Funds › Giverny Capital (François Rochon) › Q4 2018Giverny Capital (François Rochon) 13F holdings, Q4 2018 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
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Stock Sector Weight Value Shares Δ shares Action BRK/B BERKSHIRE HATHAWAY INC DEL – 21.7% $165m 808,018 −0.6% reduced KMX CARMAX INC Consumer Cyclical 9.6% $72.5m 1.16m −1.2% reduced AME AMETEK INC Industrials 6.8% $51.8m 765,626 −0.7% reduced V VISA INC Financial Services 5.2% $39.3m 297,762 −1.6% reduced MKL MARKEL GROUP INC Financial Services 4.7% $35.7m 34,438 +0.7% added GOOG ALPHABET INC Communication Services 4.7% $35.4m 34,193 +0.7% added NVR NVR INC Consumer Cyclical 4.3% $32.6m 13,395 +91% added JPM JPMORGAN CHASE & CO Financial Services 3.9% $29.5m 302,194 +46% added HEI/A HEICO CORP NEW – 3.8% $28.8m 456,666 −1.4% reduced SCHW SCHWAB CHARLES CORP Financial Services 3.6% $27.6m 664,346 +31% added UNP UNION PACIFIC CORP Industrials 3.5% $26.9m 194,347 −30% reduced MHK MOHAWK INDS INC Consumer Cyclical 3.5% $26.2m 223,935 +89% added FBIN FORTUNE BRANDS INNOVATIONS I Industrials 2.9% $22.2m 584,497 +54% added DIS DISNEY WALT CO Communication Services 2.8% $21.0m 191,663 −37% reduced LIBERTY MEDIA CORP DEL no ticker – 2.7% $20.4m 665,538 −1.6% reduced EW EDWARDS LIFESCIENCES CORP Healthcare 2.5% $18.7m 122,178 −32% reduced MTB M & T BK CORP Financial Services 2.3% $17.7m 123,764 +1.8% added LFUS LITTELFUSE INC Technology 2.3% $17.4m 101,282 −0.8% reduced ORLY OREILLY AUTOMOTIVE INC Consumer Cyclical 2.3% $17.3m 50,152 −1.9% reduced OZK BANK OZK LITTLE ROCK ARK Financial Services 2.0% $15.3m 671,992 – new META META PLATFORMS INC Communication Services 2.0% $15.3m 116,870 +2.9% added LKQ LKQ CORP Consumer Cyclical 1.4% $10.3m 433,083 −1.8% reduced GOOGL ALPHABET INC Communication Services 0.8% $5.9m 5,638 −0.8% reduced SPY SPDR S&P 500 ETF Trust – 0.2% $1.3m 5,295 −0.1% held BRK/A BERKSHIRE HATHAWAY INC DEL – 0.1% $918k 3 0.0% held LULU LULULEMON ATHLETICA INC Consumer Cyclical 0.07% $559k 4,600 0.0% held BROOKFIELD ASSET MGMT INC no ticker – 0.07% $496k 12,938 0.0% held TJX TJX COS INC NEW Consumer Cyclical 0.06% $489k 10,934 +100% added MA MASTERCARD INC Financial Services 0.05% $391k 2,074 0.0% held HCSG HEALTHCARE SVCS GROUP INC Healthcare 0.05% $372k 9,266 0.0% held FIVE FIVE BELOW INC Consumer Cyclical 0.05% $368k 3,596 0.0% held AAPL APPLE INC Technology 0.05% $344k 2,178 +2.4% added FAST FASTENAL CO Industrials 0.03% $213k 4,077 0.0% held LUV Southwest Airlines Co. Industrials 0.02% $184k 3,961 0.0% held BCPC BALCHEM CORP Basic Materials 0.02% $178k 2,266 0.0% held
Exited since Q3 2018 2 rows
Stock Prior weight Prior value BANK OF THE OZARKS no ticker 5.8% $51.1m RYAAY RYANAIR HOLDINGS PLC 0.03% $240k
Sector mix Unclassified 28.6% Financial Services 21.8% Consumer Cyclical 21.1% Industrials 13.4% Communication Services 10.2% Healthcare 2.5% Technology 2.3% Basic Materials 0.02% 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