Giverny Capital

Q4 2021 13F · by François Rochon, CEO

As of: Dec 31, 2021
Filed: Feb 11, 2022
US stock: $1.9B · prev $3.4B
Positions: 64 · prev 59
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%

Moves67 since the prior filing

+7.8 pp in · −7.8 pp out

New 8 +3.09 pp
Added 3 +4.69 pp
Trimmed 53 −6.22 pp
Exited 3 −1.54 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions34% of US stock

Positions64 in this filing · 3 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.85%	554,588	$166M	trimmed−63%	−3.25 pp	21 q
KMXCarMax Inc.	7.71%	1,109,239	$144M	trimmed−52%	−1.09 pp	28 q
GOOGAlphabet Inc. Class C	6.22%	40,297	$117M	trimmed−49%	−0.06 pp	28 q
AMEAmetek, Inc.	6.22%	793,433	$117M	trimmed−48%	+0.58 pp	21 q
SCHWThe Charles Schwab Corporation	5.13%	1,142,461	$96M	trimmed−49%	+0.29 pp	14 q
MKLMarkel Group Inc.	5.02%	76,314	$94M	trimmed−49%	−0.24 pp	28 q
NVRNVR, Inc.	4.92%	15,622	$92M	trimmed−49%	+0.55 pp	14 q
KEYSKeysight Technologies, Inc.	4.79%	434,886	$90M	trimmed−49%	+0.60 pp	12 q
PGRProgressive Corporation	4.47%	816,752	$84M	trimmed−49%	+0.18 pp	10 q
METAMeta Platforms, Inc. Class A	4.46%	248,311	$84M	trimmed−50%	−0.54 pp	15 q
HEI.AHeico Corp Cl A	4.24%	618,391	$79M	trimmed−48%	+0.05 pp	22 q
VVISA Inc.	3.90%	337,580	$73M	trimmed−49%	−0.47 pp	28 q
FIVEFive Below, Inc.	3.83%	346,629	$72M	trimmed−48%	+0.33 pp	20 q
FBINFortune Brands Innovations, Inc.	3.29%	577,718	$62M	trimmed−48%	+0.33 pp	24 q
EWEdwards Lifesciences Corp	2.80%	405,762	$53M	trimmed−50%	+0.10 pp	17 q
SSNCSS&C Technologies Inc	2.78%	635,433	$52M	added×2.6	+2.27 pp	8 q
ICEIntercontinental Exchange Inc.	2.43%	332,894	$46M	trimmed−47%	+0.28 pp	7 q
MTBM&T Bank Corp.	2.31%	282,384	$43M	added×30.1	+2.27 pp	3 q
JPMJPMorgan Chase & Co.	2.26%	267,287	$42M	trimmed−65%	−1.45 pp	23 q
BACBank of America Corporation	2.08%	877,569	$39M	trimmed−67%	−1.32 pp	12 q
DISThe Walt Disney Company	1.73%	209,162	$32M	trimmed−48%	−0.28 pp	28 q
SNBRQSleep Number Corp	1.47%	358,590	$27M	trimmed−48%	−0.45 pp	8 q
GOOGLAlphabet Inc. Class A	1.45%	9,379	$27M	trimmed−50%	−0.05 pp	22 q
CIENCiena Corporation	1.37%	332,984	$26M	new	+1.37 pp	new
IBPInstalled Building Products, Inc.	1.18%	157,758	$22M	new	+1.18 pp	new
ANETArista Networks	0.67%	87,136	$13M	trimmed−55%	+0.18 pp	7 q
CACCCredit Acceptance Corp	0.55%	14,920	$10M	trimmed−56%	−0.04 pp	7 q
ATHMAutohome Inc.	0.52%	327,698	$10M	trimmed−56%	−0.51 pp	8 q
OZKBank OZK	0.45%	180,120	$8M	trimmed−50%	−0.01 pp	13 q
LBRDKLiberty Broadband Corporation Class C	0.32%	36,865	$6M	new	+0.32 pp	new
