Giverny Capital

Q2 2022 13F · by François Rochon, CEO

As of: Jun 30, 2022
Filed: Aug 12, 2022
US stock: $1.5B · prev $1.8B
Positions: 63 · prev 63
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

+0.6 pp in · −0.5 pp out

New 2 +0.26 pp
Added 35 +0.33 pp
Trimmed 1 −0.20 pp
Exited 2 −0.33 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.9% a year, about 17.0 years per position

Low
Moderate
High

Top 5 positions35% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added−0.49 pp added−0.498.2%
KMX CarMax Inc. added+0.87 pp added+0.877.1%
MKL Markel Group Inc. added+0.32 pp added+0.326.9%
GOOG Alphabet Inc. Class C added−0.22 pp added−0.226.3%
AME Ametek, Inc. added−0.07 pp added−0.076.0%

Positions63 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.23%	457,702	$125M	added+5%	−0.49 pp	23 q
KMXCarMax Inc.	7.14%	1,196,904	$108M	added+4%	+0.87 pp	30 q
MKLMarkel Group Inc.	6.86%	80,529	$104M	added+3%	+0.32 pp	30 q
GOOGAlphabet Inc. Class C	6.34%	44,012	$96M	added+6%	−0.22 pp	30 q
AMEAmetek, Inc.	5.99%	827,669	$91M	added+3%	−0.07 pp	23 q
SCHWThe Charles Schwab Corporation	4.97%	1,193,743	$75M	added+4%	−0.52 pp	16 q
HEI.AHeico Corp Cl A	4.57%	657,751	$69M	added+4%	−0.91 pp	24 q
VVISA Inc.	4.56%	351,620	$69M	added+3%	+0.27 pp	30 q
FIVEFive Below, Inc.	4.55%	609,291	$69M	added+23%	+0.13 pp	22 q
PGRProgressive Corporation	4.43%	578,839	$67M	trimmed−20%	−0.20 pp	12 q
NVRNVR, Inc.	4.36%	16,512	$66M	added+5%	+0.39 pp	16 q
KEYSKeysight Technologies, Inc.	4.16%	458,119	$63M	added+5%	+0.27 pp	14 q
MTBM&T Bank Corp.	3.14%	298,520	$48M	added+3%	+0.36 pp	5 q
METAMeta Platforms, Inc. Class A	2.80%	263,790	$43M	added+3%	−0.43 pp	17 q
SSNCSS&C Technologies Inc	2.68%	700,520	$41M	added+4%	−0.16 pp	10 q
EWEdwards Lifesciences Corp	2.61%	416,882	$40M	added+3%	−0.08 pp	19 q
FBINFortune Brands Innovations, Inc.	2.44%	618,147	$37M	added+6%	+0.01 pp	26 q
IBPInstalled Building Products, Inc.	2.23%	407,893	$34M	added+3%	+0.33 pp	3 q
ICEIntercontinental Exchange Inc.	2.13%	344,403	$32M	added+4%	−0.34 pp	9 q
JPMJPMorgan Chase & Co.	2.11%	284,157	$32M	added+3%	−0.02 pp	25 q
CIENCiena Corporation	2.03%	674,517	$31M	added+4%	−0.18 pp	3 q
BACBank of America Corporation	1.91%	928,977	$29M	added+5%	−0.14 pp	14 q
DISThe Walt Disney Company	1.39%	222,976	$21M	added+6%	−0.23 pp	30 q
GOOGLAlphabet Inc. Class A	1.38%	9,603	$21M	added+2%	−0.10 pp	24 q
LFUSLittelfuse Inc	1.16%	69,179	$18M	added×25.0	+1.12 pp	19 q
ATHMAutohome Inc.	0.88%	338,167	$13M	added+2%	+0.31 pp	10 q
SNBRQSleep Number Corp	0.78%	382,403	$12M	added+6%	−0.25 pp	10 q
ANETArista Networks	0.56%	90,579	$8M	added+2%	−0.14 pp	9 q
OZKBank OZK	0.51%	208,055	$8M	added+2%	+0.02 pp	15 q
CACCCredit Acceptance Corp	0.48%	15,522	$7M	added+3%	+0.01 pp	9 q
MAMastercard Incorporated	0.31%	15,010	$5M	added0%	+0.01 pp	30 q
FRCBFirst Republic Bk CA	0.28%	29,056	$4M	added+3%	+0.02 pp	9 q
ADIAnalog Devices, Inc.	0.24%	25,386	$4M	added×5.5	+0.20 pp	3 q
unresolvedIi-Vi Inc	0.24%	71,663	$4M	added0%	−0.05 pp	4 q
BRK.ABerkshire Hathaway Inc.	0.22%	8	$3M	held	—	20 q
FNDFloor & Decor Holdings, Inc.	0.21%	50,835	$3M	new	+0.21 pp	new
AAPLApple Inc.	0.13%	14,638	$2M	held	—	16 q
SPYState Street SPDR S&P 500 ETF Trust	0.12%	4,770	$2M	held	—	20 q
LULUlululemon athletica inc.	0.08%	4,615	$1M	held	—	20 q
ODFLOld Dominion Freight Line	0.07%	4,067	$1M	held	—	14 q
MSFTMicrosoft Corp	0.06%	3,578	$919,000	held	—	9 q
unresolvedBrookfield Asset Mgmt Inc	0.05%	16,989	$756,000	held	—	30 q
CPRTCopart Inc	0.05%	6,871	$747,000	new	+0.05 pp	new
NVONovo-Nordisk A/S	0.05%	6,200	$691,000	held	—	8 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.05%	4,265	$718,000	held	—	3 q
BABAAlibaba Group Holding Limited	0.04%	5,051	$574,000	added+2%	+0.01 pp	4 q
BOOTBoot Barn Holdings, Inc.	0.04%	8,253	$569,000	held	—	3 q
LEVILevi Strauss & Co. Class A	0.04%	32,939	$538,000	held	—	3 q
ROPRoper Technologies, Inc.	0.04%	1,460	$576,000	held	—	14 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	8,240	$674,000	held	—	9 q
FASTFastenal Co	0.03%	9,704	$484,000	held	—	16 q
ITBiShares U.S. Home Construction ETF	0.03%	8,578	$450,000	added+28%	+0.01 pp	5 q
SLViShares Silver Trust	0.03%	23,000	$429,000	held	—	8 q
SITESiteOne Landscape Supply, Inc.	0.03%	3,753	$446,000	held	—	3 q
SBUXStarbucks Corp	0.03%	6,322	$483,000	held	—	8 q
TJXTJX Companies, Inc. (The)	0.03%	9,197	$514,000	held	—	20 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.02%	8,046	$372,000	held	—	14 q
GIBCGI Inc.	0.01%	1,665	$133,000	held	—	5 q
COSTCostco Wholesale Corp	0.01%	350	$168,000	held	—	2 q
IYFiShares U.S. Financials ETF	0.01%	3,110	$218,000	held	—	6 q
LLYEli Lilly & Co.	0.01%	432	$140,000	held	—	8 q
RMDResMed Inc.	0.01%	437	$92,000	held	—	8 q
RBARB Global, Inc.	0.00%	1,070	$70,000	held	—	8 q
LBRDKLiberty Broadband Corporation Class C	—	−34,474	—	exited	−0.26 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−2,435	—	exited	−0.07 pp	—