Firm Description
Giverny Capital Inc., (“Giverny”, “Firm” or “We”) is an investment
management firm based in Canada, providing investment management
services mostly to individuals in North America. Giverny also acts as
investment fund manager and portfolio manager of the Giverny Capital Equity
Fund, a private pooled fund established under the laws of the Province of
Ontario (the “Giverny Fund”). The units of the Giverny Fund are only privately
offered to residents of certain Canadian provinces having entered into
investment management agreements with Giverny and meeting certain
specific criteria. The Firm was founded in 1998. The Firm’s investment
management services are limited to the discretionary management of
investment portfolios (mostly consisting of equity securities) in accordance
with Giverny's long-term investment management strategy. We do not
provide insurance planning, estate planning, or any other related or unrelated
consulting services.
Giverny is strictly a fee-only investment management firm providing
independent investment management services. The firm does not receive
commissions for purchasing or selling annuities, insurance, stocks, bonds,
mutual funds, limited partnerships, or other commissioned products. The
Firm is not affiliated with entities that sell financial products or securities. No
such commissions are accepted.
Giverny does not act as a custodian of client assets and the client always
maintains control over the assets in its portfolio. Giverny places trades on
behalf of clients under a limited power of attorney.
Giverny’s activities with respect to non-U.S. clients may differ from those
described generally herein and the Firm may provide additional or different
services to non-U.S. clients.
Principal Owner
Francois Rochon is the controlling shareholder.
Types of Advisory Services
Giverny provides investment management services, on a continuing basis,
with respect to the investment and reinvestment of all cash, securities, and
other property in a client’s account. A client’s account will normally contain a
relatively small number of securities positions (typically between 20 and 30
equity securities) and may not constitute a
fully diversified or balanced
portfolio that is suitable for investment of all of a client’s assets.
Giverny manages a client account without the obligation to consider other
investment assets or accounts that the client may have or maintain away from
the Firm. A client’s account will generally not contain fixed income
investments but may do so based on individual client needs.
Tailored Relationships
We have considerable flexibility in accommodating any unique client needs
and constraints through our third party custodian that holds the assets of our
clients in individualized accounts. This customization may include, but is not
limited to, the types of asset classes selected, the securities selected, the size
of the allocation to a particular security, etc. Clients may also impose
restrictions on investing in certain securities or types of securities.
Wrap Fee Programs
The Firm does not engage in Wrap Fee Programs.
Clients Assets
As of 09/30/2023, Giverny manages approximately $1.76 billion US dollars in
assets (with nearly 100% of the assets based in Canada). The totality of the
assets under management by the Firm is managed on a discretionary basis.
Investment Advisory Agreement
The scope of work and fee for a client is agreed upon in an Investment
Advisory Agreement that is signed by the client prior to the start of the
management of any client assets. This agreement provides detailed
information concerning what services are provided, the scope and limitations
of these services, how fees are paid, etc.
The Investment Advisory Agreement stipulates the annual fees related to
Giverny’s investment management services. The fee is based on a
percentage of a client’s assets under management. The management fee is
negotiable under certain circumstances.
Although the Investment Advisory Agreement is an ongoing agreement, the
length of service to the client is at the client’s discretion. A client may
terminate the investment advisory relationship by written notice at any time
without penalty. At termination, management fees will be billed on a pro rata
basis for the portion of the quarter during which client assets were under
Giverny’s discretion.