WhaleCreep

Giverny Capital (François Rochon) 13F holdings, Q1 2023

Long-only investorSEC filingsCompare with another fundHoldings as of 2023-03-31, filed 2023-05-12

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

50 of 60
BRK/B BERKSHIRE HATHAWAY INC DEL–8.3%$137m444,970−3.6%reduced
FIVE FIVE BELOW INCConsumer Cyclical7.5%$124m601,994−2.6%reduced
AME AMETEK INCIndustrials7.4%$122m841,608−1.4%reduced
MKL MARKEL GROUP INCFinancial Services6.1%$102m79,596−2.2%reduced
KMX CARMAX INCConsumer Cyclical5.5%$91.8m1.43m−0.5%reduced
GOOG ALPHABET INCCommunication Services5.4%$89.7m862,076−2.8%reduced
HEI/A HEICO CORP NEW–5.4%$89.3m656,986−2.1%reduced
V VISA INCFinancial Services4.8%$79.6m353,075−1.5%reduced
KEYS KEYSIGHT TECHNOLOGIES INCTechnology4.3%$71.9m445,435−3.8%reduced
PGR PROGRESSIVE CORPFinancial Services4.1%$68.8m481,231+4.3%added
NVR NVR INCConsumer Cyclical4.1%$67.6m12,126−2.9%reduced
SCHW SCHWAB CHARLES CORPFinancial Services3.9%$64.0m1.22m−1.7%reduced
META META PLATFORMS INCCommunication Services3.4%$55.8m263,471−2.7%reduced
FBIN FORTUNE BRANDS INNOVATIONS IIndustrials3.2%$52.7m897,630+0.1%held
IBP INSTALLED BLDG PRODS INCConsumer Cyclical2.9%$48.4m424,109+2.6%added
LULU LULULEMON ATHLETICA INCConsumer Cyclical2.5%$41.5m114,077+3.9%added
MTB M & T BK CORPFinancial Services2.1%$35.6m297,819−2.8%reduced
CIEN CIENA CORPTechnology2.1%$35.0m666,676−2.1%reduced
EW EDWARDS LIFESCIENCES CORPHealthcare2.1%$34.3m414,975−2.6%reduced
FISV FISERV INC–1.8%$29.5m260,671–new
FND FLOOR & DECOR HLDGS INCConsumer Cyclical1.6%$26.1m265,344−0.4%held
BAC BANK OF AMER CORPFinancial Services1.6%$25.7m900,241−3.8%reduced
DIS DISNEY WALT COCommunication Services1.4%$22.9m228,988+1.3%added
GOOGL ALPHABET INCCommunication Services1.3%$22.1m213,177+2.4%added
LFUS LITTELFUSE INCTechnology1.1%$18.7m69,861+0.6%added
ANET ARISTA NETWORKS INCTechnology1.0%$16.9m100,452−0.8%reduced
ATHM AUTOHOME INCCommunication Services0.7%$11.4m341,890+1.7%added
SSNC SS&C TECHNOLOGIES HLDGS INCTechnology0.5%$8.8m155,728−62%reduced
CACC CREDIT ACCEP CORP MICHFinancial Services0.5%$8.8m20,156+9.1%added
MBC MASTERBRAND INCConsumer Cyclical0.4%$7.0m865,963−3.8%reduced
OZK BANK OZK LITTLE ROCK ARKFinancial Services0.4%$6.8m200,256−4.3%reduced
MA MASTERCARD INCFinancial Services0.4%$6.8m18,836+8.3%added
ADI ANALOG DEVICES INCTechnology0.4%$5.9m30,029+7.3%added
JPM JPMORGAN CHASE & COFinancial Services0.3%$4.3m33,026+5.7%added
BRK/A BERKSHIRE HATHAWAY INC DEL–0.3%$4.2m90.0%held
COHR COHERENT CORPTechnology0.2%$3.7m96,526+13%added
AAPL APPLE INCTechnology0.1%$2.4m14,6380.0%held
SPY SPDR S&P 500 ETF Trust–0.1%$1.9m4,7610.0%held
ODFL OLD DOMINION FREIGHT LINE INIndustrials0.08%$1.4m4,0670.0%held
TSM TAIWAN SEMICONDUCTOR MANUFACTechnology0.08%$1.3m14,197−5.8%reduced
CPRT COPART INCIndustrials0.06%$1.0m13,7420.0%held
MSFT MICROSOFT CORPTechnology0.06%$1.0m3,5780.0%held
NVO NOVO-NORDISK A SHealthcare0.06%$987k6,2000.0%held
GLD SPDR GOLD TRUST–0.05%$781k4,2650.0%held
BN BROOKFIELD CORPFinancial Services0.04%$714k16,223−2.6%reduced
TJX TJX COS INC NEWConsumer Cyclical0.04%$681k8,697−5.4%reduced
SBUX STARBUCKS CORPConsumer Cyclical0.04%$652k6,2650.0%held
SNBRQ SLEEP NUMBER CORPConsumer Cyclical0.04%$641k21,079−94%reduced
BOOT BOOT BARN HLDGS INCConsumer Cyclical0.04%$633k8,2530.0%held
LEVI LEVI STRAUSS & CO NEWConsumer Cyclical0.04%$600k32,9390.0%held

Exited since Q4 2022

7 rows
FRCB FIRST REP BK SAN FRANCISCO C1.8%$28.9m
VOO VANGUARD INDEX FDS0.1%$2.4m
ICE INTERCONTINENTAL EXCHANGE IN0.09%$1.4m
UNH UNITEDHEALTH GROUP INC0.06%$919k
COST COSTCO WHOLESALE CORPORATION0.01%$160k
RMD RESMED INC0.01%$91.0k
RBAGBP RITCHIE BROS AUCTIONEERS0.0%$61.9k

Sector mix

  • Consumer Cyclical24.7%
  • Financial Services24.3%
  • Unclassified15.9%
  • Communication Services12.2%
  • Industrials10.8%
  • Technology10.0%
  • Healthcare2.1%

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