Funds › Giverny Capital (François Rochon) › Q3 2023Giverny Capital (François Rochon) 13F holdings, Q3 2023 Giverny Capital (François Rochon) disclosed 59 US equity positions worth $1.8bn in its Q3 2023 13F filing. Its largest position is BRK/B at 9.1% of the reported book, followed by AME and MKL. Versus Q2 2023 it opened 3 new positions, added to 28, reduced 7 and exited 3.
$1.8bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
59 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.1% Largest position The largest single position as a share of the reported equity book.
59.3% 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 Q2 2023: 3 new , 28 added , 7 reduced , 3 exited
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Stock Sector Weight Value Shares Δ shares Action BRK/B BERKSHIRE HATHAWAY INC DEL – 9.1% $167m 476,290 +1.3% added AME AMETEK INC Industrials 7.2% $133m 897,056 +0.5% added MKL MARKEL GROUP INC Financial Services 6.8% $124m 84,525 +0.9% added GOOG ALPHABET INC Communication Services 6.5% $119m 906,324 −0.1% held KMX CARMAX INC Consumer Cyclical 5.8% $108m 1.52m +1.3% added FIVE FIVE BELOW INC Consumer Cyclical 5.6% $104m 644,566 +1.7% added HEI/A HEICO CORP NEW – 5.0% $92.1m 712,453 +1.7% added V VISA INC Financial Services 4.6% $85.4m 371,370 0.0% held META META PLATFORMS INC Communication Services 4.6% $84.8m 282,449 +1.0% added NVR NVR INC Consumer Cyclical 4.1% $75.6m 12,674 +0.5% added PGR PROGRESSIVE CORP Financial Services 3.8% $69.8m 501,431 +2.9% added KEYS KEYSIGHT TECHNOLOGIES INC Technology 3.4% $62.2m 469,888 0.0% held FBIN FORTUNE BRANDS INNOVATIONS I Industrials 3.0% $56.0m 900,458 −0.2% held IBP INSTALLED BLDG PRODS INC Consumer Cyclical 2.9% $54.1m 432,898 +1.1% added LULU LULULEMON ATHLETICA INC Consumer Cyclical 2.5% $46.5m 120,589 +4.1% added SCHW SCHWAB CHARLES CORP Financial Services 2.4% $44.2m 804,561 +7.0% added MTB M & T BK CORP Financial Services 2.3% $43.3m 342,119 +1.0% added FISV FISERV INC – 2.0% $36.0m 319,094 +18% added ADI ANALOG DEVICES INC Technology 1.8% $32.6m 186,113 +1.4% added GOOGL ALPHABET INC Communication Services 1.7% $30.6m 234,124 +5.0% added EW EDWARDS LIFESCIENCES CORP Healthcare 1.7% $30.5m 440,602 +0.2% held CIEN CIENA CORP Technology 1.6% $30.0m 635,463 −9.7% reduced BAC BANK OF AMER CORP Financial Services 1.5% $28.1m 1.03m +4.2% added FND FLOOR & DECOR HLDGS INC Consumer Cyclical 1.4% $25.7m 283,455 +2.0% added COHR COHERENT CORP Technology 1.3% $23.1m 707,710 +606% added LFUS LITTELFUSE INC Technology 1.0% $18.8m 76,018 +0.3% held DIS DISNEY WALT CO Communication Services 1.0% $18.7m 230,818 +0.1% held ANET ARISTA NETWORKS INC Technology 1.0% $18.2m 98,700 −5.1% reduced MBC MASTERBRAND INC Consumer Cyclical 0.6% $11.0m 909,378 −0.2% held ATHM AUTOHOME INC Communication Services 0.6% $10.4m 343,137 0.0% held CACC CREDIT ACCEP CORP MICH Financial Services 0.6% $10.2m 22,104 +6.5% added OZK BANK OZK LITTLE ROCK ARK Financial Services 0.5% $8.7m 235,926 +12% added MA MASTERCARD INC Financial Services 0.4% $8.2m 20,760 +7.5% added JPM JPMORGAN CHASE & CO Financial Services 0.3% $5.3m 36,606 +7.4% added FERGUSON PLC NEW no ticker – 0.2% $4.3m 26,185 – new BRK/A BERKSHIRE HATHAWAY INC DEL – 0.2% $3.2m 6 −33% reduced AAPL APPLE INC Technology 0.1% $2.5m 14,349 +0.1% held SPY SPDR S&P 500 ETF Trust – 0.1% $2.0m 4,752 0.0% held ODFL OLD DOMINION FREIGHT LINE IN Industrials 0.09% $1.7m 4,067 0.0% held CPRT COPART INC Industrials 0.06% $1.2m 27,484 +100% added MSFT MICROSOFT CORP Technology 0.06% $1.1m 3,600 +0.2% held NVO NOVO-NORDISK A S Healthcare 0.06% $1.1m 12,400 +100% added ITB ISHARES TR – 0.06% $1.1m 13,962 +5.7% added KNSL KINSALE CAP GROUP INC Financial Services 0.06% $1.1m 2,555 – new MEDP MEDPACE HLDGS INC Healthcare 0.05% $910k 3,760 – new TJX TJX COS INC NEW Consumer Cyclical 0.04% $773k 8,697 0.0% held GLD SPDR GOLD TRUST – 0.04% $721k 4,206 −1.8% reduced TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.04% $716k 8,240 0.0% held BOOT BOOT BARN HLDGS INC Consumer Cyclical 0.04% $670k 8,253 0.0% held ROP ROPER TECHNOLOGIES INC Technology 0.04% $647k 1,335 +7.2% added
Exited since Q2 2023 3 rows
Stock Prior weight Prior value SSNC SS&C TECHNOLOGIES HLDGS INC 0.5% $9.8m SNBRQ SLEEP NUMBER CORP 0.03% $574k LEVI LEVI STRAUSS & CO NEW 0.03% $475k
Sector mix Financial Services 23.3% Consumer Cyclical 23.2% Unclassified 16.7% Communication Services 14.3% Industrials 10.5% Technology 10.3% Healthcare 1.8% 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