Reported portfolio
François Rochon
Giverny Capital Inc.
Last update 2026-05-15
- Reported portfolio value
- $2,731,351,000
- Current positions
- 51
- Top five concentration
- 30.6%
- Largest position
- 6.6%
- New positions
- 5
- Closed positions
- 4
Reported holdings
55 positions
| Company | Portfolio | Quarterly activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
BRK/B BERKSHIRE HATHAWAY INC DEL | 6.64% | Reduced 25.2% | 378,625−127,359 | $479 | $181,437,000−$72,896,000 | 13F2026-03-31 ↗ |
GOOG ALPHABET INC C | 6.52% | Reduced 2.9% | 620,909−18,598 | $287 | $178,114,000−$22,563,000 | 13F2026-03-31 ↗ |
META META PLATFORMS INC | 6.45% | Reduced 1.8% | 307,821−5,628 | $572 | $176,114,000−$30,791,000 | 13F2026-03-31 ↗ |
HEI/A HEICO CORP NEW | 5.71% | Reduced 2.1% | 738,482−16,050 | $211 | $155,886,000−$34,580,000 | 13F2026-03-31 ↗ |
SCHW SCHWAB CHARLES CORP | 5.29% | Reduced 3.1% | 1,536,206−49,455 | $94 | $144,373,000−$14,051,000 | 13F2026-03-31 ↗ |
FIVE FIVE BELOW INC | 5.16% | Reduced 3.2% | 617,191−20,556 | $228 | $141,016,000+$20,890,000 | 13F2026-03-31 ↗ |
AME AMETEK INC | 4.80% | Reduced 37.5% | 612,058−367,400 | $214 | $131,201,000−$69,892,000 | 13F2026-03-31 ↗ |
MEDP MEDPACE HOLDINGS INC | 4.50% | Reduced 2.7% | 256,081−7,239 | $480 | $122,968,000−$24,926,000 | 13F2026-03-31 ↗ |
V VISA INC | 4.39% | Reduced 2.7% | 396,357−10,988 | $302 | $119,795,000−$23,065,000 | 13F2026-03-31 ↗ |
IBP INSTALLED BLDG PRODS INC | 3.92% | Reduced 22.3% | 403,665−115,571 | $265 | $107,032,000−$27,653,000 | 13F2026-03-31 ↗ |
PGR PROGRESSIVE CORP | 3.83% | Reduced 1.6% | 528,364−8,468 | $198 | $104,743,000−$17,505,000 | 13F2026-03-31 ↗ |
GOOGL ALPHABET INC | 3.67% | Reduced 3.6% | 348,469−12,929 | $288 | $100,206,000−$12,912,000 | 13F2026-03-31 ↗ |
KEYS KEYSIGHT TECHNOLOGIES INC | 3.34% | Reduced 3.3% | 323,184−10,862 | $282 | $91,257,000+$23,383,000 | 13F2026-03-31 ↗ |
NVR NVR INC | 3.29% | Reduced 3.3% | 13,647−465 | $6,590 | $89,931,000−$12,984,000 | 13F2026-03-31 ↗ |
BKNG BOOKING HOLDINGS INC. | 3.26% | Reduced 1.5% | 21,117−328 | $4,210 | $88,909,000−$25,936,000 | 13F2026-03-31 ↗ |
ADP AUTOMATIC DATA PROC INC | 3.12% | New | 419,090+419,090 | $203 | $85,151,000+$85,151,000 | 13F2026-03-31 ↗ |
MKL MARKEL CORP | 3.01% | Reduced 2.4% | 42,944−1,034 | $1,914 | $82,198,000−$12,339,000 | 13F2026-03-31 ↗ |
KNSL KINSALE CAPITAL GROUP IN | 2.74% | Added 2.2% | 218,942+4,678 | $342 | $74,804,000−$8,999,000 | 13F2026-03-31 ↗ |
BFAM BRIGHT HORIZONSFAMILY SOLUTION | 2.23% | Added 81.0% | 742,329+332,133 | $82 | $60,967,000+$19,374,000 | 13F2026-03-31 ↗ |
OZK BANK OZK LITTLE ROCK ARK | 2.07% | Reduced 2.6% | 1,231,059−32,983 | $46 | $56,493,000−$1,678,000 | 13F2026-03-31 ↗ |
ADI ANALOG DEVICES INC | 1.99% | Reduced 3.2% | 171,052−5,695 | $318 | $54,418,000+$6,485,000 | 13F2026-03-31 ↗ |
ANET ARISTA NETWORKS INC | 1.90% | Added 1.0% | 423,361+4,203 | $123 | $51,982,000−$2,941,000 | 13F2026-03-31 ↗ |
