Francois Rochon's Portfolio: Heavy Financial Services Exposure

Introduction

Giverny Capital's portfolio, managed by Francois Rochon, as of March 31, 2026, displays a distinct investment profile characterized by significant exposure to specific sectors and individual holdings.

Top Holdings by Value

The portfolio's largest individual positions, measured by stock value, are heavily concentrated in Financial Services and Communication Services. Berkshire Hathaway Inc (BRK-B) holds the top position, followed closely by Alphabet Inc (GOOG) and Meta Platforms Inc (META).

• BERKSHIRE HATHAWAY INC DEL (BRK-B): Total Stock Value $181.44M, Represents 6.64% of portfolio
• ALPHABET INC C (GOOG): Total Stock Value $178.11M, Represents 6.52% of portfolio
• META PLATFORMS INC (META): Total Stock Value $176.11M, Represents 6.45% of portfolio
• HEICO CORP NEW (HEI-A): Total Stock Value $155.89M, Represents 5.71% of portfolio
• SCHWAB CHARLES CORP (SCHW): Total Stock Value $144.37M, Represents 5.29% of portfolio

Concentration in Financial Services

The portfolio exhibits a strong concentration in the Financial Services sector. This sector includes:

• Berkshire Hathaway Inc (BRK-B): 6.64% allocation
• Schwab Charles Corp (SCHW): 5.29% allocation
• VISA Inc (V): 4.39% allocation

Collectively, these holdings represent a substantial portion of the portfolio's allocation to Financial Services, highlighting a strategic focus on this sector.

Strategic Focus and Holding Changes

The portfolio's strategy appears to favor large-cap technology and financial institutions, as evidenced by the top holdings. Notably, several top holdings experienced changes in the most recent period:

• Berkshire Hathaway Inc (BRK-B): Shares decreased by 25.17%
• Alphabet Inc (GOOG): Shares decreased by 2.91%
• Meta Platforms Inc (META): Shares decreased by 1.80%
• Heico Corp (HEI-A): Shares decreased by 2.13%
• Ametek Inc (AME): Shares decreased significantly by 37.51%
• MEDPACE Holdings Inc (MEDP): Shares decreased by 2.75%
• Five Below Inc (FIVE): Shares decreased by 3.22%
• Installed Building Products Inc (IBP): Shares decreased by 22.26%

The substantial decrease in shares for BRK-B, AME, and IBP suggests a strategic shift or rebalancing away from these specific positions, while the other decreases are relatively modest.

Conclusion

Giverny Capital's portfolio, managed by Francois Rochon, demonstrates a clear preference for large, established names in Financial Services and Communication Services. The significant allocation to Financial Services combined with major holdings in tech giants like Berkshire Hathaway, Alphabet, and Meta indicates a core strategy focused on stability and growth potential from these sectors. However, the recent reduction in shares across most top holdings suggests an active management approach focused on optimizing the portfolio's composition.