Great investors · François Rochon · Q3 2024
What François Rochon bought and sold in Q3 2024
Giverny Capital 13F portfolio as of Sep 30, 2024: 52 positions worth $2.6 bn. Largest: BRK/B, META, AME, HEI/A. Filed with the SEC on Nov 13, 2024.
The 13F is filed by Giverny Capital, not by François Rochon personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q3 2024
- IncreasedKinsale Capital GroupKNSL+0.9 pp
Sells in Q3 2024
No sale of 0.5 points of the portfolio or more this quarter.
1 company with a material move, out of 36 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Giverny Capital's Q3 2024 13F lists 52 lines of US-listed securities worth $2.6 bn; the largest is BRK/B at 8.56% of the portfolio. It was accepted by the SEC on Nov 13, 2024 at 3:47 PM ET.
Against the previous quarter, it opened 5 positions (ICE, COF, YUMC and Liberty and 1 more), closed 3 (FERG, ABNB and GBTC), added to 25 (KNSL, MEDP, META and GOOGL and 21 more) and trimmed 3 (FND, ITB and AAPL). 19 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/B | 489,311 | $225M | 8.56% | no change |
| 2 | Meta Platforms META | 309,942 | $177M | 6.75% | +4.1% |
| 3 | Ametek AME | 959,222 | $165M | 6.26% | +2.4% |
| 4 | Heico HEI/A | 732,993 | $149M | 5.68% | +1.3% |
| 5 | Progressive PGR | 536,693 | $136M | 5.18% | no change |
| 6 | NVR NVR | 13,307 | $131M | 4.96% | no change |
| 7 | Carmax KMX | 1.6 M | $127M | 4.82% | +2.6% |
| 8 | Installed Building Products IBP | 487,115 | $120M | 4.56% | +3.3% |
| 9 | Alphabet GOOG | 646,180 | $108M | 4.11% | no change |
| 10 | Visa V | 391,760 | $108M | 4.10% | +1.2% |
| 11 | Fiserv FISV | 501,278 | $90.1M | 3.42% | +3.4% |
| 12 | Booking Holdings BKNG | 20,515 | $86.4M | 3.29% | +2.6% |
| 13 | Keysight Technologies KEYS | 481,070 | $76.5M | 2.91% | no change |
| 14 | Medpace Holdings MEDP | 227,072 | $75.8M | 2.88% | +21% |
| 15 | Starbucks SBUX | 718,004 | $70.0M | 2.66% | no change |
| 16 | Markel Group MKL | 42,684 | $67.0M | 2.55% | +2.9% |
| 17 | M&t Bank MTB | 360,591 | $64.2M | 2.44% | +4.4% |
| 18 | Five Below FIVE | 725,249 | $64.1M | 2.44% | +3.9% |
| 19 | Charles Schwab SCHW | 935,772 | $60.6M | 2.31% | +7.6% |
| 20 | Alphabet GOOGL | 346,704 | $57.5M | 2.19% | +12% |
| 21 | Bank OZK Little Rock ARK OZK | 1.2 M | $51.5M | 1.96% | no change |
| 22 | Analog Devices ADI | 206,111 | $47.4M | 1.80% | +2.8% |
| 23 | Arista Networks ANET | 106,670 | $40.9M | 1.56% | +9.3% |
| 24 | Kinsale Capital Group KNSL | 86,315 | $40.2M | 1.53% | +164% |
| 25 | Fortune Brands Innovations FBIN | 446,106 | $39.9M | 1.52% | no change |
| 26 | Bank of America BAC | 990,048 | $39.3M | 1.49% | no change |
| 27 | lululemon athletica LULU | 141,477 | $38.4M | 1.46% | +8.7% |
| 28 | Edwards Lifesciences EW | 446,288 | $29.5M | 1.12% | no change |
| 29 | Floor & Decor Holdings FND | 230,681 | $28.6M | 1.09% | −17% |
| 30 | Walt Disney DIS | 245,548 | $23.6M | 0.90% | +5.3% |
| 31 | Littelfuse LFUS | 79,015 | $21.0M | 0.80% | no change |
| 32 | Credit Acceptance CACC | 29,258 | $13.0M | 0.49% | +17% |
| 33 | Mastercard MA | 25,546 | $12.6M | 0.48% | +8.6% |
| 34 | JPMorgan Chase JPM | 43,324 | $9.1M | 0.35% | +7.7% |
| 35 | Align Technology ALGN | 32,993 | $8.4M | 0.32% | +10% |
| 36 | Berkshire Hathaway BRK/A | 7 | $4.8M | 0.18% | no change |
| 37 | State Str Spdr S&P 500 ETF T SPY | 4,752 | $2.7M | 0.10% | no change |
| 38 | Intercontinental Exchange ICE | 16,799 | $2.7M | 0.10% | new |
| 39 | Taiwan Semiconductor Manufacturing TSM | 14,550 | $2.5M | 0.10% | +78% |
| 40 | Apple AAPL | 9,852 | $2.3M | 0.09% | −1.7% |
| 41 | Capital One Financial COF | 14,774 | $2.2M | 0.08% | new |
| 42 | Yum China Holdings YUMC | 36,036 | $1.6M | 0.06% | new |
| 43 | Novo Nordisk A/s NVO | 12,400 | $1.5M | 0.06% | no change |
| 44 | Copart CPRT | 27,484 | $1.4M | 0.05% | no change |
| 45 | iShares U.s. Home Constructi ETF ITB | 10,299 | $1.3M | 0.05% | −18% |
| 46 | Dream Finders Homes DFH | 32,202 | $1.2M | 0.04% | no change |
| 47 | Liberty | 15,000 | $1.2M | 0.04% | new |
| 48 | Old Dominion Freight Line ODFL | 5,255 | $1.0M | 0.04% | +11% |
| 49 | SPDR Gold Shares ETF GLD | 4,206 | $1.0M | 0.04% | no change |
| 50 | iShares Silver Trust ETF SLV | 23,000 | $653K | 0.02% | no change |
| 51 | SiteOne Landscape Supply SITE | 3,753 | $566K | 0.02% | no change |
| 52 | Costco Wholesale COST | 240 | $213K | 0.01% | new |
Positions it closed (3)
- Ferguson Enterprises FERGwas 0.24% · 29,765 shares
- Airbnb ABNBwas 0.05% · 7,055 shares
- Grayscale Bitcoin Tr BTC GBTCwas 0.02% · 7,442 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Giverny Capital's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.