# Francois Rochon — Giverny Capital

Portfolio USD 2,974,321,000 · 51 positions · 2026 Q2 · history from 2017 Q4.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/GC

## Positions (2026 Q2)

| Ticker | Company | % of portfolio | Value | This quarter | Holders |
|---|---|---:|---:|---|---:|
| GOOG | Alphabet Inc. CL C | 7.2% | USD 213,927,000 | -2.49% |  |
| HEI.A | HEICO Corp. CL A | 6.4% | USD 189,628,000 | -0.44% |  |
| META | Meta Platforms Inc. | 5.7% | USD 170,614,000 | -1.6% |  |
| SCHW | Charles Schwab Corp. | 5.2% | USD 155,158,000 | +9.46% |  |
| ADP | Automatic Data Processing Inc. | 4.9% | USD 146,588,000 | +56.19% |  |
| AME | Ametek Inc. | 4.9% | USD 144,869,000 | -2.17% |  |
| MEDP | Medpace Holdings Inc. | 4.5% | USD 134,479,000 | -0.84% |  |
| V | Visa Inc. | 4.5% | USD 133,771,000 | -1.63% |  |
| BRK.B | Berkshire Hathaway CL B | 4.2% | USD 124,320,000 | -34.38% |  |
| PGR | Progressive Corp. | 4.0% | USD 118,464,000 | +2.64% |  |
| GOOGL | Alphabet Inc. | 3.7% | USD 110,827,000 | -11.01% |  |
| FIVE | Five Below Inc. | 3.6% | USD 107,536,000 | -3.09% |  |
| BKNG | Booking Holdings Inc. | 3.1% | USD 93,160,000 | -1% |  |
| IBP | Installed Building Products | 3.1% | USD 91,399,000 | -1.49% |  |
| NVR | NVR Inc. | 3.0% | USD 90,196,000 | -3% |  |
| KNSL | Kinsale Capital Group Inc. | 2.7% | USD 79,395,000 | +9.95% |  |
| BFAM | Bright Horizons Family Solutions Inc. | 2.6% | USD 76,607,000 | +45.59% |  |
| RMD | ResMed Inc. | 2.5% | USD 75,548,000 | +68.55% |  |
| OZK | Bank OZK | 2.1% | USD 62,410,000 | -2.68% |  |
| MKL | Markel Group Inc. | 2.0% | USD 60,303,000 | -28.1% |  |
| ANET | Arista Networks Inc. | 1.9% | USD 57,741,000 | -19.72% |  |
| KEYS | Keysight Technologies Inc. | 1.7% | USD 50,085,000 | -55.73% |  |
| DIS | Walt Disney Co. | 1.7% | USD 49,623,000 | -3.9% |  |
| BRO | Brown & Brown Inc. | 1.6% | USD 48,323,000 | -0.26% |  |
| ADI | Analog Devices | 1.3% | USD 37,060,000 | -45.45% |  |
| NYT | New York Times CL A | 1.1% | USD 33,900,000 | new |  |
| LFUS | Littelfuse Inc. | 1.1% | USD 33,751,000 | -8.17% |  |
| MSA | MSA Safety Inc. | 1.0% | USD 29,034,000 | new |  |
| WSO | Watsco Inc. | 0.9% | USD 27,494,000 | new |  |
| AAON | AAON Inc. | 0.9% | USD 25,978,000 | +1.46% |  |
| GLD | SPDR Gold Trust | 0.8% | USD 25,033,000 | hold |  |
| SUNB | Sunbelt Rentals Holdings Inc | 0.7% | USD 21,594,000 | -9.04% |  |
| VEEV | Veeva Systems Inc. | 0.6% | USD 16,852,000 | new |  |
| AXP | American Express | 0.5% | USD 15,754,000 | new |  |
| TWFG | Twfg Inc | 0.5% | USD 15,691,000 | +18.17% |  |
| JPM | JPMorgan Chase & Co. | 0.5% | USD 15,671,000 | -8.46% |  |
| MA | Mastercard Inc. | 0.5% | USD 14,800,000 | +2.67% |  |
| LULU | Lululemon Athletica Inc. | 0.5% | USD 14,707,000 | -9.68% |  |
| FND | Floor & Decor Holdings | 0.5% | USD 13,645,000 | -0.85% |  |
| HWKN | Hawkins Inc. | 0.5% | USD 13,493,000 | new |  |
| FERG | Ferguson Enterprises Inc. | 0.3% | USD 8,871,000 | +1.78% |  |
| BLDR | Builders FirstSource Inc. | 0.3% | USD 8,184,000 | -0.38% |  |
| BRK.A | Berkshire Hathaway CL A | 0.2% | USD 6,740,000 | -18.18% |  |
| AAPL | Apple Inc. | 0.1% | USD 3,760,000 | -13.6% |  |
| TSM | Taiwan Semiconductor S.A. | 0.1% | USD 1,746,000 | -55.02% |  |
| SPY | SPDR S&P 500 ETF Trust | 0.1% | USD 1,713,000 | -7.28% |  |
| YUMC | Yum China Holdings Inc. | 0.1% | USD 1,473,000 | hold |  |
| ITB | Ishares U.S. Home Constructi | <0.1% | USD 1,218,000 | +7.44% |  |
| MSFT | Microsoft Corp. | <0.1% | USD 667,000 | -6.44% |  |
| QQQ | Invesco Qqq Trust Series 1 | <0.1% | USD 288,000 | new |  |
| CPRT | Copart Inc. | <0.1% | USD 233,000 | -69.9% |  |