DIS DISNEY WALT CO | 1.89% | Reduced 1.5% | 536,514−7,905 | $96 | $51,709,000−$10,229,000 | 13F2026-03-31 ↗ |
RMD RESMED INC | 1.89% | Reduced 2.3% | 230,005−5,383 | $224 | $51,632,000−$5,066,000 | 13F2026-03-31 ↗ |
BRO BROWN & BROWN | 1.80% | Reduced 2.2% | 755,269−17,251 | $65 | $49,251,000−$12,319,000 | 13F2026-03-31 ↗ |
LFUS LITTELFUSE INC | 1.00% | Reduced 1.1% | 80,719−866 | $339 | $27,392,000+$6,758,000 | 13F2026-03-31 ↗ |
LULU LULULEMON ATHLETICA INC | 0.80% | Reduced 1.1% | 142,600−1,637 | $153 | $21,832,000−$8,142,000 | 13F2026-03-31 ↗ |
SUNB SUNBELT RENTALS HLDGS IN GB SHRS | 0.65% | New | 270,843+270,843 | $65 | $17,629,000+$17,629,000 | 13F2026-03-31 ↗ |
AAON AAON INC | 0.61% | New | 201,832+201,832 | $83 | $16,702,000+$16,702,000 | 13F2026-03-31 ↗ |
JPM JPMORGAN CHASE & CO | 0.56% | Added 0.9% | 52,298+460 | $294 | $15,384,000−$1,319,000 | 13F2026-03-31 ↗ |
MA MASTERCARD INCORPORATED | 0.51% | Reduced 2.4% | 28,066−693 | $500 | $14,023,000−$2,394,000 | 13F2026-03-31 ↗ |
FND FLOOR & DECOR HLDGS INC | 0.43% | Reduced 1.7% | 231,829−4,047 | $51 | $11,777,000−$2,586,000 | 13F2026-03-31 ↗ |
TWFG TWFG INC | 0.37% | Added 66.5% | 552,107+220,596 | $18 | $10,153,000+$616,000 | 13F2026-03-31 ↗ |
FERG FERGUSON ENTERPRISES INC | 0.31% | Added 1.0% | 36,728+354 | $233 | $8,567,000+$469,000 | 13F2026-03-31 ↗ |
BRK/A BERKSHIRE HATHAWAY INC DEL | 0.29% | Unchanged | 11 | $718,140 | $7,900,000−$403,000 | 13F2026-03-31 ↗ |
BLDR BUILDERS FIRSTSOURCE INC | 0.28% | Added 2.0% | 91,813+1,829 | $82 | $7,559,000−$1,699,000 | 13F2026-03-31 ↗ |
AAPL APPLE INC | 0.14% | Reduced 8.9% | 15,040−1,478 | $254 | $3,817,000−$674,000 | 13F2026-03-31 ↗ |
TSM TAIWAN SEMICONDUCTOR MFG LTD | 0.10% | Reduced 49.4% | 8,125−7,944 | $338 | $2,746,000−$2,091,000 | 13F2026-03-31 ↗ |
YUMC YUM CHINA HLDGS INC | 0.06% | Unchanged | 36,036 | $49 | $1,758,000+$37,000 | 13F2026-03-31 ↗ |
GLD SPDR GOLD TR | 0.06% | Unchanged | 3,876 | $430 | $1,668,000+$132,000 | 13F2026-03-31 ↗ |
SPY SPDR S&P 500 ETF | 0.06% | Unchanged | 2,474 | $650 | $1,609,000−$78,000 | 13F2026-03-31 ↗ |
MTB M & T BK CORP | 0.06% | Reduced 0.1% | 7,535−5 | $207 | $1,558,000+$38,000 | 13F2026-03-31 ↗ |
RSP INVESCO S&P500 EQ WGT ETF | 0.04% | New | 6,105+6,105 | $192 | $1,172,000+$1,172,000 | 13F2026-03-31 ↗ |
QQQM INVESCO EXCH TRADED FD TR II | 0.04% | New | 4,222+4,222 | $238 | $1,003,000+$1,003,000 | 13F2026-03-31 ↗ |
ITB ISHARES TR | 0.04% | Reduced 7.2% | 10,854−844 | $91 | $983,000−$144,000 | 13F2026-03-31 ↗ |
BIRK BIRKENSTOCK HLDG PLC | 0.04% | Unchanged | 27,392 | $36 | $981,000−$139,000 | 13F2026-03-31 ↗ |
ODFL OLD DOMINION FREIGHT LINE IN | 0.04% | Reduced 4.7% | 5,006−249 | $195 | $978,000+$154,000 | 13F2026-03-31 ↗ |
CPRT COPART INC | 0.03% | Unchanged | 27,484 | $33 | $912,000−$164,000 | 13F2026-03-31 ↗ |
MSFT MICROSOFT CORP | 0.03% | Added 12.1% | 1,910+206 | $370 | $707,000−$117,000 | 13F2026-03-31 ↗ |
SITE SITEONE LANDSCAPE SUPPLY INC | 0.02% | Unchanged | 3,753 | $133 | $500,000+$32,000 | 13F2026-03-31 ↗ |
