Giverny Capital

Q4 2022 13F · by François Rochon, CEO

As of: Dec 31, 2022
Filed: May 17, 2023
US stock: $1.6B · prev $1.5B
Positions: 66 · prev 63
Options notional: $0
Documents: 1· 1 amendment

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%

Moves47 since the prior filing

+3.3 pp in · −3.3 pp out

New 5 +0.69 pp
Added 24 +2.59 pp
Trimmed 16 −3.22 pp
Exited 2 −0.06 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.2 years per position

Low
Moderate
High

Top 5 positions36% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.44 pp trimmed+0.448.8%
AME Ametek, Inc. added+0.87 pp added+0.877.4%
FIVE Five Below, Inc. added+1.01 pp added+1.016.8%
MKL Markel Group Inc. trimmed+0.60 pp trimmed+0.606.6%
SCHW The Charles Schwab Corporation added+0.42 pp added+0.426.4%

Revealed late, restated

restated 66 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · May 17, 2023 ↗

Positions66 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.81%	461,404	$143M	trimmed−0%	+0.44 pp	25 q
AMEAmetek, Inc.	7.37%	853,298	$119M	added+1%	+0.87 pp	25 q
FIVEFive Below, Inc.	6.76%	618,351	$109M	added0%	+1.01 pp	24 q
MKLMarkel Group Inc.	6.63%	81,360	$107M	trimmed−1%	+0.60 pp	32 q
SCHWThe Charles Schwab Corporation	6.40%	1,242,854	$103M	added+1%	+0.42 pp	18 q
KMXCarMax Inc.	5.40%	1,435,307	$87M	added+17%	−0.09 pp	32 q
HEI.AHeico Corp Cl A	4.97%	670,900	$80M	added+1%	−0.19 pp	26 q
KEYSKeysight Technologies, Inc.	4.90%	462,986	$79M	trimmed−0%	−0.06 pp	16 q
GOOGAlphabet Inc. Class C	4.87%	886,978	$79M	trimmed−1%	−0.95 pp	32 q
VVISA Inc.	4.60%	358,387	$74M	trimmed−1%	+0.27 pp	32 q
PGRProgressive Corporation	3.70%	461,325	$60M	added+2%	+0.15 pp	14 q
NVRNVR, Inc.	3.56%	12,489	$58M	trimmed−2%	+0.13 pp	18 q
FBINFortune Brands Innovations, Inc.	3.17%	896,997	$51M	added+41%	+0.86 pp	28 q
MTBM&T Bank Corp.	2.75%	306,383	$44M	added+1%	−0.86 pp	7 q
IBPInstalled Building Products, Inc.	2.19%	413,320	$35M	trimmed−0%	−0.08 pp	5 q
LULUlululemon athletica inc.	2.18%	109,845	$35M	added+83%	+1.04 pp	22 q
CIENCiena Corporation	2.15%	680,657	$35M	trimmed−0%	+0.28 pp	5 q
METAMeta Platforms, Inc. Class A	2.01%	270,786	$33M	added+1%	−0.46 pp	19 q
EWEdwards Lifesciences Corp	1.97%	426,173	$32M	trimmed−1%	−0.44 pp	21 q
BACBank of America Corporation	1.92%	935,610	$31M	added0%	+0.02 pp	16 q
FRCBFirst Republic Bk CA	1.78%	236,893	$29M	added+8%	−0.16 pp	11 q
SSNCSS&C Technologies Inc	1.31%	407,613	$21M	trimmed−43%	−1.00 pp	12 q
DISThe Walt Disney Company	1.21%	226,010	$20M	added0%	−0.23 pp	32 q
FNDFloor & Decor Holdings, Inc.	1.15%	266,334	$19M	added+13%	+0.03 pp	3 q
GOOGLAlphabet Inc. Class A	1.14%	208,280	$18M	added+4%	−0.16 pp	26 q