## Moves this quarter (56)

- GOOG Alphabet Inc. CL C: -2.49% (USD 213,927,000)
- HEI.A HEICO Corp. CL A: -0.44% (USD 189,628,000)
- META Meta Platforms Inc.: -1.6% (USD 170,614,000)
- SCHW Charles Schwab Corp.: +9.46% (USD 155,158,000)
- ADP Automatic Data Processing Inc.: +56.19% (USD 146,588,000)
- AME Ametek Inc.: -2.17% (USD 144,869,000)
- MEDP Medpace Holdings Inc.: -0.84% (USD 134,479,000)
- V Visa Inc.: -1.63% (USD 133,771,000)
- BRK.B Berkshire Hathaway CL B: -34.38% (USD 124,320,000)
- PGR Progressive Corp.: +2.64% (USD 118,464,000)
- GOOGL Alphabet Inc.: -11.01% (USD 110,827,000)
- FIVE Five Below Inc.: -3.09% (USD 107,536,000)
- BKNG Booking Holdings Inc.: -1% (USD 93,160,000)
- IBP Installed Building Products: -1.49% (USD 91,399,000)
- NVR NVR Inc.: -3% (USD 90,196,000)
- KNSL Kinsale Capital Group Inc.: +9.95% (USD 79,395,000)
- BFAM Bright Horizons Family Solutions Inc.: +45.59% (USD 76,607,000)
- RMD ResMed Inc.: +68.55% (USD 75,548,000)
- OZK Bank OZK: -2.68% (USD 62,410,000)
- MKL Markel Group Inc.: -28.1% (USD 60,303,000)
- ANET Arista Networks Inc.: -19.72% (USD 57,741,000)
- KEYS Keysight Technologies Inc.: -55.73% (USD 50,085,000)
- DIS Walt Disney Co.: -3.9% (USD 49,623,000)
- BRO Brown & Brown Inc.: -0.26% (USD 48,323,000)
- ADI Analog Devices: -45.45% (USD 37,060,000)
- NYT New York Times CL A: new (USD 33,900,000)
- LFUS Littelfuse Inc.: -8.17% (USD 33,751,000)
- MSA MSA Safety Inc.: new (USD 29,034,000)
- WSO Watsco Inc.: new (USD 27,494,000)
- AAON AAON Inc.: +1.46% (USD 25,978,000)
- SUNB Sunbelt Rentals Holdings Inc: -9.04% (USD 21,594,000)
- VEEV Veeva Systems Inc.: new (USD 16,852,000)
- AXP American Express: new (USD 15,754,000)
- TWFG Twfg Inc: +18.17% (USD 15,691,000)
- JPM JPMorgan Chase & Co.: -8.46% (USD 15,671,000)
- MA Mastercard Inc.: +2.67% (USD 14,800,000)
- LULU Lululemon Athletica Inc.: -9.68% (USD 14,707,000)
- FND Floor & Decor Holdings: -0.85% (USD 13,645,000)
- HWKN Hawkins Inc.: new (USD 13,493,000)
- FERG Ferguson Enterprises Inc.: +1.78% (USD 8,871,000)
- BLDR Builders FirstSource Inc.: -0.38% (USD 8,184,000)
- BRK.A Berkshire Hathaway CL A: -18.18% (USD 6,740,000)
- AAPL Apple Inc.: -13.6% (USD 3,760,000)
- TSM Taiwan Semiconductor S.A.: -55.02% (USD 1,746,000)
- SPY SPDR S&P 500 ETF Trust: -7.28% (USD 1,713,000)
- MTB M&T Bank Corp.: sold (USD 1,558,012)
- ITB Ishares U.S. Home Constructi: +7.44% (USD 1,218,000)
- RSP Invesco S&P 500 Equal Weight: sold (USD 1,171,977)
- QQQM Invesco Nasdaq 100 ETF: sold (USD 1,003,021)
- BIRK Birkenstock Holding Plc: sold (USD 980,908)
- ODFL Old Dominion Freight Line: sold (USD 978,022)
- MSFT Microsoft Corp.: -6.44% (USD 667,000)
- SITE SiteOne Landscape Supply Inc.: sold (USD 500,012)
- NVO Novo Nordisk A S: sold (USD 455,948)
- QQQ Invesco Qqq Trust Series 1: new (USD 288,000)
- CPRT Copart Inc.: -69.9% (USD 233,000)