NVO NOVO-NORDISK A S | 0.02% | Unchanged | 12,400 | $37 | $456,000−$175,000 | 13F2026-03-31 ↗ |
COF CAPITAL ONE FC | 0.00% | Exited | 0−8,274 | $242 | $0−$2,005,000 | 13F2026-03-31 ↗ |
DFH DREAM FINDERS HOMES | 0.00% | Exited | 0−32,202 | $17 | $0−$551,000 | 13F2026-03-31 ↗ |
ISRG INTUITIVE SURGICAL INC | 0.00% | Exited | 0−405 | $566 | $0−$229,000 | 13F2026-03-31 ↗ |
COST COSTCO WHSL CORP NEW | 0.00% | Exited | 0−240 | $862 | $0−$207,000 | 13F2026-03-31 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 6.64% | 378,625 | $181,437,000 |
| GOOG | ALPHABET INC C | 6.52% | 620,909 | $178,114,000 |
| META | META PLATFORMS INC | 6.45% | 307,821 | $176,114,000 |
| HEI/A | HEICO CORP NEW | 5.71% | 738,482 | $155,886,000 |
| SCHW | SCHWAB CHARLES CORP | 5.29% | 1,536,206 | $144,373,000 |
| FIVE | FIVE BELOW INC | 5.16% | 617,191 | $141,016,000 |
| AME | AMETEK INC | 4.80% | 612,058 | $131,201,000 |
| MEDP | MEDPACE HOLDINGS INC | 4.50% | 256,081 | $122,968,000 |
| V | VISA INC | 4.39% | 396,357 | $119,795,000 |
| IBP | INSTALLED BLDG PRODS INC | 3.92% | 403,665 | $107,032,000 |
| PGR | PROGRESSIVE CORP | 3.83% | 528,364 | $104,743,000 |
| GOOGL | ALPHABET INC | 3.67% | 348,469 | $100,206,000 |
| KEYS | KEYSIGHT TECHNOLOGIES INC | 3.34% | 323,184 | $91,257,000 |
| NVR | NVR INC | 3.29% | 13,647 | $89,931,000 |
| BKNG | BOOKING HOLDINGS INC. | 3.26% | 21,117 | $88,909,000 |
| ADP | AUTOMATIC DATA PROC INC | 3.12% | 419,090 | $85,151,000 |
| MKL | MARKEL CORP | 3.01% | 42,944 | $82,198,000 |
| KNSL | KINSALE CAPITAL GROUP IN | 2.74% | 218,942 | $74,804,000 |
| BFAM | BRIGHT HORIZONSFAMILY SOLUTION | 2.23% | 742,329 | $60,967,000 |
| OZK | BANK OZK LITTLE ROCK ARK | 2.07% | 1,231,059 | $56,493,000 |
| ADI | ANALOG DEVICES INC | 1.99% | 171,052 | $54,418,000 |
| ANET | ARISTA NETWORKS INC | 1.90% | 423,361 | $51,982,000 |
| DIS | DISNEY WALT CO | 1.89% | 536,514 | $51,709,000 |
| RMD | RESMED INC | 1.89% | 230,005 | $51,632,000 |
| BRO | BROWN & BROWN | 1.80% | 755,269 | $49,251,000 |
| LFUS | LITTELFUSE INC | 1.00% | 80,719 | $27,392,000 |
| LULU | LULULEMON ATHLETICA INC | 0.80% | 142,600 | $21,832,000 |
| SUNB | SUNBELT RENTALS HLDGS IN GB SHRS | 0.65% | 270,843 | $17,629,000 |
| AAON | AAON INC | 0.61% | 201,832 | $16,702,000 |
| JPM | JPMORGAN CHASE & CO | 0.56% | 52,298 | $15,384,000 |
| MA | MASTERCARD INCORPORATED | 0.51% | 28,066 | $14,023,000 |
| FND | FLOOR & DECOR HLDGS INC | 0.43% | 231,829 | $11,777,000 |
| TWFG | TWFG INC | 0.37% | 552,107 | $10,153,000 |
| FERG | FERGUSON ENTERPRISES INC | 0.31% | 36,728 | $8,567,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 0.29% | 11 | $7,900,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.28% | 91,813 | $7,559,000 |
| AAPL | APPLE INC | 0.14% | 15,040 | $3,817,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 0.10% | 8,125 | $2,746,000 |
| YUMC | YUM CHINA HLDGS INC | 0.06% | 36,036 | $1,758,000 |
| GLD | SPDR GOLD TR | 0.06% | 3,876 | $1,668,000 |
