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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
-2.94%
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
$2.37B
AUM Growth
-$96.4M
Cap. Flow
+$23M
Cap. Flow %
0.97%
Top 10 Hldgs %
53.97%
Holding
53
New
–
Increased
34
Reduced
5
Closed
3

Top Buys

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$32.2M
2
SBUX icon
Starbucks
SBUX
+$28M
3
KNSL icon
Kinsale Capital Group
KNSL
+$6.14M
4
FIVE icon
Five Below
FIVE
+$4.25M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$2.94M

Top Sells

Rank Stock Value
1
MKL icon
Markel Group
MKL
+$60.7M
2
COHR icon
Coherent
COHR
+$7.05M
3
MTB icon
M&T Bank
MTB
+$1.08M
4
FBIN icon
Fortune Brands Innovations
FBIN
+$523K
5
TJX icon
TJX Companies
TJX
+$110K

Sector Composition

Rank Sector Weight
1 Financials 30.76%
2 Consumer Discretionary 25.06%
3 Communication Services 14.73%
4 Industrials 13.61%
5 Technology 10.2%
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
$197M 8.33%
484,470
+4,495
+0.9% +$1.84M
AME icon
2
Ametek
AME
$54.9B
$156M 6.6%
936,696
+8,719
+0.9% +$1.51M
META icon
3
Meta Platforms (Facebook)
META
$1.4T
$150M 6.34%
297,713
+1,893
+0.6% +$920K
HEI.A icon
4
HEICO Corp Class A
HEI.A
$36.5B
$128M 5.43%
723,697
+4,702
+0.7% +$794K
GOOG icon
5
Alphabet (Google) Class C
GOOG
$4.18T
$119M 5.02%
647,436
+1,636
+0.3% +$278K
KMX icon
6
CarMax
KMX
$8.82B
$117M 4.94%
1,594,948
+12,550
+0.8% +$904K
PGR icon
7
Progressive
PGR
$127B
$111M 4.69%
534,821
+4,452
+0.8% +$932K
V icon
8
Visa
V
$693B
$102M 4.29%
386,967
+4,759
+1% +$1.3M
NVR icon
9
NVR
NVR
$16.9B
$100M 4.23%
13,179
+41
+0.3% +$314K
IBP icon
10
Installed Building Products
IBP
$6.56B
$97M 4.1%
471,552
+4,540
+1% +$1.02M
BKNG icon
11
Booking.com
BKNG
$158B
$79.2M 3.35%
500,075
+217,725
+77% +$32.2M
MEDP icon
12
Medpace
MEDP
$17.3B
$77.5M 3.27%
188,094
+2,862
+2% +$1.13M
FIVE icon
13
Five Below
FIVE
$13.8B
$76M 3.21%
697,875
+30,685
+5% +$4.25M
FISV
14
Fiserv Inc
FISV
$28B
$72.3M 3.05%
484,933
+4,687
+1% +$709K
KEYS icon
15
Keysight
KEYS
$53.8B
$65.6M 2.77%
479,558
+1,212
+0.3% +$177K
MKL icon
16
Markel Group
MKL
$22.2B
$65.3M 2.76%
41,471
-39,078
-49% -$60.7M
SCHW
17
Charles Schwab
SCHW
$194B
$64.1M 2.71%
869,813
+8,382
+1% +$619K
GOOGL icon
18
Alphabet (Google) Class A
GOOGL
$4.22T
$56.5M 2.39%
310,083
+17,419
+6% +$2.94M
SBUX icon
19
Starbucks
SBUX
$122B
$55.7M 2.35%
715,626
+344,075
+93% +$28M
MTB icon
20
M&T Bank
MTB
$34.7B
$52.3M 2.21%
345,262
-7,408
-2% -$1.08M
OZK icon
21
Bank OZK
OZK
$5.39B
$49M 2.07%
1,194,539
+29,429
+3% +$1.28M
ADI icon
22
Analog Devices
ADI
$182B
$45.7M 1.93%
200,423
+7,022
+4% +$1.5M
EW icon
23
Edwards Lifesciences
EW
$51.8B
$41.2M 1.74%
446,016
+298
+0.1% +$26.4K
BAC icon
24
Bank of America
BAC
$431B
$39.2M 1.66%
986,115
-835
-0.1% -$32K
LULU icon
25
lululemon athletica
LULU
$13.7B
$38.9M 1.64%
130,113
+862
+0.7% +$288K
1
2 3

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Francois Rochon's Q2 2024 Portfolio in Review

As of Q2 2024, Francois Rochon held 53 positions worth $2.37B, down 3.9% from $2.46B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Francois Rochon's Q2 2024 filing shows 34 increased, 5 reduced and 3 closed positions. The largest sale was Markel Group, an estimated $60.7M.

By sector, the portfolio is most concentrated in Financials at 31% of assets, down from 32% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Francois Rochon added most to Booking.com in Q2 2024, an estimated $32.2M increase.
  • Francois Rochon's biggest Q2 2024 reduction was Markel Group, cutting an estimated $60.7M.
  • Francois Rochon fully exited Coherent in Q2 2024, selling an estimated $7.05M.
  • Francois Rochon's ten largest holdings make up 54% of its $2.37B portfolio in Q2 2024.
  • Francois Rochon opened 0 new positions and closed 3 in Q2 2024.
  • Francois Rochon's portfolio value fell 3.9% quarter-over-quarter to $2.37B.

Based on Giverny Capital's 13F filing for Q2 2024, filed 14 Aug 2024.