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 |
Five Below
FIVE
|
+$26.3M |
| 2 |
Autohome
ATHM
|
+$13.7M |
| 3 |
Bank of America
BAC
|
+$10.1M |
| 4 |
SNBR
Sleep Number
SNBR
|
+$9.62M |
| 5 |
Progressive
PGR
|
+$8.88M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
M&T Bank
MTB
|
+$23.7M |
| 2 |
Union Pacific
UNP
|
+$18.2M |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$12.7M |
| 4 |
O'Reilly Automotive
ORLY
|
+$12.1M |
| 5 |
Littelfuse
LFUS
|
+$9.67M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 47.53% |
| 2 | Consumer Discretionary | 15.17% |
| 3 | Industrials | 14.51% |
| 4 | Communication Services | 13.5% |
| 5 | Technology | 5.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Berkshire Hathaway Class B
BRK.B
$1.06T
| $152M | 19.35% |
830,819
-59,955
| -7% | -$12.7M |
|
2
CarMax
KMX
$8.82B
| $59.4M | 7.56% |
1,102,593
-67,385
| -6% | -$5.7M |
|
3
Ametek
AME
$54.9B
| $52.4M | 6.67% |
727,694
-105,154
| -13% | -$9.49M |
|
4
Visa
V
$693B
| $47.3M | 6.03% |
293,788
-20,770
| -7% | -$3.91M |
|
|
5
Progressive
PGR
$127B
| $41.7M | 5.31% |
564,538
+115,149
| +26% | +$8.88M |
|
6
Alphabet (Google) Class C
GOOG
$4.18T
| $39.7M | 5.06% |
682,840
-47,220
| -6% | -$3.2M |
|
7
Markel Group
MKL
$22.2B
| $38.2M | 4.87% |
41,199
+2,187
| +6% | +$2.5M |
|
8
NVR
NVR
$16.9B
| $35.7M | 4.54% |
13,878
-1,218
| -8% | -$4.37M |
|
9
Keysight
KEYS
$53.8B
| $33.1M | 4.21% |
395,345
-2,625
| -0.7% | -$249K |
|
10
HEICO Corp Class A
HEI.A
$36.5B
| $30.7M | 3.91% |
480,490
-21,219
| -4% | -$1.9M |
|
|
SCHW
11
Charles Schwab
SCHW
$194B
| $29.8M | 3.8% |
887,497
-64,380
| -7% | -$2.7M |
|
12
JPMorgan Chase
JPM
$935B
| $29.1M | 3.7% |
322,693
-17,332
| -5% | -$2.11M |
|
13
Meta Platforms (Facebook)
META
$1.4T
| $28.3M | 3.6% |
169,415
-13,821
| -8% | -$2.71M |
|
|
14
Bank of America
BAC
$431B
| $27.6M | 3.52% |
1,300,157
+336,010
| +35% | +$10.1M |
|
15
Edwards Lifesciences
EW
$51.8B
| $22.3M | 2.84% |
355,278
-30,267
| -8% | -$2.18M |
|
16
Fortune Brands Innovations
FBIN
$5.32B
| $21.8M | 2.78% |
590,189
-146,108
| -20% | -$7.72M |
|
|
17
Five Below
FIVE
$13.8B
| $18.4M | 2.35% |
261,868
+258,272
| +7,182% | +$26.3M |
|
18
Walt Disney
DIS
$186B
| $17.7M | 2.26% |
183,610
-16,330
| -8% | -$2.06M |
|
|
19
Autohome
ATHM
$2.56B
| $12.3M | 1.57% |
+173,150
| New | +$13.7M |
|
|
20
Littelfuse
LFUS
$10.5B
| $7.81M | 1% |
58,570
-57,800
| -50% | -$9.67M |
|
|
21
Alphabet (Google) Class A
GOOGL
$4.22T
| $7.7M | 0.98% |
132,540
+5,140
| +4% | +$348K |
|
|
22
Union Pacific
UNP
$183B
| $7.33M | 0.93% |
51,978
-109,966
| -68% | -$18.2M |
|
23
Healthcare Services Group
HCSG
$1.56B
| $7.04M | 0.9% |
294,626
-25,084
| -8% | -$645K |
|
24
Bank OZK
OZK
$5.39B
| $5.94M | 0.76% |
355,481
-31,099
| -8% | -$799K |
|
|
SNBR
25
DELISTED
Sleep Number
SNBR
| $4.14M | 0.53% |
+216,108
| New | +$9.62M |
|
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Francois Rochon's Q1 2020 Portfolio in Review
As of Q1 2020, Francois Rochon held 43 positions worth $785M, down 29% from $1.11B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Francois Rochon withdrew a net $53.8M in Q1 2020, closing 2 positions and reducing 21 holdings. Its most notable exit was M&T Bank, an estimated $23.7M position sold in full.
By sector, the portfolio is most concentrated in Financials at 48% of assets, up from 45% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Francois Rochon opened a new position in Autohome worth $12.3M.
- Francois Rochon's largest Q1 2020 buy was Autohome: 173,150 shares worth $12.3M.
- Francois Rochon added most to Five Below in Q1 2020, an estimated $26.3M increase.
- Francois Rochon's biggest Q1 2020 reduction was Union Pacific, cutting an estimated $18.2M.
- Francois Rochon fully exited M&T Bank in Q1 2020, selling an estimated $23.7M.
- Francois Rochon's ten largest holdings make up 68% of its $785M portfolio in Q1 2020.
- Francois Rochon opened 4 new positions and closed 2 in Q1 2020.
- Francois Rochon's portfolio value fell 29% quarter-over-quarter to $785M.
Based on Giverny Capital's 13F filing for Q1 2020, filed 15 May 2020.