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Francois Rochon

Giverny Capital

Giverny Capital, Francois Rochon's quality compounding and high-quality annual letters

Giverny Capital is valuable because Francois Rochon writes clear annual letters that connect long-term business quality, owner earnings, mistakes, and portfolio decisions. The 13F is useful, but the letters explain the philosophy.

Sources Giverny Capital official site SEC EDGAR profile Giverny Francois Rochon bio Giverny annual letter 2023
Quality compounders CIK 1641864
2026-03-31 Latest 13F 20 Current holdings 151 Last 4 periods Change 5 Public materials
Latest 13F snapshot 2026-03-31 · 51 disclosed positions · $2.7B Top five 30.6%: BRK.B, GOOG, META, HEI.A, SCHW

Performance materials

  • Giverny publishes letters and performance discussion. Official letters are the best public performance source.

Firm and key people

  • Rochon founded Giverny Capital and built a long-term quality-compounding record.
  • His annual letters discuss both winners and mistakes with unusual clarity.
  • The portfolio often reflects durable growth, strong management, and long holding periods.

Investment style

  • Prefer businesses with enduring competitive advantages and long reinvestment runways.
  • Use mistakes and sell decisions as important evidence of process quality.
  • Read position changes with annual-letter commentary and valuation context.

Public materials

View timeline
Shareholder letters / memos 5
Interview 0
Public video 0
Public Q&A / speeches / presentations 0

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
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%

