Giverny Capital

Q3 2024 13F · by François Rochon, CEO

As of: Sep 30, 2024
Filed: Nov 13, 2024
US stock: $2.6B · prev $2.4B
Positions: 52 · prev 50
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%

Moves47 since the prior filing

+1.3 pp in · −1.3 pp out

New 5 +0.29 pp
Added 35 +1.05 pp
Trimmed 4 −0.98 pp
Exited 3 −0.31 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions32% of US stock

Positions52 in this filing · 3 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.56%	489,311	$225M	added+1%	+0.23 pp	32 q
METAMeta Platforms, Inc. Class A	6.75%	309,942	$177M	added+4%	+0.41 pp	26 q
AMEAmetek, Inc.	6.26%	959,222	$165M	added+2%	−0.34 pp	32 q
HEI.AHeico Corp Cl A	5.68%	732,993	$149M	added+1%	+0.25 pp	33 q
PGRProgressive Corporation	5.18%	536,693	$136M	added0%	+0.49 pp	21 q
NVRNVR, Inc.	4.96%	13,307	$131M	added+1%	+0.73 pp	25 q
KMXCarMax Inc.	4.82%	1,637,125	$127M	added+3%	−0.12 pp	39 q
IBPInstalled Building Products, Inc.	4.56%	487,115	$120M	added+3%	+0.46 pp	12 q
GOOGAlphabet Inc. Class C	4.11%	646,180	$108M	trimmed−0%	−0.91 pp	39 q
VVISA Inc.	4.10%	391,760	$108M	added+1%	−0.19 pp	39 q
FISVFiserv, Inc.	3.42%	501,278	$90M	added+3%	+0.37 pp	7 q
BKNGBooking Holdings Inc.	3.29%	20,515	$86M	added+3%	−0.06 pp	3 q
KEYSKeysight Technologies, Inc.	2.91%	481,070	$76M	added0%	+0.14 pp	23 q
MEDPMedpace Holdings, Inc.	2.88%	227,072	$76M	added+21%	−0.39 pp	5 q
SBUXStarbucks Corp	2.66%	718,004	$70M	added0%	+0.31 pp	17 q
MKLMarkel Group Inc.	2.55%	42,684	$67M	added+3%	−0.21 pp	39 q
FIVEFive Below, Inc.	2.44%	725,249	$64M	added+4%	−0.77 pp	31 q
MTBM&T Bank Corp.	2.44%	360,591	$64M	added+4%	+0.23 pp	14 q
SCHWThe Charles Schwab Corporation	2.31%	935,772	$61M	added+8%	−0.40 pp	25 q
GOOGLAlphabet Inc. Class A	2.19%	346,704	$58M	added+12%	−0.20 pp	33 q
OZKBank OZK	1.96%	1,197,374	$51M	added0%	−0.11 pp	24 q
ADIAnalog Devices, Inc.	1.80%	206,111	$47M	added+3%	−0.13 pp	12 q
ANETArista Networks	1.56%	106,670	$41M	added+9%	+0.11 pp	18 q
KNSLKinsale Capital Group, Inc.	1.53%	86,315	$40M	added×2.6	+1.00 pp	5 q
FBINFortune Brands Innovations, Inc.	1.52%	446,106	$40M	added0%	+0.30 pp	35 q
BACBank of America Corporation	1.49%	990,048	$39M	added0%	−0.17 pp	23 q
LULUlululemon athletica inc.	1.46%	141,477	$38M	added+9%	−0.18 pp	29 q
EWEdwards Lifesciences Corp	1.12%	446,288	$29M	added0%	−0.62 pp	28 q
FNDFloor & Decor Holdings, Inc.	1.09%	230,681	$29M	trimmed−17%	−0.07 pp	10 q
DISThe Walt Disney Company	0.90%	245,548	$24M	added+5%	−0.08 pp	39 q
LFUSLittelfuse Inc	0.80%	79,015	$21M	added0%	−0.05 pp	28 q
CACCCredit Acceptance Corp	0.49%	29,258	$13M	added+17%	−0.06 pp	18 q
MAMastercard Incorporated	0.48%	25,546	$13M	added+9%	+0.04 pp	39 q
JPMJPMorgan Chase & Co.	0.35%	43,324	$9M	added+8%	+0.01 pp	34 q
ALGNAlign Technology Inc	0.32%	32,993	$8M	added+10%	+0.01 pp	4 q
BRK.ABerkshire Hathaway Inc.	0.18%	7	$5M	held	—	29 q
ICEIntercontinental Exchange Inc.	0.10%	16,799	$3M	new	+0.10 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.10%	4,752	$3M	held	—	29 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.10%	14,550	$3M	added+78%	+0.04 pp	18 q
AAPLApple Inc.	0.09%	9,852	$2M	trimmed−2%	0.00 pp	25 q
COFCapital One Financial	0.08%	14,774	$2M	new	+0.08 pp	new
NVONovo-Nordisk A/S	0.06%	12,400	$1M	held	—	17 q
YUMCYum China Holdings, Inc.	0.06%	36,036	$2M	new	+0.06 pp	new
CPRTCopart Inc	0.05%	27,484	$1M	held	—	10 q
ITBiShares U.S. Home Construction ETF	0.05%	10,299	$1M	trimmed−18%	0.00 pp	14 q
DFHDream Finders Homes, Inc.	0.04%	32,202	$1M	held	—	4 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.04%	15,000	$1M	new	+0.04 pp	new
ODFLOld Dominion Freight Line	0.04%	5,255	$1M	added+11%	0.00 pp	23 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.04%	4,206	$1M	held	—	12 q
SLViShares Silver Trust	0.02%	23,000	$653,430	held	—	17 q
SITESiteOne Landscape Supply, Inc.	0.02%	3,753	$566,365	held	—	12 q
COSTCostco Wholesale Corp	0.01%	240	$212,765	new	+0.01 pp	new
FERGFerguson Enterprises Inc.	—	−29,765	—	exited	−0.24 pp	—
ABNBAirbnb, Inc. Class A	—	−7,055	—	exited	−0.05 pp	—
GBTCGrayscale Bitcoin Trust ETF	—	−7,442	—	exited	−0.02 pp	—