Giverny Capital

Q4 2023 13F · by François Rochon, CEO

As of: Dec 31, 2023
Filed: Aug 23, 2024
US stock: $2.1B · prev $1.8B
Positions: 59 · prev 59
Options notional: $0
Documents: 2· 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%

Moves51 since the prior filing

+5.8 pp in · −5.7 pp out

New 2 +0.40 pp
Added 31 +5.36 pp
Trimmed 16 −5.72 pp
Exited 2 −0.03 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.8 years per position

Low
Moderate
High

Top 5 positions33% of US stock

Revealed late, restated

revealed late 1 name revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Aug 23, 2024 ↗

Positions59 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.11%	483,856	$173M	added+2%	−0.95 pp	29 q
AMEAmetek, Inc.	7.05%	910,291	$150M	added+1%	−0.14 pp	29 q
FIVEFive Below, Inc.	6.55%	654,098	$139M	added+1%	+0.92 pp	28 q
KMXCarMax Inc.	5.53%	1,533,574	$118M	added+1%	−0.31 pp	36 q
MKLMarkel Group Inc.	5.28%	79,180	$112M	trimmed−6%	−1.48 pp	36 q
METAMeta Platforms, Inc. Class A	4.79%	287,932	$102M	added+2%	+0.19 pp	23 q
HEI.AHeico Corp Cl A	4.66%	696,603	$99M	trimmed−2%	−0.34 pp	30 q
VVISA Inc.	4.61%	377,092	$98M	added+2%	−0.03 pp	36 q
GOOGAlphabet Inc. Class C	4.22%	637,950	$90M	trimmed−30%	−2.27 pp	36 q
NVRNVR, Inc.	4.17%	12,672	$89M	trimmed−0%	+0.07 pp	22 q
IBPInstalled Building Products, Inc.	3.91%	455,426	$83M	added+5%	+0.98 pp	9 q
PGRProgressive Corporation	3.78%	505,551	$81M	added+1%	−0.01 pp	18 q
KEYSKeysight Technologies, Inc.	3.52%	470,853	$75M	added0%	+0.15 pp	20 q
FBINFortune Brands Innovations, Inc.	3.23%	901,893	$69M	added0%	+0.19 pp	32 q
LULUlululemon athletica inc.	2.92%	121,777	$62M	added+1%	+0.40 pp	26 q
FISVFiserv, Inc.	2.84%	454,874	$60M	added+43%	+0.88 pp	4 q
SCHWThe Charles Schwab Corporation	2.70%	833,904	$57M	added+4%	+0.30 pp	22 q
MEDPMedpace Holdings, Inc.	2.27%	157,664	$48M	added×41.9	+2.22 pp	2 q
MTBM&T Bank Corp.	2.21%	343,056	$47M	added0%	−0.14 pp	11 q
GOOGLAlphabet Inc. Class A	1.83%	279,386	$39M	added+19%	+0.17 pp	30 q
ADIAnalog Devices, Inc.	1.75%	187,671	$37M	added+1%	−0.02 pp	9 q
BACBank of America Corporation	1.63%	1,029,334	$35M	added0%	+0.10 pp	20 q
EWEdwards Lifesciences Corp	1.58%	440,906	$34M	added0%	−0.08 pp	25 q
FNDFloor & Decor Holdings, Inc.	1.50%	287,111	$32M	added+1%	+0.11 pp	7 q
CIENCiena Corporation	1.32%	625,936	$28M	trimmed−2%	−0.31 pp	9 q
ANETArista Networks	1.10%	99,444	$23M	added+1%	+0.11 pp	15 q
DISThe Walt Disney Company	0.98%	230,757	$21M	trimmed−0%	−0.04 pp	36 q
LFUSLittelfuse Inc	0.96%	76,458	$20M	added+1%	−0.06 pp	25 q
MBCMasterBrand, Inc.	0.64%	912,988	$14M	added0%	+0.04 pp	5 q
CACCCredit Acceptance Corp	0.57%	22,616	$12M	added+2%	+0.02 pp	15 q
OZKBank OZK	0.56%	238,771	$12M	added+1%	+0.09 pp	21 q
MAMastercard Incorporated	0.43%	21,390	$9M	added+3%	−0.02 pp	36 q
ATHMAutohome Inc.	0.41%	312,582	$9M	trimmed−9%	−0.16 pp	16 q
ALGNAlign Technology Inc	0.35%	27,162	$7M	new	+0.35 pp	new
JPMJPMorgan Chase & Co.	0.29%	36,773	$6M	added0%	0.00 pp	31 q
KNSLKinsale Capital Group, Inc.	0.28%	17,610	$6M	added×6.9	+0.22 pp	2 q
FERGFerguson Enterprises Inc.	0.24%	26,968	$5M	added+3%	+0.01 pp	2 q
COHRCoherent Corp.	0.22%	108,137	$5M	trimmed−85%	−1.03 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.18%	7	$4M	added+17%	+0.01 pp	26 q
SPYState Street SPDR S&P 500 ETF Trust	0.11%	4,752	$2M	held	—	26 q
AAPLApple Inc.	0.09%	10,181	$2M	trimmed−29%	−0.04 pp	22 q
ITBiShares U.S. Home Construction ETF	0.07%	14,677	$1M	added+5%	+0.01 pp	11 q
CPRTCopart Inc	0.06%	27,484	$1M	held	—	7 q
NVONovo-Nordisk A/S	0.06%	12,400	$1M	held	—	14 q
DFHDream Finders Homes, Inc.	0.05%	32,202	$1M	new	+0.05 pp	new
ODFLOld Dominion Freight Line	0.04%	2,362	$957,389	trimmed−42%	−0.05 pp	20 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.04%	4,206	$804,061	held	—	9 q
TJXTJX Companies, Inc. (The)	0.04%	8,657	$812,113	trimmed−0%	0.00 pp	26 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	8,240	$856,960	held	—	15 q
BOOTBoot Barn Holdings, Inc.	0.03%	8,253	$633,500	held	—	9 q
ROPRoper Technologies, Inc.	0.03%	1,330	$725,076	trimmed−0%	−0.01 pp	20 q
SITESiteOne Landscape Supply, Inc.	0.03%	3,753	$609,863	held	—	9 q
SBUXStarbucks Corp	0.03%	6,213	$596,510	held	—	14 q
BABAAlibaba Group Holding Limited	0.02%	4,976	$385,690	trimmed−1%	0.00 pp	10 q
FASTFastenal Co	0.02%	8,154	$528,135	trimmed−9%	−0.01 pp	22 q
SLViShares Silver Trust	0.02%	23,000	$500,940	held	—	14 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.02%	7,789	$449,036	held	—	20 q
GIBCGI Inc.	0.01%	1,585	$174,889	trimmed−6%	0.00 pp	11 q
MSFTMicrosoft Corp	0.01%	288	$108,300	trimmed−92%	−0.05 pp	15 q
BNBrookfield Corporation	—	−14,671	—	exited	−0.02 pp	—
IYFiShares U.S. Financials ETF	—	−2,803	—	exited	−0.01 pp	—