| SPY | SPDR S&P 500 ETF | 0.06% | 2,474 | $1,609,000 |
| MTB | M & T BK CORP | 0.06% | 7,535 | $1,558,000 |
| RSP | INVESCO S&P500 EQ WGT ETF | 0.04% | 6,105 | $1,172,000 |
| QQQM | INVESCO EXCH TRADED FD TR II | 0.04% | 4,222 | $1,003,000 |
| ITB | ISHARES TR | 0.04% | 10,854 | $983,000 |
| BIRK | BIRKENSTOCK HLDG PLC | 0.04% | 27,392 | $981,000 |
| ODFL | OLD DOMINION FREIGHT LINE IN | 0.04% | 5,006 | $978,000 |
| CPRT | COPART INC | 0.03% | 27,484 | $912,000 |
| MSFT | MICROSOFT CORP | 0.03% | 1,910 | $707,000 |
| SITE | SITEONE LANDSCAPE SUPPLY INC | 0.02% | 3,753 | $500,000 |
| NVO | NOVO-NORDISK A S | 0.02% | 12,400 | $456,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 8.48% | 505,984 | $254,333,000 |
| META | META PLATFORMS INC | 6.90% | 313,449 | $206,905,000 |
| AME | AMETEK INC | 6.71% | 979,458 | $201,093,000 |
| GOOG | ALPHABET INC C | 6.69% | 639,507 | $200,677,000 |
| HEI/A | HEICO CORP NEW | 6.35% | 754,532 | $190,467,000 |
| SCHW | SCHWAB CHARLES CORP | 5.28% | 1,585,661 | $158,423,000 |
| MEDP | MEDPACE HOLDINGS INC | 4.93% | 263,320 | $147,894,000 |
| V | VISA INC | 4.77% | 407,345 | $142,860,000 |
| IBP | INSTALLED BLDG PRODS INC | 4.49% | 519,236 | $134,685,000 |
| PGR | PROGRESSIVE CORP | 4.08% | 536,832 | $122,247,000 |
| FIVE | FIVE BELOW INC | 4.01% | 637,747 | $120,126,000 |
| BKNG | BOOKING HOLDINGS INC. | 3.83% | 21,445 | $114,845,000 |
| GOOGL | ALPHABET INC | 3.77% | 361,398 | $113,118,000 |
| NVR | NVR INC | 3.43% | 14,112 | $102,916,000 |
| MKL | MARKEL CORP | 3.15% | 43,978 | $94,537,000 |
| KNSL | KINSALE CAPITAL GROUP IN | 2.80% | 214,264 | $83,803,000 |
| KEYS | KEYSIGHT TECHNOLOGIES INC | 2.26% | 334,046 | $67,875,000 |
| DIS | DISNEY WALT CO | 2.07% | 544,419 | $61,939,000 |
| BRO | BROWN & BROWN | 2.05% | 772,520 | $61,570,000 |
| OZK | BANK OZK LITTLE ROCK ARK | 1.94% | 1,264,042 | $58,171,000 |
| RMD | RESMED INC | 1.89% | 235,388 | $56,698,000 |
| ANET | ARISTA NETWORKS INC | 1.83% | 419,158 | $54,922,000 |
| ADI | ANALOG DEVICES INC | 1.60% | 176,747 | $47,934,000 |
| BFAM | BRIGHT HORIZONSFAMILY SOLUTION | 1.39% | 410,196 | $41,594,000 |
| LULU | LULULEMON ATHLETICA INC | 1.00% | 144,237 | $29,974,000 |
| LFUS | LITTELFUSE INC | 0.69% | 81,585 | $20,634,000 |
| JPM | JPMORGAN CHASE & CO | 0.56% | 51,838 | $16,703,000 |
| MA | MASTERCARD INCORPORATED | 0.55% | 28,759 | $16,418,000 |
| FND | FLOOR & DECOR HLDGS INC | 0.48% | 235,876 | $14,362,000 |
| TWFG | TWFG INC | 0.32% | 331,511 | $9,538,000 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0.31% | 89,984 | $9,258,000 |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 0.28% | 11 | $8,303,000 |
| FERG | FERGUSON ENTERPRISES INC | 0.27% | 36,374 | $8,098,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 0.16% | 16,069 | $4,837,000 |
| AAPL | APPLE INC | 0.15% | 16,518 | $4,491,000 |
| COF | CAPITAL ONE FC | 0.07% | 8,274 | $2,005,000 |
| YUMC | YUM CHINA HLDGS INC | 0.06% | 36,036 | $1,720,000 |
