Funds › Giverny Capital (François Rochon) › Q1 2019Giverny Capital (François Rochon) 13F holdings, Q1 2019 Giverny Capital (François Rochon) disclosed 39 US equity positions worth $871.7m in its Q1 2019 13F filing. Its largest position is BRK/B at 19.2% of the reported book, followed by KMX and AME. Versus Q4 2018 it opened 5 new positions, added to 17, reduced 9 and exited 1.
$872m Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
39 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
19.2% Largest position The largest single position as a share of the reported equity book.
66.4% Top 10 weight The ten largest positions together, as a share of the reported equity book.
14 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 Q4 2018: 5 new , 17 added , 9 reduced , 1 exited
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Stock Sector Weight Value Shares Δ shares Action BRK/B BERKSHIRE HATHAWAY INC DEL – 19.2% $167m 832,125 +3.0% added KMX CARMAX INC Consumer Cyclical 9.5% $83.0m 1.19m +2.9% added AME AMETEK INC Industrials 7.3% $63.3m 762,627 −0.4% held V VISA INC Financial Services 5.4% $47.2m 302,505 +1.6% added GOOG ALPHABET INC Communication Services 4.6% $40.3m 34,346 +0.4% held HEI/A HEICO CORP NEW – 4.6% $39.7m 472,577 +3.5% added NVR NVR INC Consumer Cyclical 4.4% $38.0m 13,719 +2.4% added MKL MARKEL GROUP INC Financial Services 4.2% $36.4m 36,523 +6.1% added JPM JPMORGAN CHASE & CO Financial Services 3.7% $32.2m 318,115 +5.3% added SCHW SCHWAB CHARLES CORP Financial Services 3.6% $31.5m 737,124 +11% added FBIN FORTUNE BRANDS INNOVATIONS I Industrials 3.3% $28.4m 596,993 +2.1% added MHK MOHAWK INDS INC Consumer Cyclical 3.2% $28.0m 221,909 −0.9% reduced META META PLATFORMS INC Communication Services 3.1% $27.4m 164,573 +41% added UNP UNION PACIFIC CORP Industrials 3.0% $26.2m 156,810 −19% reduced EW EDWARDS LIFESCIENCES CORP Healthcare 2.7% $23.7m 123,923 +1.4% added DIS DISNEY WALT CO Communication Services 2.4% $21.1m 189,856 −0.9% reduced BAC BANK OF AMER CORP Financial Services 2.4% $20.6m 746,916 – new OZK BANK OZK LITTLE ROCK ARK Financial Services 2.3% $20.1m 694,672 +3.4% added MTB M & T BK CORP Financial Services 2.3% $19.9m 126,443 +2.2% added LFUS LITTELFUSE INC Technology 2.3% $19.9m 108,790 +7.4% added LKQ LKQ CORP Consumer Cyclical 1.4% $11.8m 417,276 −3.6% reduced ORLY OREILLY AUTOMOTIVE INC Consumer Cyclical 1.3% $11.2m 28,811 −43% reduced KEYS KEYSIGHT TECHNOLOGIES INC Technology 1.2% $10.1m 116,090 – new HCSG HEALTHCARE SVCS GROUP INC Healthcare 1.1% $9.5m 287,334 +3001% added GOOGL ALPHABET INC Communication Services 0.8% $7.0m 5,966 +5.8% added SPY SPDR S&P 500 ETF Trust – 0.2% $1.5m 5,295 0.0% held LIBERTY MEDIA CORP DEL no ticker – 0.1% $920k 26,246 −96% reduced BRK/A BERKSHIRE HATHAWAY INC DEL – 0.1% $904k 3 0.0% held LULU LULULEMON ATHLETICA INC Consumer Cyclical 0.09% $761k 4,645 +1.0% added BROOKFIELD ASSET MGMT INC no ticker – 0.07% $604k 12,938 0.0% held TJX TJX COS INC NEW Consumer Cyclical 0.06% $497k 9,341 −15% reduced MA MASTERCARD INC Financial Services 0.06% $480k 2,039 −1.7% reduced FIVE FIVE BELOW INC Consumer Cyclical 0.05% $447k 3,596 0.0% held ROP ROPER TECHNOLOGIES INC Technology 0.05% $426k 1,245 – new AAPL APPLE INC Technology 0.05% $404k 2,127 −2.3% reduced ODFL OLD DOMINION FREIGHT LINE IN Industrials 0.04% $372k 2,577 – new FAST FASTENAL CO Industrials 0.03% $262k 4,077 0.0% held KNX KNIGHT-SWIFT TRANSN HLDGS IN Industrials 0.03% $253k 7,743 – new LUV Southwest Airlines Co. Industrials 0.02% $206k 3,961 0.0% held
Exited since Q4 2018 1 row
Stock Prior weight Prior value BCPC BALCHEM CORP 0.02% $178k
Sector mix Unclassified 24.2% Financial Services 23.9% Consumer Cyclical 19.9% Industrials 13.7% Communication Services 11.0% Healthcare 3.8% Technology 3.5% 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