Giverny Capital

Q3 2020 13F · by François Rochon, CEO

As of: Sep 30, 2020
Filed: Nov 13, 2020
US stock: $1.1B · prev $1.0B
Positions: 54 · prev 49
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%

Moves51 since the prior filing

+1.7 pp in · −1.7 pp out

New 8 +0.20 pp
Added 25 +1.51 pp
Trimmed 15 −1.58 pp
Exited 3 −0.12 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.7% a year, about 17.6 years per position

Low
Moderate
High

Top 5 positions40% of US stock

Positions54 in this filing · 3 exited


BRK.BBERKSHIRE HATHAWAY Class B	13.16%	674,157	$144M	trimmed−20%	−1.83 pp	16 q
KMXCarMax Inc.	9.09%	1,078,615	$99M	added+1%	−0.41 pp	23 q
AMEAmetek, Inc.	6.89%	755,926	$75M	added+1%	+0.25 pp	16 q
VVISA Inc.	5.52%	301,201	$60M	added0%	−0.25 pp	23 q
PGRProgressive Corporation	5.33%	614,264	$58M	added+2%	+0.52 pp	5 q
NVRNVR, Inc.	5.23%	13,960	$57M	trimmed−1%	+0.66 pp	9 q
METAMeta Platforms, Inc. Class A	5.08%	211,661	$55M	added0%	+0.32 pp	10 q
GOOGAlphabet Inc. Class C	4.87%	36,160	$53M	trimmed−0%	−0.24 pp	23 q
HEI.AHeico Corp Cl A	4.26%	524,146	$46M	added+3%	+0.15 pp	17 q
FBINFortune Brands Innovations, Inc.	3.99%	502,647	$43M	trimmed−1%	+0.77 pp	19 q
MKLMarkel Group Inc.	3.99%	44,723	$44M	added+1%	−0.06 pp	23 q
KEYSKeysight Technologies, Inc.	3.61%	398,232	$39M	trimmed−1%	−0.42 pp	7 q
FIVEFive Below, Inc.	3.38%	290,052	$37M	added+1%	+0.31 pp	15 q
SCHWThe Charles Schwab Corporation	3.19%	960,145	$35M	added0%	−0.02 pp	9 q
JPMJPMorgan Chase & Co.	2.97%	336,528	$32M	added+1%	−0.14 pp	18 q
BACBank of America Corporation	2.79%	1,262,012	$30M	trimmed−0%	−0.19 pp	7 q
EWEdwards Lifesciences Corp	2.73%	373,422	$30M	added0%	+0.17 pp	12 q
ICEIntercontinental Exchange Inc.	2.44%	266,489	$27M	added+4%	+0.10 pp	2 q
DISThe Walt Disney Company	2.06%	181,188	$22M	trimmed−3%	0.00 pp	23 q
ATHMAutohome Inc.	1.71%	194,817	$19M	trimmed−2%	+0.22 pp	3 q
GOOGLAlphabet Inc. Class A	1.05%	7,786	$11M	trimmed−15%	−0.25 pp	17 q
SNBRQSleep Number Corp	0.96%	213,410	$10M	trimmed−1%	+0.06 pp	3 q
LFUSLittelfuse Inc	0.94%	57,501	$10M	trimmed−1%	−0.05 pp	12 q
HCSGHealthcare Services Group	0.70%	356,693	$8M	trimmed−1%	−0.17 pp	9 q
OZKBank OZK	0.69%	352,055	$8M	trimmed−1%	−0.14 pp	8 q
SSNCSS&C Technologies Inc	0.40%	71,502	$4M	added+35%	+0.10 pp	3 q
ANETArista Networks	0.27%	14,045	$3M	added+36%	+0.05 pp	2 q
MAMastercard Incorporated	0.26%	8,266	$3M	added+1%	+0.02 pp	23 q
CACCCredit Acceptance Corp	0.25%	8,023	$3M	added+21%	−0.03 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.23%	8	$3M	added+33%	+0.07 pp	13 q
LBRDKLiberty Broadband Corporation Class C	0.23%	17,926	$3M	added+89%	+0.11 pp	2 q
TJXTJX Companies, Inc. (The)	0.18%	35,392	$2M	added+18%	+0.03 pp	13 q
FRCBFirst Republic Bk CA	0.17%	16,601	$2M	added+87%	+0.08 pp	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.16%	5,295	$2M	held	—	13 q
AMZNAmazon.Com Inc	0.15%	517	$2M	added+13%	+0.02 pp	2 q
LULUlululemon athletica inc.	0.14%	4,615	$2M	trimmed−1%	0.00 pp	13 q
JECJacobs Engineering Group	0.13%	15,487	$1M	added+9%	+0.01 pp	2 q
WWayfair Inc.	0.12%	4,331	$1M	added+23%	+0.05 pp	2 q
AAPLApple Inc.	0.10%	9,432	$1M	trimmed−15%	0.00 pp	9 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.09%	12,397	$1M	added×2.3	+0.06 pp	2 q
MSFTMicrosoft Corp	0.07%	3,529	$742,000	held	—	2 q
ODFLOld Dominion Freight Line	0.07%	4,067	$736,000	held	—	7 q
unresolvedBrookfield Asset Mgmt Inc	0.05%	16,989	$562,000	added+2%	0.00 pp	23 q
SLViShares Silver Trust	0.05%	23,000	$498,000	new	+0.05 pp	new
ROPRoper Technologies, Inc.	0.05%	1,245	$492,000	held	—	7 q
SBUXStarbucks Corp	0.05%	6,327	$544,000	new	+0.05 pp	new
FASTFastenal Co	0.04%	8,954	$404,000	held	—	9 q
NVONovo-Nordisk A/S	0.04%	6,200	$430,000	new	+0.04 pp	new
KNXKnight-Swift Transportation Holdings Inc. Class A	0.03%	8,046	$327,000	held	—	7 q
LBRDALiberty Broadband Corporation Class A	0.02%	1,205	$171,000	new	+0.02 pp	new
ISRGIntuitive Surgical Inc.	0.01%	135	$96,000	new	+0.01 pp	new
LLYEli Lilly & Co.	0.01%	432	$64,000	new	+0.01 pp	new
RMDResMed Inc.	0.01%	437	$75,000	new	+0.01 pp	new
RBARB Global, Inc.	0.01%	1,070	$63,000	new	+0.01 pp	new
CHTRCharter Comm Inc Del CL A New	—	−1,000	—	exited	−0.05 pp	—
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−12,274	—	exited	−0.04 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−1,014	—	exited	−0.03 pp	—