WhaleCreep

Giverny Capital (François Rochon) 13F holdings, Q3 2018

Long-only investorSEC filingsCompare with another fundHoldings as of 2018-09-30, filed 2018-11-13

Giverny Capital (François Rochon) disclosed 36 US equity positions worth $883.1m in its Q3 2018 13F filing. Its largest position is BRK/B at 19.7% of the reported book, followed by KMX and AME. Versus Q2 2018 it opened 5 new positions, added to 19, reduced 5 and exited 5.

$883m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
36
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
19.7%
Largest position
The largest single position as a share of the reported equity book.
69.7%
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 Q2 2018: 5 new, 19 added, 5 reduced, 5 exited

36 rows
BRK/B BERKSHIRE HATHAWAY INC DEL–19.7%$174m812,536+6.7%added
KMX CARMAX INCConsumer Cyclical9.9%$87.3m1.17m+5.6%added
AME AMETEK INCIndustrials6.9%$61.0m771,156+7.0%added
BANK OF THE OZARKS no ticker–5.8%$51.1m1.35m+5.1%added
V VISA INCFinancial Services5.1%$45.4m302,598−12%reduced
UNP UNION PACIFIC CORPIndustrials5.1%$45.3m278,035+1.9%added
MKL MARKEL GROUP INCFinancial Services4.6%$40.7m34,211+5.9%added
GOOG ALPHABET INCCommunication Services4.6%$40.5m33,942+10%added
DIS DISNEY WALT COCommunication Services4.0%$35.4m303,052+4.4%added
HEI/A HEICO CORP NEW–4.0%$35.0m463,327+1.0%added
EW EDWARDS LIFESCIENCES CORPHealthcare3.6%$31.5m180,690+4.7%added
LIBERTY MEDIA CORP DEL no ticker–2.8%$25.1m676,212+3.0%added
SCHW SCHWAB CHARLES CORPFinancial Services2.8%$24.9m506,129–new
JPM JPMORGAN CHASE & COFinancial Services2.6%$23.3m206,769+1301%added
MHK MOHAWK INDS INCConsumer Cyclical2.3%$20.7m118,217+7.9%added
LFUS LITTELFUSE INCTechnology2.3%$20.2m102,099+12%added
MTB M & T BK CORPFinancial Services2.3%$20.0m121,547+8.3%added
FBIN FORTUNE BRANDS INNOVATIONS IIndustrials2.3%$19.9m380,256+14%added
META META PLATFORMS INCCommunication Services2.1%$18.7m113,609+8.5%added
ORLY OREILLY AUTOMOTIVE INCConsumer Cyclical2.0%$17.8m51,127−46%reduced
NVR NVR INCConsumer Cyclical2.0%$17.3m7,013–new
LKQ LKQ CORPConsumer Cyclical1.6%$14.0m440,833+15%added
GOOGL ALPHABET INCCommunication Services0.8%$6.9m5,682−1.0%reduced
SPY SPDR S&P 500 ETF Trust–0.2%$1.5m5,302+0.7%added
BRK/A BERKSHIRE HATHAWAY INC DEL–0.1%$960k30.0%held
LULU LULULEMON ATHLETICA INCConsumer Cyclical0.08%$747k4,6000.0%held
TJX TJX COS INC NEWConsumer Cyclical0.07%$612k5,4670.0%held
BROOKFIELD ASSET MGMT INC no ticker–0.07%$576k12,9380.0%held
AAPL APPLE INCTechnology0.05%$480k2,127–new
FIVE FIVE BELOW INCConsumer Cyclical0.05%$468k3,596−67%reduced
MA MASTERCARD INCFinancial Services0.05%$462k2,074−34%reduced
HCSG HEALTHCARE SVCS GROUP INCHealthcare0.04%$376k9,266–new
BCPC BALCHEM CORPBasic Materials0.03%$254k2,2660.0%held
LUV Southwest Airlines Co.Industrials0.03%$247k3,9610.0%held
RYAAY RYANAIR HOLDINGS PLCIndustrials0.03%$240k2,5000.0%held
FAST FASTENAL COIndustrials0.03%$237k4,077–new

