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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
+6.47%
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
$1.64B
AUM Growth
+$149M
Cap. Flow
+$65.7M
Cap. Flow %
4%
Top 10 Hldgs %
61.79%
Holding
57
New
4
Increased
26
Reduced
11
Closed
–

Top Buys

Rank Stock Value
1
PGR icon
Progressive
PGR
+$9.41M
2
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$8.39M
3
KMX icon
CarMax
KMX
+$5.14M
4
MKL icon
Markel Group
MKL
+$3.87M
5
V icon
Visa
V
+$3.84M

Top Sells

Rank Stock Value
1
J icon
Jacobs Solutions
J
+$630K
2
CACC icon
Credit Acceptance
CACC
+$400K
3
SSNC icon
SS&C Technologies
SSNC
+$373K
4
ANET icon
Arista Networks
ANET
+$366K
5
MA icon
Mastercard
MA
+$312K

Sector Composition

Rank Sector Weight
1 Financials 42.07%
2 Consumer Discretionary 19.6%
3 Communication Services 15.91%
4 Industrials 13.91%
5 Technology 5.01%
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
$204M 12.44%
735,744
+30,025
+4% +$8.39M
KMX icon
2
CarMax
KMX
$8.82B
$143M 8.73%
1,110,864
+41,540
+4% +$5.14M
AME icon
3
Ametek
AME
$54.9B
$98.9M 6.02%
740,843
+22,889
+3% +$3.07M
GOOG icon
4
Alphabet (Google) Class C
GOOG
$4.18T
$96.7M 5.88%
771,260
+25,680
+3% +$3.06M
MKL icon
5
Markel Group
MKL
$22.2B
$84.6M 5.15%
71,312
+3,230
+5% +$3.87M
META icon
6
Meta Platforms (Facebook)
META
$1.4T
$81.5M 4.95%
234,295
+2,680
+1% +$860K
V icon
7
Visa
V
$693B
$77.9M 4.74%
333,009
+16,791
+5% +$3.84M
SCHW
8
Charles Schwab
SCHW
$194B
$77.8M 4.73%
1,067,990
+45,988
+4% +$3.25M
PGR icon
9
Progressive
PGR
$127B
$75.7M 4.6%
770,619
+95,117
+14% +$9.41M
NVR icon
10
NVR
NVR
$16.9B
$75.1M 4.57%
15,094
+545
+4% +$2.65M
HEI.A icon
11
HEICO Corp Class A
HEI.A
$36.5B
$71.8M 4.37%
578,552
+28,231
+5% +$3.57M
KEYS icon
12
Keysight
KEYS
$53.8B
$65.6M 3.99%
424,526
+16,936
+4% +$2.46M
FIVE icon
13
Five Below
FIVE
$13.8B
$61M 3.71%
315,449
+11,744
+4% +$2.24M
JPM icon
14
JPMorgan Chase
JPM
$935B
$56.5M 3.44%
363,488
+9,056
+3% +$1.42M
BAC icon
15
Bank of America
BAC
$431B
$55.5M 3.37%
1,345,736
+56,398
+4% +$2.31M
FBIN icon
16
Fortune Brands Innovations
FBIN
$5.32B
$54.4M 3.31%
639,465
+25,738
+4% +$2.25M
EW icon
17
Edwards Lifesciences
EW
$51.8B
$42M 2.55%
405,529
+15,389
+4% +$1.45M
SNBR
18
DELISTED
Sleep Number
SNBR
$38.2M 2.32%
347,140
+7,294
+2% +$831K
DIS icon
19
Walt Disney
DIS
$186B
$35.5M 2.16%
201,715
+13,717
+7% +$2.47M
ICE icon
20
Intercontinental Exchange
ICE
$90.5B
$35.4M 2.16%
298,565
+14,864
+5% +$1.71M
GOOGL icon
21
Alphabet (Google) Class A
GOOGL
$4.22T
$22.3M 1.36%
182,500
+9,340
+5% +$1.09M
ATHM icon
22
Autohome
ATHM
$2.56B
$22.1M 1.35%
345,744
+20,066
+6% +$1.65M
HCSG icon
23
Healthcare Services Group
HCSG
$1.56B
$11.7M 0.71%
370,345
+6,033
+2% +$183K
OZK icon
24
Bank OZK
OZK
$5.39B
$7.55M 0.46%
179,075
+2,405
+1% +$100K
SSNC icon
25
SS&C Technologies
SSNC
$19.5B
$5.91M 0.36%
82,023
-5,101
-6% -$373K
1
2 3

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Francois Rochon's Q2 2021 Portfolio in Review

As of Q2 2021, Francois Rochon held 57 positions worth $1.64B, up 10% from $1.5B the previous quarter. Its ten largest holdings account for 62% of the portfolio.

Francois Rochon deployed $65.7M of net new capital in Q2 2021, opening 4 new positions and adding to 26 existing holdings. Its largest new stake was M&T Bank: 4,683 shares worth $680K.

By sector, the portfolio is most concentrated in Financials at 42% of assets, up from 41% a quarter earlier, followed by Consumer Discretionary and Communication Services.

On the sell side, the largest reduction was Jacobs Solutions, an estimated $630K trimmed.

  • Francois Rochon's largest Q2 2021 buy was M&T Bank: 4,683 shares worth $680K.
  • Francois Rochon added most to Progressive in Q2 2021, an estimated $9.41M increase.
  • Francois Rochon's biggest Q2 2021 reduction was Jacobs Solutions, cutting an estimated $630K.
  • Francois Rochon's ten largest holdings make up 62% of its $1.64B portfolio in Q2 2021.
  • Francois Rochon opened 4 new positions and closed 0 in Q2 2021.
  • Francois Rochon's portfolio value rose 10% quarter-over-quarter to $1.64B.

Based on Giverny Capital's 13F filing for Q2 2021, filed 13 Aug 2021.