Last 4 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
ADP New 2026-03-31 Filed 2026-05-15 419,090 0 - +$85.2M
BRK.B Major reduction 2026-03-31 Filed 2026-05-15 378,625 505,984 -25.2% -$72.9M
AME Major reduction 2026-03-31 Filed 2026-05-15 612,058 979,458 -37.5% -$69.9M
HEI.A Minor reduction 2026-03-31 Filed 2026-05-15 738,482 754,532 -2.1% -$34.6M
META Minor reduction 2026-03-31 Filed 2026-05-15 307,821 313,449 -1.8% -$30.8M
IBP Major reduction 2026-03-31 Filed 2026-05-15 403,665 519,236 -22.3% -$27.7M
BKNG Minor reduction 2026-03-31 Filed 2026-05-15 21,117 21,445 -1.5% -$25.9M
MEDP Minor reduction 2026-03-31 Filed 2026-05-15 256,081 263,320 -2.7% -$24.9M
KEYS Minor reduction 2026-03-31 Filed 2026-05-15 323,184 334,046 -3.3% +$23.4M
V Minor reduction 2026-03-31 Filed 2026-05-15 396,357 407,345 -2.7% -$23.1M
GOOG Minor reduction 2026-03-31 Filed 2026-05-15 620,909 639,507 -2.9% -$22.6M
FIVE Minor reduction 2026-03-31 Filed 2026-05-15 617,191 637,747 -3.2% +$20.9M
BFAM Major increase 2026-03-31 Filed 2026-05-15 742,329 410,196 81.0% +$19.4M
SUNB New 2026-03-31 Filed 2026-05-15 270,843 0 - +$17.6M
PGR Minor reduction 2026-03-31 Filed 2026-05-15 528,364 536,832 -1.6% -$17.5M
AAON New 2026-03-31 Filed 2026-05-15 201,832 0 - +$16.7M
SCHW Minor reduction 2026-03-31 Filed 2026-05-15 1,536,206 1,585,661 -3.1% -$14.1M
NVR Minor reduction 2026-03-31 Filed 2026-05-15 13,647 14,112 -3.3% -$13.0M
GOOGL Minor reduction 2026-03-31 Filed 2026-05-15 348,469 361,398 -3.6% -$12.9M
MKL Minor reduction 2026-03-31 Filed 2026-05-15 42,944 43,978 -2.4% -$12.3M
BRO Minor reduction 2026-03-31 Filed 2026-05-15 755,269 772,520 -2.2% -$12.3M
DIS Minor reduction 2026-03-31 Filed 2026-05-15 536,514 544,419 -1.5% -$10.2M
KNSL Minor increase 2026-03-31 Filed 2026-05-15 218,942 214,264 2.2% -$9.0M
LULU Minor reduction 2026-03-31 Filed 2026-05-15 142,600 144,237 -1.1% -$8.1M
LFUS Minor reduction 2026-03-31 Filed 2026-05-15 80,719 81,585 -1.1% +$6.8M
ADI Minor reduction 2026-03-31 Filed 2026-05-15 171,052 176,747 -3.2% +$6.5M
RMD Minor reduction 2026-03-31 Filed 2026-05-15 230,005 235,388 -2.3% -$5.1M
ANET Minor increase 2026-03-31 Filed 2026-05-15 423,361 419,158 1.0% -$2.9M
FND Minor reduction 2026-03-31 Filed 2026-05-15 231,829 235,876 -1.7% -$2.6M
MA Minor reduction 2026-03-31 Filed 2026-05-15 28,066 28,759 -2.4% -$2.4M
TSM Major reduction 2026-03-31 Filed 2026-05-15 8,125 16,069 -49.4% -$2.1M
BLDR Minor increase 2026-03-31 Filed 2026-05-15 91,813 89,984 2.0% -$1.7M
OZK Minor reduction 2026-03-31 Filed 2026-05-15 1,231,059 1,264,042 -2.6% -$1.7M
JPM Minor increase 2026-03-31 Filed 2026-05-15 52,298 51,838 0.9% -$1.3M
AAPL Minor reduction 2026-03-31 Filed 2026-05-15 15,040 16,518 -8.9% -$673,581
TWFG Major increase 2026-03-31 Filed 2026-05-15 552,107 331,511 66.5% +$615,677
FERG Minor increase 2026-03-31 Filed 2026-05-15 36,728 36,374 1.0% +$469,229