Exited since Q2 2018

5 rows
WFC WELLS FARGO & CO2.5%$18.9m
STN STANTEC INC0.09%$721k
CACC CREDIT ACCEP CORP MICH0.05%$351k
HN9 HANESBRANDS INC0.04%$270k
BKNG BOOKING HOLDINGS INC0.01%$101k

Sector mix

  • Unclassified32.6%
  • Consumer Cyclical18.0%
  • Financial Services17.5%
  • Industrials14.4%
  • Communication Services11.5%
  • Healthcare3.6%
  • Technology2.3%
  • Basic Materials0.03%

Book over time

Every quarter on file (46)
QuarterPositionsEquity book
Q2 202651$3.0bn
Q1 202651$2.7bn
Q4 202550$3.0bn
Q3 202552$3.0bn
Q2 202555$2.9bn
Q1 202554$2.7bn
Q4 202462$2.7bn
Q3 202452$2.6bn
Q2 202450$2.4bn
Q1 202453$2.5bn
Q4 202359$2.1bn
Q3 202359$1.8bn
Q2 202359$1.9bn
Q1 202360$1.7bn
Q4 202266$1.6bn
Q3 202263$1.5bn
Q2 202263$1.5bn
Q1 202263$1.8bn
Q4 202164$1.9bn
Q3 202159$1.7bn
Q2 202157$1.6bn
Q1 202153$1.5bn
Q4 202053$1.3bn
Q3 202054$1.1bn
Q2 202049$1.0bn
Q1 202041$785m
Q4 201939$1.1bn
Q3 201939$1.0bn
Q2 201939$990m
Q1 201939$872m
Q4 201835$759m
Q3 201836$883m
Q2 201836$769m
Q1 201835$747m
Q4 201735$729m
Q3 201731$684m
Q2 201727$619m
Q1 201726$602m
Q4 201626$591m
Q3 201626$537m
Q2 201625$515m
Q1 201624$509m
Q4 201525$502m
Q3 201526$497m
Q2 201526$500m
Q1 201524$457m

Where Giverny Capital (François Rochon) was early

13 rows
FBIN FORTUNE BRANDS HOME & SEC INQ1 20169 of 1322.0%4.0%36Exited by Q1 2025+43%
HEI/A HEICO CORP NEWQ3 20163 of 931.2%6.7%40Held at last filing, Q2 2026+732%
AME AMETEK INCQ4 20165 of 1306.5%7.6%39Held at last filing, Q2 2026+398%
FIVE FIVE BELOW INCQ1 201717 of 1740.04%7.5%38Held at last filing, Q2 2026+315%
LFUS LITTELFUSE INCQ4 20171 of 1140.04%2.7%35Held at last filing, Q2 2026+130%
CACC CREDIT ACCEP CORP MICHQ4 20179 of 1022.6%2.8%25Exited by Q4 2025+44%
EW EDWARDS LIFESCIENCES CORPQ4 201710 of 1492.5%3.6%29Exited by Q1 2025+97%
HCSG HEALTHCARE SVCS GROUP INCQ3 20181 of 890.04%1.1%13Exited by Q4 2021−38%
NVR NVR INCQ3 201810 of 1452.0%5.4%32Held at last filing, Q2 2026+176%
SCHW SCHWAB CHARLES CORPQ3 201823 of 2212.8%6.4%32Held at last filing, Q2 2026+88%
OZK BANK OZK LITTLE ROCK ARKQ4 20182 of 1132.0%2.3%31Held at last filing, Q2 2026+128%
KEYS KEYSIGHT TECHNOLOGIES INCQ1 20196 of 1641.2%5.0%30Held at last filing, Q2 2026+301%
PGR PROGRESSIVE CORPQ3 201919 of 1942.1%5.5%28Held at last filing, Q2 2026+183%

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