Funds › Giverny Capital (François Rochon) › Q4 2021Giverny Capital (François Rochon) 13F holdings, Q4 2021 Giverny Capital (François Rochon) disclosed 64 US equity positions worth $1.9bn in its Q4 2021 13F filing. Its largest position is BRK/B at 8.8% of the reported book, followed by KMX and AME. Versus Q3 2021 it opened 8 new positions, added to 29, reduced 8 and exited 3.
$1.9bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
64 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
8.8% Largest position The largest single position as a share of the reported equity book.
57.8% Top 10 weight The ten largest positions together, as a share of the reported equity book.
22 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 2021: 8 new , 29 added , 8 reduced , 3 exited
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Stock Sector Weight Value Shares Δ shares Action BRK/B BERKSHIRE HATHAWAY INC DEL – 8.8% $166m 554,588 −26% reduced KMX CARMAX INC Consumer Cyclical 7.7% $144m 1.11m −4.3% reduced AME AMETEK INC Industrials 6.2% $117m 793,433 +3.5% added GOOG ALPHABET INC Communication Services 6.2% $117m 40,297 +1.4% added SCHW SCHWAB CHARLES CORP Financial Services 5.1% $96.1m 1.14m +2.1% added MKL MARKEL GROUP INC Financial Services 5.0% $94.2m 76,314 +2.8% added NVR NVR INC Consumer Cyclical 4.9% $92.3m 15,622 +1.6% added KEYS KEYSIGHT TECHNOLOGIES INC Technology 4.8% $89.8m 434,886 +1.0% added PGR PROGRESSIVE CORP Financial Services 4.5% $83.8m 816,752 +2.0% added META META PLATFORMS INC Communication Services 4.5% $83.5m 248,311 +0.1% held HEI/A HEICO CORP NEW – 4.2% $79.5m 618,391 +3.8% added V VISA INC Financial Services 3.9% $73.2m 337,580 +2.0% added FIVE FIVE BELOW INC Consumer Cyclical 3.8% $71.7m 346,629 +3.9% added FBIN FORTUNE BRANDS INNOVATIONS I Industrials 3.3% $61.8m 577,718 +3.4% added EW EDWARDS LIFESCIENCES CORP Healthcare 2.8% $52.6m 405,762 +0.9% added SSNC SS&C TECHNOLOGIES HLDGS INC Technology 2.8% $52.1m 635,433 +417% added ICE INTERCONTINENTAL EXCHANGE IN Financial Services 2.4% $45.5m 332,894 +5.4% added MTB M & T BK CORP Financial Services 2.3% $43.4m 282,384 +5930% added JPM JPMORGAN CHASE & CO Financial Services 2.3% $42.3m 267,287 −30% reduced BAC BANK OF AMER CORP Financial Services 2.1% $39.0m 877,569 −35% reduced DIS DISNEY WALT CO Communication Services 1.7% $32.4m 209,162 +4.4% added SNBRQ SLEEP NUMBER CORP Consumer Cyclical 1.5% $27.5m 358,590 +3.3% added GOOGL ALPHABET INC Communication Services 1.4% $27.2m 9,379 −0.5% reduced CIEN CIENA CORP Technology 1.4% $25.6m 332,984 – new IBP INSTALLED BLDG PRODS INC Consumer Cyclical 1.2% $22.0m 157,758 – new ANET ARISTA NETWORKS INC Technology 0.7% $12.5m 87,136 +261% added CACC CREDIT ACCEP CORP MICH Financial Services 0.5% $10.3m 14,920 −12% reduced ATHM AUTOHOME INC Communication Services 0.5% $9.7m 327,698 −11% reduced OZK BANK OZK LITTLE ROCK ARK Financial Services 0.4% $8.4m 180,120 +0.9% added 8L8C LIBERTY BROADBAND CORP – 0.3% $5.9m 36,865 – new FRCB FIRST REP BK SAN FRANCISCO C Financial Services 0.3% $5.6m 27,241 +1.1% added MA MASTERCARD INC Financial Services 0.3% $5.2m 14,547 +10% added II-VI INC no ticker – 0.3% $4.8m 70,068 +8.8% added BRK/A BERKSHIRE HATHAWAY INC DEL – 0.2% $3.6m 8 0.0% held AAPL APPLE INC Technology 0.2% $2.9m 16,276 +42% added AMZN AMAZON COM INC Consumer Cyclical 0.1% $2.5m 758 +7.8% added SPY SPDR S&P 500 ETF Trust – 0.1% $2.4m 5,030 +3.7% added UNH UNITEDHEALTH GROUP INC Healthcare 0.1% $2.0m 4,063 +6.4% added LULU LULULEMON ATHLETICA INC Consumer Cyclical 0.10% $1.8m 4,615 0.0% held TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.08% $1.6m 13,183 +5.9% added ODFL OLD DOMINION FREIGHT LINE IN Industrials 0.08% $1.5m 4,067 0.0% held BROOKFIELD ASSET MGMT INC no ticker – 0.07% $1.3m 16,989 0.0% held MSFT MICROSOFT CORP Technology 0.06% $1.2m 3,578 0.0% held W WAYFAIR INC Consumer Cyclical 0.06% $1.1m 5,602 +3.0% added BOOT BOOT BARN HLDGS INC Consumer Cyclical 0.05% $1.0m 8,253 – new SITE SITEONE LANDSCAPE SUPPLY INC Industrials 0.05% $909k 3,753 – new LFUS LITTELFUSE INC Technology 0.05% $872k 2,770 0.0% held LEVI LEVI STRAUSS & CO NEW Consumer Cyclical 0.04% $824k 32,939 – new ADI ANALOG DEVICES INC Technology 0.04% $805k 4,578 – new SBUX STARBUCKS CORP Consumer Cyclical 0.04% $739k 6,322 −0.1% held
Exited since Q3 2021 3 rows
Stock Prior weight Prior value HCSG HEALTHCARE SVCS GROUP INC 0.6% $9.3m LBRDAEUR LIBERTY BROADBAND CORP 0.4% $6.0m ISRG INTUITIVE SURGICAL INC 0.0% $45.0k
Sector mix Financial Services 29.2% Consumer Cyclical 19.6% Communication Services 14.4% Unclassified 14.1% Technology 10.0% Industrials 9.7% Healthcare 3.0% 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