WhaleCreep

Giverny Capital (François Rochon) 13F holdings, Q3 2020

Long-only investorSEC filingsCompare with another fundHoldings as of 2020-09-30, filed 2020-11-13

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

50 of 54
BRK/B BERKSHIRE HATHAWAY INC DEL–13.2%$144m674,157−20%reduced
KMX CARMAX INCConsumer Cyclical9.1%$99.1m1.08m+1.1%added
AME AMETEK INCIndustrials6.9%$75.1m755,926+1.1%added
V VISA INCFinancial Services5.5%$60.2m301,201+0.4%held
PGR PROGRESSIVE CORPFinancial Services5.3%$58.2m614,264+1.7%added
NVR NVR INCConsumer Cyclical5.2%$57.0m13,960−1.1%reduced
META META PLATFORMS INCCommunication Services5.1%$55.4m211,661+0.4%held
GOOG ALPHABET INCCommunication Services4.9%$53.1m36,160−0.5%held
HEI/A HEICO CORP NEW–4.3%$46.5m524,146+3.0%added
MKL MARKEL GROUP INCFinancial Services4.0%$43.5m44,723+1.3%added
FBIN FORTUNE BRANDS INNOVATIONS IIndustrials4.0%$43.5m502,647−0.7%reduced
KEYS KEYSIGHT TECHNOLOGIES INCTechnology3.6%$39.3m398,232−1.0%reduced
FIVE FIVE BELOW INCConsumer Cyclical3.4%$36.8m290,052+0.5%added
SCHW SCHWAB CHARLES CORPFinancial Services3.2%$34.8m960,145+0.4%held
JPM JPMORGAN CHASE & COFinancial Services3.0%$32.4m336,528+1.3%added
BAC BANK OF AMER CORPFinancial Services2.8%$30.4m1.26m0.0%held
EW EDWARDS LIFESCIENCES CORPHealthcare2.7%$29.8m373,422+0.2%held
ICE INTERCONTINENTAL EXCHANGE INFinancial Services2.4%$26.7m266,489+3.7%added
DIS DISNEY WALT COCommunication Services2.1%$22.5m181,188−2.7%reduced
ATHM AUTOHOME INCCommunication Services1.7%$18.7m194,817−1.8%reduced
GOOGL ALPHABET INCCommunication Services1.0%$11.4m7,786−15%reduced
SNBRQ SLEEP NUMBER CORPConsumer Cyclical1.0%$10.4m213,410−1.5%reduced
LFUS LITTELFUSE INCTechnology0.9%$10.2m57,501−1.3%reduced
HCSG HEALTHCARE SVCS GROUP INCHealthcare0.7%$7.7m356,693−0.5%reduced
OZK BANK OZK LITTLE ROCK ARKFinancial Services0.7%$7.5m352,055−1.2%reduced
SSNC SS&C TECHNOLOGIES HLDGS INCTechnology0.4%$4.3m71,502+35%added
ANET ARISTA NETWORKS INCTechnology0.3%$2.9m14,045+36%added
MA MASTERCARD INCFinancial Services0.3%$2.8m8,266+1.4%added
CACC CREDIT ACCEP CORP MICHFinancial Services0.2%$2.7m8,023+21%added
8L8C LIBERTY BROADBAND CORP–0.2%$2.6m17,926+89%added
BRK/A BERKSHIRE HATHAWAY INC DEL–0.2%$2.6m8+33%added
TJX TJX COS INC NEWConsumer Cyclical0.2%$2.0m35,392+18%added
FRCB FIRST REP BK SAN FRANCISCO CFinancial Services0.2%$1.8m16,601+87%added
SPY SPDR S&P 500 ETF Trust–0.2%$1.8m5,2950.0%held
AMZN AMAZON COM INCConsumer Cyclical0.1%$1.6m517+13%added
LULU LULULEMON ATHLETICA INCConsumer Cyclical0.1%$1.5m4,615−0.6%reduced
JECUSD JACOBS ENGR GROUP INC–0.1%$1.4m15,487+9.4%added
W WAYFAIR INCConsumer Cyclical0.1%$1.3m4,331+23%added
AAPL APPLE INCTechnology0.1%$1.1m9,432+241%added
TSM TAIWAN SEMICONDUCTOR MANUFACTechnology0.09%$1.0m12,397+132%added
MSFT MICROSOFT CORPTechnology0.07%$742k3,5290.0%held
ODFL OLD DOMINION FREIGHT LINE INIndustrials0.07%$736k4,0670.0%held
BROOKFIELD ASSET MGMT INC no ticker–0.05%$562k16,989+2.5%added
SBUX STARBUCKS CORPConsumer Cyclical0.05%$544k6,327–new
SLV ISHARES SILVER TRUST–0.05%$498k23,000–new
ROP ROPER TECHNOLOGIES INCTechnology0.05%$492k1,2450.0%held
NVO NOVO-NORDISK A SHealthcare0.04%$430k6,200–new
FAST FASTENAL COIndustrials0.04%$404k8,9540.0%held
KNX KNIGHT-SWIFT TRANSN HLDGS INIndustrials0.03%$327k8,0460.0%held
LBRDAEUR LIBERTY BROADBAND CORP–0.02%$171k1,205–new

Exited since Q2 2020

3 rows
CHTR CHARTER COMMUNICATIONS INC0.05%$510k
LIBERTY MEDIA CORP DEL no ticker0.04%$389k
UNH UNITEDHEALTH GROUP INC0.03%$299k

Sector mix

  • Financial Services27.6%
  • Consumer Cyclical19.3%
  • Unclassified18.3%
  • Communication Services14.8%
  • Industrials11.0%
  • Technology5.5%
  • Healthcare3.5%

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