Giverny Capital

Q2 2021 13F · by François Rochon, CEO

As of: Jun 30, 2021
Filed: Aug 13, 2021
US stock: $1.6B · prev $1.5B
Positions: 57 · 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%

Moves40 since the prior filing

+0.2 pp in · −0.2 pp out

New 4 +0.06 pp
Added 26 +0.09 pp
Trimmed 10 −0.16 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.7% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions38% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added+0.38 pp added+0.3812.4%
KMX CarMax Inc. added−0.76 pp added−0.768.7%
AME Ametek, Inc. added−0.11 pp added−0.116.0%
GOOG Alphabet Inc. Class C added+0.72 pp added+0.725.9%
MKL Markel Group Inc. added−0.04 pp added−0.045.2%

Positions57 in this filing · 0 exited


BRK.BBERKSHIRE HATHAWAY Class B	12.44%	735,744	$204M	added+4%	+0.38 pp	19 q
KMXCarMax Inc.	8.73%	1,110,864	$143M	added+4%	−0.76 pp	26 q
AMEAmetek, Inc.	6.02%	740,843	$99M	added+3%	−0.11 pp	19 q
GOOGAlphabet Inc. Class C	5.88%	38,563	$97M	added+3%	+0.72 pp	26 q
MKLMarkel Group Inc.	5.15%	71,312	$85M	added+5%	−0.04 pp	26 q
METAMeta Platforms, Inc. Class A	4.95%	234,295	$81M	added+1%	+0.39 pp	13 q
VVISA Inc.	4.74%	333,009	$78M	added+5%	+0.26 pp	26 q
SCHWThe Charles Schwab Corporation	4.73%	1,067,990	$78M	added+5%	+0.27 pp	12 q
PGRProgressive Corporation	4.60%	770,619	$76M	added+14%	+0.28 pp	8 q
NVRNVR, Inc.	4.57%	15,094	$75M	added+4%	−0.01 pp	12 q
HEI.AHeico Corp Cl A	4.37%	578,552	$72M	added+5%	+0.19 pp	20 q
KEYSKeysight Technologies, Inc.	3.99%	424,526	$66M	added+4%	+0.08 pp	10 q
FIVEFive Below, Inc.	3.71%	315,449	$61M	added+4%	−0.17 pp	18 q
JPMJPMorgan Chase & Co.	3.44%	363,488	$57M	added+3%	−0.17 pp	21 q
BACBank of America Corporation	3.37%	1,345,736	$55M	added+4%	+0.03 pp	10 q
FBINFortune Brands Innovations, Inc.	3.31%	546,551	$54M	added+4%	−0.05 pp	22 q
EWEdwards Lifesciences Corp	2.55%	405,529	$42M	added+4%	+0.37 pp	15 q
SNBRQSleep Number Corp	2.32%	347,140	$38M	added+2%	−0.94 pp	6 q
DISThe Walt Disney Company	2.16%	201,715	$35M	added+7%	−0.16 pp	26 q
ICEIntercontinental Exchange Inc.	2.16%	298,565	$35M	added+5%	+0.04 pp	5 q
GOOGLAlphabet Inc. Class A	1.36%	9,125	$22M	added+5%	+0.17 pp	20 q
ATHMAutohome Inc.	1.34%	345,744	$22M	added+6%	−0.69 pp	6 q
HCSGHealthcare Services Group	0.71%	370,345	$12M	added+2%	+0.03 pp	12 q
OZKBank OZK	0.46%	179,075	$8M	added+1%	−0.02 pp	11 q
SSNCSS&C Technologies Inc	0.36%	82,023	$6M	trimmed−6%	−0.05 pp	6 q
ANETArista Networks	0.35%	16,036	$6M	trimmed−6%	0.00 pp	5 q
CACCCredit Acceptance Corp	0.27%	9,727	$4M	trimmed−9%	+0.01 pp	5 q
LBRDKLiberty Broadband Corporation Class C	0.22%	20,482	$4M	trimmed−6%	0.00 pp	5 q
FRCBFirst Republic Bk CA	0.21%	18,158	$3M	trimmed−6%	−0.01 pp	5 q
BRK.ABerkshire Hathaway Inc.	0.20%	8	$3M	held	—	16 q
MAMastercard Incorporated	0.20%	9,150	$3M	trimmed−8%	−0.04 pp	26 q
SPYState Street SPDR S&P 500 ETF Trust	0.13%	4,852	$2M	held	—	16 q
AMZNAmazon.Com Inc	0.10%	466	$2M	trimmed−5%	0.00 pp	5 q
AAPLApple Inc.	0.10%	11,822	$2M	added0%	0.00 pp	12 q
LULUlululemon athletica inc.	0.10%	4,615	$2M	held	—	16 q
JECJacobs Engineering Group	0.09%	11,477	$2M	trimmed−29%	−0.05 pp	5 q
unresolvedBrookfield Asset Mgmt Inc	0.07%	16,989	$1M	held	—	26 q
MSFTMicrosoft Corp	0.06%	3,578	$969,000	held	—	5 q
ODFLOld Dominion Freight Line	0.06%	4,067	$1M	held	—	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.06%	8,240	$990,000	trimmed−11%	−0.01 pp	5 q
LFUSLittelfuse Inc	0.04%	2,788	$710,000	held	—	15 q
MTBM&T Bank Corp.	0.04%	4,683	$680,000	new	+0.04 pp	new
ROPRoper Technologies, Inc.	0.04%	1,335	$628,000	held	—	10 q
SBUXStarbucks Corp	0.04%	6,327	$707,000	held	—	4 q
FASTFastenal Co	0.03%	8,954	$466,000	held	—	12 q
SLViShares Silver Trust	0.03%	23,400	$567,000	added+2%	0.00 pp	4 q
NVONovo-Nordisk A/S	0.03%	6,200	$519,000	held	—	4 q
TJXTJX Companies, Inc. (The)	0.03%	8,264	$557,000	trimmed−2%	−0.01 pp	16 q
IYFiShares U.S. Financials ETF	0.02%	3,110	$252,000	held	—	2 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.02%	8,046	$366,000	held	—	10 q
GIBCGI Inc.	0.01%	2,120	$192,000	new	+0.01 pp	new
ISRGIntuitive Surgical Inc.	0.01%	135	$124,000	held	—	4 q
ITBiShares U.S. Home Construction ETF	0.01%	2,943	$204,000	new	+0.01 pp	new
LLYEli Lilly & Co.	0.01%	432	$99,000	held	—	4 q
RMDResMed Inc.	0.01%	437	$108,000	held	—	4 q
NGDNew Gold Inc.	0.00%	30,000	$54,000	new	0.00 pp	new
RBARB Global, Inc.	0.00%	1,070	$79,000	held	—	4 q