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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
+7.36%
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
$2.95B
AUM Growth
+$35.3M
Cap. Flow
-$69.8M
Cap. Flow %
-2.37%
Top 10 Hldgs %
57.65%
Holding
56
New
1
Increased
23
Reduced
16
Closed
4

Top Buys

Rank Stock Value
1
RMD icon
ResMed
RMD
+$64.3M
2
KNSL icon
Kinsale Capital Group
KNSL
+$5.13M
3
TWFG
TWFG Inc
TWFG
+$3.54M
4
PGR icon
Progressive
PGR
+$3.33M
5
FIVE icon
Five Below
FIVE
+$1.59M

Top Sells

Rank Stock Value
1
SBUX icon
Starbucks
SBUX
+$68.7M
2
BAC icon
Bank of America
BAC
+$47.5M
3
CACC icon
Credit Acceptance
CACC
+$11.8M
4
ANET icon
Arista Networks
ANET
+$9.03M
5
META icon
Meta Platforms (Facebook)
META
+$5.28M

Sector Composition

Rank Sector Weight
1 Financials 33.58%
2 Consumer Discretionary 19.5%
3 Communication Services 17%
4 Industrials 13.51%
5 Technology 9.3%
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
$257M 8.7%
510,644
-1,140
-0.2% -$552K
META icon
2
Meta Platforms (Facebook)
META
$1.4T
$229M 7.76%
311,810
-7,092
-2% -$5.28M
HEI.A icon
3
HEICO Corp Class A
HEI.A
$36.5B
$190M 6.45%
749,501
+9
+0% +$2.25K
AME icon
4
Ametek
AME
$54.9B
$187M 6.35%
996,676
+332
+0% +$61.1K
GOOG icon
5
Alphabet (Google) Class C
GOOG
$4.18T
$155M 5.27%
638,213
-15,504
-2% -$3.26M
SCHW
6
Charles Schwab
SCHW
$194B
$150M 5.1%
1,575,776
+8,281
+0.5% +$786K
V icon
7
Visa
V
$693B
$138M 4.69%
405,520
+4,223
+1% +$1.46M
MEDP icon
8
Medpace
MEDP
$17.3B
$135M 4.56%
261,802
+47
+0% +$20.5K
PGR icon
9
Progressive
PGR
$127B
$132M 4.47%
533,889
+13,522
+3% +$3.33M
IBP icon
10
Installed Building Products
IBP
$6.56B
$127M 4.3%
514,736
+277
+0.1% +$65.8K
BKNG icon
11
Booking.com
BKNG
$158B
$115M 3.9%
533,575
+1,325
+0.2% +$296K
NVR icon
12
NVR
NVR
$16.9B
$113M 3.83%
14,075
+37
+0.3% +$294K
FIVE icon
13
Five Below
FIVE
$13.8B
$98.6M 3.34%
637,090
+11,219
+2% +$1.59M
GOOGL icon
14
Alphabet (Google) Class A
GOOGL
$4.22T
$87.3M 2.96%
359,143
-20,474
-5% -$4.29M
FISV
15
Fiserv Inc
FISV
$28B
$84M 2.85%
651,257
+2,683
+0.4% +$384K
MKL icon
16
Markel Group
MKL
$22.2B
$83.8M 2.84%
43,829
+133
+0.3% +$261K
KNSL icon
17
Kinsale Capital Group
KNSL
$8.74B
$81M 2.74%
190,462
+11,309
+6% +$5.13M
KMX icon
18
CarMax
KMX
$8.82B
$74.9M 2.54%
1,670,114
+14,184
+0.9% +$847K
RMD icon
19
ResMed
RMD
$33.4B
$64.4M 2.18%
+235,418
New +$64.3M
OZK icon
20
Bank OZK
OZK
$5.39B
$64.3M 2.18%
1,261,960
+2,964
+0.2% +$151K
ANET icon
21
Arista Networks
ANET
$238B
$60.1M 2.04%
412,399
-70,162
-15% -$9.03M
KEYS icon
22
Keysight
KEYS
$53.8B
$58.4M 1.98%
333,927
+342
+0.1% +$57K
ADI icon
23
Analog Devices
ADI
$182B
$43.4M 1.47%
176,468
+357
+0.2% +$85.8K
BRO icon
24
Brown & Brown
BRO
$24.4B
$30.2M 1.02%
322,246
+609
+0.2% +$59.4K
DIS icon
25
Walt Disney
DIS
$186B
$29.8M 1.01%
260,400
-75
-0% -$8.83K
1
2 3

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Francois Rochon's Q3 2025 Portfolio in Review

As of Q3 2025, Francois Rochon held 56 positions worth $2.95B, up 1.2% from $2.92B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Francois Rochon's Q3 2025 filing shows 1 new, 23 increased, 16 reduced and 4 closed positions. Its largest new stake was ResMed: 235,418 shares worth $64.4M. The largest sale was Starbucks, an estimated $68.7M.

By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 36% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Francois Rochon's largest Q3 2025 buy was ResMed: 235,418 shares worth $64.4M.
  • Francois Rochon added most to Kinsale Capital Group in Q3 2025, an estimated $5.13M increase.
  • Francois Rochon's biggest Q3 2025 reduction was Credit Acceptance, cutting an estimated $11.8M.
  • Francois Rochon fully exited Starbucks in Q3 2025, selling an estimated $68.7M.
  • Francois Rochon's ten largest holdings make up 58% of its $2.95B portfolio in Q3 2025.
  • Francois Rochon opened 1 new position and closed 4 in Q3 2025.
  • Francois Rochon's portfolio value rose 1.2% quarter-over-quarter to $2.95B.

Based on Giverny Capital's 13F filing for Q3 2025, filed 14 Nov 2025.