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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
+9.2%
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
$1.66B
AUM Growth
+$42.4M
Cap. Flow
-$54.4M
Cap. Flow %
-3.28%
Top 10 Hldgs %
58.82%
Holding
67
New
1
Increased
14
Reduced
30
Closed
7

Top Buys

Rank Stock Value
1
FISV
Fiserv Inc
FISV
+$28.7M
2
PGR icon
Progressive
PGR
+$2.74M
3
LULU icon
lululemon athletica
LULU
+$1.33M
4
IBP icon
Installed Building Products
IBP
+$1.16M
5
CACC icon
Credit Acceptance
CACC
+$737K

Top Sells

Rank Stock Value
1
FRC
First Republic Bank
FRC
+$28.9M
2
SSNC icon
SS&C Technologies
SSNC
+$14.5M
3
SNBR
Sleep Number
SNBR
+$11.7M
4
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$5.06M
5
FIVE icon
Five Below
FIVE
+$3.22M

Sector Composition

Rank Sector Weight
1 Financials 32.8%
2 Consumer Discretionary 24.7%
3 Industrials 16.17%
4 Communication Services 12.17%
5 Technology 11.8%
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
$137M 8.28%
444,970
-16,434
-4% -$5.06M
FIVE icon
2
Five Below
FIVE
$13.8B
$124M 7.47%
601,994
-16,357
-3% -$3.22M
AME icon
3
Ametek
AME
$54.9B
$122M 7.37%
841,608
-11,690
-1% -$1.66M
MKL icon
4
Markel Group
MKL
$22.2B
$102M 6.12%
79,596
-1,764
-2% -$2.34M
KMX icon
5
CarMax
KMX
$8.82B
$91.8M 5.53%
1,428,059
-7,248
-0.5% -$485K
GOOG icon
6
Alphabet (Google) Class C
GOOG
$4.18T
$89.7M 5.4%
862,076
-24,902
-3% -$2.4M
HEI.A icon
7
HEICO Corp Class A
HEI.A
$36.5B
$89.3M 5.38%
656,986
-13,914
-2% -$1.84M
V icon
8
Visa
V
$693B
$79.6M 4.8%
353,075
-5,312
-1% -$1.18M
KEYS icon
9
Keysight
KEYS
$53.8B
$71.9M 4.33%
445,435
-17,551
-4% -$2.98M
PGR icon
10
Progressive
PGR
$127B
$68.8M 4.15%
481,231
+19,906
+4% +$2.74M
NVR icon
11
NVR
NVR
$16.9B
$67.6M 4.07%
12,126
-363
-3% -$1.87M
SCHW
12
Charles Schwab
SCHW
$194B
$64M 3.85%
1,221,330
-21,524
-2% -$1.58M
META icon
13
Meta Platforms (Facebook)
META
$1.4T
$55.8M 3.36%
263,471
-7,315
-3% -$1.25M
FBIN icon
14
Fortune Brands Innovations
FBIN
$5.32B
$52.7M 3.18%
897,630
+633
+0.1% +$38.7K
IBP icon
15
Installed Building Products
IBP
$6.56B
$48.4M 2.91%
424,109
+10,789
+3% +$1.16M
LULU icon
16
lululemon athletica
LULU
$13.7B
$41.5M 2.5%
114,077
+4,232
+4% +$1.33M
MTB icon
17
M&T Bank
MTB
$34.7B
$35.6M 2.15%
297,819
-8,564
-3% -$1.24M
CIEN icon
18
Ciena
CIEN
$56B
$35M 2.11%
666,676
-13,981
-2% -$698K
EW icon
19
Edwards Lifesciences
EW
$51.8B
$34.3M 2.07%
414,975
-11,198
-3% -$880K
FISV
20
Fiserv Inc
FISV
$28B
$29.5M 1.77%
+260,671
New +$28.7M
FND icon
21
Floor & Decor
FND
$5.78B
$26.1M 1.57%
265,344
-990
-0.4% -$89K
BAC icon
22
Bank of America
BAC
$431B
$25.7M 1.55%
900,241
-35,369
-4% -$1.17M
DIS icon
23
Walt Disney
DIS
$186B
$22.9M 1.38%
228,988
+2,978
+1% +$300K
GOOGL icon
24
Alphabet (Google) Class A
GOOGL
$4.22T
$22.1M 1.33%
213,177
+4,897
+2% +$470K
LFUS icon
25
Littelfuse
LFUS
$10.5B
$18.7M 1.13%
69,861
+446
+0.6% +$115K
1
2 3

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Francois Rochon's Q1 2023 Portfolio in Review

As of Q1 2023, Francois Rochon held 67 positions worth $1.66B, up 2.6% from $1.62B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Francois Rochon withdrew a net $54.4M in Q1 2023, closing 7 positions and reducing 30 holdings. Its most notable exit was First Republic Bank, an estimated $28.9M position sold in full.

By sector, the portfolio is most concentrated in Financials at 33% of assets, down from 39% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Francois Rochon opened a new position in Fiserv Inc worth $29.5M.

  • Francois Rochon's largest Q1 2023 buy was Fiserv Inc: 260,671 shares worth $29.5M.
  • Francois Rochon added most to Progressive in Q1 2023, an estimated $2.74M increase.
  • Francois Rochon's biggest Q1 2023 reduction was SS&C Technologies, cutting an estimated $14.5M.
  • Francois Rochon fully exited First Republic Bank in Q1 2023, selling an estimated $28.9M.
  • Francois Rochon's ten largest holdings make up 59% of its $1.66B portfolio in Q1 2023.
  • Francois Rochon opened 1 new position and closed 7 in Q1 2023.
  • Francois Rochon's portfolio value rose 2.6% quarter-over-quarter to $1.66B.

Based on Giverny Capital's 13F filing for Q1 2023, filed 12 May 2023.