Giverny Capital

Q1 2021 13F · by François Rochon, CEO

As of: Mar 31, 2021
Filed: May 17, 2021
US stock: $1.5B · prev $1.3B
Positions: 53 · prev 53
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%

Moves39 since the prior filing

−0.4 pp in · +0.5 pp out

New 1 +0.02 pp
Added 30 −0.41 pp
Trimmed 7 +0.53 pp
Exited 1 −0.03 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.3% a year, about 23.3 years per position

Low
Moderate
High

Top 5 positions38% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added−0.22 pp added−0.2212.1%
KMX CarMax Inc. trimmed+1.41 pp trimmed+1.419.5%
AME Ametek, Inc. added−0.48 pp added−0.486.1%
MKL Markel Group Inc. added+1.48 pp added+1.485.2%
GOOG Alphabet Inc. Class C added+0.18 pp added+0.185.2%

Positions53 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	12.06%	705,719	$180M	added+2%	−0.22 pp	18 q
KMXCarMax Inc.	9.49%	1,069,324	$142M	trimmed−4%	+1.41 pp	25 q
AMEAmetek, Inc.	6.13%	717,954	$92M	added+1%	−0.48 pp	18 q
MKLMarkel Group Inc.	5.19%	68,082	$78M	added+46%	+1.48 pp	25 q
GOOGAlphabet Inc. Class C	5.16%	37,279	$77M	added+1%	+0.18 pp	25 q
NVRNVR, Inc.	4.58%	14,549	$69M	added+2%	+0.11 pp	11 q
METAMeta Platforms, Inc. Class A	4.56%	231,615	$68M	added+5%	−0.04 pp	12 q
VVISA Inc.	4.48%	316,218	$67M	added+4%	−0.64 pp	25 q
SCHWThe Charles Schwab Corporation	4.46%	1,022,002	$67M	added+2%	+0.40 pp	11 q
PGRProgressive Corporation	4.32%	675,502	$65M	added+3%	−0.64 pp	7 q
HEI.AHeico Corp Cl A	4.18%	550,321	$63M	added+3%	−0.63 pp	19 q
KEYSKeysight Technologies, Inc.	3.91%	407,590	$58M	added+1%	−0.18 pp	9 q
FIVEFive Below, Inc.	3.88%	303,705	$58M	added+2%	−0.12 pp	17 q
JPMJPMorgan Chase & Co.	3.61%	354,432	$54M	added+3%	+0.24 pp	20 q
FBINFortune Brands Innovations, Inc.	3.36%	524,553	$50M	added+2%	−0.03 pp	21 q
BACBank of America Corporation	3.34%	1,289,338	$50M	added+1%	+0.37 pp	9 q
SNBRQSleep Number Corp	3.26%	339,846	$49M	added+3%	+1.19 pp	5 q
DISThe Walt Disney Company	2.32%	187,998	$35M	trimmed−0%	−0.30 pp	25 q
EWEdwards Lifesciences Corp	2.18%	390,140	$33M	added+1%	−0.53 pp	14 q
ICEIntercontinental Exchange Inc.	2.12%	283,701	$32M	added+3%	−0.31 pp	4 q
ATHMAutohome Inc.	2.03%	325,678	$30M	added+3%	−0.38 pp	5 q
GOOGLAlphabet Inc. Class A	1.19%	8,658	$18M	added+1%	+0.04 pp	19 q
HCSGHealthcare Services Group	0.68%	364,312	$10M	added+1%	−0.10 pp	11 q
OZKBank OZK	0.48%	176,670	$7M	trimmed−50%	−0.37 pp	10 q
SSNCSS&C Technologies Inc	0.41%	87,124	$6M	added+4%	−0.06 pp	5 q
ANETArista Networks	0.35%	17,132	$5M	added+5%	−0.01 pp	4 q
CACCCredit Acceptance Corp	0.26%	10,703	$4M	added+10%	0.00 pp	4 q
MAMastercard Incorporated	0.24%	9,989	$4M	added+4%	−0.02 pp	25 q
FRCBFirst Republic Bk CA	0.22%	19,409	$3M	added+4%	+0.01 pp	4 q
LBRDKLiberty Broadband Corporation Class C	0.22%	21,730	$3M	added+4%	−0.03 pp	4 q
BRK.ABerkshire Hathaway Inc.	0.21%	8	$3M	held	—	15 q
JECJacobs Engineering Group	0.14%	16,089	$2M	added0%	+0.01 pp	4 q
SPYState Street SPDR S&P 500 ETF Trust	0.13%	4,852	$2M	trimmed−2%	−0.01 pp	15 q
AMZNAmazon.Com Inc	0.10%	490	$2M	added+5%	−0.02 pp	4 q
AAPLApple Inc.	0.10%	11,819	$1M	trimmed−1%	−0.02 pp	11 q
LULUlululemon athletica inc.	0.09%	4,615	$1M	held	—	15 q
ODFLOld Dominion Freight Line	0.07%	4,067	$978,000	held	—	9 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.07%	9,277	$1M	trimmed−1%	−0.01 pp	4 q
MSFTMicrosoft Corp	0.06%	3,578	$844,000	held	—	4 q
unresolvedBrookfield Asset Mgmt Inc	0.05%	16,989	$756,000	held	—	25 q
LFUSLittelfuse Inc	0.05%	2,788	$737,000	held	—	14 q
SBUXStarbucks Corp	0.05%	6,327	$691,000	held	—	3 q
ROPRoper Technologies, Inc.	0.04%	1,335	$538,000	added+7%	0.00 pp	9 q
TJXTJX Companies, Inc. (The)	0.04%	8,404	$556,000	trimmed−79%	−0.17 pp	15 q
FASTFastenal Co	0.03%	8,954	$450,000	held	—	11 q
SLViShares Silver Trust	0.03%	23,000	$522,000	held	—	3 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.03%	8,046	$387,000	held	—	9 q
NVONovo-Nordisk A/S	0.03%	6,200	$418,000	held	—	3 q
IYFiShares U.S. Financials ETF	0.02%	3,110	$233,000	new	+0.02 pp	new
ISRGIntuitive Surgical Inc.	0.01%	135	$100,000	held	—	3 q
LLYEli Lilly & Co.	0.01%	432	$81,000	held	—	3 q
RMDResMed Inc.	0.01%	437	$85,000	held	—	3 q
RBARB Global, Inc.	0.00%	1,070	$63,000	held	—	3 q
WWayfair Inc.	—	−1,525	—	exited	−0.03 pp	—