BLDR Minor increase 2025-12-31 Filed 2026-02-13 89,984 87,096 3.3% -$185.7M
TSM Major reduction 2025-12-31 Filed 2026-02-13 16,069 458,603 -96.5% -$123.2M
FISV Sold out 2025-12-31 Filed 2026-02-13 0 651,257 -100.0% -$84.0M
KMX Sold out 2025-12-31 Filed 2026-02-13 0 1,670,114 -100.0% -$74.9M
GOOG Minor increase 2025-12-31 Filed 2026-02-13 639,507 638,213 0.2% +$45.2M
BFAM New 2025-12-31 Filed 2026-02-13 410,196 0 - +$41.6M
DIS Major increase 2025-12-31 Filed 2026-02-13 544,419 260,400 109.1% +$32.1M
BRO Major increase 2025-12-31 Filed 2026-02-13 772,520 322,246 139.7% +$31.3M
GOOGL Minor increase 2025-12-31 Filed 2026-02-13 361,398 359,143 0.6% +$25.8M
META Minor increase 2025-12-31 Filed 2026-02-13 313,449 311,810 0.5% -$22.1M
FIVE Minor increase 2025-12-31 Filed 2026-02-13 637,747 637,090 0.1% +$21.6M
AME Minor reduction 2025-12-31 Filed 2026-02-13 979,458 996,676 -1.7% +$13.7M
MEDP Minor increase 2025-12-31 Filed 2026-02-13 263,320 261,802 0.6% +$13.3M
MKL Minor increase 2025-12-31 Filed 2026-02-13 43,978 43,829 0.3% +$10.8M
NVR Minor increase 2025-12-31 Filed 2026-02-13 14,112 14,075 0.3% -$10.2M
PGR Minor increase 2025-12-31 Filed 2026-02-13 536,832 533,889 0.6% -$9.6M
KEYS Minor increase 2025-12-31 Filed 2026-02-13 334,046 333,927 0.0% +$9.5M
SCHW Minor increase 2025-12-31 Filed 2026-02-13 1,585,661 1,575,776 0.6% +$8.0M
RMD Minor reduction 2025-12-31 Filed 2026-02-13 235,388 235,418 -0.0% -$7.7M
IBP Minor increase 2025-12-31 Filed 2026-02-13 519,236 514,736 0.9% +$7.7M
OZK Minor increase 2025-12-31 Filed 2026-02-13 1,264,042 1,261,960 0.2% -$6.2M
ALGN Sold out 2025-12-31 Filed 2026-02-13 0 45,691 -100.0% -$5.7M
ANET Minor increase 2025-12-31 Filed 2026-02-13 419,158 412,399 1.6% -$5.2M
ADI Minor increase 2025-12-31 Filed 2026-02-13 176,747 176,468 0.2% +$4.6M
V Minor increase 2025-12-31 Filed 2026-02-13 407,345 405,520 0.4% +$4.4M
LULU Minor increase 2025-12-31 Filed 2026-02-13 144,237 144,001 0.2% +$4.4M
FND Minor reduction 2025-12-31 Filed 2026-02-13 235,876 236,148 -0.1% -$3.0M
KNSL Minor increase 2025-12-31 Filed 2026-02-13 214,264 190,462 12.5% +$2.8M
BRK.B Minor reduction 2025-12-31 Filed 2026-02-13 505,984 510,644 -0.9% -$2.4M
TWFG Minor increase 2025-12-31 Filed 2026-02-13 331,511 300,317 10.4% +$1.3M
JPM Minor increase 2025-12-31 Filed 2026-02-13 51,838 50,705 2.2% +$709,362
MA Minor increase 2025-12-31 Filed 2026-02-13 28,759 27,724 3.7% +$648,250
LFUS Minor increase 2025-12-31 Filed 2026-02-13 81,585 81,257 0.4% -$411,898
BKNG Minor increase 2025-12-31 Filed 2026-02-13 21,445 21,343 0.5% -$391,568
AAPL Minor reduction 2025-12-31 Filed 2026-02-13 16,518 16,875 -2.1% +$193,702
FERG Minor increase 2025-12-31 Filed 2026-02-13 36,374 35,503 2.5% +$124,680
HEI.A Minor increase 2025-12-31 Filed 2026-02-13 754,532 749,501 0.7% +$25,804
BLDR Minor reduction 2025-09-30 Filed 2025-11-14 87,096 87,317 -0.3% +$184.7M
