Giverny Capital Portfolio
The “Buffett of Montreal”
François Rochon applies an engineer’s rigor to the art of investing. By focusing on “Owner Earnings” and holding quality compounders for decades, his Giverny Capital has significantly outperformed the S&P 500.
Investment Style Comparison
Rochon is often called a Value Investor, but his style is distinct from traditional deep value. He buys “Great Companies at Fair Prices.”
| Feature | François Rochon (Giverny) | Ben Graham (Deep Value) |
|---|---|---|
| Core Focus | “Compounders”: High ROE, low debt, earnings growth >10%. | “Cigar Butts”: Companies trading below liquidation value. |
| Time Horizon | Eternal. Aims to hold stocks for 5, 10, or 20+ years. | Short to Medium. Sells once fair value is reached. |
| Metric | Owner Earnings (Growth of EPS + Dividends). | Book Value & Net Current Assets. |
| Philosophy | “The Art of Investing”: Painting a portfolio masterpiece. | Strict mathematical safety margins. |
François Rochon is the founder and president of Giverny Capital, based in Montreal. An engineer by training, he discovered Warren Buffett’s writings in the early 90s and pivoted to professional investing. He is renowned for his annual letters, which often draw parallels between art history and stock market psychology.
His “Rochon Global Portfolio” has delivered an annualized return of approximately 14% since its inception in 1993, crushing the MSCI World Index. He manages money for families and institutions with a philosophy rooted in patience, rationality, and humility.
The “Rule of Three” & Philosophy
To help partners maintain psychological resilience, Rochon created the “Rule of Three”:
- 1 year out of 3, the stock market will decline by at least 10%.
- 1 stock out of 3 that we buy will not perform as expected.
- 1 year out of 3, our portfolio will underperform the S&P 500 index.
“If you accept these rules beforehand, you won’t panic when they inevitably happen. You focus on the long-term growth of Owner Earnings.”
Giverny Capital Top Holdings (Q3 2025)
Based on Giverny Capital Asset Management 13F Filing (Nov 2025). Logos fetched live.
| Company | Name | % Portfolio |
|---|---|---|
Berkshire Hathaway
BRK.B | Berkshire Hathaway Inc. | 8.70% |
Meta Platforms
META | Meta Platforms Inc. | 7.76% |
Heico Corp
HEI.A | Heico Corporation | 6.45% |
Ametek
AME | AMETEK, Inc. | 6.35% |
Alphabet
GOOG | Alphabet Inc. Class C | 5.27% |
Charles Schwab
SCHW | The Charles Schwab Corp | 5.10% |
Visa
V | Visa Inc. | 4.69% |
Medpace
MEDP | Medpace Holdings, Inc. | 4.56% |
Progressive
PGR | The Progressive Corp | 4.47% |
IBP
IBP | Installed Building Products | 4.30% |
Latest Portfolio Moves (Q3 2025)
Rochon is a low-turnover investor (“buy and hold”), so new positions are rare and significant.
| Asset | Action |
|---|---|
ResMed (RMD) | New Position. A major new entry into the sleep apnea device leader (~2.18% of portfolio). |
Kinsale Capital (KNSL) | Added (+6%). Increasing conviction in this specialty insurance compounder. |
Progressive (PGR) | Added (+2.6%). Continued accumulation of this best-in-class insurer. |
Visa (V) | Added. Taking advantage of reasonable valuation in the payment duopoly. |
| Asset | Action |
|---|---|
Starbucks (SBUX) | Sold Out. Complete exit of the position, likely due to fundamental concerns. |
Arista Networks (ANET) | Reduced (-14%). Significant trim after strong price performance (valuation discipline). |
Capital One (COF) | Reduced (-10%). Reducing exposure to consumer credit. |
Frequently Asked Questions
The name is a tribute to Claude Monet’s garden in Giverny, France. François Rochon sees investing as an art form similar to painting. Just as Monet cultivated his garden for decades to create a masterpiece, Rochon believes in cultivating a portfolio of great companies over decades to create wealth.
Since its inception in 1993, the Giverny Capital “Rochon Global Portfolio” has achieved an annualized return of approximately 14.5%, significantly outperforming the S&P 500 (approx. 10%) and the MSCI World Index. A $100,000 investment in 1993 would be worth over $6 million today.
Rochon does not focus on the stock price. He focuses on the growth of the underlying value of the companies he owns. He calculates this by looking at the growth of Earnings Per Share (EPS) plus the dividend yield. His goal is to own a portfolio where these “Owner Earnings” grow by 10-15% annually indefinitely.
No. Rochon is a classic “buy and hold” investor. He rarely sells unless a company’s fundamental competitive advantage (moat) deteriorates, or if he realizes he made a mistake in his initial analysis (as seen with the Starbucks exit in 2025). He generally ignores macroeconomic noise and holds through recessions.
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