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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
-16.32%
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
$1.52B
AUM Growth
-$254M
Cap. Flow
+$73.4M
Cap. Flow %
4.84%
Top 10 Hldgs %
57.65%
Holding
65
New
2
Increased
35
Reduced
1
Closed
2

Top Buys

Rank Stock Value
1
LFUS icon
Littelfuse
LFUS
+$16.7M
2
FIVE icon
Five Below
FIVE
+$16.5M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$6.21M
4
GOOG icon
Alphabet (Google) Class C
GOOG
+$5.74M
5
KMX icon
CarMax
KMX
+$4.22M

Top Sells

Rank Stock Value
1
PGR icon
Progressive
PGR
+$16M
2
LBRDK
Liberty Broadband Class C
LBRDK
+$4.67M
3
UNH icon
UnitedHealth
UNH
+$1.24M

Sector Composition

Rank Sector Weight
1 Financials 40.2%
2 Consumer Discretionary 19.53%
3 Industrials 13.21%
4 Communication Services 12.79%
5 Technology 11.36%
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
$125M 8.23%
457,702
+19,796
+5% +$6.21M
KMX icon
2
CarMax
KMX
$8.82B
$108M 7.14%
1,196,904
+44,923
+4% +$4.22M
MKL icon
3
Markel Group
MKL
$22.2B
$104M 6.86%
80,529
+1,970
+3% +$2.7M
GOOG icon
4
Alphabet (Google) Class C
GOOG
$4.18T
$96.3M 6.34%
880,240
+48,620
+6% +$5.74M
AME icon
5
Ametek
AME
$54.9B
$91M 5.99%
827,669
+21,751
+3% +$2.64M
SCHW
6
Charles Schwab
SCHW
$194B
$75.4M 4.97%
1,193,743
+40,860
+4% +$2.82M
HEI.A icon
7
HEICO Corp Class A
HEI.A
$36.5B
$69.3M 4.57%
657,751
+25,829
+4% +$2.97M
V icon
8
Visa
V
$693B
$69.2M 4.56%
351,620
+8,568
+2% +$1.77M
FIVE icon
9
Five Below
FIVE
$13.8B
$69.1M 4.55%
609,291
+114,653
+23% +$16.5M
PGR icon
10
Progressive
PGR
$127B
$67.3M 4.43%
578,839
-141,096
-20% -$16M
NVR icon
11
NVR
NVR
$16.9B
$66.1M 4.36%
16,512
+781
+5% +$3.33M
KEYS icon
12
Keysight
KEYS
$53.8B
$63.2M 4.16%
458,119
+22,222
+5% +$3.16M
MTB icon
13
M&T Bank
MTB
$34.7B
$47.6M 3.14%
298,520
+7,933
+3% +$1.33M
META icon
14
Meta Platforms (Facebook)
META
$1.4T
$42.5M 2.8%
263,790
+6,773
+3% +$1.31M
SSNC icon
15
SS&C Technologies
SSNC
$19.5B
$40.7M 2.68%
700,520
+29,172
+4% +$1.88M
EW icon
16
Edwards Lifesciences
EW
$51.8B
$39.6M 2.61%
416,882
+11,791
+3% +$1.22M
FBIN icon
17
Fortune Brands Innovations
FBIN
$5.32B
$37M 2.44%
723,232
+43,907
+6% +$2.57M
IBP icon
18
Installed Building Products
IBP
$6.56B
$33.9M 2.23%
407,893
+10,269
+3% +$878K
ICE icon
19
Intercontinental Exchange
ICE
$90.5B
$32.4M 2.13%
344,403
+13,494
+4% +$1.44M
JPM icon
20
JPMorgan Chase
JPM
$935B
$32M 2.11%
284,157
+7,609
+3% +$943K
CIEN icon
21
Ciena
CIEN
$56B
$30.8M 2.03%
674,517
+28,546
+4% +$1.48M
BAC icon
22
Bank of America
BAC
$431B
$28.9M 1.91%
928,977
+46,604
+5% +$1.68M
DIS icon
23
Walt Disney
DIS
$186B
$21M 1.39%
222,976
+13,417
+6% +$1.49M
GOOGL icon
24
Alphabet (Google) Class A
GOOGL
$4.22T
$20.9M 1.38%
192,060
+3,540
+2% +$417K
LFUS icon
25
Littelfuse
LFUS
$10.5B
$17.6M 1.16%
69,179
+66,409
+2,397% +$16.7M
1
2 3

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Francois Rochon's Q2 2022 Portfolio in Review

As of Q2 2022, Francois Rochon held 65 positions worth $1.52B, down 14% from $1.77B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Francois Rochon deployed $73.4M of net new capital in Q2 2022, opening 2 new positions and adding to 35 existing holdings. Its largest new stake was Floor & Decor: 50,835 shares worth $3.2M.

By sector, the portfolio is most concentrated in Financials at 40% of assets, down from 41% a quarter earlier, followed by Consumer Discretionary and Industrials.

On the sell side, the largest reduction was Progressive, an estimated $16M trimmed.

  • Francois Rochon's largest Q2 2022 buy was Floor & Decor: 50,835 shares worth $3.2M.
  • Francois Rochon added most to Littelfuse in Q2 2022, an estimated $16.7M increase.
  • Francois Rochon's biggest Q2 2022 reduction was Progressive, cutting an estimated $16M.
  • Francois Rochon fully exited Liberty Broadband Class C in Q2 2022, selling an estimated $4.67M.
  • Francois Rochon's ten largest holdings make up 58% of its $1.52B portfolio in Q2 2022.
  • Francois Rochon opened 2 new positions and closed 2 in Q2 2022.
  • Francois Rochon's portfolio value fell 14% quarter-over-quarter to $1.52B.

Based on Giverny Capital's 13F filing for Q2 2022, filed 12 Aug 2022.