Giverny Capital

Q2 2018 13F · by François Rochon, CEO

As of: Jun 30, 2018
Filed: Aug 13, 2018
US stock: $769M · prev $747M
Positions: 36 · prev 35
Options notional: $0
Documents: 1· 1 amendment

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

+5.9 pp in · −6.0 pp out

New 2 +2.66 pp
Added 18 +3.26 pp
Trimmed 4 −5.99 pp
Exited 1 −0.03 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.8 years per position

Low
Moderate
High

Top 5 positions49% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added−1.27 pp added−1.2718.5%
KMX CarMax Inc. added+1.45 pp added+1.4510.5%
unresolved Bank Of The Ozarks Inc added−0.51 pp added−0.517.5%
AME Ametek, Inc. added−0.34 pp added−0.346.8%
V VISA Inc. added+0.51 pp added+0.515.9%

Revealed late, restated

restated 27 rows corrected by the filer · US stock −13.52%; later quarters recomputed 13F-HR/A · Aug 13, 2018 ↗

Positions36 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	18.48%	761,430	$142M	added+3%	−1.27 pp	7 q
KMXCarMax Inc.	10.50%	1,107,901	$81M	added+1%	+1.45 pp	14 q
unresolvedBank Of The Ozarks Inc	7.51%	1,281,286	$58M	added+3%	−0.51 pp	7 q
AMEAmetek, Inc.	6.77%	720,986	$52M	added+3%	−0.34 pp	7 q
VVISA Inc.	5.92%	343,809	$46M	added+2%	+0.51 pp	14 q
UNPUnion Pacific Corp.	5.03%	272,920	$39M	added+2%	+0.20 pp	14 q
MKLMarkel Group Inc.	4.56%	32,319	$35M	added+2%	−0.40 pp	14 q
GOOGAlphabet Inc. Class C	4.46%	30,718	$34M	added+5%	+0.41 pp	14 q
DISThe Walt Disney Company	3.96%	290,271	$30M	added+2%	+0.12 pp	14 q
HEI.AHeico Corp Cl A	3.64%	458,891	$28M	added+25%	+0.14 pp	8 q
ORLYO'Reilly Automotive, Inc.	3.40%	95,478	$26M	added+2%	+0.29 pp	14 q
EWEdwards Lifesciences Corp	3.27%	172,508	$25M	added+1%	+0.07 pp	3 q
FWONKLiberty Media Corporation Series C Liberty Formula One	3.17%	656,785	$24M	added+1%	+0.47 pp	5 q
MHKMohawk Industries, Inc.	3.05%	109,587	$23M	added+3%	−0.27 pp	14 q
LFUSLittelfuse Inc	2.71%	91,338	$21M	added×60.0	+2.67 pp	3 q
METAMeta Platforms, Inc. Class A	2.65%	104,672	$20M	new	+2.65 pp	new
MTBM&T Bank Corp.	2.48%	112,212	$19M	added+1%	−0.27 pp	14 q
WFCWells Fargo & Co.	2.46%	341,577	$19M	added+1%	+0.09 pp	14 q
FBINFortune Brands Innovations, Inc.	2.33%	333,639	$18M	added+8%	−0.10 pp	10 q
LKQLKQ Corporation	1.59%	382,743	$12M	trimmed−60%	−3.21 pp	14 q
GOOGLAlphabet Inc. Class A	0.84%	5,737	$6M	held	—	8 q
JPMJPMorgan Chase & Co.	0.20%	14,757	$2M	held	—	9 q
SPYState Street SPDR S&P 500 ETF Trust	0.19%	5,264	$1M	trimmed−1%	0.00 pp	4 q
FIVEFive Below, Inc.	0.14%	11,009	$1M	held	—	6 q
BRK.ABerkshire Hathaway Inc.	0.11%	3	$846,000	held	—	4 q
unresolvedBrookfield Asset Mgmt Inc	0.09%	12,938	$690,000	held	—	14 q
STNStantec, Inc.	0.09%	21,329	$721,000	held	—	14 q
MAMastercard Incorporated	0.08%	3,149	$619,000	trimmed−2%	0.00 pp	14 q
LULUlululemon athletica inc.	0.07%	4,600	$574,000	held	—	4 q
TJXTJX Companies, Inc. (The)	0.07%	5,467	$520,000	held	—	4 q
CACCCredit Acceptance Corp	0.05%	992	$351,000	trimmed−98%	−2.78 pp	3 q
HN9Hanesbrands Inc	0.04%	12,264	$270,000	held	—	6 q
RYAAYRyanair Holdings plc	0.04%	2,500	$286,000	held	—	3 q
BCPCBalchem Corporation	0.03%	2,266	$222,000	held	—	7 q
LUVSouthwest Airlines Co.	0.03%	3,961	$202,000	held	—	6 q
BKNGBooking Holdings Inc.	0.01%	50	$101,000	new	+0.01 pp	new
FASTFastenal Co	—	−4,077	—	exited	−0.03 pp	—