LFUSLittelfuse Inc	0.94%	69,415	$15M	trimmed−1%	0.00 pp	21 q
ANETArista Networks	0.76%	101,235	$12M	added+8%	+0.04 pp	11 q
ATHMAutohome Inc.	0.64%	336,071	$10M	trimmed−2%	−0.03 pp	12 q
SNBRQSleep Number Corp	0.61%	380,263	$10M	trimmed−2%	−0.27 pp	12 q
CACCCredit Acceptance Corp	0.54%	18,480	$9M	added+12%	+0.05 pp	11 q
OZKBank OZK	0.52%	209,356	$8M	trimmed−1%	−0.05 pp	17 q
MBCMasterBrand, Inc.	0.42%	900,142	$7M	new	+0.42 pp	new
MAMastercard Incorporated	0.37%	17,394	$6M	added+12%	+0.07 pp	32 q
ADIAnalog Devices, Inc.	0.28%	27,990	$5M	added+7%	+0.03 pp	5 q
BRK.ABerkshire Hathaway Inc.	0.26%	9	$4M	added+13%	+0.04 pp	22 q
JPMJPMorgan Chase & Co.	0.26%	31,241	$4M	added+10%	+0.06 pp	27 q
COHRCoherent Corp.	0.19%	85,524	$3M	added+15%	+0.01 pp	2 q
VOOVanguard S&P 500 ETF	0.15%	6,900	$2M	new	+0.15 pp	new
AAPLApple Inc.	0.12%	14,638	$2M	held	—	18 q
SPYState Street SPDR S&P 500 ETF Trust	0.11%	4,761	$2M	held	—	22 q
ICEIntercontinental Exchange Inc.	0.09%	13,438	$1M	trimmed−96%	−2.06 pp	11 q
ODFLOld Dominion Freight Line	0.07%	4,067	$1M	held	—	16 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.07%	15,066	$1M	added+83%	+0.03 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.06%	1,733	$918,802	new	+0.06 pp	new
CPRTCopart Inc	0.05%	13,742	$836,750	held	—	3 q
MSFTMicrosoft Corp	0.05%	3,578	$858,076	held	—	11 q
NVONovo-Nordisk A/S	0.05%	6,200	$839,108	held	—	10 q
TJXTJX Companies, Inc. (The)	0.05%	9,197	$732,081	held	—	22 q
ITBiShares U.S. Home Construction ETF	0.04%	10,551	$639,496	added+14%	+0.01 pp	7 q
ROPRoper Technologies, Inc.	0.04%	1,460	$630,851	held	—	16 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.04%	4,265	$723,515	held	—	5 q
SBUXStarbucks Corp	0.04%	6,265	$621,488	held	—	10 q
BABAAlibaba Group Holding Limited	0.03%	4,976	$438,336	held	—	6 q
BOOTBoot Barn Holdings, Inc.	0.03%	8,253	$515,978	held	—	5 q
BNBrookfield Corporation	0.03%	16,650	$523,809	new	+0.03 pp	new
FASTFastenal Co	0.03%	9,704	$459,193	held	—	18 q
SLViShares Silver Trust	0.03%	23,000	$506,460	held	—	10 q
JJacobs Solutions Inc.	0.03%	4,114	$493,968	new	+0.03 pp	new
KNXKnight-Swift Transportation Holdings Inc. Class A	0.03%	8,046	$421,691	held	—	16 q
LEVILevi Strauss & Co. Class A	0.03%	32,939	$511,213	held	—	5 q
SITESiteOne Landscape Supply, Inc.	0.03%	3,753	$440,302	held	—	5 q
GIBCGI Inc.	0.01%	1,665	$143,406	held	—	7 q
COSTCostco Wholesale Corp	0.01%	350	$159,775	held	—	4 q
IYFiShares U.S. Financials ETF	0.01%	3,051	$230,259	trimmed−2%	0.00 pp	8 q
RMDResMed Inc.	0.01%	437	$90,953	held	—	10 q
RBARB Global, Inc.	0.00%	1,070	$61,878	held	—	10 q
unresolvedBrookfield Asset Mgmt Inc	—	−16,650	—	exited	−0.05 pp	—
LLYEli Lilly & Co.	—	−432	—	exited	−0.01 pp	—