TSM Major increase 2025-09-30 Filed 2025-11-14 458,603 11,550 3870.6% +$125.5M
SBUX Sold out 2025-09-30 Filed 2025-11-14 0 750,248 -100.0% -$68.7M
RMD New 2025-09-30 Filed 2025-11-14 235,418 0 - +$64.4M
MEDP Minor increase 2025-09-30 Filed 2025-11-14 261,802 261,755 0.0% +$52.5M
BAC Sold out 2025-09-30 Filed 2025-11-14 0 1,004,119 -100.0% -$47.5M
GOOG Minor reduction 2025-09-30 Filed 2025-11-14 638,213 653,717 -2.4% +$39.5M
KMX Minor increase 2025-09-30 Filed 2025-11-14 1,670,114 1,655,930 0.9% -$36.4M
IBP Minor increase 2025-09-30 Filed 2025-11-14 514,736 514,459 0.1% +$34.2M
FISV Minor increase 2025-09-30 Filed 2025-11-14 651,257 648,574 0.4% -$27.9M
GOOGL Minor reduction 2025-09-30 Filed 2025-11-14 359,143 379,617 -5.4% +$20.4M
FIVE Minor increase 2025-09-30 Filed 2025-11-14 637,090 625,871 1.8% +$16.5M
CACC Major reduction 2025-09-30 Filed 2025-11-14 6,874 30,501 -77.5% -$13.0M
ANET Minor reduction 2025-09-30 Filed 2025-11-14 412,399 482,561 -14.5% +$10.7M
NVR Minor increase 2025-09-30 Filed 2025-11-14 14,075 14,038 0.3% +$9.4M
LULU Minor increase 2025-09-30 Filed 2025-11-14 144,001 143,977 0.0% -$8.6M
BRK.B Minor reduction 2025-09-30 Filed 2025-11-14 510,644 511,784 -0.2% +$8.1M
BKNG Minor increase 2025-09-30 Filed 2025-11-14 21,343 21,290 0.2% -$8.0M
SCHW Minor increase 2025-09-30 Filed 2025-11-14 1,575,776 1,567,495 0.5% +$7.4M
AME Minor increase 2025-09-30 Filed 2025-11-14 996,676 996,344 0.0% +$7.1M
PGR Minor increase 2025-09-30 Filed 2025-11-14 533,889 520,367 2.6% -$7.0M
META Minor reduction 2025-09-30 Filed 2025-11-14 311,810 318,902 -2.2% -$6.4M
KNSL Minor increase 2025-09-30 Filed 2025-11-14 190,462 179,153 6.3% -$5.7M
BRO Minor increase 2025-09-30 Filed 2025-11-14 322,246 321,637 0.2% -$5.4M
OZK Minor increase 2025-09-30 Filed 2025-11-14 1,261,960 1,258,996 0.2% +$5.1M
V Minor increase 2025-09-30 Filed 2025-11-14 405,520 401,297 1.1% -$4.0M
KEYS Minor increase 2025-09-30 Filed 2025-11-14 333,927 333,585 0.1% +$3.7M
MKL Minor increase 2025-09-30 Filed 2025-11-14 43,829 43,696 0.3% -$3.5M
HEI.A Minor increase 2025-09-30 Filed 2025-11-14 749,501 749,492 0.0% -$3.5M
ALGN Minor reduction 2025-09-30 Filed 2025-11-14 45,691 46,358 -1.4% -$3.1M
LFUS Minor increase 2025-09-30 Filed 2025-11-14 81,257 81,112 0.2% +$2.7M
DIS Minor reduction 2025-09-30 Filed 2025-11-14 260,400 260,475 -0.0% -$2.5M
TWFG Major increase 2025-09-30 Filed 2025-11-14 300,317 177,848 68.9% +$2.0M
ADI Minor increase 2025-09-30 Filed 2025-11-14 176,468 176,111 0.2% +$1.4M
JPM Minor reduction 2025-09-30 Filed 2025-11-14 50,705 50,950 -0.5% +$1.2M
AAPL Minor reduction 2025-09-30 Filed 2025-11-14 16,875 16,976 -0.6% +$813,915
FND Minor increase 2025-09-30 Filed 2025-11-14 236,148 235,831 0.1% -$509,615
FERG Minor reduction 2025-09-30 Filed 2025-11-14 35,503 35,679 -0.5% +$204,162
MA Minor reduction 2025-09-30 Filed 2025-11-14 27,724 27,841 -0.4% +$124,716
