Francois Rochon - Giverny Capital 13F Activity & Position Changes (Q4 2017)

As of Dec 31, 2017, the Giverny Capital portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 2026. 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 Q4 2017, the filing reported:

New Buys - Credit Acceptance Corporation, Edwards Lifesciences Corporatio, Littelfuse, Inc., Ryanair Holdings plc

Increases - Berkshire Hathaway Inc. New, Liberty Media Corp Formula One Group, Alphabet Inc., JP Morgan Chase & Co., CarMax Inc, and 1 more

Reductions - AMETEK, Inc., Walt Disney Company (The), Fortune Brands Innovations, Inc, Alphabet Inc., Heico Corporation, and 9 more

Complete Exits - None reported

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
Q4 2017	AME AMETEK, Inc.	AMETEK, Inc.	Sell	-5,271	-0.8%	$49.50K	682,995
Q4 2017	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+8,612	+1.2%	$141.97K	716,216
Q4 2017	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Buy - Position Entry	+59,426	-	$19.22K	59,426
Q4 2017	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-84,506	-24.0%	$28.72K	267,127
Q4 2017	EW Edwards Lifesciences Corporatio	Edwards Lifesciences Corporatio	Buy - Position Entry	+161,571	-	$18.21K	161,571
Q4 2017	FBIN Fortune Brands Innovations, Inc	Fortune Brands Innovations, Inc	Sell	-9,629	-3.0%	$21.04K	307,472
Q4 2017	FWONK Liberty Media Corp Formula One Group	Liberty Media Corp Formula One Group	Buy	+974	+0.2%	$21.79K	637,915
Q4 2017	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+3,468	+14.2%	$29.13K	27,835
Q4 2017	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-208	-3.5%	$6.12K	5,814
Q4 2017	HEI-A Heico Corporation	Heico Corporation	Sell	-7,644	-2.5%	$23.27K	294,313
Q4 2017	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+21	+0.1%	$1.58K	14,757
Q4 2017	KMX CarMax Inc	CarMax Inc	Buy	+97,703	+10.4%	$66.24K	1,032,850
Q4 2017	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Buy - Position Entry	+1,523	-	$301.00	1,523
Q4 2017	LKQ LKQ Corporation	LKQ Corporation	Sell	-183,215	-16.7%	$37.27K	916,503
Q4 2017	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-2,742	-2.6%	$28.66K	103,885
Q4 2017	MKL Markel Group Inc.	Markel Group Inc.	Buy	+270	+0.9%	$35.00K	30,727
Q4 2017	MTB M&T Bank Corporation	M&T Bank Corporation	Sell	-44,710	-28.7%	$18.96K	110,876
Q4 2017	ORLY O'Reilly Automotive, Inc.	O'Reilly Automotive, Inc.	Sell	-478	-0.5%	$22.32K	92,798
Q4 2017	RYAAY Ryanair Holdings plc	Ryanair Holdings plc	Buy - Position Entry	+2,500	-	$260.00	2,500
Q4 2017	STN Stantec Inc	Stantec Inc	Sell	-125	-0.6%	$596.00	21,329
Q4 2017	TJX TJX Companies, Inc. (The)	TJX Companies, Inc. (The)	Sell	-2,056	-49.0%	$164.00	2,141
Q4 2017	UNP Union Pacific Corporation	Union Pacific Corporation	Sell	-2,154	-0.8%	$35.88K	267,529
Q4 2017	V Visa Inc.	Visa Inc.	Sell	-4,278	-1.3%	$38.16K	334,714
Q4 2017	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-197,665	-37.2%	$20.26K	333,964