Funds › Giverny Capital (François Rochon) › Q4 2022Giverny Capital (François Rochon) 13F holdings, Q4 2022 Giverny Capital (François Rochon) disclosed 66 US equity positions worth $1.6bn in its Q4 2022 13F filing. Its largest position is BRK/B at 8.8% of the reported book, followed by AME and FIVE. Versus Q3 2022 it opened 5 new positions, added to 22, reduced 11 and exited 2.
$1.6bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
66 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.
60.7% Top 10 weight The ten largest positions together, as a share of the reported equity book.
21 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 2022: 5 new , 22 added , 11 reduced , 2 exited
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Stock Sector Weight Value Shares Δ shares Action BRK/B BERKSHIRE HATHAWAY INC DEL – 8.8% $143m 461,404 −0.3% held AME AMETEK INC Industrials 7.4% $119m 853,298 +0.8% added FIVE FIVE BELOW INC Consumer Cyclical 6.8% $109m 618,351 +0.3% held MKL MARKEL GROUP INC Financial Services 6.6% $107m 81,360 −1.0% reduced SCHW SCHWAB CHARLES CORP Financial Services 6.4% $103m 1.24m +1.2% added KMX CARMAX INC Consumer Cyclical 5.4% $87.4m 1.44m +17% added HEI/A HEICO CORP NEW – 5.0% $80.4m 670,900 +0.9% added KEYS KEYSIGHT TECHNOLOGIES INC Technology 4.9% $79.2m 462,986 −0.5% held GOOG ALPHABET INC Communication Services 4.9% $78.7m 886,978 −0.7% reduced V VISA INC Financial Services 4.6% $74.5m 358,387 −0.5% held PGR PROGRESSIVE CORP Financial Services 3.7% $59.8m 461,325 +2.3% added NVR NVR INC Consumer Cyclical 3.6% $57.6m 12,489 −1.6% reduced FBIN FORTUNE BRANDS INNOVATIONS I Industrials 3.2% $51.2m 896,997 +41% added MTB M & T BK CORP Financial Services 2.7% $44.4m 306,383 +1.3% added IBP INSTALLED BLDG PRODS INC Consumer Cyclical 2.2% $35.4m 413,320 −0.2% held LULU LULULEMON ATHLETICA INC Consumer Cyclical 2.2% $35.2m 109,845 +83% added CIEN CIENA CORP Technology 2.1% $34.7m 680,657 −0.2% held META META PLATFORMS INC Communication Services 2.0% $32.6m 270,786 +0.9% added EW EDWARDS LIFESCIENCES CORP Healthcare 2.0% $31.8m 426,173 −0.9% reduced BAC BANK OF AMER CORP Financial Services 1.9% $31.0m 935,610 +0.5% held FRCB FIRST REP BK SAN FRANCISCO C Financial Services 1.8% $28.9m 236,893 +8.0% added SSNC SS&C TECHNOLOGIES HLDGS INC Technology 1.3% $21.2m 407,613 −43% reduced DIS DISNEY WALT CO Communication Services 1.2% $19.6m 226,010 +0.3% held FND FLOOR & DECOR HLDGS INC Consumer Cyclical 1.1% $18.5m 266,334 +13% added GOOGL ALPHABET INC Communication Services 1.1% $18.4m 208,280 +4.2% added LFUS LITTELFUSE INC Technology 0.9% $15.3m 69,415 −0.7% reduced ANET ARISTA NETWORKS INC Technology 0.8% $12.3m 101,235 +7.7% added ATHM AUTOHOME INC Communication Services 0.6% $10.3m 336,071 −1.7% reduced SNBRQ SLEEP NUMBER CORP Consumer Cyclical 0.6% $9.9m 380,263 −1.6% reduced CACC CREDIT ACCEP CORP MICH Financial Services 0.5% $8.8m 18,480 +12% added OZK BANK OZK LITTLE ROCK ARK Financial Services 0.5% $8.4m 209,356 −0.8% reduced MBC MASTERBRAND INC Consumer Cyclical 0.4% $6.8m 900,142 – new MA MASTERCARD INC Financial Services 0.4% $6.0m 17,394 +12% added ADI ANALOG DEVICES INC Technology 0.3% $4.6m 27,990 +7.1% added BRK/A BERKSHIRE HATHAWAY INC DEL – 0.3% $4.2m 9 +13% added JPM JPMORGAN CHASE & CO Financial Services 0.3% $4.2m 31,241 +9.5% added COHR COHERENT CORP Technology 0.2% $3.0m 85,524 +15% added VOO VANGUARD INDEX FDS – 0.1% $2.4m 6,900 – new AAPL APPLE INC Technology 0.1% $1.9m 14,638 0.0% held SPY SPDR S&P 500 ETF Trust – 0.1% $1.8m 4,761 0.0% held ICE INTERCONTINENTAL EXCHANGE IN Financial Services 0.09% $1.4m 13,438 −96% reduced ODFL OLD DOMINION FREIGHT LINE IN Industrials 0.07% $1.2m 4,067 0.0% held TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.07% $1.1m 15,066 +83% added UNH UNITEDHEALTH GROUP INC Healthcare 0.06% $919k 1,733 – new MSFT MICROSOFT CORP Technology 0.05% $858k 3,578 0.0% held NVO NOVO-NORDISK A S Healthcare 0.05% $839k 6,200 0.0% held CPRT COPART INC Industrials 0.05% $837k 13,742 +100% added TJX TJX COS INC NEW Consumer Cyclical 0.05% $732k 9,197 0.0% held GLD SPDR GOLD TRUST – 0.04% $724k 4,265 0.0% held ITB ISHARES TR – 0.04% $639k 10,551 +14% added
Exited since Q3 2022 2 rows
Stock Prior weight Prior value BROOKFIELD ASSET MGMT INC no ticker 0.05% $681k LLY ELI LILLY & CO 0.01% $140k
Sector mix Financial Services 29.6% Consumer Cyclical 22.4% Unclassified 14.4% Technology 10.8% Industrials 10.8% Communication Services 9.9% Healthcare 2.1% Consumer Defensive 0.01% 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