SCHW Major increase 2025-06-30 Filed 2025-08-13 1,567,495 949,066 65.2% +$68.7M
MTB Major reduction 2025-06-30 Filed 2025-08-13 7,540 367,532 -97.9% -$64.2M
META Minor increase 2025-06-30 Filed 2025-08-13 318,902 315,144 1.2% +$53.7M
ANET New 2025-06-30 Filed 2025-08-13 482,561 0 - +$49.4M
HEI.A Minor increase 2025-06-30 Filed 2025-08-13 749,492 742,011 1.0% +$37.4M
FIVE Minor increase 2025-06-30 Filed 2025-08-13 625,871 621,590 0.7% +$35.5M
GOOGL Major increase 2025-06-30 Filed 2025-08-13 379,617 255,940 48.3% +$27.3M
FISV Minor increase 2025-06-30 Filed 2025-08-13 648,574 629,633 3.0% -$27.2M
BKNG Minor increase 2025-06-30 Filed 2025-08-13 21,290 21,132 0.7% +$25.9M
BRK.B Minor increase 2025-06-30 Filed 2025-08-13 511,784 503,332 1.7% -$19.5M
KMX Minor increase 2025-06-30 Filed 2025-08-13 1,655,930 1,641,622 0.9% -$16.6M
AME Minor increase 2025-06-30 Filed 2025-08-13 996,344 977,434 1.9% +$12.0M
PGR Minor reduction 2025-06-30 Filed 2025-08-13 520,367 529,154 -1.7% -$10.9M
DIS Minor increase 2025-06-30 Filed 2025-08-13 260,475 247,503 5.2% +$7.9M
ADI Minor increase 2025-06-30 Filed 2025-08-13 176,111 171,340 2.8% +$7.4M
OZK Minor increase 2025-06-30 Filed 2025-08-13 1,258,996 1,209,513 4.1% +$6.7M
LULU Minor increase 2025-06-30 Filed 2025-08-13 143,977 143,169 0.6% -$6.3M
TWFG New 2025-06-30 Filed 2025-08-13 177,848 0 - +$6.2M
MKL Minor increase 2025-06-30 Filed 2025-08-13 43,696 43,402 0.7% +$6.1M
NVR Minor increase 2025-06-30 Filed 2025-08-13 14,038 13,490 4.1% +$6.0M
BAC Minor increase 2025-06-30 Filed 2025-08-13 1,004,119 998,001 0.6% +$5.9M
IBP Minor increase 2025-06-30 Filed 2025-08-13 514,459 508,073 1.3% +$5.7M
MEDP Minor increase 2025-06-30 Filed 2025-08-13 261,755 251,937 3.9% +$5.4M
KEYS Minor increase 2025-06-30 Filed 2025-08-13 333,585 331,011 0.8% +$5.1M
V Minor increase 2025-06-30 Filed 2025-08-13 401,297 393,549 2.0% +$4.6M
SBUX Minor increase 2025-06-30 Filed 2025-08-13 750,248 746,686 0.5% -$4.5M
KNSL Minor increase 2025-06-30 Filed 2025-08-13 179,153 169,967 5.4% +$4.0M
JPM Minor increase 2025-06-30 Filed 2025-08-13 50,950 44,483 14.5% +$3.9M
LFUS Minor increase 2025-06-30 Filed 2025-08-13 81,112 80,504 0.8% +$2.6M
FERG Minor increase 2025-06-30 Filed 2025-08-13 35,679 34,386 3.8% +$2.3M
GOOG Minor reduction 2025-06-30 Filed 2025-08-13 653,717 755,109 -13.4% -$2.0M
ALGN Minor increase 2025-06-30 Filed 2025-08-13 46,358 45,135 2.7% +$1.6M
AAPL Major increase 2025-06-30 Filed 2025-08-13 16,976 9,367 81.2% +$1.4M
BRO Minor increase 2025-06-30 Filed 2025-08-13 321,637 294,603 9.2% -$988,719
FND Minor increase 2025-06-30 Filed 2025-08-13 235,831 233,878 0.8% -$906,440
MA Minor increase 2025-06-30 Filed 2025-08-13 27,841 27,043 3.0% +$822,163
CACC Minor increase 2025-06-30 Filed 2025-08-13 30,501 29,851 2.2% +$124,560
BLDR Minor increase 2025-06-30 Filed 2025-08-13 87,317 82,445 5.9% -$111,657

