Giverny Capital

Q1 2020 13F · by François Rochon, CEO

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $785M · prev $1.1B
Positions: 41 · prev 39
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%

Moves34 since the prior filing

+8.4 pp in · −8.4 pp out

New 4 +2.17 pp
Added 7 +6.20 pp
Trimmed 21 −5.17 pp
Exited 2 −3.24 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions45% of US stock

Positions41 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	19.35%	830,819	$152M	trimmed−7%	+1.09 pp	14 q
KMXCarMax Inc.	7.56%	1,102,593	$59M	trimmed−6%	−1.72 pp	21 q
AMEAmetek, Inc.	6.67%	727,694	$52M	trimmed−13%	−0.85 pp	14 q
VVISA Inc.	6.03%	293,788	$47M	trimmed−7%	+0.68 pp	21 q
PGRProgressive Corporation	5.31%	564,538	$42M	added+26%	+2.37 pp	3 q
GOOGAlphabet Inc. Class C	5.06%	34,142	$40M	trimmed−6%	+0.64 pp	21 q
MKLMarkel Group Inc.	4.87%	41,199	$38M	added+6%	+0.83 pp	21 q
NVRNVR, Inc.	4.54%	13,878	$36M	trimmed−8%	−0.66 pp	7 q
KEYSKeysight Technologies, Inc.	4.21%	395,345	$33M	trimmed−1%	+0.51 pp	5 q
HEI.AHeico Corp Cl A	3.91%	480,490	$31M	trimmed−4%	−0.15 pp	15 q
SCHWThe Charles Schwab Corporation	3.80%	887,497	$30M	trimmed−7%	−0.30 pp	7 q
JPMJPMorgan Chase & Co.	3.70%	322,693	$29M	trimmed−5%	−0.59 pp	16 q
METAMeta Platforms, Inc. Class A	3.60%	169,415	$28M	trimmed−8%	+0.20 pp	8 q
BACBank of America Corporation	3.52%	1,300,157	$28M	added+35%	+0.45 pp	5 q
EWEdwards Lifesciences Corp	2.84%	118,426	$22M	trimmed−8%	+0.13 pp	10 q
FBINFortune Brands Innovations, Inc.	2.78%	504,435	$22M	trimmed−20%	−0.94 pp	17 q
FIVEFive Below, Inc.	2.35%	261,868	$18M	added×72.8	+2.31 pp	13 q
DISThe Walt Disney Company	2.26%	183,610	$18M	trimmed−8%	−0.36 pp	21 q
ATHMAutohome Inc.	1.57%	173,150	$12M	new	+1.57 pp	new
LFUSLittelfuse Inc	1.00%	58,570	$8M	trimmed−50%	−1.01 pp	10 q
GOOGLAlphabet Inc. Class A	0.98%	6,627	$8M	added+4%	+0.21 pp	15 q
UNPUnion Pacific Corp.	0.93%	51,978	$7M	trimmed−68%	−1.72 pp	21 q
HCSGHealthcare Services Group	0.90%	294,626	$7M	trimmed−8%	+0.20 pp	7 q
OZKBank OZK	0.76%	355,481	$6M	trimmed−8%	−0.31 pp	6 q
SNBRQSleep Number Corp	0.53%	216,108	$4M	new	+0.53 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.17%	5,295	$1M	held	—	11 q
LULUlululemon athletica inc.	0.11%	4,645	$880,000	held	—	11 q
BRK.ABerkshire Hathaway Inc.	0.10%	3	$816,000	held	—	11 q
AAPLApple Inc.	0.08%	2,358	$600,000	added+11%	+0.02 pp	7 q
ODFLOld Dominion Freight Line	0.07%	4,067	$534,000	trimmed−0%	+0.02 pp	5 q
MAMastercard Incorporated	0.06%	1,941	$469,000	held	—	21 q
ROPRoper Technologies, Inc.	0.05%	1,245	$388,000	held	—	5 q
TJXTJX Companies, Inc. (The)	0.05%	8,892	$425,000	trimmed−1%	0.00 pp	11 q
unresolvedBrookfield Asset Mgmt Inc	0.04%	11,634	$343,000	trimmed−10%	−0.03 pp	21 q
FASTFastenal Co	0.04%	8,954	$280,000	added+10%	+0.01 pp	7 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.04%	10,630	$289,000	held	—	12 q
SSNCSS&C Technologies Inc	0.04%	7,895	$346,000	new	+0.04 pp	new
LUVSouthwest Airlines Co.	0.04%	8,348	$297,000	held	—	13 q
DALDelta Air Lines, Inc.	0.03%	9,296	$265,000	new	+0.03 pp	new
KNXKnight-Swift Transportation Holdings Inc. Class A	0.03%	8,046	$264,000	held	—	5 q
MHKMohawk Industries, Inc.	0.03%	3,218	$245,000	held	—	21 q
MTBM&T Bank Corp.	—	−139,368	—	exited	−2.14 pp	—
ORLYO'Reilly Automotive, Inc.	—	−27,638	—	exited	−1.10 pp	—