Francois Rochon
Q2 2026 13F: 51 holdings worth about $3.0B; that quarter 7 new, 11 added, 28 trimmed, 7 sold out.
13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.
Why This Giant Is Included
- Rule numbers (Q2 2026): 51 holdings, top 10 = 52%, stocks $3.0B, options 0%; all four rules met
- Source for the value approach: Annual Letter to our Partners 2025 (Giverny Capital Inc., p. 20): “Our philosophy is to favor companies with solid balance sheets and dominant business models, along with purchasing these companies at reasonable valuations.” (checked 2026-10-11)
Trades in Q2 2026
Sorted by position shift: how many percentage points of the portfolio the trade moved.
How to Read This
Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.
All Holdings (49 Companies)
Share classes of one company are combined; click a heading to re-sort.
How to Read This
Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.
| Company | Weight (prev.) | Value | This quarter | Quarter-end price | vs cost |
|---|---|---|---|---|---|
| GOOGLAlphabet Inc | 10.9%10.2% | $324.8M | Trimmed −2% | $357.37 | +357% |
| HEI.AHeico Corp | 6.4%5.7% | $189.6M | Held | $257.91 | +180% |
| METAMeta Platforms, Inc | 5.7%6.4% | $170.6M | Trimmed −2% | $563.29 | +139% |
| SCHWCharles Schwab Corp | 5.2%5.3% | $155.2M | Added +9% | $92.27 | +34% |
| ADPAutomatic Data Processing | 4.9%3.1% | $146.6M | Added +56% | $223.95 | −0% |
| AMEAmetek Inc | 4.9%4.8% | $144.9M | Trimmed −2% | $241.94 | +185% |
| MEDPMedpace Holdings, Inc | 4.5%4.5% | $134.5M | Trimmed −1% | $529.59 | +73% |
| VVisa Inc | 4.5%4.4% | $133.8M | Trimmed −2% | $343.09 | +179% |
| BRK.BBerkshire Hathaway Inc | 4.4%6.9% | $131.1M | Trimmed −34% | $500.39 | +138% |
| PGRProgressive Corp | 4.0%3.8% | $118.5M | Added +3% | $218.45 | +112% |
| FIVEFive Below | 3.6%5.2% | $107.5M | Trimmed −3% | $179.79 | +31% |
| BKNGBooking Holdings Inc | 3.1%3.3% | $93.2M | Trimmed −1% | $178.24 | +20% |
| IBPInstalled Building Products, Inc | 3.1%3.9% | $91.4M | Trimmed −1% | $229.84 | +71% |
| NVRNVR Inc | 3.0%3.3% | $90.2M | Trimmed −3% | $6,813 | +91% |
| KNSLKinsale Capital Group, Inc | 2.7%2.7% | $79.4M | Added +10% | $329.81 | −24% |
| BFAMBright Horizons Family Solutions | 2.6%2.2% | $76.6M | Added +46% | $70.88 | −22% |
| RMDResMed Inc | 2.5%1.9% | $75.5M | Added +69% | $194.88 | −21% |
| OZKBank Ozk | 2.1%2.1% | $62.4M | Trimmed −3% | $52.09 | +17% |
| MKLMarkel Group Inc | 2.0%3.0% | $60.3M | Trimmed −28% | $1,953 | +85% |
| ANETArista Networks, Inc | 1.9%1.9% | $57.7M | Trimmed −20% | $169.88 | +87% |
| KEYSKeysight Technologies, Inc | 1.7%3.3% | $50.1M | Trimmed −56% | $350.07 | +246% |
| DISWalt Disney Co | 1.7%1.9% | $49.6M | Trimmed −4% | $96.25 | −15% |
| BROBrown & Brown Inc | 1.6%1.8% | $48.3M | Held | $64.15 | −32% |
| ADIAnalog Devices Inc | 1.2%2.0% | $37.1M | Trimmed −45% | $397.17 | +106% |
