Giverny Capital

Q3 2023 13F · by François Rochon, CEO

As of: Sep 30, 2023
Filed: Jan 25, 2024
US stock: $1.8B · prev $1.9B
Positions: 59 · prev 59
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%

Moves50 since the prior filing

+0.1 pp in · −0.1 pp out

New 3 +0.34 pp
Added 32 −0.23 pp
Trimmed 12 +0.50 pp
Exited 3 −0.57 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.7% a year, about 27.3 years per position

Low
Moderate
High

Top 5 positions35% of US stock

Revealed late, restated

restated 3 rows corrected by the filer · US stock +0.06%; later quarters recomputed 13F-HR/A · Jan 25, 2024 ↗

Positions59 in this filing · 3 exited


BRK.BBERKSHIRE HATHAWAY Class B	9.06%	476,290	$167M	added+1%	+0.62 pp	28 q
AMEAmetek, Inc.	7.19%	897,056	$133M	added+1%	−0.41 pp	28 q
MKLMarkel Group Inc.	6.76%	84,525	$124M	added+1%	+0.66 pp	35 q
GOOGAlphabet Inc. Class C	6.49%	906,324	$119M	trimmed−0%	+0.72 pp	35 q
KMXCarMax Inc.	5.84%	1,520,438	$108M	added+1%	−0.77 pp	35 q
FIVEFive Below, Inc.	5.63%	644,566	$104M	added+2%	−0.92 pp	27 q
HEI.AHeico Corp Cl A	5.00%	712,453	$92M	added+2%	−0.18 pp	29 q
VVISA Inc.	4.64%	371,370	$85M	trimmed−0%	0.00 pp	35 q
METAMeta Platforms, Inc. Class A	4.60%	282,449	$85M	added+1%	+0.38 pp	22 q
NVRNVR, Inc.	4.10%	12,674	$76M	added+1%	−0.11 pp	21 q
PGRProgressive Corporation	3.79%	501,431	$70M	added+3%	+0.40 pp	17 q
KEYSKeysight Technologies, Inc.	3.37%	469,888	$62M	added0%	−0.77 pp	19 q
FBINFortune Brands Innovations, Inc.	3.04%	900,458	$56M	trimmed−0%	−0.37 pp	31 q
IBPInstalled Building Products, Inc.	2.93%	432,898	$54M	added+1%	−0.23 pp	8 q
LULUlululemon athletica inc.	2.52%	120,589	$47M	added+4%	+0.21 pp	25 q
SCHWThe Charles Schwab Corporation	2.40%	804,561	$44M	added+7%	+0.16 pp	21 q
MTBM&T Bank Corp.	2.35%	342,119	$43M	added+1%	+0.15 pp	10 q
FISVFiserv, Inc.	1.96%	319,094	$36M	added+18%	+0.16 pp	3 q
ADIAnalog Devices, Inc.	1.77%	186,113	$33M	added+1%	−0.11 pp	8 q
GOOGLAlphabet Inc. Class A	1.66%	234,124	$31M	added+5%	+0.26 pp	29 q
EWEdwards Lifesciences Corp	1.66%	440,602	$31M	added0%	−0.52 pp	24 q
CIENCiena Corporation	1.63%	635,463	$30M	trimmed−10%	+0.06 pp	8 q
BACBank of America Corporation	1.53%	1,027,404	$28M	added+4%	+0.04 pp	19 q
FNDFloor & Decor Holdings, Inc.	1.39%	283,455	$26M	added+2%	−0.13 pp	6 q
COHRCoherent Corp.	1.25%	707,710	$23M	added×7.1	+0.98 pp	5 q
DISThe Walt Disney Company	1.02%	230,818	$19M	added0%	−0.06 pp	35 q
LFUSLittelfuse Inc	1.02%	76,018	$19M	added0%	−0.14 pp	24 q
ANETArista Networks	0.99%	98,700	$18M	trimmed−5%	+0.10 pp	14 q
MBCMasterBrand, Inc.	0.60%	909,378	$11M	trimmed−0%	+0.04 pp	4 q
ATHMAutohome Inc.	0.57%	343,137	$10M	trimmed−0%	+0.04 pp	15 q
CACCCredit Acceptance Corp	0.55%	22,104	$10M	added+7%	0.00 pp	14 q
OZKBank OZK	0.47%	235,926	$9M	added+12%	+0.03 pp	20 q
MAMastercard Incorporated	0.45%	20,760	$8M	added+8%	+0.05 pp	35 q
JPMJPMorgan Chase & Co.	0.29%	36,606	$5M	added+7%	+0.03 pp	30 q
FERGFerguson Enterprises Inc.	0.23%	26,185	$4M	new	+0.23 pp	new
BRK.ABerkshire Hathaway Inc.	0.17%	6	$3M	trimmed−33%	−0.08 pp	25 q
AAPLApple Inc.	0.13%	14,349	$2M	added0%	−0.02 pp	21 q
SPYState Street SPDR S&P 500 ETF Trust	0.11%	4,752	$2M	held	—	25 q
ODFLOld Dominion Freight Line	0.09%	4,067	$2M	held	—	19 q
CPRTCopart Inc	0.06%	27,484	$1M	held	—	6 q
ITBiShares U.S. Home Construction ETF	0.06%	13,962	$1M	added+6%	0.00 pp	10 q
KNSLKinsale Capital Group, Inc.	0.06%	2,555	$1M	new	+0.06 pp	new
MSFTMicrosoft Corp	0.06%	3,600	$1M	added0%	0.00 pp	14 q
NVONovo-Nordisk A/S	0.06%	12,400	$1M	held	—	13 q
MEDPMedpace Holdings, Inc.	0.05%	3,760	$910,409	new	+0.05 pp	new
BOOTBoot Barn Holdings, Inc.	0.04%	8,253	$670,061	held	—	8 q
ROPRoper Technologies, Inc.	0.04%	1,335	$646,514	added+7%	+0.01 pp	19 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.04%	4,206	$721,119	trimmed−2%	0.00 pp	8 q
TJXTJX Companies, Inc. (The)	0.04%	8,697	$772,989	held	—	25 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	8,240	$716,056	held	—	14 q
FASTFastenal Co	0.03%	8,954	$489,247	held	—	21 q
SLViShares Silver Trust	0.03%	23,000	$467,820	held	—	13 q
SITESiteOne Landscape Supply, Inc.	0.03%	3,753	$613,428	trimmed−2%	0.00 pp	8 q
SBUXStarbucks Corp	0.03%	6,213	$567,061	held	—	13 q
BABAAlibaba Group Holding Limited	0.02%	5,004	$434,047	held	—	9 q
BNBrookfield Corporation	0.02%	14,671	$458,762	trimmed−10%	−0.01 pp	4 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.02%	7,789	$390,618	held	—	19 q
GIBCGI Inc.	0.01%	1,678	$224,651	added+1%	0.00 pp	10 q
IYFiShares U.S. Financials ETF	0.01%	2,803	$209,552	trimmed−1%	0.00 pp	11 q
SSNCSS&C Technologies Inc	—	−161,122	—	exited	−0.51 pp	—
LEVILevi Strauss & Co. Class A	—	−32,939	—	exited	−0.03 pp	—
SNBRQSleep Number Corp	—	−21,057	—	exited	−0.03 pp	—