Public video / Interview / Shareholder letter / Public Q&A

5 reliable public materials
Shareholder letter / fund letter

Giverny Capital Annual Letter 2025

François Rochon 2025 Letter to Partners Review Rochon Global Portfolio, AI investment boom, Canadian banks, Shopify, gold stocks, Alphabet, Meta and long-term principles.

  • The Rochon Global Portfolio returned 2.7% in 2025, lagging the benchmark by 11 percentage points, and the letter did not shy away from short-term underperformance.
  • Rochon illustrates the results of compounding using long-term tables from 1993, emphasizing that short-term lags cannot replace the long-term investment process.
  • The letter remains cautious about the AI ​​ecosystem and acknowledges the value of AI tools, but questions whether some capital expenditures and valuation expectations can be realized.
  • Alphabet and Meta are placed in the context of AI-related positions, which is different from blindly chasing the entire AI industry chain.
  • This profile simultaneously demonstrates Giverny's performance, position logic, and restraint on popular themes.
Shareholder letter / fund letter

Giverny Capital Annual Letter 2024

Giverny's 2024 Annual Letter reviews portfolio performance, long-term stock selection processes, great business holdings and review of mistakes, and is important context ahead of the 2025 letter.

  • Rochon continues its annual letter tradition with a transparent table tracking Rochon Global and US/Canada portfolio performance.
  • The letter emphasizes long-term holding of quality companies rather than frequent rotation around macro forecasts.
  • Portfolio discussions typically cover U.S. platform companies, Canadian premium companies, and select global consumer/payments companies.
  • Error reviews are an important part of Giverny's annual letter, helping investors see that long-term investing is about more than just showing success.
  • This material is suitable to be read in conjunction with the AI ​​2025 discussion and observe how Rochon tackles hot topics and valuations.
Shareholder letter / fund letter

Giverny Capital Annual Letter 2023

Giverny's 2023 annual letter discusses market rebounds, portfolio company operations, long-term investment principles and individual stock cases, reflecting Rochon's focus on growth in the intrinsic value of companies.

  • The market rebounded significantly in 2023, and the annual letter explained performance in the context of long-term compound interest history, rather than treating a single year's rise as proof of investment ability.
  • Rochon focuses on the growth of the intrinsic value of a company per share and believes that stock prices will follow corporate value rather than macro narratives in the long run.
  • Letters typically use company examples to explain selection criteria, including high return on capital, excellent management, and sustainable competitive advantage.
  • Giverny's partner approach emphasizes that clients and managers are in the same boat, reducing the interference of short-term performance pressure on decision-making.
  • This information is very useful for investors to understand Giverny's 13F: position concentration is not an accident, but the result of investment philosophy.
Shareholder letter / fund letter

Giverny Capital Annual Letter 2022

Giverny's 2022 letter covers rising rates, falling markets, portfolio drawdowns, and long-term principles and is important material for watching how Rochon communicates during a stressful year.

  • 2022 has been a year of general pressure for quality growth and long-term compounding investors, and the Giverny letter did not shy away from pullbacks.
  • Rochon emphasized that the market will overreact to interest rates and sentiment in the short term, but the long term still depends on corporate earnings and capital allocation.
  • The letter explains why the long-term logic of certain high-quality companies may not break even if short-term valuations compress.
  • Risk control comes more from corporate quality, debt levels and management, rather than timing through macro forecasts.
  • This information helps to understand the position stability and low turnover on the Giverny page.
Shareholder letter / fund letter

Giverny Capital Annual Letter 2021

Giverny's 2021 Annual Letter looks back at strong market years, long-term portfolio performance, corporate cases and investment principles, setting the stage for the 2022 pullback.

  • The 2021 letter shows Giverny’s thinking in a strong market environment. The focus is still on the long-term value of the company rather than chasing short-term market conditions.
  • Rochon continues to refer to clients as partners, emphasizing transparency in investment communications and long-term community.
  • The company examples in the letter reflect his preferences: high ROE, long-term growth, excellent management, and understandable business models.
  • Contrast this with the 2022 letter to see how the same process has been adhered to in both tailwind and headwind years.
  • This material is suitable as one of the starting points for a sequence of Giverny's public material.