| NYTNew York Times Co | 1.1%— | $33.9M | New | $69.98 | −9% |
| LFUSLittelfuse Inc | 1.1%1.0% | $33.8M | Trimmed −8% | $455.33 | +81% |
| MSAMSA Safety Inc | 1.0%— | $29.0M | New | $174.58 | +3% |
| WSOWatsco Inc | 0.9%— | $27.5M | New | $416.73 | +7% |
| AAONAAON Inc | 0.9%0.6% | $26.0M | Added +1% | $126.86 | +59% |
| GLDSPDR Gold Shares | 0.8%0.1% | $25.0M | Held | $368.38 | +120% |
| SUNBSunbelt Rentals Holdings, Inc | 0.7%0.6% | $21.6M | Trimmed −9% | $74.81 | +15% |
| VEEVVeeva Systems Inc | 0.6%— | $16.9M | New | $177.47 | +1% |
| AXPAmerican Express Co | 0.5%— | $15.8M | New | $338.25 | +6% |
| TWFGTWFG Inc | 0.5%0.4% | $15.7M | Added +18% | $24.05 | −12% |
| JPMJPMorgan Chase & Co | 0.5%0.6% | $15.7M | Trimmed −8% | $327.33 | +113% |
| MAMastercard Inc | 0.5%0.5% | $14.8M | Added +3% | $513.60 | +41% |
| LULUlululemon athletica inc | 0.5%0.8% | $14.7M | Trimmed −10% | $114.18 | −61% |
| FNDFloor & Decor Holdings, Inc | 0.5%0.4% | $13.6M | Trimmed −1% | $59.36 | −17% |
| HWKNHawkins Inc | 0.5%— | $13.5M | New | $142.10 | −4% |
| FERGFerguson Enterprises Inc. | 0.3%0.3% | $8.9M | Added +2% | $237.33 | +26% |
| BLDRBuilders FirstSource, Inc | 0.3%0.3% | $8.2M | Held | $89.48 | −32% |
| AAPLApple Inc | 0.1%0.1% | $3.8M | Trimmed −14% | $289.36 | +58% |
| TSMTaiwan Semiconductor Manufacturing | 0.1%0.1% | $1.7M | Trimmed −55% | $477.57 | +134% |
| SPYSPDR S&P 500 ETF Trust | 0.1%0.1% | $1.7M | Trimmed −7% | $746.77 | +194% |
| YUMCYum China Holdings, Inc | 0.0%0.1% | $1.5M | Held | $40.87 | +8% |
| ITBiShares U.S. Home Constructi | 0.0%0.0% | $1.2M | Added +7% | $104.48 | +29% |
| MSFTMicrosoft Corp | 0.0%0.0% | $667K | Trimmed −6% | $373.02 | −13% |
| QQQInvesco QQQ Trust Series 1 | 0.0%— | $288K | New | $736.41 | +12% |
| CPRTCopart Inc | 0.0%0.0% | $233K | Trimmed −70% | $28.19 | −4% |
Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost
How to Read This
Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.
Over Time
From Q1 2015, 46 quarters (this giant’s electronic 13F filings).
13F Value
Holdings
Top-10 Concentration
Turnover (Est.)
Sector Mix
Quarter by Quarter, with the Original Filings
* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.
Show 46 Quarters
| Quarter | Holdings | 13F value | SEC |
|---|---|---|---|
| Q2 2026 | 51 | $3.0B | 13F-HR 13F-HR/A |
| Q1 2026 | 51 | $2.7B | 13F-HR |
| Q4 2025 | 50 | $3.0B | 13F-HR |
| Q3 2025 | 52 | $3.0B | 13F-HR 13F-HR/A 13F-HR/A |
| Q2 2025 | 55 | $2.9B | 13F-HR |
| Q1 2025 | 54 | $2.7B | 13F-HR 13F-HR/A |
| Q4 2024 | 62 | $2.7B | 13F-HR 13F-HR/A |
| Q3 2024 | 52 | $2.6B | 13F-HR |
| Q2 2024 | 50 | $2.4B | 13F-HR |
| Q1 2024 | 53 | $2.5B | 13F-HR 13F-HR/A |
| Q4 2023 | 59 | $2.1B | 13F-HR 13F-HR/A |
| Q3 2023 | 59 | $1.8B | 13F-HR 13F-HR/A |
| Q2 2023 | 59 | $1.9B | 13F-HR |
| Q1 2023 | 60 | $1.7B | 13F-HR |
| Q4 2022 | 66 | $1.6B | 13F-HR 13F-HR/A |
| Q3 2022 | 63 | $1.5B | 13F-HR |
