Francois Rochon
Giverny Capital
2026Q1 brief
Francois Rochon's Giverny Capital added ADP as a fresh 3.1% position in Q1 2026—a meaningful initiation for the $2.7B portfolio—signaling comfort with high-quality compounders in payroll/HCM that others have overlooked amid AI disruption fears. The portfolio's tone was otherwise one of careful pruning: AME was trimmed 38% (still 4.8%), BRK/B cut 25% (still 6.6% and top holding), and IBP reduced 22%. These are all long-held core positions, suggesting Rochon is harvesting gains from well-appreciated names rather than abandoning them. BFAM (Bright Horizons) was doubled (+81% to 2.2%), an idiosyncratic bet on childcare/education that few super-investors hold. The top-5 concentration at 30.6% across 51 positions remains well-diversified by peer standards. The exits of COST and ISRG—both at trace weights—appear to be housekeeping. GOOG (6.5%) and META (6.4%) together represent the dominant tech exposure, unchanged. Watch whether the ADP stake grows toward the 5%+ core-holding tier and whether any new names follow in the quality-compounder-with-pricing-power mold next quarter.
AI-generated. Not investment advice.
Holdings (51) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | BRK/B | 6.6% | $181M | |||
| 2 | GOOG | 6.5% | $178M | |||
| 3 | META | 6.4% | $176M | |||
| 4 | HEI/A | 5.7% | $156M | |||
| 5 | SCHW | 5.3% | $144M | |||
| 6 | FIVE | 5.2% | $141M | |||
| 7 | AME | 4.8% | $131M | |||
| 8 | MEDP | 4.5% | $123M | |||
| 9 | V | 4.4% | $120M | |||
| 10 | IBP | 3.9% | $107M | |||
| 11 | PGR | 3.8% | $105M | |||
| 12 | GOOGL | 3.7% | $100M | |||
| 13 | KEYS | 3.3% | $91M | |||
| 14 | NVR | 3.3% | $90M | |||
| 15 | BKNG | 3.3% | $89M | |||
| 16 | ADP | 3.1% | $85M | |||
| 17 | MKL | 3.0% | $82M | |||
| 18 | KNSL | 2.7% | $75M | |||
| 19 | BFAM | 2.2% | $61M | |||
| 20 | OZK | 2.1% | $56M | |||
| 21 | ADI | 2.0% | $54M | |||
| 22 | ANET | 1.9% | $52M | |||
| 23 | DIS | 1.9% | $52M | |||
| 24 | RMD | 1.9% | $52M | |||
| 25 | BRO | 1.8% | $49M | |||
| 26 | LFUS | 1.0% | $27M | |||
| 27 | LULU | 0.8% | $22M | |||
| 28 | SUNB | 0.6% | $18M | |||
| 29 | AAON | 0.6% | $17M | |||
| 30 | JPM | 0.6% | $15M | |||
| 31 | MA | 0.5% | $14M | |||
| 32 | FND | 0.4% | $12M | |||
| 33 | TWFG | 0.4% | $10M | |||
| 34 | FERG | 0.3% | $9M | |||
| 35 | BRK/A | 0.3% | $8M | |||
| 36 | BLDR | 0.3% | $8M | |||
| 37 | AAPL | 0.1% | $4M | |||
| 38 | TSM | 0.1% | $3M | |||
| 39 | YUMC | 0.1% | $2M | |||
| 40 | GLD | 0.1% | $2M | |||
| 41 | SPY | 0.1% | $2M | |||
| 42 | MTB | 0.1% | $2M | |||
| 43 | RSP | <0.1% | $1M | |||
| 44 | QQQM | <0.1% | $1M | |||
| 45 | ITB | <0.1% | $983K | |||
| 46 | M2029K104 | <0.1% | $981K | |||
| 47 | ODFL | <0.1% | $978K | |||
| 48 | CPRT | <0.1% | $912K | |||
| 49 | MSFT | <0.1% | $707K | |||
| 50 | SITE | <0.1% | $500K | |||
| 51 | NVO | <0.1% | $456K |
- 1BRK/B6.6%$181MBerkshire Hathaway Inc-cl Bthis Q -25%·38q
- 2GOOG6.5%$178MAlphabet Inc-cl Cthis Q hold·39q
- 3META6.4%$176MMeta Platforms Inc-class Athis Q hold·32q
- 4HEI/A5.7%$156MHeico Corp-class Athis Q hold·39q
- 5SCHW5.3%$144MSchwab (charles) Corpthis Q hold·31q
- 6FIVE5.2%$141MFive Belowthis Q hold·37q
- 7AME4.8%$131MAmetek Incthis Q -38%·38q
- 8MEDP4.5%$123MMedpace Holdings Incthis Q hold·11q
- 9V4.4%$120MVisa Inc-class A Sharesthis Q hold·40q
- 10IBP3.9%$107MInstalled Building Productsthis Q -22%·18q
- 11PGR3.8%$105MProgressive Corpthis Q hold·27q
- 12GOOGL3.7%$100MAlphabet Inc-cl Athis Q hold·39q
- 13KEYS3.3%$91MKeysight Technologies INthis Q hold·29q
- 14NVR3.3%$90MNvr Incthis Q hold·31q
- 15BKNG3.3%$89MBooking Holdings Incthis Q hold·10q
