Francois Rochon
Giverny Capital 创始人，质量复利和年度信质量高
Giverny Capital 的 letters 是长期质量投资的重要资料库，Francois Rochon 每年都会复盘组合、错误、长期持仓和对商业质量的判断。最值得看的是 Rochon Global Portfolio 的持股稳定性、复利企业选择和年度错误复盘如何改变未来机会成本。
| 股票 | 股数 | 市值 | 权重 |
|---|---|---|---|
BRK.B
|
378,625 | $181.4M | 6.6% |
GOOG
|
620,909 | $178.1M | 6.5% |
META
|
307,821 | $176.1M | 6.4% |
HEI.A
|
738,482 | $155.9M | 5.7% |
SCHW
|
1,536,206 | $144.4M | 5.3% |
FIVE
|
617,191 | $141.0M | 5.2% |
AME
|
612,058 | $131.2M | 4.8% |
MEDP
|
256,081 | $123.0M | 4.5% |
V
|
396,357 | $119.8M | 4.4% |
IBP
|
403,665 | $107.0M | 3.9% |
PGR
|
528,364 | $104.7M | 3.8% |
GOOGL
|
348,469 | $100.2M | 3.7% |
KEYS
|
323,184 | $91.3M | 3.3% |
NVR
|
13,647 | $89.9M | 3.3% |
BKNG
|
21,117 | $88.9M | 3.3% |
ADP
|
419,090 | $85.2M | 3.1% |
MKL
|
42,944 | $82.2M | 3.0% |
KNSL
|
218,942 | $74.8M | 2.7% |
BFAM
|
742,329 | $61.0M | 2.2% |
OZK
|
1,231,059 | $56.5M | 2.1% |
| 股票 | 动作 | 13F 时间 | 当前股数 | 上期股数 | 股数变化 | 13F市值变化 |
|---|---|---|---|---|---|---|
|
ADP
|
新增 | 2026-03-31 披露 2026-05-15 | 419,090 | 0 | - | +$85.2M |
|
BRK.B
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 378,625 | 505,984 | -25.2% | -$72.9M |
|
AME
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 612,058 | 979,458 | -37.5% | -$69.9M |
|
HEI.A
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 738,482 | 754,532 | -2.1% | -$34.6M |
|
META
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 307,821 | 313,449 | -1.8% | -$30.8M |
|
IBP
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 403,665 | 519,236 | -22.3% | -$27.7M |
|
BKNG
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 21,117 | 21,445 | -1.5% | -$25.9M |
|
MEDP
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 256,081 | 263,320 | -2.7% | -$24.9M |
|
KEYS
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 323,184 | 334,046 | -3.3% | +$23.4M |
|
V
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 396,357 | 407,345 | -2.7% | -$23.1M |
|
GOOG
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 620,909 | 639,507 | -2.9% | -$22.6M |
|
FIVE
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 617,191 | 637,747 | -3.2% | +$20.9M |
|
BFAM
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 742,329 | 410,196 | 81.0% | +$19.4M |
SUNB
|
新增 | 2026-03-31 披露 2026-05-15 | 270,843 | 0 | - | +$17.6M |
|
PGR
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 528,364 | 536,832 | -1.6% | -$17.5M |
AAON
|
新增 | 2026-03-31 披露 2026-05-15 | 201,832 | 0 | - | +$16.7M |
|
SCHW
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 1,536,206 | 1,585,661 | -3.1% | -$14.1M |
|
NVR
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 13,647 | 14,112 | -3.3% | -$13.0M |
|
GOOGL
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 348,469 | 361,398 | -3.6% | -$12.9M |
|
MKL
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 42,944 | 43,978 | -2.4% | -$12.3M |
BRO
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 755,269 | 772,520 | -2.2% | -$12.3M |
DIS
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 536,514 | 544,419 | -1.5% | -$10.2M |
|
KNSL
|
小幅增持 | 2026-03-31 披露 2026-05-15 | 218,942 | 214,264 | 2.2% | -$9.0M |
LULU
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 142,600 | 144,237 | -1.1% | -$8.1M |
LFUS
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 80,719 | 81,585 | -1.1% | +$6.8M |
ADI
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 171,052 | 176,747 | -3.2% | +$6.5M |
RMD
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 230,005 | 235,388 | -2.3% | -$5.1M |
ANET
|
小幅增持 | 2026-03-31 披露 2026-05-15 | 423,361 | 419,158 | 1.0% | -$2.9M |
FND
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 231,829 | 235,876 | -1.7% | -$2.6M |
MA
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 28,066 | 28,759 | -2.4% | -$2.4M |
TSM
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 8,125 | 16,069 | -49.4% | -$2.1M |
BLDR
|
小幅增持 | 2026-03-31 披露 2026-05-15 | 91,813 | 89,984 | 2.0% | -$1.7M |
|
OZK
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 1,231,059 | 1,264,042 | -2.6% | -$1.7M |