| Q2 2022 | 63 | $1.5B | 13F-HR |
| Q1 2022 | 63 | $1.8B | 13F-HR |
| Q4 2021 | 64 | $1.9B | 13F-HR |
| Q3 2021 | 59 | $1.7B | 13F-HR 13F-HR/A |
| Q2 2021 | 57 | $1.6B | 13F-HR |
| Q1 2021 | 53 | $1.5B | 13F-HR |
| Q4 2020 | 53 | $1.3B | 13F-HR |
| Q3 2020 | 54 | $1.1B | 13F-HR |
| Q2 2020 | 49 | $1.0B | 13F-HR |
| Q1 2020 | 41 | $785.2M | 13F-HR |
| Q4 2019 | 39 | $1.1B | 13F-HR |
| Q3 2019 | 39 | $1.0B | 13F-HR |
| Q2 2019 | 39 | $990.0M | 13F-HR |
| Q1 2019 | 39 | $871.7M | 13F-HR |
| Q4 2018 | 35 | $758.7M | 13F-HR |
| Q3 2018 | 36 | $883.1M | 13F-HR |
| Q2 2018 | 36 | $768.9M | 13F-HR 13F-HR/A |
| Q1 2018 | 35 | $746.9M | 13F-HR |
| Q4 2017 | 35 | $728.9M | 13F-HR |
| Q3 2017 | 31 | $684.4M | 13F-HR |
| Q2 2017 | 27 | $618.6M | 13F-HR |
| Q1 2017 | 26 | $602.1M | 13F-HR |
| Q4 2016 | 26 | $591.2M | 13F-HR |
| Q3 2016 * | 26 | $537.5M | 13F-HR |
| Q2 2016 * | 25 | $515.2M | 13F-HR |
| Q1 2016 * | 24 | $508.5M | 13F-HR |
| Q4 2015 * | 25 | $502.4M | 13F-HR |
| Q3 2015 * | 26 | $497.2M | 13F-HR |
| Q2 2015 * | 26 | $500.3M | 13F-HR |
| Q1 2015 * | 24 | $456.7M | 13F-HR |
Large Positions Sold Out
Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.
How to Read This
Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.
| Company | Held | Peak weight | Company since |
|---|---|---|---|
| MTBM & T Bank Corp | Q2 2021 – Q2 2026 | 4% | — |
| KMXCarMax Inc | Q1 2015 – Q4 2025 | 11% | — |
| FISVFiserv Inc | Q1 2023 – Q4 2025 | 5% | — |
| BACBank of America Corp | Q1 2019 – Q3 2025 | 4% | — |
| SBUXStarbucks Corp | Q3 2020 – Q3 2025 | 3% | — |
| FBINFortune Brands Innovations, Inc | Q1 2016 – Q1 2025 | 4% | — |
| EWEdwards Lifesciences Corp | Q4 2017 – Q1 2025 | 4% | — |
| CIENCiena Corp | Q4 2021 – Q2 2024 | 2% | — |
| ATHMAutohome Inc | Q1 2020 – Q1 2024 | 2% | — |
| SNBRQSleep Number Corp | Q1 2020 – Q3 2023 | 3% | Bankruptcy filing more than 2 years after the sale Jun 12, 2026 |
| SSNCSS&C Technologies Holdings Inc | Q1 2020 – Q3 2023 | 3% | — |
| ICEIntercontinental Exchange, Inc | Q2 2020 – Q1 2023 | 2% | — |
| LLYVKLiberty Live Holdings, Inc | Q2 2017 – Q3 2020 | 4% | — |
| UNPUnion Pacific Corp | Q1 2015 – Q2 2020 | 5% | — |
| MHKMohawk Industries Inc | Q1 2015 – Q2 2020 | 4% | — |
| MTBM & T Bank Corp | Q1 2015 – Q1 2020 | 5% | — |
| ORLYO’Reilly Automotive Inc | Q1 2015 – Q1 2020 | 4% | — |
| LKQLKQ Corp | Q1 2015 – Q3 2019 | 8% | — |
| —Bank of the Ozarks, Inc Com | Q4 2016 – Q4 2018 | 10% | — |
| WFCWells Fargo & Co | Q1 2015 – Q3 2018 | 7% | — |
| CACCCredit Acceptance Corp | Q4 2017 – Q3 2018 | 3% | — |
| FASTFastenal Co | Q1 2015 – Q2 2018 | 2% | — |
| KNXKnight-Swift Transportation Holdings Inc | Q2 2015 – Q1 2017 | 3% | — |
| BWLDBuffalo Wild Wings Inc | Q1 2015 – Q1 2017 | 3% | — |
| SRCLStericycle Inc | Q3 2015 – Q1 2017 | 2% | Acquired or delisted Nov 14, 2024 |
| —Bank of the Ozarks Inc | Q2 2015 – Q4 2016 | 9% | — |