- 16ADP3.1%$85MAutomatic Data Processingthis Q New·—1q
- 17MKL3.0%$82MMarkel Group Incthis Q hold·40q
- 18KNSL2.7%$75MKinsale Capital Group Incthis Q hold·11q
- 19BFAM2.2%$61MBright Horizons Family Solutthis Q +81%·2q
- 20OZK2.1%$56MBank Ozkthis Q hold·30q
- 21ADI2.0%$54MAnalog Devices Incthis Q hold·18q
- 22ANET1.9%$52MArista Networks Incthis Q hold·4q
- 23DIS1.9%$52MWalt Disney Co/thethis Q hold·40q
- 24RMD1.9%$52MResmed Incthis Q hold·13q
- 25BRO1.8%$49MBrown & Brown Incthis Q hold·6q
- 26LFUS1.0%$27MLittelfuse Incthis Q hold·34q
- 27LULU0.8%$22MLululemon Athletica Incthis Q hold·35q
- 28SUNB0.6%$18MSunbelt Rentals Holdings Incthis Q New·—1q
- 29AAON0.6%$17MAaon Incthis Q New·—1q
- 30JPM0.6%$15MJpmorgan Chase & COthis Q hold·40q
- 31MA0.5%$14MMastercard Inc - Athis Q hold·40q
- 32FND0.4%$12MFloor & Decor Holdings Inc-athis Q hold·16q
- 33TWFG0.4%$10MTwfg Incthis Q +67%·4q
- 34FERG0.3%$9MFerguson Enterprises Incthis Q hold·6q
- 35BRK/A0.3%$8MBerkshire Hathaway Inc-cl Athis Q hold·35q
- 36BLDR0.3%$8MBuilders Firstsource Incthis Q hold·5q
- 37AAPL0.1%$4MApple Incthis Q hold·31q
- 38TSM0.1%$3MTaiwan Semiconductor-sp Adrthis Q -49%·24q
- 39YUMC0.1%$2MYum China Holdings Incthis Q hold·7q
- 40GLD0.1%$2MSpdr Gold Sharesthis Q hold·18q
- 41SPY0.1%$2MSS Spdr S&p 500 Etf Trust-usthis Q hold·35q
- 42MTB0.1%$2MM & T Bank Corpthis Q hold·35q
- 43RSP<0.1%$1MInvesco S&p 500 Equal Weightthis Q New·—1q
- 44QQQM<0.1%$1MInvesco Nasdaq 100 Etfthis Q New·—1q
- 45ITB<0.1%$983KIshares U.s. Home Constructithis Q hold·20q
- 46M2029K104<0.1%$981KBirkenstock Hldg Plcthis Q hold·6q
- 47ODFL<0.1%$978KOld Dominion Freight Linethis Q hold·29q
- 48CPRT<0.1%$912KCopart Incthis Q hold·16q
- 49MSFT<0.1%$707KMicrosoft Corpthis Q hold·21q
- 50SITE<0.1%$500KSiteone Landscape Supply Incthis Q hold·18q
- 51NVO<0.1%$456KNovo-nordisk A/s-spons Adrthis Q hold·23q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| BRK/B | Berkshire Hathaway Inc-cl B | TRIM | 6.6% | -25% | $181M |
| AME | Ametek Inc | TRIM | 4.8% | -38% | $131M |
| IBP | Installed Building Products | TRIM | 3.9% | -22% | $107M |
| ADP | Automatic Data Processing | NEW | 3.1% | +100% | $85M |
| BFAM | Bright Horizons Family Solut | ADD | 2.2% | +81% | $61M |
| SUNB | Sunbelt Rentals Holdings Inc | NEW | 0.6% | +100% | $18M |
| AAON | Aaon Inc | NEW | 0.6% | +100% | $17M |
| TWFG | Twfg Inc | ADD | 0.4% | +67% | $10M |
| TSM | Taiwan Semiconductor-sp Adr | TRIM | 0.1% | -49% | $3M |
| COF | Capital One Financial Corp | EXIT | 0.1% | -100% | $0 |
| RSP | Invesco S&p 500 Equal Weight | NEW | <0.1% | +100% | $1M |
| QQQM | Invesco Nasdaq 100 Etf | NEW | <0.1% | +100% | $1M |
| DFH | Dream Finders Homes Inc - A | EXIT | <0.1% | -100% | $0 |
| ISRG | Intuitive Surgical Inc | EXIT | <0.1% | -100% | $0 |
| COST | Costco Wholesale Corp | EXIT | <0.1% | -100% | $0 |
- TRIMBRK/B6.6%Berkshire Hathaway Inc-cl BΔ -25%·$181M
- TRIMAME4.8%Ametek IncΔ -38%·$131M
- TRIMIBP3.9%Installed Building ProductsΔ -22%·$107M
- NEWADP3.1%Automatic Data ProcessingΔ +100%·$85M
- ADDBFAM2.2%Bright Horizons Family SolutΔ +81%·$61M
- NEWSUNB0.6%Sunbelt Rentals Holdings IncΔ +100%·$18M
- NEWAAON0.6%Aaon IncΔ +100%·$17M
- ADDTWFG0.4%Twfg IncΔ +67%·$10M
- TRIMTSM0.1%Taiwan Semiconductor-sp AdrΔ -49%·$3M
- EXITCOF0.1%Capital One Financial CorpΔ -100%·$0
- NEWRSP<0.1%Invesco S&p 500 Equal WeightΔ +100%·$1M
- NEWQQQM<0.1%Invesco Nasdaq 100 EtfΔ +100%·$1M
- EXITDFH<0.1%Dream Finders Homes Inc - AΔ -100%·$0
- EXITISRG<0.1%Intuitive Surgical IncΔ -100%·$0
- EXITCOST<0.1%Costco Wholesale CorpΔ -100%·$0
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001641864). Not investment advice.