Giverny Capital Asset Management

François Rochon is the sole portfolio manager and has been since founding the firm in 1998. He personally constructs the concentrated portfolio of roughly 20 stocks, drawing on a small research team. His personal capital represents a significant portion of the firm's total assets, directly aligning his financial outcome with that of his clients.

Giverny charges no annual management fee. Instead, the firm earns a performance allocation only on annual returns exceeding a 6% hurdle, a structure modeled directly on the original Buffett Partnership. This means clients pay nothing in years where Giverny fails to produce a meaningful real return above the threshold.

Portfolio turnover is exceptionally low, often in the single digits annually. Rochon treats stock purchases as long-term business acquisitions, holding many positions for a decade or longer. Confirmed holdings such as Berkshire Hathaway and Markel Group have been in the portfolio for extended multi-year periods.

Giverny historically accepted capital from clients in Canada, the United States, and select international jurisdictions. Interested allocators should contact the firm directly to confirm current regulatory registrations and client-eligibility criteria for their specific domicile.

The portfolio is predominantly North American, but Rochon has held European and Asian-listed companies when he identifies businesses meeting his quality and management criteria. Non-North American positions have included names such as L'Oréal, though the core of the portfolio remains US and Canadian equities.

No. Giverny runs a long-only equity strategy without meaningful leverage. Rochon has publicly stated, through his annual letters and interviews, that he avoids short selling and complex derivatives, focusing entirely on owning high-quality businesses outright.

Succession is the most frequently cited risk for Giverny, as Rochon remains the sole decision-maker. The firm has not publicly disclosed a formal succession plan or identified a named successor portfolio manager. In his annual letters, Rochon has noted his intent to continue managing capital indefinitely, pointing to long-career investors like Warren Buffett as a model for his own trajectory.