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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
+0.8%
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
$2.71B
AUM Growth
-$23.3M
Cap. Flow
+$998K
Cap. Flow %
0.04%
Top 10 Hldgs %
56.35%
Holding
64
New
2
Increased
17
Reduced
26
Closed
10

Top Buys

Rank Stock Value
1
KNSL icon
Kinsale Capital Group
KNSL
+$35.6M
2
BLDR icon
Builders FirstSource
BLDR
+$12M
3
MEDP icon
Medpace
MEDP
+$5.94M
4
ANET icon
Arista Networks
ANET
+$5.69M
5
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$2.19M

Top Sells

Rank Stock Value
1
FBIN icon
Fortune Brands Innovations
FBIN
+$31.6M
2
FIVE icon
Five Below
FIVE
+$9.71M
3
PGR icon
Progressive
PGR
+$4.37M
4
KMX icon
CarMax
KMX
+$3.31M
5
ICE icon
Intercontinental Exchange
ICE
+$2.5M

Sector Composition

Rank Sector Weight
1 Financials 38.43%
2 Consumer Discretionary 21.87%
3 Communication Services 13.4%
4 Industrials 12.66%
5 Technology 10.32%
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
$268M 9.88%
503,332
-2,218
-0.4% -$1.08M
META icon
2
Meta Platforms (Facebook)
META
$1.4T
$182M 6.7%
315,144
+49
+0% +$31.6K
AME icon
3
Ametek
AME
$54.9B
$168M 6.2%
977,434
+2,975
+0.3% +$541K
HEI.A icon
4
HEICO Corp Class A
HEI.A
$36.5B
$157M 5.77%
742,011
+356
+0% +$69K
PGR icon
5
Progressive
PGR
$127B
$150M 5.52%
529,154
-16,702
-3% -$4.37M
FISV
6
Fiserv Inc
FISV
$28B
$139M 5.13%
629,633
-621
-0.1% -$136K
V icon
7
Visa
V
$693B
$138M 5.08%
393,549
-2,168
-0.5% -$734K
KMX icon
8
CarMax
KMX
$8.82B
$128M 4.72%
1,641,622
-41,247
-2% -$3.31M
GOOG icon
9
Alphabet (Google) Class C
GOOG
$4.18T
$102M 3.75%
651,446
-3,591
-0.5% -$658K
NVR icon
10
NVR
NVR
$16.9B
$97.7M 3.6%
13,490
-68
-0.5% -$517K
BKNG icon
11
Booking.com
BKNG
$158B
$97.4M 3.59%
528,300
-1,125
-0.2% -$215K
IBP icon
12
Installed Building Products
IBP
$6.56B
$87.1M 3.21%
508,073
+3,338
+0.7% +$602K
KNSL icon
13
Kinsale Capital Group
KNSL
$8.74B
$82.7M 3.05%
169,967
+79,208
+87% +$35.6M
MKL icon
14
Markel Group
MKL
$22.2B
$81.1M 2.99%
43,402
+71
+0.2% +$131K
MEDP icon
15
Medpace
MEDP
$17.3B
$76.8M 2.83%
251,937
+17,650
+8% +$5.94M
SCHW
16
Charles Schwab
SCHW
$194B
$74.3M 2.74%
949,066
+1,139
+0.1% +$89.4K
SBUX icon
17
Starbucks
SBUX
$122B
$73.2M 2.7%
746,686
-2,686
-0.4% -$278K
MTB icon
18
M&T Bank
MTB
$34.7B
$65.7M 2.42%
367,532
-49
-0% -$9.29K
GOOGL icon
19
Alphabet (Google) Class A
GOOGL
$4.22T
$55.6M 2.05%
359,603
+2,775
+0.8% +$503K
OZK icon
20
Bank OZK
OZK
$5.39B
$52.6M 1.94%
1,209,513
-2,925
-0.2% -$138K
KEYS icon
21
Keysight
KEYS
$53.8B
$49.6M 1.83%
331,011
-834
-0.3% -$138K
FIVE icon
22
Five Below
FIVE
$13.8B
$46.6M 1.72%
621,590
-110,520
-15% -$9.71M
BAC icon
23
Bank of America
BAC
$431B
$41.6M 1.54%
998,001
-2,977
-0.3% -$133K
LULU icon
24
lululemon athletica
LULU
$13.7B
$40.5M 1.49%
143,169
-199
-0.1% -$73K
BRO icon
25
Brown & Brown
BRO
$24.4B
$36.6M 1.35%
294,603
-206
-0.1% -$23K
1
2 3

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Francois Rochon's Q1 2025 Portfolio in Review

As of Q1 2025, Francois Rochon held 64 positions worth $2.71B, down 0.85% from $2.74B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Francois Rochon's Q1 2025 filing shows 2 new, 17 increased, 26 reduced and 10 closed positions. Its largest new stake was Builders FirstSource: 82,445 shares worth $10.3M. The largest sale was Fortune Brands Innovations, an estimated $31.6M.

By sector, the portfolio is most concentrated in Financials at 38% of assets, up from 34% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Francois Rochon's largest Q1 2025 buy was Builders FirstSource: 82,445 shares worth $10.3M.
  • Francois Rochon added most to Kinsale Capital Group in Q1 2025, an estimated $35.6M increase.
  • Francois Rochon's biggest Q1 2025 reduction was Five Below, cutting an estimated $9.71M.
  • Francois Rochon fully exited Fortune Brands Innovations in Q1 2025, selling an estimated $31.6M.
  • Francois Rochon's ten largest holdings make up 56% of its $2.71B portfolio in Q1 2025.
  • Francois Rochon opened 2 new positions and closed 10 in Q1 2025.
  • Francois Rochon's portfolio value fell 0.85% quarter-over-quarter to $2.71B.

Based on Giverny Capital's 13F filing for Q1 2025, filed 13 May 2025.