Funds › Giverny Capital (François Rochon) › Q1 2023Giverny Capital (François Rochon) 13F holdings, Q1 2023 Giverny Capital (François Rochon) disclosed 60 US equity positions worth $1.7bn in its Q1 2023 13F filing. Its largest position is BRK/B at 8.3% of the reported book, followed by FIVE and AME. Versus Q4 2022 it opened 1 new position, added to 13, reduced 29 and exited 7.
$1.7bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
60 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
8.3% Largest position The largest single position as a share of the reported equity book.
58.8% 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 Q4 2022: 1 new , 13 added , 29 reduced , 7 exited
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Stock Sector Weight Value Shares Δ shares Action BRK/B BERKSHIRE HATHAWAY INC DEL – 8.3% $137m 444,970 −3.6% reduced FIVE FIVE BELOW INC Consumer Cyclical 7.5% $124m 601,994 −2.6% reduced AME AMETEK INC Industrials 7.4% $122m 841,608 −1.4% reduced MKL MARKEL GROUP INC Financial Services 6.1% $102m 79,596 −2.2% reduced KMX CARMAX INC Consumer Cyclical 5.5% $91.8m 1.43m −0.5% reduced GOOG ALPHABET INC Communication Services 5.4% $89.7m 862,076 −2.8% reduced HEI/A HEICO CORP NEW – 5.4% $89.3m 656,986 −2.1% reduced V VISA INC Financial Services 4.8% $79.6m 353,075 −1.5% reduced KEYS KEYSIGHT TECHNOLOGIES INC Technology 4.3% $71.9m 445,435 −3.8% reduced PGR PROGRESSIVE CORP Financial Services 4.1% $68.8m 481,231 +4.3% added NVR NVR INC Consumer Cyclical 4.1% $67.6m 12,126 −2.9% reduced SCHW SCHWAB CHARLES CORP Financial Services 3.9% $64.0m 1.22m −1.7% reduced META META PLATFORMS INC Communication Services 3.4% $55.8m 263,471 −2.7% reduced FBIN FORTUNE BRANDS INNOVATIONS I Industrials 3.2% $52.7m 897,630 +0.1% held IBP INSTALLED BLDG PRODS INC Consumer Cyclical 2.9% $48.4m 424,109 +2.6% added LULU LULULEMON ATHLETICA INC Consumer Cyclical 2.5% $41.5m 114,077 +3.9% added MTB M & T BK CORP Financial Services 2.1% $35.6m 297,819 −2.8% reduced CIEN CIENA CORP Technology 2.1% $35.0m 666,676 −2.1% reduced EW EDWARDS LIFESCIENCES CORP Healthcare 2.1% $34.3m 414,975 −2.6% reduced FISV FISERV INC – 1.8% $29.5m 260,671 – new FND FLOOR & DECOR HLDGS INC Consumer Cyclical 1.6% $26.1m 265,344 −0.4% held BAC BANK OF AMER CORP Financial Services 1.6% $25.7m 900,241 −3.8% reduced DIS DISNEY WALT CO Communication Services 1.4% $22.9m 228,988 +1.3% added GOOGL ALPHABET INC Communication Services 1.3% $22.1m 213,177 +2.4% added LFUS LITTELFUSE INC Technology 1.1% $18.7m 69,861 +0.6% added ANET ARISTA NETWORKS INC Technology 1.0% $16.9m 100,452 −0.8% reduced ATHM AUTOHOME INC Communication Services 0.7% $11.4m 341,890 +1.7% added SSNC SS&C TECHNOLOGIES HLDGS INC Technology 0.5% $8.8m 155,728 −62% reduced CACC CREDIT ACCEP CORP MICH Financial Services 0.5% $8.8m 20,156 +9.1% added MBC MASTERBRAND INC Consumer Cyclical 0.4% $7.0m 865,963 −3.8% reduced OZK BANK OZK LITTLE ROCK ARK Financial Services 0.4% $6.8m 200,256 −4.3% reduced MA MASTERCARD INC Financial Services 0.4% $6.8m 18,836 +8.3% added ADI ANALOG DEVICES INC Technology 0.4% $5.9m 30,029 +7.3% added JPM JPMORGAN CHASE & CO Financial Services 0.3% $4.3m 33,026 +5.7% added BRK/A BERKSHIRE HATHAWAY INC DEL – 0.3% $4.2m 9 0.0% held COHR COHERENT CORP Technology 0.2% $3.7m 96,526 +13% added AAPL APPLE INC Technology 0.1% $2.4m 14,638 0.0% held SPY SPDR S&P 500 ETF Trust – 0.1% $1.9m 4,761 0.0% held ODFL OLD DOMINION FREIGHT LINE IN Industrials 0.08% $1.4m 4,067 0.0% held TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.08% $1.3m 14,197 −5.8% reduced CPRT COPART INC Industrials 0.06% $1.0m 13,742 0.0% held MSFT MICROSOFT CORP Technology 0.06% $1.0m 3,578 0.0% held NVO NOVO-NORDISK A S Healthcare 0.06% $987k 6,200 0.0% held GLD SPDR GOLD TRUST – 0.05% $781k 4,265 0.0% held BN BROOKFIELD CORP Financial Services 0.04% $714k 16,223 −2.6% reduced TJX TJX COS INC NEW Consumer Cyclical 0.04% $681k 8,697 −5.4% reduced SBUX STARBUCKS CORP Consumer Cyclical 0.04% $652k 6,265 0.0% held SNBRQ SLEEP NUMBER CORP Consumer Cyclical 0.04% $641k 21,079 −94% reduced BOOT BOOT BARN HLDGS INC Consumer Cyclical 0.04% $633k 8,253 0.0% held LEVI LEVI STRAUSS & CO NEW Consumer Cyclical 0.04% $600k 32,939 0.0% held
Exited since Q4 2022 7 rows
Stock Prior weight Prior value FRCB FIRST REP BK SAN FRANCISCO C 1.8% $28.9m VOO VANGUARD INDEX FDS 0.1% $2.4m ICE INTERCONTINENTAL EXCHANGE IN 0.09% $1.4m UNH UNITEDHEALTH GROUP INC 0.06% $919k COST COSTCO WHOLESALE CORPORATION 0.01% $160k RMD RESMED INC 0.01% $91.0k RBAGBP RITCHIE BROS AUCTIONEERS 0.0% $61.9k
Sector mix Consumer Cyclical 24.7% Financial Services 24.3% Unclassified 15.9% Communication Services 12.2% Industrials 10.8% Technology 10.0% Healthcare 2.1% 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