Giverny Capital

Q1 2024 13F · by François Rochon, CEO

As of: Mar 31, 2024
Filed: Aug 20, 2024
US stock: $2.5B · prev $2.1B
Positions: 53 · 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%

Moves53 since the prior filing

+4.3 pp in · −4.3 pp out

New 3 +1.73 pp
Added 30 +2.53 pp
Trimmed 11 −3.15 pp
Exited 9 −1.19 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 6.0 years per position

Low
Moderate
High

Top 5 positions31% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.08 pp trimmed+0.088.2%
AME Ametek, Inc. added−0.16 pp added−0.166.9%
META Meta Platforms, Inc. Class A added+1.04 pp added+1.045.8%
KMX CarMax Inc. added+0.07 pp added+0.075.6%
MKL Markel Group Inc. added−0.30 pp added−0.305.0%

Revealed late, restated

revealed late 2 names revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Aug 20, 2024 ↗

Positions53 in this filing · 9 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.19%	479,975	$202M	trimmed−1%	+0.08 pp	30 q
AMEAmetek, Inc.	6.89%	927,977	$170M	added+2%	−0.16 pp	30 q
METAMeta Platforms, Inc. Class A	5.83%	295,820	$144M	added+3%	+1.04 pp	24 q
KMXCarMax Inc.	5.60%	1,582,398	$138M	added+3%	+0.07 pp	37 q
MKLMarkel Group Inc.	4.98%	80,549	$123M	added+2%	−0.30 pp	37 q
FIVEFive Below, Inc.	4.91%	667,190	$121M	added+2%	−1.64 pp	29 q
IBPInstalled Building Products, Inc.	4.91%	467,012	$121M	added+3%	+1.00 pp	10 q
HEI.AHeico Corp Cl A	4.49%	718,995	$111M	added+3%	−0.17 pp	31 q
PGRProgressive Corporation	4.45%	530,369	$110M	added+5%	+0.67 pp	19 q
VVISA Inc.	4.33%	382,208	$107M	added+1%	−0.28 pp	37 q
NVRNVR, Inc.	4.32%	13,138	$106M	added+4%	+0.15 pp	23 q
GOOGAlphabet Inc. Class C	3.99%	645,800	$98M	added+1%	−0.23 pp	37 q
FISVFiserv, Inc.	3.12%	480,246	$77M	added+6%	+0.28 pp	5 q
KEYSKeysight Technologies, Inc.	3.04%	478,346	$75M	added+2%	−0.48 pp	21 q
MEDPMedpace Holdings, Inc.	3.04%	185,232	$75M	added+17%	+0.77 pp	3 q
SCHWThe Charles Schwab Corporation	2.53%	861,431	$62M	added+3%	−0.17 pp	23 q
OZKBank OZK	2.15%	1,165,110	$53M	added×4.9	+1.59 pp	22 q
MTBM&T Bank Corp.	2.08%	352,670	$51M	added+3%	−0.13 pp	12 q
LULUlululemon athletica inc.	2.05%	129,251	$50M	added+6%	−0.87 pp	27 q
GOOGLAlphabet Inc. Class A	1.79%	292,664	$44M	added+5%	−0.04 pp	31 q
EWEdwards Lifesciences Corp	1.73%	445,718	$43M	added+1%	+0.15 pp	26 q
BKNGBooking Holdings Inc.	1.66%	11,294	$41M	new	+1.66 pp	new
FBINFortune Brands Innovations, Inc.	1.56%	452,871	$38M	trimmed−50%	−1.67 pp	33 q
ADIAnalog Devices, Inc.	1.55%	193,401	$38M	added+3%	−0.20 pp	10 q
BACBank of America Corporation	1.52%	986,950	$37M	trimmed−4%	−0.11 pp	21 q
FNDFloor & Decor Holdings, Inc.	1.43%	272,357	$35M	trimmed−5%	−0.07 pp	8 q
SBUXStarbucks Corp	1.38%	371,551	$34M	added×59.8	+1.35 pp	15 q
DISThe Walt Disney Company	1.16%	232,766	$28M	added+1%	+0.18 pp	37 q
ANETArista Networks	1.13%	95,613	$28M	trimmed−4%	+0.03 pp	16 q
LFUSLittelfuse Inc	0.77%	77,961	$19M	added+2%	−0.19 pp	26 q
CACCCredit Acceptance Corp	0.54%	24,160	$13M	added+7%	−0.03 pp	16 q
MAMastercard Incorporated	0.45%	22,821	$11M	added+7%	+0.02 pp	37 q
ALGNAlign Technology Inc	0.38%	28,871	$9M	added+6%	+0.03 pp	2 q
KNSLKinsale Capital Group, Inc.	0.38%	17,610	$9M	held	—	3 q
JPMJPMorgan Chase & Co.	0.32%	39,203	$8M	added+7%	+0.03 pp	32 q
COHRCoherent Corp.	0.29%	116,314	$7M	added+8%	+0.07 pp	7 q
FERGFerguson Enterprises Inc.	0.26%	28,910	$6M	added+7%	+0.02 pp	3 q
BRK.ABerkshire Hathaway Inc.	0.18%	7	$4M	held	—	27 q
SPYState Street SPDR S&P 500 ETF Trust	0.10%	4,752	$2M	held	—	27 q
AAPLApple Inc.	0.07%	10,027	$2M	trimmed−2%	−0.02 pp	23 q
CPRTCopart Inc	0.06%	27,484	$2M	held	—	8 q
DFHDream Finders Homes, Inc.	0.06%	32,202	$1M	held	—	2 q
NVONovo-Nordisk A/S	0.06%	12,400	$2M	held	—	15 q
ABNBAirbnb, Inc. Class A	0.05%	7,055	$1M	new	+0.05 pp	new
ITBiShares U.S. Home Construction ETF	0.05%	11,350	$1M	trimmed−23%	−0.02 pp	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	8,193	$1M	trimmed−1%	+0.01 pp	16 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.04%	4,206	$865,258	held	—	10 q
SITESiteOne Landscape Supply, Inc.	0.03%	3,753	$655,086	held	—	10 q
GBTCGrayscale Bitcoin Trust ETF	0.02%	7,442	$470,111	new	+0.02 pp	new
SLViShares Silver Trust	0.02%	23,000	$523,250	held	—	15 q
ODFLOld Dominion Freight Line	0.02%	2,362	$518,010	trimmed−50%	−0.02 pp	21 q
CIENCiena Corporation	0.00%	661	$32,686	trimmed−100%	−1.32 pp	10 q
TJXTJX Companies, Inc. (The)	0.00%	1,085	$110,041	trimmed−87%	−0.04 pp	27 q
MBCMasterBrand, Inc.	—	−912,988	—	exited	−0.64 pp	—
ATHMAutohome Inc.	—	−312,582	—	exited	−0.41 pp	—
BOOTBoot Barn Holdings, Inc.	—	−8,253	—	exited	−0.03 pp	—
ROPRoper Technologies, Inc.	—	−1,330	—	exited	−0.03 pp	—
BABAAlibaba Group Holding Limited	—	−4,976	—	exited	−0.02 pp	—
FASTFastenal Co	—	−8,154	—	exited	−0.02 pp	—
KNXKnight-Swift Transportation Holdings Inc. Class A	—	−7,789	—	exited	−0.02 pp	—
GIBCGI Inc.	—	−1,585	—	exited	−0.01 pp	—
MSFTMicrosoft Corp	—	−288	—	exited	−0.01 pp	—