Francois Rochon - Giverny Capital 13F Activity & Position Changes (Q1 2020)

According to the SEC 13F filed on Aug 14, 2026, the Giverny Capital portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2020. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2020, the filing reported:

New Buys - Autohome Inc., Delta Air Lines, Inc., Sleep Number Corporation, SS&C Technologies Holdings, Inc

Increases - Apple Inc., Bank of America Corporation, Fastenal Company, Five Below, Inc., Alphabet Inc., and 3 more

Reductions - AMETEK, Inc., Brookfield Asset Management Ltd., Berkshire Hathaway Inc. New, Walt Disney Company (The), Edwards Lifesciences Corporatio, and 15 more

Complete Exits - M&T Bank Corporation, O'Reilly Automotive, Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2020	AAPL Apple Inc.	Apple Inc.	Buy	+231	+10.9%	$600.00	2,358
Q1 2020	AME AMETEK, Inc.	AMETEK, Inc.	Sell	-105,154	-12.6%	$52.41K	727,694
Q1 2020	ATHM Autohome Inc.	Autohome Inc.	Buy - Position Entry	+173,150	-	$12.30K	173,150
Q1 2020	BAC Bank of America Corporation	Bank of America Corporation	Buy	+336,010	+34.9%	$27.60K	1,300,157
Q1 2020	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell	-1,304	-10.1%	$343.00	11,634
Q1 2020	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-59,955	-6.7%	$151.90K	830,819
Q1 2020	DAL Delta Air Lines, Inc.	Delta Air Lines, Inc.	Buy - Position Entry	+9,296	-	$265.00	9,296
Q1 2020	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-16,330	-8.2%	$17.74K	183,610
Q1 2020	EW Edwards Lifesciences Corporatio	Edwards Lifesciences Corporatio	Sell	-10,089	-7.9%	$22.34K	118,426
Q1 2020	FAST Fastenal Company	Fastenal Company	Buy	+800	+9.8%	$280.00	8,954
Q1 2020	FBIN Fortune Brands Innovations, Inc	Fortune Brands Innovations, Inc	Sell	-124,879	-19.8%	$21.82K	504,435
Q1 2020	FIVE Five Below, Inc.	Five Below, Inc.	Buy	+258,272	+7182.2%	$18.43K	261,868
Q1 2020	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-2,361	-6.5%	$39.70K	34,142
Q1 2020	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+257	+4.0%	$7.70K	6,627
Q1 2020	HCSG Healthcare Services Group, Inc.	Healthcare Services Group, Inc.	Sell	-25,084	-7.8%	$7.04K	294,626
Q1 2020	HEI-A Heico Corporation	Heico Corporation	Sell	-21,219	-4.2%	$30.70K	480,490
Q1 2020	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-17,332	-5.1%	$29.05K	322,693
Q1 2020	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Sell	-2,625	-0.7%	$33.08K	395,345
Q1 2020	KMX CarMax Inc	CarMax Inc	Sell	-67,385	-5.8%	$59.35K	1,102,593
Q1 2020	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-57,800	-49.7%	$7.81K	58,570
Q1 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-13,821	-7.5%	$28.26K	169,415
Q1 2020	MKL Markel Group Inc.	Markel Group Inc.	Buy	+2,187	+5.6%	$38.23K	41,199
Q1 2020	MTB M&T Bank Corporation	M&T Bank Corporation	Sell - Position Exit	-139,368	-100.0%	$0.00	-
Q1 2020	NVR NVR, Inc.	NVR, Inc.	Sell	-1,218	-8.1%	$35.65K	13,878
Q1 2020	ODFL Old Dominion Freight Line, Inc.	Old Dominion Freight Line, Inc.	Buy	+1,355	+50.0%	$534.00	4,067
Q1 2020	ORLY O'Reilly Automotive, Inc.	O'Reilly Automotive, Inc.	Sell - Position Exit	-27,638	-100.0%	$0.00	-
Q1 2020	OZK Bank OZK	Bank OZK	Sell	-31,099	-8.0%	$5.94K	355,481
Q1 2020	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy	+115,149	+25.6%	$41.69K	564,538
Q1 2020	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-64,380	-6.8%	$29.84K	887,497
Q1 2020	SNBR Sleep Number Corporation	Sleep Number Corporation	Buy - Position Entry	+216,108	-	$4.14K	216,108

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