WhaleCreep

Giverny Capital (François Rochon) 13F holdings, Q4 2018

Long-only investorSEC filingsCompare with another fundHoldings as of 2018-12-31, filed 2019-02-13

Giverny Capital (François Rochon) disclosed 35 US equity positions worth $758.7m in its Q4 2018 13F filing. Its largest position is BRK/B at 21.7% of the reported book, followed by KMX and AME. Versus Q3 2018 it opened 1 new position, added to 11, reduced 13 and exited 2.

$759m
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.
21.7%
Largest position
The largest single position as a share of the reported equity book.
68.3%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
12
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 2018: 1 new, 11 added, 13 reduced, 2 exited

35 rows
BRK/B BERKSHIRE HATHAWAY INC DEL–21.7%$165m808,018−0.6%reduced
KMX CARMAX INCConsumer Cyclical9.6%$72.5m1.16m−1.2%reduced
AME AMETEK INCIndustrials6.8%$51.8m765,626−0.7%reduced
V VISA INCFinancial Services5.2%$39.3m297,762−1.6%reduced
MKL MARKEL GROUP INCFinancial Services4.7%$35.7m34,438+0.7%added
GOOG ALPHABET INCCommunication Services4.7%$35.4m34,193+0.7%added
NVR NVR INCConsumer Cyclical4.3%$32.6m13,395+91%added
JPM JPMORGAN CHASE & COFinancial Services3.9%$29.5m302,194+46%added
HEI/A HEICO CORP NEW–3.8%$28.8m456,666−1.4%reduced
SCHW SCHWAB CHARLES CORPFinancial Services3.6%$27.6m664,346+31%added
UNP UNION PACIFIC CORPIndustrials3.5%$26.9m194,347−30%reduced
MHK MOHAWK INDS INCConsumer Cyclical3.5%$26.2m223,935+89%added
FBIN FORTUNE BRANDS INNOVATIONS IIndustrials2.9%$22.2m584,497+54%added
DIS DISNEY WALT COCommunication Services2.8%$21.0m191,663−37%reduced
LIBERTY MEDIA CORP DEL no ticker–2.7%$20.4m665,538−1.6%reduced
EW EDWARDS LIFESCIENCES CORPHealthcare2.5%$18.7m122,178−32%reduced
MTB M & T BK CORPFinancial Services2.3%$17.7m123,764+1.8%added
LFUS LITTELFUSE INCTechnology2.3%$17.4m101,282−0.8%reduced
ORLY OREILLY AUTOMOTIVE INCConsumer Cyclical2.3%$17.3m50,152−1.9%reduced
OZK BANK OZK LITTLE ROCK ARKFinancial Services2.0%$15.3m671,992–new
META META PLATFORMS INCCommunication Services2.0%$15.3m116,870+2.9%added
LKQ LKQ CORPConsumer Cyclical1.4%$10.3m433,083−1.8%reduced
GOOGL ALPHABET INCCommunication Services0.8%$5.9m5,638−0.8%reduced
SPY SPDR S&P 500 ETF Trust–0.2%$1.3m5,295−0.1%held
BRK/A BERKSHIRE HATHAWAY INC DEL–0.1%$918k30.0%held
LULU LULULEMON ATHLETICA INCConsumer Cyclical0.07%$559k4,6000.0%held
BROOKFIELD ASSET MGMT INC no ticker–0.07%$496k12,9380.0%held
TJX TJX COS INC NEWConsumer Cyclical0.06%$489k10,934+100%added
MA MASTERCARD INCFinancial Services0.05%$391k2,0740.0%held
HCSG HEALTHCARE SVCS GROUP INCHealthcare0.05%$372k9,2660.0%held
FIVE FIVE BELOW INCConsumer Cyclical0.05%$368k3,5960.0%held
AAPL APPLE INCTechnology0.05%$344k2,178+2.4%added
FAST FASTENAL COIndustrials0.03%$213k4,0770.0%held
LUV Southwest Airlines Co.Industrials0.02%$184k3,9610.0%held
BCPC BALCHEM CORPBasic Materials0.02%$178k2,2660.0%held

Exited since Q3 2018

2 rows
BANK OF THE OZARKS no ticker5.8%$51.1m
RYAAY RYANAIR HOLDINGS PLC0.03%$240k

Sector mix

  • Unclassified28.6%
  • Financial Services21.8%
  • Consumer Cyclical21.1%
  • Industrials13.4%
  • Communication Services10.2%
  • Healthcare2.5%
  • Technology2.3%
  • Basic Materials0.02%

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