Francois Rochon
Giverny Capital
Francois Rochon (Giverny Capital) discloses a $2.73B portfolio across 51 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is BRK/B at 6.6% of the book. The biggest move of the quarter: trimmed the BRK/B share count by 25% (position now $181M). Latticework's clone backtest puts this 13F book at -9.0%/yr vs SPY over 11.0 years.
About Francois Rochon
Francois Rochon founded Montreal-based Giverny Capital in 1993, managing a concentrated equity portfolio that draws explicit intellectual lineage from Buffett and Munger — the fund is named after Monet's garden, a nod to Rochon's view that great businesses, like great art, compound in value over long time horizons. The 13F reflects a genuinely long-only, low-turnover approach: roughly 51 U.S.-listed positions with moderate concentration (top-5 around 31%), anchored in recognizable compounders like BRK/B, GOOG, META, HEI/A, and SCHW. There are no known structural derivatives or short positions to read around — what the filing shows is close to what the fund holds. Rochon publishes an annual letter with candid performance attribution, which is more useful than the 13F alone for understanding his reasoning. The latticework backtest underperforming SPY by roughly nine points annually over eleven years is worth sitting with: quality-tilted, Canada-domiciled, with fees and FX drag that a raw clone cannot replicate.
2026Q1 brief
Giverny Capital's Francois Rochon used Q1 to initiate ADP at 3.1% — a quality compounder with defensive payroll/HR characteristics that fits Rochon's long-term franchise bias — while simultaneously trimming BRK/B by 25% and AME by 38%, reducing two long-standing core positions that may have hit valuation thresholds after strong runs. The near-doubling of BFAM (Bright Horizons, +81% to 2.2%) is a high-conviction add to a childcare/HR services name under pressure, consistent with Rochon's pattern of adding to quality small/mid-caps during sentiment troughs. The FIVE (Five Below) position at 5.2% is notable — the discount retailer has been under significant pressure and Rochon's continued hold signals he sees a turnaround rather than structural deterioration. Exits from COF and COST are minor given sub-0.1% weights. The 51-position, 30.6% top-5 structure reflects Rochon's characteristic balance between concentration and diversification. Watch whether ADP gets scaled meaningfully toward top-5 weight in Q2, and whether the FIVE thesis holds as consumer spending data evolves.
AI-generated. Not investment advice.
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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 |
- port6.6%val$181MBerkshire Hathaway Inc-cl Bthis Q -25%·38q
- 2GOOGport6.5%val$178MAlphabet Inc-cl Cthis Q hold·39q
- 3METAport6.4%val$176MMeta Platforms Inc-class Athis Q hold·32q
- port5.7%val$156MHeico Corp-class Athis Q hold·39q
- 5SCHWport5.3%val$144MSchwab (charles) Corpthis Q hold·31q
- 6FIVEport5.2%val$141MFive Belowthis Q hold·37q
- 7AMEport4.8%val$131MAmetek Incthis Q -38%·38q
- 8MEDPport4.5%val$123MMedpace Holdings Incthis Q hold·11q
- 9Vport4.4%val$120MVisa Inc-class A Sharesthis Q hold·40q
- 10IBPport3.9%val$107MInstalled Building Productsthis Q -22%·18q
- 11PGRport3.8%val$105MProgressive Corpthis Q hold·27q
- 12GOOGLport3.7%val$100MAlphabet Inc-cl Athis Q hold·39q
- 13KEYSport3.3%val$91MKeysight Technologies INthis Q hold·29q
- 14NVRport3.3%val$90MNvr Incthis Q hold·31q
- 15BKNGport3.3%val$89MBooking Holdings Incthis Q hold·10q
- 16ADPport3.1%val$85MAutomatic Data Processingthis Q New·—1q
- 17MKLport3.0%val$82MMarkel Group Incthis Q hold·40q
- 18KNSLport2.7%val$75MKinsale Capital Group Incthis Q hold·11q
- 19BFAMport2.2%val$61MBright Horizons Family Solutthis Q +81%·2q
- 20OZKport2.1%val$56MBank Ozkthis Q hold·30q
- 21ADIport2.0%val$54MAnalog Devices Incthis Q hold·18q
- 22ANETport1.9%val$52MArista Networks Incthis Q hold·4q
- 23DISport1.9%val$52MWalt Disney Co/thethis Q hold·40q
- 24RMDport1.9%val$52MResmed Incthis Q hold·13q
- 25BROport1.8%val$49MBrown & Brown Incthis Q hold·6q
- 26LFUSport1.0%val$27MLittelfuse Incthis Q hold·34q
- 27LULUport0.8%val$22MLululemon Athletica Incthis Q hold·35q
- 28SUNBport0.6%val$18MSunbelt Rentals Holdings Incthis Q New·—1q
- 29AAONport0.6%val$17MAaon Incthis Q New·—1q
- 30JPMport0.6%val$15MJpmorgan Chase & COthis Q hold·40q
- 31MAport0.5%val$14MMastercard Inc - Athis Q hold·40q
- 32FNDport0.4%val$12MFloor & Decor Holdings Inc-athis Q hold·16q
- 33TWFGport0.4%val$10MTwfg Incthis Q +67%·4q
- 34FERGport0.3%val$9MFerguson Enterprises Incthis Q hold·6q
- 35BRK/Aport0.3%val$8MBerkshire Hathaway Inc-cl Athis Q hold·35q
- 36BLDRport0.3%val$8MBuilders Firstsource Incthis Q hold·5q
- 37AAPLport0.1%val$4MApple Incthis Q hold·31q
- 38TSMport0.1%val$3MTaiwan Semiconductor-sp Adrthis Q -49%·24q
- 39YUMCport0.1%val$2MYum China Holdings Incthis Q hold·7q
- 40GLDport0.1%val$2MSpdr Gold Sharesthis Q hold·18q
- 41SPYport0.1%val$2MSS Spdr S&p 500 Etf Trust-usthis Q hold·35q
- 42MTBport0.1%val$2MM & T Bank Corpthis Q hold·35q
- 43RSPport<0.1%val$1MInvesco S&p 500 Equal Weightthis Q New·—1q
- 44QQQMport<0.1%val$1MInvesco Nasdaq 100 Etfthis Q New·—1q
- 45ITBport<0.1%val$983KIshares U.s. Home Constructithis Q hold·20q
- 46M2029K104port<0.1%val$981KBirkenstock Hldg Plcthis Q hold·6q
- 47ODFLport<0.1%val$978KOld Dominion Freight Linethis Q hold·29q
- 48CPRTport<0.1%val$912KCopart Incthis Q hold·16q
- 49MSFTport<0.1%val$707KMicrosoft Corpthis Q hold·21q
- 50SITEport<0.1%val$500KSiteone Landscape Supply Incthis Q hold·18q
- 51NVOport<0.1%val$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
Frequently asked questions
- What stocks does Francois Rochon own?
- As of 2026Q1, Francois Rochon's 13F discloses 51 positions worth $2.73B. The top five holdings: BRK/B (6.6%), GOOG (6.5%), META (6.4%), HEI/A (5.7%), SCHW (5.3%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Francois Rochon buy this quarter?
- In 2026Q1, the filing shows 5 new positions and 2 additions to existing holdings. The largest positions touched by buying: ADP, BFAM, SUNB, AAON, TWFG.
- How big is Francois Rochon's portfolio?
- $2.73B across 51 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 31% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001641864). Not investment advice.