JPM
|
小幅增持 | 2026-03-31 披露 2026-05-15 | 52,298 | 51,838 | 0.9% | -$1.3M |
AAPL
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 15,040 | 16,518 | -8.9% | -$673,581 |
TWFG
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 552,107 | 331,511 | 66.5% | +$615,677 |
FERG
|
小幅增持 | 2026-03-31 披露 2026-05-15 | 36,728 | 36,374 | 1.0% | +$469,229 |
|
BLDR
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 89,984 | 87,096 | 3.3% | -$185.7M |
|
TSM
|
大幅减持 | 2025-12-31 披露 2026-02-13 | 16,069 | 458,603 | -96.5% | -$123.2M |
FISV
|
清仓 | 2025-12-31 披露 2026-02-13 | 0 | 651,257 | -100.0% | -$84.0M |
KMX
|
清仓 | 2025-12-31 披露 2026-02-13 | 0 | 1,670,114 | -100.0% | -$74.9M |
|
GOOG
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 639,507 | 638,213 | 0.2% | +$45.2M |
|
BFAM
|
新增 | 2025-12-31 披露 2026-02-13 | 410,196 | 0 | - | +$41.6M |
|
DIS
|
大幅增持 | 2025-12-31 披露 2026-02-13 | 544,419 | 260,400 | 109.1% | +$32.1M |
|
BRO
|
大幅增持 | 2025-12-31 披露 2026-02-13 | 772,520 | 322,246 | 139.7% | +$31.3M |
|
GOOGL
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 361,398 | 359,143 | 0.6% | +$25.8M |
|
META
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 313,449 | 311,810 | 0.5% | -$22.1M |
|
FIVE
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 637,747 | 637,090 | 0.1% | +$21.6M |
|
AME
|
小幅减持 | 2025-12-31 披露 2026-02-13 | 979,458 | 996,676 | -1.7% | +$13.7M |
|
MEDP
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 263,320 | 261,802 | 0.6% | +$13.3M |
|
MKL
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 43,978 | 43,829 | 0.3% | +$10.8M |
|
NVR
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 14,112 | 14,075 | 0.3% | -$10.2M |
|
PGR
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 536,832 | 533,889 | 0.6% | -$9.6M |
|
KEYS
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 334,046 | 333,927 | 0.0% | +$9.5M |
|
SCHW
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 1,585,661 | 1,575,776 | 0.6% | +$8.0M |
|
RMD
|
小幅减持 | 2025-12-31 披露 2026-02-13 | 235,388 | 235,418 | -0.0% | -$7.7M |
|
IBP
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 519,236 | 514,736 | 0.9% | +$7.7M |
|
OZK
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 1,264,042 | 1,261,960 | 0.2% | -$6.2M |
ALGN
|
清仓 | 2025-12-31 披露 2026-02-13 | 0 | 45,691 | -100.0% | -$5.7M |
|
ANET
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 419,158 | 412,399 | 1.6% | -$5.2M |
|
ADI
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 176,747 | 176,468 | 0.2% | +$4.6M |
|
V
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 407,345 | 405,520 | 0.4% | +$4.4M |
|
LULU
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 144,237 | 144,001 | 0.2% | +$4.4M |
|
FND
|
小幅减持 | 2025-12-31 披露 2026-02-13 | 235,876 | 236,148 | -0.1% | -$3.0M |
|
KNSL
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 214,264 | 190,462 | 12.5% | +$2.8M |
|
BRK.B
|
小幅减持 | 2025-12-31 披露 2026-02-13 | 505,984 | 510,644 | -0.9% | -$2.4M |
|
TWFG
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 331,511 | 300,317 | 10.4% | +$1.3M |
|
JPM
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 51,838 | 50,705 | 2.2% | +$709,362 |
|
MA
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 28,759 | 27,724 | 3.7% | +$648,250 |
|
LFUS
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 81,585 | 81,257 | 0.4% | -$411,898 |
|
BKNG
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 21,445 | 21,343 | 0.5% | -$391,568 |
|
AAPL
|
小幅减持 | 2025-12-31 披露 2026-02-13 | 16,518 | 16,875 | -2.1% | +$193,702 |
|
FERG
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 36,374 | 35,503 | 2.5% | +$124,680 |
|
HEI.A
|
小幅增持 | 2025-12-31 披露 2026-02-13 | 754,532 | 749,501 | 0.7% | +$25,804 |
François Rochon 2025 年致合伙人信回顾 Rochon Global Portfolio、AI 投资热潮、加拿大银行、Shopify、黄金股、Alphabet、Meta 和长期原则。
Giverny 2024 年度信回顾组合表现、长期选股流程、优秀企业持有和错误复盘，是 2025 年信件之前的重要上下文。
Giverny 2023 年度信讨论市场反弹、组合公司经营、长期投资原则和个股案例，体现 Rochon 对企业内在价值增长的关注。
Giverny 2022 年度信覆盖利率上行、市场下跌、组合回撤和长期原则，是观察 Rochon 在压力年份如何沟通的重要材料。
Giverny 2021 年度信回顾强市场年份、长期组合表现、企业案例和投资原则，为 2022 年回撤形成对照。