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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
+3.4%
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
$2.74B
AUM Growth
+$106M
Cap. Flow
+$61.6M
Cap. Flow %
2.25%
Top 10 Hldgs %
54.31%
Holding
63
New
11
Increased
35
Reduced
4
Closed
1

Top Buys

Rank Stock Value
1
BRO icon
Brown & Brown
BRO
+$31.5M
2
FISV
Fiserv Inc
FISV
+$26.3M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$7.5M
4
FERG icon
Ferguson
FERG
+$6.69M
5
IBP icon
Installed Building Products
IBP
+$3.83M

Top Sells

Rank Stock Value
1
EW icon
Edwards Lifesciences
EW
+$31.2M
2
KEYS icon
Keysight
KEYS
+$24.1M
3
ADI icon
Analog Devices
ADI
+$7.59M
4
ANET icon
Arista Networks
ANET
+$1.67M
5
FWONK icon
Liberty Media Series C
FWONK
+$1.16M

Sector Composition

Rank Sector Weight
1 Financials 33.56%
2 Consumer Discretionary 24.47%
3 Communication Services 14.82%
4 Industrials 12.97%
5 Technology 10.66%
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
$229M 8.38%
505,550
+16,239
+3% +$7.5M
META icon
2
Meta Platforms (Facebook)
META
$1.4T
$184M 6.74%
315,095
+5,153
+2% +$3.02M
AME icon
3
Ametek
AME
$54.9B
$176M 6.42%
974,459
+15,237
+2% +$2.78M
HEI.A icon
4
HEICO Corp Class A
HEI.A
$36.5B
$138M 5.04%
741,655
+8,662
+1% +$1.75M
KMX icon
5
CarMax
KMX
$8.82B
$138M 5.03%
1,682,869
+45,744
+3% +$3.59M
PGR icon
6
Progressive
PGR
$127B
$131M 4.78%
545,856
+9,163
+2% +$2.31M
FISV
7
Fiserv Inc
FISV
$28B
$129M 4.73%
630,254
+128,976
+26% +$26.3M
V icon
8
Visa
V
$693B
$125M 4.57%
395,717
+3,957
+1% +$1.19M
GOOG icon
9
Alphabet (Google) Class C
GOOG
$4.18T
$125M 4.56%
655,037
+8,857
+1% +$1.56M
NVR icon
10
NVR
NVR
$16.9B
$111M 4.05%
13,558
+251
+2% +$2.29M
BKNG icon
11
Booking.com
BKNG
$158B
$105M 3.85%
529,425
+16,550
+3% +$3.18M
IBP icon
12
Installed Building Products
IBP
$6.56B
$88.5M 3.23%
504,735
+17,620
+4% +$3.83M
MEDP icon
13
Medpace
MEDP
$17.3B
$77.8M 2.85%
234,287
+7,215
+3% +$2.45M
FIVE icon
14
Five Below
FIVE
$13.8B
$76.8M 2.81%
732,110
+6,861
+0.9% +$656K
MKL icon
15
Markel Group
MKL
$22.2B
$74.8M 2.73%
43,331
+647
+2% +$1.07M
SCHW
16
Charles Schwab
SCHW
$194B
$70.2M 2.56%
947,927
+12,155
+1% +$910K
MTB icon
17
M&T Bank
MTB
$34.7B
$69.1M 2.53%
367,581
+6,990
+2% +$1.39M
SBUX icon
18
Starbucks
SBUX
$122B
$68.4M 2.5%
749,372
+31,368
+4% +$3.03M
GOOGL icon
19
Alphabet (Google) Class A
GOOGL
$4.22T
$67.5M 2.47%
356,828
+10,124
+3% +$1.77M
LULU icon
20
lululemon athletica
LULU
$13.7B
$54.8M 2%
143,368
+1,891
+1% +$617K
OZK icon
21
Bank OZK
OZK
$5.39B
$54M 1.97%
1,212,438
+15,064
+1% +$689K
KEYS icon
22
Keysight
KEYS
$53.8B
$53.3M 1.95%
331,845
-149,225
-31% -$24.1M
ANET icon
23
Arista Networks
ANET
$238B
$45.4M 1.66%
410,428
-16,252
-4% -$1.67M
BAC icon
24
Bank of America
BAC
$431B
$44M 1.61%
1,000,978
+10,930
+1% +$481K
KNSL icon
25
Kinsale Capital Group
KNSL
$8.74B
$42.2M 1.54%
90,759
+4,444
+5% +$2.11M
1
2 3

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Francois Rochon's Q4 2024 Portfolio in Review

As of Q4 2024, Francois Rochon held 63 positions worth $2.74B, up 4% from $2.63B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Francois Rochon's Q4 2024 filing shows 11 new, 35 increased, 4 reduced and 1 closed positions. Its largest new stake was Brown & Brown: 294,809 shares worth $30.1M. The largest sale was Edwards Lifesciences, an estimated $31.2M.

By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 32% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Francois Rochon's largest Q4 2024 buy was Brown & Brown: 294,809 shares worth $30.1M.
  • Francois Rochon added most to Fiserv Inc in Q4 2024, an estimated $26.3M increase.
  • Francois Rochon's biggest Q4 2024 reduction was Edwards Lifesciences, cutting an estimated $31.2M.
  • Francois Rochon fully exited Liberty Media Series C in Q4 2024, selling an estimated $1.16M.
  • Francois Rochon's ten largest holdings make up 54% of its $2.74B portfolio in Q4 2024.
  • Francois Rochon opened 11 new positions and closed 1 in Q4 2024.
  • Francois Rochon's portfolio value rose 4% quarter-over-quarter to $2.74B.

Based on Giverny Capital's 13F filing for Q4 2024, filed 13 Feb 2025.