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FR

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
-1.68%
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
$1.68B
AUM Growth
+$33M
Cap. Flow
+$70.5M
Cap. Flow %
4.21%
Top 10 Hldgs %
61.27%
Holding
62
New
5
Increased
29
Reduced
10
Closed
3

Top Buys

Rank Stock Value
1
KMX icon
CarMax
KMX
+$6.48M
2
LBRDA
Liberty Broadband Class A
LBRDA
+$6.19M
3
META icon
Meta Platforms (Facebook)
META
+$4.99M
4
COHR icon
Coherent
COHR
+$4.21M
5
CACC icon
Credit Acceptance
CACC
+$3.96M

Top Sells

Rank Stock Value
1
LBRDK
Liberty Broadband Class C
LBRDK
+$3.56M
2
J icon
Jacobs Solutions
J
+$1.53M
3
V icon
Visa
V
+$456K
4
EW icon
Edwards Lifesciences
EW
+$386K
5
DIS icon
Walt Disney
DIS
+$252K

Sector Composition

Rank Sector Weight
1 Financials 42.26%
2 Consumer Discretionary 19.15%
3 Communication Services 16.25%
4 Industrials 12.98%
5 Technology 5.78%
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 12.17%
747,544
+11,800
+2% +$3.31M
KMX icon
2
CarMax
KMX
$8.82B
$148M 8.85%
1,159,579
+48,715
+4% +$6.48M
GOOG icon
3
Alphabet (Google) Class C
GOOG
$4.18T
$106M 6.32%
794,820
+23,560
+3% +$3.25M
AME icon
4
Ametek
AME
$54.9B
$95M 5.67%
766,249
+25,406
+3% +$3.41M
MKL icon
5
Markel Group
MKL
$22.2B
$88.7M 5.29%
74,212
+2,900
+4% +$3.58M
META icon
6
Meta Platforms (Facebook)
META
$1.4T
$84.2M 5.02%
248,158
+13,863
+6% +$4.99M
SCHW
7
Charles Schwab
SCHW
$194B
$81.5M 4.86%
1,119,111
+51,121
+5% +$3.65M
V icon
8
Visa
V
$693B
$73.7M 4.4%
331,063
-1,946
-0.6% -$456K
NVR icon
9
NVR
NVR
$16.9B
$73.7M 4.4%
15,376
+282
+2% +$1.43M
PGR icon
10
Progressive
PGR
$127B
$72.4M 4.32%
800,896
+30,277
+4% +$2.89M
KEYS icon
11
Keysight
KEYS
$53.8B
$70.7M 4.22%
430,380
+5,854
+1% +$983K
HEI.A icon
12
HEICO Corp Class A
HEI.A
$36.5B
$70.6M 4.21%
595,976
+17,424
+3% +$2.08M
JPM icon
13
JPMorgan Chase
JPM
$935B
$62.5M 3.73%
381,770
+18,282
+5% +$2.87M
FIVE icon
14
Five Below
FIVE
$13.8B
$59M 3.52%
333,458
+18,009
+6% +$3.59M
BAC icon
15
Bank of America
BAC
$431B
$57.3M 3.41%
1,349,092
+3,356
+0.2% +$135K
FBIN icon
16
Fortune Brands Innovations
FBIN
$5.32B
$50M 2.98%
653,810
+14,345
+2% +$1.19M
EW icon
17
Edwards Lifesciences
EW
$51.8B
$45.5M 2.71%
402,150
-3,379
-0.8% -$386K
ICE icon
18
Intercontinental Exchange
ICE
$90.5B
$36.3M 2.16%
315,808
+17,243
+6% +$2.05M
DIS icon
19
Walt Disney
DIS
$186B
$33.9M 2.02%
200,300
-1,415
-0.7% -$252K
SNBR
20
DELISTED
Sleep Number
SNBR
$32.4M 1.93%
347,091
-49
-0% -$4.86K
GOOGL icon
21
Alphabet (Google) Class A
GOOGL
$4.22T
$25.2M 1.5%
188,580
+6,080
+3% +$827K
ATHM icon
22
Autohome
ATHM
$2.56B
$17.3M 1.03%
368,701
+22,957
+7% +$1.08M
CACC icon
23
Credit Acceptance
CACC
$6.24B
$9.94M 0.59%
16,986
+7,259
+75% +$3.96M
HCSG icon
24
Healthcare Services Group
HCSG
$1.56B
$9.25M 0.55%
370,166
-179
-0% -$4.84K
SSNC icon
25
SS&C Technologies
SSNC
$19.5B
$8.53M 0.51%
122,870
+40,847
+50% +$3.03M
1
2 3

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Francois Rochon's Q3 2021 Portfolio in Review

As of Q3 2021, Francois Rochon held 62 positions worth $1.68B, up 2% from $1.64B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Francois Rochon deployed $70.5M of net new capital in Q3 2021, opening 5 new positions and adding to 29 existing holdings. Its largest new stake was Liberty Broadband Class A: 35,455 shares worth $5.97M.

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

On the sell side, the largest reduction was Visa, an estimated $456K trimmed.

  • Francois Rochon's largest Q3 2021 buy was Liberty Broadband Class A: 35,455 shares worth $5.97M.
  • Francois Rochon added most to CarMax in Q3 2021, an estimated $6.48M increase.
  • Francois Rochon's biggest Q3 2021 reduction was Visa, cutting an estimated $456K.
  • Francois Rochon fully exited Liberty Broadband Class C in Q3 2021, selling an estimated $3.56M.
  • Francois Rochon's ten largest holdings make up 61% of its $1.68B portfolio in Q3 2021.
  • Francois Rochon opened 5 new positions and closed 3 in Q3 2021.
  • Francois Rochon's portfolio value rose 2% quarter-over-quarter to $1.68B.

Based on Giverny Capital's 13F filing for Q3 2021, filed 12 Nov 2021.