| SPY | SPDR S&P 500 ETF | 0.06% | 2,474 | $1,687,000 |
| GLD | SPDR GOLD TR | 0.05% | 3,876 | $1,536,000 |
| MTB | M & T BK CORP | 0.05% | 7,540 | $1,519,000 |
| ITB | ISHARES TR | 0.04% | 11,698 | $1,127,000 |
| BIRK | BIRKENSTOCK HLDG PLC | 0.04% | 27,392 | $1,120,000 |
| CPRT | COPART INC | 0.04% | 27,484 | $1,076,000 |
| MSFT | MICROSOFT CORP | 0.03% | 1,704 | $824,000 |
| ODFL | OLD DOMINION FREIGHT LINE IN | 0.03% | 5,255 | $824,000 |
| NVO | NOVO-NORDISK A S | 0.02% | 12,400 | $631,000 |
| DFH | DREAM FINDERS HOMES | 0.02% | 32,202 | $551,000 |
| SITE | SITEONE LANDSCAPE SUPPLY INC | 0.02% | 3,753 | $467,000 |
| ISRG | INTUITIVE SURGICAL INC | 0.01% | 405 | $229,000 |
| COST | COSTCO WHSL CORP NEW | 0.01% | 240 | $207,000 |
Investor background
François Rochon
“Fads come and go, but sound principles endure”
François Rochon is the founder, president and portfolio manager of Giverny Capital, a Montreal-based investment firm established in 1998. Trained as an engineer at École Polytechnique de Montréal, he began managing family capital in 1993 before joining Montrusco & Associates, where he managed more than $250 million in US equity accounts. His original family portfolio, now known as the Rochon Global Portfolio, remains the model for Giverny’s client accounts.
Rochon invests as a long-term business owner. Giverny typically holds a relatively concentrated portfolio of approximately 20 to 30 companies with durable competitive advantages, high returns on equity, sound balance sheets, capable management and substantial opportunities to reinvest capital. He seeks to purchase these businesses at valuations that allow returns to come primarily from growth in per-share intrinsic value rather than market timing or multiple expansion.
Rochon qualifies as a super investor because his process has produced both longevity and measurable excess returns. Through 2025, the Rochon Global Portfolio compounded at 14.7% annually since July 1993, compared with 9.9% for its weighted benchmark. His annual letters are unusually valuable because they connect portfolio returns with the operating performance of the underlying companies and openly revisit mistakes through Giverny’s annual “Podium of Errors.”
Rochon is not merely Giverny’s public spokesman: he remains its president, portfolio manager and the manager of the family portfolio underlying the firm’s model. However, investment research is collaborative, several partners participate in security selection, and David Poppe manages the affiliated Giverny Capital Asset Management business in New York.
- Giverny Capital — François Rochon Official Profile ↗
- Giverny Capital — Letters to Partners ↗
- Giverny Capital — Historical Portfolio Returns ↗
- Giverny Capital — 2025 Annual Letter ↗
- Value Investor Insight — François Rochon Interview, 2015 ↗
- The Investor’s Podcast — William Green Interviews François Rochon ↗
- WealthTrack — The Art of Investing with François Rochon ↗