Giverny Capital

Q3 2015 13F · by François Rochon, CEO

As of: Sep 30, 2015
Filed: Nov 12, 2015
US stock: $497M · prev $500M
Positions: 26 · prev 26
Options notional: $0
Documents: 1· no amendments

Picture73.0% US stock

Mostly picture · of what this 13F reports is US stock

US stock listed on a US exchange 73.0%
Foreign stock not listed in the US 27.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves25 since the prior filing

+4.9 pp in · −4.9 pp out

New 1 +0.12 pp
Added 21 +4.83 pp
Trimmed 2 −1.17 pp
Exited 1 −3.69 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.6 years per position

Low
Moderate
High

Top 5 positions45% of US stock

unresolved Berkshire Hathaway Inc DEL added+1.22 pp added+1.2215.4%
unresolved Bank Of The Ozarks Inc added+0.10 pp added+0.108.1%
KMX CarMax Inc. added+0.73 pp added+0.737.8%
DIS The Walt Disney Company added−0.55 pp added−0.557.2%
LKQ LKQ Corporation added−0.16 pp added−0.166.5%

Positions26 in this filing · 1 exited


unresolvedBerkshire Hathaway Inc DEL	15.43%	588,473	$77M	added+13%	+1.22 pp	2 q
unresolvedBank Of The Ozarks Inc	8.12%	922,350	$40M	added+5%	+0.10 pp	2 q
KMXCarMax Inc.	7.79%	652,834	$39M	added+22%	+0.73 pp	3 q
DISThe Walt Disney Company	7.22%	351,442	$36M	added+3%	−0.55 pp	3 q
LKQLKQ Corporation	6.51%	1,142,142	$32M	added+4%	−0.16 pp	3 q
WFCWells Fargo & Co.	5.83%	564,969	$29M	trimmed−11%	−1.30 pp	3 q
unresolvedValeant Pharmaceuticals Intl	4.50%	125,361	$22M	added+4%	−0.85 pp	3 q
MTBM&T Bank Corp.	4.33%	176,398	$22M	added+4%	+0.08 pp	3 q
UNPUnion Pacific Corp.	4.13%	232,473	$21M	added+43%	+1.02 pp	3 q
VVISA Inc.	4.11%	293,148	$20M	added+1%	+0.22 pp	3 q
MKLMarkel Group Inc.	4.02%	24,936	$20M	added+3%	+0.16 pp	3 q
ORLYO'Reilly Automotive, Inc.	3.99%	79,362	$20M	added+1%	+0.43 pp	3 q
unresolvedAmetek Inc	3.46%	328,355	$17M	added+72%	+1.37 pp	2 q
MHKMohawk Industries, Inc.	3.04%	83,190	$15M	added+3%	−0.04 pp	3 q
unresolvedKnight Transportation, Inc	2.88%	596,809	$14M	added+66%	+0.96 pp	2 q
IBMInternational Business Machines Corporation	2.82%	96,634	$14M	added+2%	−0.25 pp	3 q
unresolvedBuffalo Wild Wings Inc	2.79%	71,656	$14M	added+7%	+0.69 pp	3 q
unresolvedCabelas Inc. Cl A	2.20%	240,142	$11M	added+3%	−0.13 pp	3 q
PRAAPRA Group, Inc.	2.05%	192,654	$10M	added+6%	−0.22 pp	3 q
FASTFastenal Co	1.90%	257,451	$9M	added+2%	−0.22 pp	3 q
GOOGAlphabet Inc. Class C	1.61%	13,137	$8M	added+3%	+0.28 pp	3 q
unresolvedGoogle Inc.	0.80%	6,230	$4M	trimmed−0%	+0.13 pp	3 q
STNStantec, Inc.	0.25%	56,352	$1M	held	—	3 q
SRCLStericycle Inc	0.12%	4,200	$585,000	new	+0.12 pp	new
unresolvedBrookfield Asset Mgmt Inc	0.09%	13,914	$437,000	added0%	−0.01 pp	3 q
MAMastercard Incorporated	0.03%	1,504	$136,000	held	—	3 q
unresolvedPrecision Castparts Corp	—	−92,337	—	exited	−3.69 pp	—

Source

Form: 13F-HR
Reading: 6 defects · 9 unresolved
Accession: 0001641864-15-000005
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A row was set aside — invalid CUSIP 31100100
A row was set aside — invalid CUSIP 63904106
A row was set aside — invalid CUSIP 84670702
A security outside the official 13F list — CUSIP 31100100 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 63904106 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 84670702 not on the Official 13(f) List for 2015-09-30

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