Giverny Capital

Q4 2017 13F · by François Rochon, CEO

As of: Dec 31, 2017
Filed: Feb 13, 2018
US stock: $729M · prev $684M
Positions: 35 · prev 31
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves25 since the prior filing

+4.6 pp in · −4.6 pp out

New 4 +5.22 pp
Added 6 −0.64 pp
Trimmed 15 −4.58 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions49% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added+0.53 pp added+0.5319.5%
KMX CarMax Inc. added−1.27 pp added−1.279.1%
unresolved Bank Of The Ozarks Inc trimmed−0.50 pp trimmed−0.508.1%
AME Ametek, Inc. trimmed+0.15 pp trimmed+0.156.8%
V VISA Inc. trimmed+0.03 pp trimmed+0.035.2%

Positions35 in this filing · 0 exited


BRK.BBERKSHIRE HATHAWAY Class B	19.48%	716,216	$142M	added+1%	+0.53 pp	5 q
KMXCarMax Inc.	9.09%	1,032,850	$66M	added+10%	−1.27 pp	12 q
unresolvedBank Of The Ozarks Inc	8.08%	1,215,840	$59M	trimmed−1%	−0.50 pp	5 q
AMEAmetek, Inc.	6.79%	682,995	$49M	trimmed−1%	+0.15 pp	5 q
VVISA Inc.	5.24%	334,714	$38M	trimmed−1%	+0.03 pp	12 q
LKQLKQ Corporation	5.11%	916,503	$37M	trimmed−17%	−0.67 pp	12 q
UNPUnion Pacific Corp.	4.92%	267,529	$36M	trimmed−1%	+0.35 pp	12 q
MKLMarkel Group Inc.	4.80%	30,727	$35M	added+1%	+0.05 pp	12 q
GOOGAlphabet Inc. Class C	4.00%	27,835	$29M	added+14%	+0.59 pp	12 q
DISThe Walt Disney Company	3.94%	267,127	$29M	trimmed−24%	−1.12 pp	12 q
MHKMohawk Industries, Inc.	3.93%	103,885	$29M	trimmed−3%	+0.07 pp	12 q
HEI.AHeico Corp Cl A	3.19%	294,313	$23M	trimmed−3%	−0.17 pp	6 q
ORLYO'Reilly Automotive, Inc.	3.06%	92,798	$22M	trimmed−1%	+0.12 pp	12 q
FWONKLiberty Media Corporation Series C Liberty Formula One	2.99%	637,915	$22M	added0%	−0.55 pp	3 q
FBINFortune Brands Innovations, Inc.	2.89%	307,472	$21M	trimmed−3%	−0.22 pp	8 q
WFCWells Fargo & Co.	2.78%	333,964	$20M	trimmed−37%	−1.50 pp	12 q
CACCCredit Acceptance Corp	2.64%	59,426	$19M	new	+2.64 pp	new
MTBM&T Bank Corp.	2.60%	110,876	$19M	trimmed−29%	−1.06 pp	12 q
EWEdwards Lifesciences Corp	2.50%	161,571	$18M	new	+2.50 pp	new
GOOGLAlphabet Inc. Class A	0.84%	5,814	$6M	trimmed−3%	−0.02 pp	6 q
JPMJPMorgan Chase & Co.	0.22%	14,757	$2M	added0%	+0.01 pp	7 q
SPYState Street SPDR S&P 500 ETF Trust	0.20%	5,344	$1M	held	—	2 q
BRK.ABerkshire Hathaway Inc.	0.12%	3	$893,000	held	—	2 q
FIVEFive Below, Inc.	0.10%	11,009	$730,000	held	—	4 q
unresolvedBrookfield Asset Mgmt Inc	0.08%	12,938	$563,000	held	—	12 q
STNStantec, Inc.	0.08%	21,329	$596,000	trimmed−1%	−0.01 pp	12 q
MAMastercard Incorporated	0.07%	3,204	$485,000	held	—	12 q
LULUlululemon athletica inc.	0.05%	4,600	$362,000	held	—	2 q
HN9Hanesbrands Inc	0.04%	12,264	$256,000	held	—	4 q
LFUSLittelfuse Inc	0.04%	1,523	$301,000	new	+0.04 pp	new
RYAAYRyanair Holdings plc	0.04%	2,500	$260,000	new	+0.04 pp	new
LUVSouthwest Airlines Co.	0.04%	3,961	$259,000	held	—	4 q
BCPCBalchem Corporation	0.03%	2,266	$183,000	held	—	5 q
FASTFastenal Co	0.03%	4,077	$223,000	held	—	12 q
TJXTJX Companies, Inc. (The)	0.02%	2,141	$164,000	trimmed−49%	−0.03 pp	2 q