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 |
Intercontinental Exchange
ICE
|
+$23.5M |
| 2 |
Meta Platforms (Facebook)
META
|
+$8.63M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$3.47M |
| 4 |
Progressive
PGR
|
+$3.08M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$2.94M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Union Pacific
UNP
|
+$7.33M |
| 2 |
CarMax
KMX
|
+$2.84M |
| 3 |
Bank of America
BAC
|
+$894K |
| 4 |
Southwest Airlines
LUV
|
+$297K |
| 5 |
Delta Air Lines
DAL
|
+$265K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 42.91% |
| 2 | Consumer Discretionary | 18.52% |
| 3 | Communication Services | 14.92% |
| 4 | Industrials | 14.23% |
| 5 | Technology | 5.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class B
BRK.B
$1.06T
| $151M | 14.99% |
844,446
+13,627
| +2% | +$2.49M |
|
|
2
CarMax
KMX
$8.82B
| $95.5M | 9.5% |
1,066,378
-36,215
| -3% | -$2.84M |
|
3
Ametek
AME
$54.9B
| $66.8M | 6.64% |
747,603
+19,909
| +3% | +$1.67M |
|
4
Visa
V
$693B
| $58M | 5.77% |
300,144
+6,356
| +2% | +$1.16M |
|
|
5
Alphabet (Google) Class C
GOOG
$4.18T
| $51.3M | 5.11% |
726,480
+43,640
| +6% | +$2.94M |
|
|
6
Progressive
PGR
$127B
| $48.4M | 4.81% |
603,936
+39,398
| +7% | +$3.08M |
|
|
7
Meta Platforms (Facebook)
META
$1.4T
| $47.9M | 4.76% |
210,751
+41,336
| +24% | +$8.63M |
|
8
NVR
NVR
$16.9B
| $46M | 4.57% |
14,116
+238
| +2% | +$730K |
|
9
HEICO Corp Class A
HEI.A
$36.5B
| $41.3M | 4.11% |
508,738
+28,248
| +6% | +$2.19M |
|
10
Markel Group
MKL
$22.2B
| $40.8M | 4.05% |
44,170
+2,971
| +7% | +$2.7M |
|
11
Keysight
KEYS
$53.8B
| $40.5M | 4.03% |
402,300
+6,955
| +2% | +$683K |
|
12
Fortune Brands Innovations
FBIN
$5.32B
| $32.4M | 3.22% |
592,456
+2,267
| +0.4% | +$105K |
|
|
SCHW
13
Charles Schwab
SCHW
$194B
| $32.3M | 3.21% |
956,291
+68,794
| +8% | +$2.46M |
|
14
JPMorgan Chase
JPM
$935B
| $31.2M | 3.11% |
332,123
+9,430
| +3% | +$895K |
|
15
Five Below
FIVE
$13.8B
| $30.9M | 3.07% |
288,602
+26,734
| +10% | +$2.51M |
|
|
16
Bank of America
BAC
$431B
| $30M | 2.98% |
1,262,324
-37,833
| -3% | -$894K |
|
17
Edwards Lifesciences
EW
$51.8B
| $25.8M | 2.56% |
372,627
+17,349
| +5% | +$1.23M |
|
|
18
Intercontinental Exchange
ICE
$90.5B
| $23.5M | 2.34% |
+256,926
| New | +$23.5M |
|
19
Walt Disney
DIS
$186B
| $20.8M | 2.06% |
186,183
+2,573
| +1% | +$284K |
|
20
Autohome
ATHM
$2.56B
| $15M | 1.49% |
198,417
+25,267
| +15% | +$1.98M |
|
|
21
Alphabet (Google) Class A
GOOGL
$4.22T
| $13.1M | 1.3% |
184,060
+51,520
| +39% | +$3.47M |
|
22
Littelfuse
LFUS
$10.5B
| $9.94M | 0.99% |
58,242
-328
| -0.6% | -$49.8K |
|
|
SNBR
23
DELISTED
Sleep Number
SNBR
| $9.02M | 0.9% |
216,569
+461
| +0.2% | +$14.7K |
|
24
Healthcare Services Group
HCSG
$1.56B
| $8.77M | 0.87% |
358,648
+64,022
| +22% | +$1.52M |
|
25
Bank OZK
OZK
$5.39B
| $8.36M | 0.83% |
356,374
+893
| +0.3% | +$19.1K |
|
Similar funds
Francois Rochon's Q2 2020 Portfolio in Review
As of Q2 2020, Francois Rochon held 53 positions worth $1.01B, up 28% from $785M the previous quarter. Its ten largest holdings account for 64% of the portfolio.
Francois Rochon deployed $69.8M of net new capital in Q2 2020, opening 12 new positions and adding to 27 existing holdings. Its largest new stake was Intercontinental Exchange: 256,926 shares worth $23.5M.
By sector, the portfolio is most concentrated in Financials at 43% of assets, down from 48% a quarter earlier, followed by Consumer Discretionary and Communication Services.
On the sell side, the largest reduction was CarMax, an estimated $2.84M trimmed.
- Francois Rochon's largest Q2 2020 buy was Intercontinental Exchange: 256,926 shares worth $23.5M.
- Francois Rochon added most to Meta Platforms (Facebook) in Q2 2020, an estimated $8.63M increase.
- Francois Rochon's biggest Q2 2020 reduction was CarMax, cutting an estimated $2.84M.
- Francois Rochon fully exited Union Pacific in Q2 2020, selling an estimated $7.33M.
- Francois Rochon's ten largest holdings make up 64% of its $1.01B portfolio in Q2 2020.
- Francois Rochon opened 12 new positions and closed 4 in Q2 2020.
- Francois Rochon's portfolio value rose 28% quarter-over-quarter to $1.01B.
Based on Giverny Capital's 13F filing for Q2 2020, filed 7 Aug 2020.