# Giverny Capital

Giverny Capital is an Asset Manager based in Montreal, Canada.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Montreal, Canada
- **Region:** North America
- **Address:** Montreal, QC, Canada
- **Founded:** 1993
- **Assets under management:** Undisclosed
- **Website:** givernycapital.com
- **LinkedIn:** https://www.linkedin.com/company/giverny-capital-inc

## Regulatory record

- **CRD number:** 130640
- **SEC file number:** 801-62943
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/130640

## About

GIVERNY CAPITAL is an SEC-registered investment adviser in MONTREAL, registered since 2004. The firm manages approximately $2.7 billion in regulatory assets. It has 31 employees and 6 investment advisers.

## Sectors

- Enterprise Software
- Financial Services
- Consumer Discretionary
- Healthcare Services
- Industrial Tech

## People

- François Rochon — President and Portfolio Manager

## Questions

### Who runs investment decisions at Giverny Capital?

François Rochon serves as President and Portfolio Manager, holding full discretion over all investment decisions. He founded the firm in 1993 and has maintained sole portfolio-management authority since inception. Rochon's personal net worth is invested alongside clients in the same portfolio, a structural alignment he has emphasized in shareholder letters. The firm does not operate an investment committee; Rochon makes all buy and sell decisions within the concentrated equity strategy.

### Does Giverny Capital invest in private equity or venture capital?

No. Giverny Capital maintains a pure public-equity mandate, focusing exclusively on listed compounders with transparent financials and governance. Rochon has publicly stated his preference for liquidity and valuation discipline, avoiding private-market structures where exit timing is less controlled. The firm has not participated in private placements, pre-IPO rounds, or venture funds. All holdings are publicly traded securities across North American and Western European exchanges.

### Where does Giverny Capital's capital come from?

The firm manages capital from a small, private group of high-net-worth individuals, predominantly Canadian, who have aligned with Rochon's investment philosophy over decades. No single family or institutional wealth origin is disclosed. The investor base is closed to new clients except by referral, preserving the permanent-capital character and long-horizon discipline. Rochon's own capital represents a material co-investment in the same portfolio.

### What is Giverny Capital's fee structure?

The firm charges a management fee designed to cover operating costs rather than maximize revenue, a structure Rochon has contrasted with typical 2-and-20 hedge-fund models. Giverny does not levy performance or incentive fees, reflecting the long-only, compounding-oriented strategy that resists short-term trading gains. This fee design reinforces alignment with clients and reduces pressure to take excessive risk. The exact fee schedule is not publicly disclosed but is reported in investor communications to be below industry average for active equity managers.

## Related profiles

- [PDM Advisors](https://altss.com/profile/pdm-advisors)
- [S&S Wealth Management](https://altss.com/profile/sands-wealth-management)

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Last updated: 2026-06-03T20:00:00.000Z

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