Giverny Capital

Q2 2020 13F · by François Rochon, CEO

As of: Jun 30, 2020
Filed: Aug 7, 2020
US stock: $1.0B · prev $785M
Positions: 49 · prev 41
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%

Moves47 since the prior filing

−0.4 pp in · +0.4 pp out

New 12 +3.55 pp
Added 28 −3.93 pp
Trimmed 3 +1.39 pp
Exited 4 −1.03 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.9% a year, about 20.4 years per position

Low
Moderate
High

Top 5 positions42% of US stock

Positions49 in this filing · 4 exited


BRK.BBERKSHIRE HATHAWAY Class B	14.99%	844,446	$151M	added+2%	−4.36 pp	15 q
KMXCarMax Inc.	9.50%	1,066,378	$95M	trimmed−3%	+1.94 pp	22 q
AMEAmetek, Inc.	6.64%	747,603	$67M	added+3%	−0.03 pp	15 q
VVISA Inc.	5.77%	300,144	$58M	added+2%	−0.26 pp	22 q
GOOGAlphabet Inc. Class C	5.11%	36,324	$51M	added+6%	+0.05 pp	22 q
PGRProgressive Corporation	4.81%	603,936	$48M	added+7%	−0.50 pp	4 q
METAMeta Platforms, Inc. Class A	4.76%	210,751	$48M	added+24%	+1.16 pp	9 q
NVRNVR, Inc.	4.57%	14,116	$46M	added+2%	+0.03 pp	8 q
HEI.AHeico Corp Cl A	4.11%	508,738	$41M	added+6%	+0.20 pp	16 q
MKLMarkel Group Inc.	4.05%	44,170	$41M	added+7%	−0.82 pp	22 q
KEYSKeysight Technologies, Inc.	4.03%	402,300	$41M	added+2%	−0.18 pp	6 q
FBINFortune Brands Innovations, Inc.	3.22%	506,373	$32M	added0%	+0.44 pp	18 q
SCHWThe Charles Schwab Corporation	3.21%	956,291	$32M	added+8%	−0.59 pp	8 q
JPMJPMorgan Chase & Co.	3.11%	332,123	$31M	added+3%	−0.59 pp	17 q
FIVEFive Below, Inc.	3.07%	288,602	$31M	added+10%	+0.72 pp	14 q
BACBank of America Corporation	2.98%	1,262,324	$30M	trimmed−3%	−0.54 pp	6 q
EWEdwards Lifesciences Corp	2.56%	372,627	$26M	added+5%	−0.28 pp	11 q
ICEIntercontinental Exchange Inc.	2.34%	256,926	$24M	new	+2.34 pp	new
DISThe Walt Disney Company	2.06%	186,183	$21M	added+1%	−0.20 pp	22 q
ATHMAutohome Inc.	1.49%	198,417	$15M	added+15%	−0.08 pp	2 q
GOOGLAlphabet Inc. Class A	1.30%	9,203	$13M	added+39%	+0.32 pp	16 q
LFUSLittelfuse Inc	0.99%	58,242	$10M	trimmed−1%	−0.01 pp	11 q
SNBRQSleep Number Corp	0.90%	216,569	$9M	added0%	+0.37 pp	2 q
HCSGHealthcare Services Group	0.87%	358,648	$9M	added+22%	−0.03 pp	8 q
OZKBank OZK	0.83%	356,374	$8M	added0%	+0.07 pp	7 q
SSNCSS&C Technologies Inc	0.30%	53,161	$3M	added×6.7	+0.26 pp	2 q
CACCCredit Acceptance Corp	0.28%	6,605	$3M	new	+0.28 pp	new
MAMastercard Incorporated	0.24%	8,151	$2M	added×4.2	+0.18 pp	22 q
ANETArista Networks	0.22%	10,345	$2M	new	+0.22 pp	new
BRK.ABerkshire Hathaway Inc.	0.16%	6	$2M	added×2.0	+0.06 pp	12 q
SPYState Street SPDR S&P 500 ETF Trust	0.16%	5,295	$2M	held	—	12 q
TJXTJX Companies, Inc. (The)	0.15%	29,880	$2M	added×3.4	+0.10 pp	12 q
LULUlululemon athletica inc.	0.14%	4,645	$1M	held	—	12 q
AMZNAmazon.Com Inc	0.13%	459	$1M	new	+0.13 pp	new
JECJacobs Engineering Group	0.12%	14,159	$1M	new	+0.12 pp	new
LBRDKLiberty Broadband Corporation Class C	0.12%	9,507	$1M	new	+0.12 pp	new
AAPLApple Inc.	0.10%	2,764	$1M	added+17%	+0.02 pp	8 q
FRCBFirst Republic Bk CA	0.09%	8,893	$943,000	new	+0.09 pp	new
MSFTMicrosoft Corp	0.07%	3,529	$718,000	new	+0.07 pp	new
ODFLOld Dominion Freight Line	0.07%	4,067	$690,000	held	—	6 q
WWayfair Inc.	0.07%	3,518	$695,000	new	+0.07 pp	new
unresolvedBrookfield Asset Mgmt Inc	0.05%	16,576	$545,000	added+42%	+0.01 pp	22 q
CHTRCharter Comm Inc Del CL A New	0.05%	1,000	$510,000	new	+0.05 pp	new
ROPRoper Technologies, Inc.	0.05%	1,245	$483,000	held	—	6 q
FASTFastenal Co	0.04%	8,954	$384,000	held	—	8 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.04%	12,274	$389,000	added+15%	0.00 pp	13 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.03%	8,046	$336,000	held	—	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.03%	5,336	$303,000	new	+0.03 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.03%	1,014	$299,000	new	+0.03 pp	new
UNPUnion Pacific Corp.	—	−51,978	—	exited	−0.93 pp	—
LUVSouthwest Airlines Co.	—	−8,348	—	exited	−0.04 pp	—
DALDelta Air Lines, Inc.	—	−9,296	—	exited	−0.03 pp	—
MHKMohawk Industries, Inc.	—	−3,218	—	exited	−0.03 pp	—