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Adviser Profile

As of Date 12/22/2023
Adviser Type - Large advisory firm
- Outside the United States
Number of Employees 24 9.09%
of those in investment advisory functions 5 -16.67%
Registration SEC, Approved, 4/6/2004
AUM* 1,760,715,644 27.29%
of that, discretionary 1,760,715,644 27.29%
Private Fund GAV* 890,746,935
Avg Account Size 425,808 18.42%
% High Net Worth 5.15% 44.65%
SMA’s Yes
Private Funds 1
Contact Info 514 xxxxxxx
Websites

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Charitable organizations
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management

Recent News

Reported AUM

Discretionary
Non-discretionary
2B 1B 1B 909M 682M 454M 227M
2015 2016 2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeOther Private Fund Count1 GAV$890,746,935

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Top Holdings

Stock Ticker Stock Name $ Position % Position $ Change # Change
Stck Ticker26154D100 Stock NameDREAM FINDERS HOMES $ Position$1,144,137 % Position100.00% $ Change # Change

Brochure Summary

Overview

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.