Giverny Capital

Q3 2022 13F · by François Rochon, CEO

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $1.5B · prev $1.5B
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%

Moves42 since the prior filing

+4.0 pp in · −4.0 pp out

New 1 +0.18 pp
Added 33 +3.85 pp
Trimmed 7 −3.72 pp
Exited 1 −0.24 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.1 years per position

Low
Moderate
High

Top 5 positions33% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added+0.14 pp added+0.148.4%
AME Ametek, Inc. added+0.51 pp added+0.516.5%
MKL Markel Group Inc. added−0.83 pp added−0.836.0%
SCHW The Charles Schwab Corporation added+1.01 pp added+1.016.0%
GOOG Alphabet Inc. Class C added−0.52 pp added−0.525.8%

Positions63 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.37%	462,807	$124M	added+1%	+0.14 pp	24 q
AMEAmetek, Inc.	6.50%	846,848	$96M	added+2%	+0.51 pp	24 q
MKLMarkel Group Inc.	6.03%	82,153	$89M	added+2%	−0.83 pp	31 q
SCHWThe Charles Schwab Corporation	5.98%	1,228,551	$88M	added+3%	+1.01 pp	17 q
GOOGAlphabet Inc. Class C	5.82%	893,040	$86M	added+1%	−0.52 pp	31 q
FIVEFive Below, Inc.	5.75%	616,382	$85M	added+1%	+1.20 pp	23 q
KMXCarMax Inc.	5.49%	1,227,537	$81M	added+3%	−1.65 pp	31 q
HEI.AHeico Corp Cl A	5.16%	665,048	$76M	added+1%	+0.59 pp	25 q
KEYSKeysight Technologies, Inc.	4.96%	465,237	$73M	added+2%	+0.80 pp	15 q
VVISA Inc.	4.33%	360,179	$64M	added+2%	−0.23 pp	31 q
MTBM&T Bank Corp.	3.61%	302,370	$53M	added+1%	+0.47 pp	6 q
PGRProgressive Corporation	3.55%	450,924	$52M	trimmed−22%	−0.88 pp	13 q
NVRNVR, Inc.	3.43%	12,696	$51M	trimmed−23%	−0.93 pp	17 q
METAMeta Platforms, Inc. Class A	2.47%	268,430	$36M	added+2%	−0.33 pp	18 q
EWEdwards Lifesciences Corp	2.41%	430,196	$36M	added+3%	−0.20 pp	20 q
FBINFortune Brands Innovations, Inc.	2.31%	635,395	$34M	added+3%	−0.13 pp	27 q
SSNCSS&C Technologies Inc	2.31%	712,786	$34M	added+2%	−0.37 pp	11 q
IBPInstalled Building Products, Inc.	2.27%	413,974	$34M	added+1%	+0.04 pp	4 q
ICEIntercontinental Exchange Inc.	2.15%	350,613	$32M	added+2%	+0.02 pp	10 q
FRCBFirst Republic Bk CA	1.94%	219,420	$29M	added×7.6	+1.66 pp	10 q
BACBank of America Corporation	1.90%	931,088	$28M	added0%	−0.01 pp	15 q
CIENCiena Corporation	1.87%	682,286	$28M	added+1%	−0.16 pp	4 q
DISThe Walt Disney Company	1.44%	225,258	$21M	added+1%	+0.05 pp	31 q
GOOGLAlphabet Inc. Class A	1.30%	199,944	$19M	added+4%	−0.08 pp	25 q
LULUlululemon athletica inc.	1.14%	59,953	$17M	added×13.0	+1.06 pp	21 q
FNDFloor & Decor Holdings, Inc.	1.12%	235,613	$17M	added×4.6	+0.91 pp	2 q
LFUSLittelfuse Inc	0.94%	69,928	$14M	added+1%	−0.22 pp	20 q
SNBRQSleep Number Corp	0.88%	386,262	$13M	added+1%	+0.10 pp	11 q
ANETArista Networks	0.72%	93,983	$11M	added+4%	+0.16 pp	10 q
ATHMAutohome Inc.	0.67%	341,881	$10M	added+1%	−0.21 pp	11 q
OZKBank OZK	0.57%	211,023	$8M	added+1%	+0.06 pp	16 q
CACCCredit Acceptance Corp	0.49%	16,534	$7M	added+7%	+0.01 pp	10 q
MAMastercard Incorporated	0.30%	15,507	$4M	added+3%	−0.01 pp	31 q
ADIAnalog Devices, Inc.	0.25%	26,135	$4M	added+3%	+0.01 pp	4 q
BRK.ABerkshire Hathaway Inc.	0.22%	8	$3M	held	—	21 q
JPMJPMorgan Chase & Co.	0.20%	28,519	$3M	trimmed−90%	−1.91 pp	26 q
COHRCoherent Corp.	0.18%	74,202	$3M	new	+0.18 pp	new
AAPLApple Inc.	0.14%	14,638	$2M	held	—	17 q
SPYState Street SPDR S&P 500 ETF Trust	0.12%	4,761	$2M	trimmed−0%	0.00 pp	21 q
ODFLOld Dominion Freight Line	0.07%	4,067	$1M	held	—	15 q
MSFTMicrosoft Corp	0.06%	3,578	$833,000	held	—	10 q
unresolvedBrookfield Asset Mgmt Inc	0.05%	16,650	$681,000	trimmed−2%	0.00 pp	31 q
CPRTCopart Inc	0.05%	6,871	$731,000	held	—	2 q
NVONovo-Nordisk A/S	0.04%	6,200	$618,000	held	—	9 q
ROPRoper Technologies, Inc.	0.04%	1,460	$525,000	held	—	15 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.04%	4,265	$660,000	held	—	4 q
SBUXStarbucks Corp	0.04%	6,265	$528,000	trimmed−1%	+0.01 pp	9 q
TJXTJX Companies, Inc. (The)	0.04%	9,197	$571,000	held	—	21 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	8,240	$565,000	held	—	10 q
BABAAlibaba Group Holding Limited	0.03%	4,976	$398,000	trimmed−1%	−0.01 pp	5 q
BOOTBoot Barn Holdings, Inc.	0.03%	8,253	$482,000	held	—	4 q
FASTFastenal Co	0.03%	9,704	$447,000	held	—	17 q
ITBiShares U.S. Home Construction ETF	0.03%	9,254	$482,000	added+8%	0.00 pp	6 q
SLViShares Silver Trust	0.03%	23,000	$403,000	held	—	9 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.03%	8,046	$394,000	held	—	15 q
LEVILevi Strauss & Co. Class A	0.03%	32,939	$477,000	held	—	4 q
SITESiteOne Landscape Supply, Inc.	0.03%	3,753	$391,000	held	—	4 q
GIBCGI Inc.	0.01%	1,665	$125,000	held	—	6 q
COSTCostco Wholesale Corp	0.01%	350	$165,000	held	—	3 q
IYFiShares U.S. Financials ETF	0.01%	3,110	$210,000	held	—	7 q
LLYEli Lilly & Co.	0.01%	432	$140,000	held	—	9 q
RMDResMed Inc.	0.01%	437	$95,000	held	—	9 q
RBARB Global, Inc.	0.00%	1,070	$67,000	held	—	9 q
unresolvedIi-Vi Inc	—	−71,663	—	exited	−0.24 pp	—