Funds › Giverny Capital (François Rochon) › Q3 2020Giverny Capital (François Rochon) 13F holdings, Q3 2020 Giverny Capital (François Rochon) disclosed 54 US equity positions worth $1.1bn in its Q3 2020 13F filing. Its largest position is BRK/B at 13.2% of the reported book, followed by KMX and AME. Versus Q2 2020 it opened 8 new positions, added to 22, reduced 12 and exited 3.
$1.1bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
54 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
13.2% Largest position The largest single position as a share of the reported equity book.
63.4% Top 10 weight The ten largest positions together, as a share of the reported equity book.
18 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 2020: 8 new , 22 added , 12 reduced , 3 exited
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Stock Sector Weight Value Shares Δ shares Action BRK/B BERKSHIRE HATHAWAY INC DEL – 13.2% $144m 674,157 −20% reduced KMX CARMAX INC Consumer Cyclical 9.1% $99.1m 1.08m +1.1% added AME AMETEK INC Industrials 6.9% $75.1m 755,926 +1.1% added V VISA INC Financial Services 5.5% $60.2m 301,201 +0.4% held PGR PROGRESSIVE CORP Financial Services 5.3% $58.2m 614,264 +1.7% added NVR NVR INC Consumer Cyclical 5.2% $57.0m 13,960 −1.1% reduced META META PLATFORMS INC Communication Services 5.1% $55.4m 211,661 +0.4% held GOOG ALPHABET INC Communication Services 4.9% $53.1m 36,160 −0.5% held HEI/A HEICO CORP NEW – 4.3% $46.5m 524,146 +3.0% added MKL MARKEL GROUP INC Financial Services 4.0% $43.5m 44,723 +1.3% added FBIN FORTUNE BRANDS INNOVATIONS I Industrials 4.0% $43.5m 502,647 −0.7% reduced KEYS KEYSIGHT TECHNOLOGIES INC Technology 3.6% $39.3m 398,232 −1.0% reduced FIVE FIVE BELOW INC Consumer Cyclical 3.4% $36.8m 290,052 +0.5% added SCHW SCHWAB CHARLES CORP Financial Services 3.2% $34.8m 960,145 +0.4% held JPM JPMORGAN CHASE & CO Financial Services 3.0% $32.4m 336,528 +1.3% added BAC BANK OF AMER CORP Financial Services 2.8% $30.4m 1.26m 0.0% held EW EDWARDS LIFESCIENCES CORP Healthcare 2.7% $29.8m 373,422 +0.2% held ICE INTERCONTINENTAL EXCHANGE IN Financial Services 2.4% $26.7m 266,489 +3.7% added DIS DISNEY WALT CO Communication Services 2.1% $22.5m 181,188 −2.7% reduced ATHM AUTOHOME INC Communication Services 1.7% $18.7m 194,817 −1.8% reduced GOOGL ALPHABET INC Communication Services 1.0% $11.4m 7,786 −15% reduced SNBRQ SLEEP NUMBER CORP Consumer Cyclical 1.0% $10.4m 213,410 −1.5% reduced LFUS LITTELFUSE INC Technology 0.9% $10.2m 57,501 −1.3% reduced HCSG HEALTHCARE SVCS GROUP INC Healthcare 0.7% $7.7m 356,693 −0.5% reduced OZK BANK OZK LITTLE ROCK ARK Financial Services 0.7% $7.5m 352,055 −1.2% reduced SSNC SS&C TECHNOLOGIES HLDGS INC Technology 0.4% $4.3m 71,502 +35% added ANET ARISTA NETWORKS INC Technology 0.3% $2.9m 14,045 +36% added MA MASTERCARD INC Financial Services 0.3% $2.8m 8,266 +1.4% added CACC CREDIT ACCEP CORP MICH Financial Services 0.2% $2.7m 8,023 +21% added 8L8C LIBERTY BROADBAND CORP – 0.2% $2.6m 17,926 +89% added BRK/A BERKSHIRE HATHAWAY INC DEL – 0.2% $2.6m 8 +33% added TJX TJX COS INC NEW Consumer Cyclical 0.2% $2.0m 35,392 +18% added FRCB FIRST REP BK SAN FRANCISCO C Financial Services 0.2% $1.8m 16,601 +87% added SPY SPDR S&P 500 ETF Trust – 0.2% $1.8m 5,295 0.0% held AMZN AMAZON COM INC Consumer Cyclical 0.1% $1.6m 517 +13% added LULU LULULEMON ATHLETICA INC Consumer Cyclical 0.1% $1.5m 4,615 −0.6% reduced JECUSD JACOBS ENGR GROUP INC – 0.1% $1.4m 15,487 +9.4% added W WAYFAIR INC Consumer Cyclical 0.1% $1.3m 4,331 +23% added AAPL APPLE INC Technology 0.1% $1.1m 9,432 +241% added TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.09% $1.0m 12,397 +132% added MSFT MICROSOFT CORP Technology 0.07% $742k 3,529 0.0% held ODFL OLD DOMINION FREIGHT LINE IN Industrials 0.07% $736k 4,067 0.0% held BROOKFIELD ASSET MGMT INC no ticker – 0.05% $562k 16,989 +2.5% added SBUX STARBUCKS CORP Consumer Cyclical 0.05% $544k 6,327 – new SLV ISHARES SILVER TRUST – 0.05% $498k 23,000 – new ROP ROPER TECHNOLOGIES INC Technology 0.05% $492k 1,245 0.0% held NVO NOVO-NORDISK A S Healthcare 0.04% $430k 6,200 – new FAST FASTENAL CO Industrials 0.04% $404k 8,954 0.0% held KNX KNIGHT-SWIFT TRANSN HLDGS IN Industrials 0.03% $327k 8,046 0.0% held LBRDAEUR LIBERTY BROADBAND CORP – 0.02% $171k 1,205 – new
Exited since Q2 2020 3 rows
Stock Prior weight Prior value CHTR CHARTER COMMUNICATIONS INC 0.05% $510k LIBERTY MEDIA CORP DEL no ticker 0.04% $389k UNH UNITEDHEALTH GROUP INC 0.03% $299k
Sector mix Financial Services 27.6% Consumer Cyclical 19.3% Unclassified 18.3% Communication Services 14.8% Industrials 11.0% Technology 5.5% Healthcare 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