## Portfolio value by quarter

- 2017 Q4: USD 728,703,068 (25 positions)
- 2018 Q1: USD 746,829,292 (25 positions)
- 2018 Q2: USD 768,741,091 (26 positions)
- 2018 Q3: USD 883,246,529 (29 positions)
- 2018 Q4: USD 758,678,514 (29 positions)
- 2019 Q1: USD 871,517,706 (34 positions)
- 2019 Q2: USD 990,178,591 (34 positions)
- 2019 Q3: USD 1,003,085,179 (35 positions)
- 2019 Q4: USD 1,105,076,373 (35 positions)
- 2020 Q1: USD 785,060,181 (37 positions)
- 2020 Q2: USD 1,005,536,624 (48 positions)
- 2020 Q3: USD 1,090,286,867 (54 positions)
- 2020 Q4: USD 1,304,204,561 (53 positions)
- 2021 Q1: USD 1,494,477,246 (53 positions)
- 2021 Q2: USD 1,644,008,142 (57 positions)
- 2021 Q3: USD 1,676,829,504 (59 positions)
- 2021 Q4: USD 1,873,990,084 (64 positions)
- 2022 Q1: USD 1,772,039,653 (63 positions)
- 2022 Q2: USD 1,517,881,609 (63 positions)
- 2022 Q3: USD 1,475,711,149 (63 positions)
- 2022 Q4: USD 1,617,211,838 (66 positions)
- 2023 Q1: USD 1,659,904,475 (60 positions)
- 2023 Q2: USD 1,901,634,395 (59 positions)
- 2023 Q3: USD 1,842,270,575 (59 positions)
- 2023 Q4: USD 2,128,956,055 (59 positions)
- 2024 Q1: USD 2,462,830,907 (53 positions)
- 2024 Q2: USD 2,366,458,561 (50 positions)
- 2024 Q3: USD 2,630,121,679 (52 positions)
- 2024 Q4: USD 2,736,236,747 (62 positions)
- 2025 Q1: USD 2,712,673,183 (54 positions)
- 2025 Q2: USD 2,915,515,317 (55 positions)
- 2025 Q3: USD 2,950,847,967 (52 positions)
- 2025 Q4: USD 2,997,166,685 (50 positions)
- 2026 Q1: USD 2,731,348,545 (51 positions)
- 2026 Q2: USD 2,974,321,000 (51 positions)