
112,212
+708
+0.6% +$127K
WFC icon
18
Wells Fargo
WFC
$254B
$18.9M 2.46%
341,577
+3,345
+1% +$179K
FBIN icon
19
Fortune Brands Innovations
FBIN
$5.32B
$17.9M 2.33%
390,358
+29,648
+8% +$1.44M
LKQ icon
20
LKQ Corp
LKQ
$6.52B
$12.2M 1.59%
382,743
-562,779
-60% -$18.8M
GOOGL icon
21
Alphabet (Google) Class A
GOOGL
$4.22T
$6.48M 0.84%
114,740
– –
JPM icon
22
JPMorgan Chase
JPM
$935B
$1.54M 0.2%
14,757
– –
SPY icon
23
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$1.43M 0.19%
5,264
-38
-0.7% -$10.3K
FIVE icon
24
Five Below
FIVE
$13.8B
$1.08M 0.14%
11,009
– –
BRK.A icon
25
Berkshire Hathaway Class A
BRK.A
$1.06T
$846K 0.11%
3
– –
1
2

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Francois Rochon's Q2 2018 Portfolio in Review

As of Q2 2018, Francois Rochon held 37 positions worth $769M, up 2.9% from $747M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Francois Rochon's Q2 2018 filing shows 2 new, 17 increased, 5 reduced and 1 closed positions. Its largest new stake was Meta Platforms (Facebook): 104,672 shares worth $20.3M. The largest sale was Credit Acceptance, an estimated $21.6M.

By sector, the portfolio is most concentrated in Financials at 42% of assets, down from 47% a quarter earlier, followed by Consumer Discretionary and Industrials.

  • Francois Rochon's largest Q2 2018 buy was Meta Platforms (Facebook): 104,672 shares worth $20.3M.
  • Francois Rochon added most to Littelfuse in Q2 2018, an estimated $19.3M increase.
  • Francois Rochon's biggest Q2 2018 reduction was Credit Acceptance, cutting an estimated $21.6M.
  • Francois Rochon fully exited Fastenal in Q2 2018, selling an estimated $223K.
  • Francois Rochon's ten largest holdings make up 71% of its $769M portfolio in Q2 2018.
  • Francois Rochon opened 2 new positions and closed 1 in Q2 2018.
  • Francois Rochon's portfolio value rose 2.9% quarter-over-quarter to $769M.

Based on Giverny Capital's 13F filing for Q2 2018, filed 13 Aug 2018.