Funds › Giverny Capital (François Rochon) › Q4 2017Giverny Capital (François Rochon) 13F holdings, Q4 2017 Giverny Capital (François Rochon) disclosed 35 US equity positions worth $728.9m in its Q4 2017 13F filing. Its largest position is BRK/B at 19.5% of the reported book, followed by KMX and BANK OF THE OZARKS. Versus Q3 2017 it opened 4 new positions, added to 4, reduced 15 and exited 0.
$729m Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
35 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
19.5% Largest position The largest single position as a share of the reported equity book.
71.4% Top 10 weight The ten largest positions together, as a share of the reported equity book.
13 Effective positions 1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
46 Quarters on file since Q1 2015 Quarters for which this manager's 13F holdings are on record. Holdings Against Q3 2017: 4 new , 4 added , 15 reduced , 0 exited
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Stock Sector Weight Value Shares Δ shares Action BRK/B BERKSHIRE HATHAWAY INC DEL – 19.5% $142m 716,216 +1.2% added KMX CARMAX INC Consumer Cyclical 9.1% $66.2m 1.03m +10% added BANK OF THE OZARKS no ticker – 8.1% $58.9m 1.22m −0.5% reduced AME AMETEK INC Industrials 6.8% $49.5m 682,995 −0.8% reduced V VISA INC Financial Services 5.2% $38.2m 334,714 −1.3% reduced LKQ LKQ CORP Consumer Cyclical 5.1% $37.3m 916,503 −17% reduced UNP UNION PACIFIC CORP Industrials 4.9% $35.9m 267,529 −0.8% reduced MKL MARKEL GROUP INC Financial Services 4.8% $35.0m 30,727 +0.9% added GOOG ALPHABET INC Communication Services 4.0% $29.1m 27,835 +14% added DIS DISNEY WALT CO Communication Services 3.9% $28.7m 267,127 −24% reduced MHK MOHAWK INDS INC Consumer Cyclical 3.9% $28.7m 103,885 −2.6% reduced HEI/A HEICO CORP NEW – 3.2% $23.3m 294,313 −2.5% reduced ORLY OREILLY AUTOMOTIVE INC Consumer Cyclical 3.1% $22.3m 92,798 −0.5% reduced LIBERTY MEDIA CORP DEL no ticker – 3.0% $21.8m 637,915 +0.2% held FBIN FORTUNE BRANDS INNOVATIONS I Industrials 2.9% $21.0m 307,472 −3.0% reduced WFC WELLS FARGO & CO Financial Services 2.8% $20.3m 333,964 −37% reduced CACC CREDIT ACCEP CORP MICH Financial Services 2.6% $19.2m 59,426 – new MTB M & T BK CORP Financial Services 2.6% $19.0m 110,876 −29% reduced EW EDWARDS LIFESCIENCES CORP Healthcare 2.5% $18.2m 161,571 – new GOOGL ALPHABET INC Communication Services 0.8% $6.1m 5,814 −3.5% reduced JPM JPMORGAN CHASE & CO Financial Services 0.2% $1.6m 14,757 +0.1% held SPY SPDR S&P 500 ETF Trust – 0.2% $1.4m 5,344 0.0% held BRK/A BERKSHIRE HATHAWAY INC DEL – 0.1% $893k 3 0.0% held FIVE FIVE BELOW INC Consumer Cyclical 0.1% $730k 11,009 0.0% held STN STANTEC INC Industrials 0.08% $596k 21,329 −0.6% reduced BROOKFIELD ASSET MGMT INC no ticker – 0.08% $563k 12,938 0.0% held MA MASTERCARD INC Financial Services 0.07% $485k 3,204 0.0% held LULU LULULEMON ATHLETICA INC Consumer Cyclical 0.05% $362k 4,600 0.0% held LFUS LITTELFUSE INC Technology 0.04% $301k 1,523 – new RYAAY RYANAIR HOLDINGS PLC Industrials 0.04% $260k 2,500 – new LUV Southwest Airlines Co. Industrials 0.04% $259k 3,961 0.0% held HN9 HANESBRANDS INC – 0.04% $256k 12,264 0.0% held FAST FASTENAL CO Industrials 0.03% $223k 4,077 0.0% held BCPC BALCHEM CORP Basic Materials 0.03% $183k 2,266 0.0% held TJX TJX COS INC NEW Consumer Cyclical 0.02% $164k 2,141 −49% reduced
Sector mix Unclassified 34.2% Consumer Cyclical 21.4% Financial Services 18.3% Industrials 14.8% Communication Services 8.8% Healthcare 2.5% Technology 0.04% Basic Materials 0.03% Book over time Every quarter on file (46) Where Giverny Capital (François Rochon) was early Concentration and tenure
12.8% Median largest position, all quarters The largest single position as a share of the reported equity book.
62.6% Median top 10 weight, all quarters The ten largest positions together, as a share of the reported equity book.
Concentrated Style, by median largest position
6 Median completed holding, quarters