FRCBFirst Republic Bk CA	0.30%	27,241	$6M	trimmed−49%	−0.01 pp	7 q
MAMastercard Incorporated	0.28%	14,547	$5M	trimmed−45%	+0.01 pp	28 q
unresolvedIi-Vi Inc	0.26%	70,068	$5M	added+9%	+0.15 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.19%	8	$4M	trimmed−50%	−0.01 pp	18 q
AAPLApple Inc.	0.15%	16,276	$3M	trimmed−29%	+0.05 pp	14 q
AMZNAmazon.Com Inc	0.13%	758	$3M	trimmed−46%	−0.01 pp	7 q
SPYState Street SPDR S&P 500 ETF Trust	0.13%	5,030	$2M	trimmed−48%	+0.01 pp	18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.11%	4,063	$2M	trimmed−47%	+0.02 pp	2 q
LULUlululemon athletica inc.	0.10%	4,615	$2M	trimmed−50%	−0.01 pp	18 q
ODFLOld Dominion Freight Line	0.08%	4,067	$1M	trimmed−50%	+0.01 pp	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.08%	13,183	$2M	trimmed−47%	0.00 pp	7 q
unresolvedBrookfield Asset Mgmt Inc	0.07%	16,989	$1M	trimmed−50%	+0.02 pp	28 q
MSFTMicrosoft Corp	0.06%	3,578	$1M	trimmed−50%	0.00 pp	7 q
WWayfair Inc.	0.06%	5,602	$1M	trimmed−49%	−0.02 pp	2 q
BOOTBoot Barn Holdings, Inc.	0.05%	8,253	$1M	new	+0.05 pp	new
LFUSLittelfuse Inc	0.05%	2,770	$872,000	trimmed−50%	+0.01 pp	17 q
SITESiteOne Landscape Supply, Inc.	0.05%	3,753	$909,000	new	+0.05 pp	new
ADIAnalog Devices, Inc.	0.04%	4,578	$805,000	new	+0.04 pp	new
LEVILevi Strauss & Co. Class A	0.04%	32,939	$824,000	new	+0.04 pp	new
NVONovo-Nordisk A/S	0.04%	6,200	$694,000	trimmed−50%	0.00 pp	6 q
ROPRoper Technologies, Inc.	0.04%	1,460	$718,000	trimmed−50%	0.00 pp	12 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.04%	4,265	$729,000	new	+0.04 pp	new
SBUXStarbucks Corp	0.04%	6,322	$739,000	trimmed−50%	0.00 pp	6 q
TJXTJX Companies, Inc. (The)	0.04%	9,197	$698,000	trimmed−52%	0.00 pp	18 q
BABAAlibaba Group Holding Limited	0.03%	4,976	$591,000	trimmed−50%	−0.01 pp	2 q
FASTFastenal Co	0.03%	9,704	$622,000	trimmed−50%	0.00 pp	14 q
SLViShares Silver Trust	0.03%	23,000	$495,000	trimmed−50%	0.00 pp	6 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.03%	8,046	$490,000	trimmed−50%	+0.01 pp	12 q
ITBiShares U.S. Home Construction ETF	0.02%	4,181	$347,000	trimmed−43%	+0.01 pp	3 q
GIBCGI Inc.	0.01%	1,665	$147,000	trimmed−50%	0.00 pp	3 q
IYFiShares U.S. Financials ETF	0.01%	3,110	$270,000	trimmed−50%	−0.01 pp	4 q
LLYEli Lilly & Co.	0.01%	432	$119,000	trimmed−50%	0.00 pp	6 q
RMDResMed Inc.	0.01%	437	$114,000	trimmed−50%	0.00 pp	6 q
RBARB Global, Inc.	0.00%	1,070	$65,000	trimmed−50%	0.00 pp	6 q
ISRGIntuitive Surgical Inc.	—	−194,052	—	exited	−0.64 pp	—
HCSGHealthcare Services Group	—	−740,332	—	exited	−0.55 pp	—
LBRDALiberty Broadband Corporation Class A	—	−70,910	—	exited	−0.35 pp	—