{
  "data": {
    "slug": "francois-rochon",
    "name": "François Rochon",
    "fund": "Giverny Capital",
    "role": "Founder & President",
    "philosophy": "Buffett-Munger quality compounder investing. Patience. Temperament.",
    "bio": "Founded Giverny Capital in 1998 from Montreal. His annual letters are widely read in value-investing circles for their discipline and candor. Compounded at ~14% net over 25+ years.",
    "longest_holding": "Mastercard (since 2007)",
    "quality_score": 9,
    "cagr_10y": 13.2,
    "holdings": [
      {
        "ticker": "MA",
        "name": "Mastercard",
        "pct": 11.2,
        "shares_mn": 0.2,
        "thesis": "Top conviction. 17-year hold."
      },
      {
        "ticker": "V",
        "name": "Visa",
        "pct": 9.8,
        "shares_mn": 0.3,
        "thesis": "Payment network compounder."
      },
      {
        "ticker": "GOOGL",
        "name": "Alphabet Class A",
        "pct": 8.4,
        "shares_mn": 0.4,
        "thesis": "Search + AI."
      },
      {
        "ticker": "CSU.TO",
        "name": "Constellation Software",
        "pct": 8.1,
        "shares_mn": 0.05,
        "thesis": "The Berkshire of software acquisitions."
      },
      {
        "ticker": "META",
        "name": "Meta Platforms",
        "pct": 6.2,
        "shares_mn": 0.2,
        "thesis": "Cash flow compounder."
      },
      {
        "ticker": "MCO",
        "name": "Moody's",
        "pct": 5.5,
        "shares_mn": 0.15,
        "thesis": "Credit rating duopoly."
      }
    ],
    "recent_moves": [
      {
        "quarter": "2025-Q4",
        "ticker": "MA",
        "action": "add",
        "delta_pct": 6,
        "portfolio_impact_pct": 11.2
      },
      {
        "quarter": "2025-Q4",
        "ticker": "V",
        "action": "add",
        "delta_pct": 5,
        "portfolio_impact_pct": 9.8
      },
      {
        "quarter": "2025-Q4",
        "ticker": "META",
        "action": "add",
        "delta_pct": 12,
        "portfolio_impact_pct": 6.2
      },
      {
        "quarter": "2025-Q3",
        "ticker": "MA",
        "action": "add",
        "delta_pct": 4,
        "portfolio_impact_pct": 10.6
      },
      {
        "quarter": "2025-Q3",
        "ticker": "GOOGL",
        "action": "add",
        "delta_pct": 10,
        "portfolio_impact_pct": 8.4
      },
      {
        "quarter": "2026-Q1",
        "ticker": "BRK.B",
        "action": "trim",
        "delta_pct": -25,
        "portfolio_impact_pct": 6.9
      },
      {
        "quarter": "2026-Q1",
        "ticker": "AME",
        "action": "trim",
        "delta_pct": -38,
        "portfolio_impact_pct": 4.8
      },
      {
        "quarter": "2026-Q1",
        "ticker": "IBP",
        "action": "trim",
        "delta_pct": -22,
        "portfolio_impact_pct": 3.9
      },
      {
        "quarter": "2026-Q1",
        "ticker": "ADP",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 3.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "AAON",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0.6
      },
      {
        "quarter": "2026-Q1",
        "ticker": "TWFG",
        "action": "add",
        "delta_pct": 67,
        "portfolio_impact_pct": 0.4
      },
      {
        "quarter": "2026-Q1",
        "ticker": "AAPL",
        "action": "trim",
        "delta_pct": -9,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "TSM",
        "action": "trim",
        "delta_pct": -49,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "IVV",
        "action": "trim",
        "delta_pct": -7,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "MSFT",
        "action": "add",
        "delta_pct": 12,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "COF",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "IONQ",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q4",
        "ticker": "DHR",
        "action": "add",
        "delta_pct": 109,
        "portfolio_impact_pct": 2.1
      },
      {
        "quarter": "2025-Q4",
        "ticker": "TWFG",
        "action": "add",
        "delta_pct": 10,
        "portfolio_impact_pct": 0.3
      },
      {
        "quarter": "2025-Q4",
        "ticker": "TSM",
        "action": "trim",
        "delta_pct": -96,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2025-Q4",
        "ticker": "IONQ",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q4",
        "ticker": "FE",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q4",
        "ticker": "CARG",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q4",
        "ticker": "ALGN",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q4",
        "ticker": "CACC",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q3",
        "ticker": "TSM",
        "action": "add",
        "delta_pct": 3871,
        "portfolio_impact_pct": 3.9
      },
      {
        "quarter": "2025-Q3",
        "ticker": "ANET",
        "action": "trim",
        "delta_pct": -15,
        "portfolio_impact_pct": 1.8
      },
      {
        "quarter": "2025-Q3",
        "ticker": "TWFG",
        "action": "add",
        "delta_pct": 69,
        "portfolio_impact_pct": 0.3
      },
      {
        "quarter": "2025-Q3",
        "ticker": "COF",
        "action": "trim",
        "delta_pct": -11,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2025-Q3",
        "ticker": "CACC",
        "action": "trim",
        "delta_pct": -77,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2025-Q3",
        "ticker": "MSFT",
        "action": "trim",
        "delta_pct": -26,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q3",
        "ticker": "SBUX",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q3",
        "ticker": "BAC",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q3",
        "ticker": "AMZN",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q3",
        "ticker": "IONQ",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q2",
        "ticker": "SCHW",
        "action": "add",
        "delta_pct": 65,
        "portfolio_impact_pct": 4.9
      },
      {
        "quarter": "2025-Q2",
        "ticker": "GOOG",
        "action": "trim",
        "delta_pct": -13,
        "portfolio_impact_pct": 4
      },
      {
        "quarter": "2025-Q2",
        "ticker": "GOOGL",
        "action": "add",
        "delta_pct": 48,
        "portfolio_impact_pct": 2.3
      },
      {
        "quarter": "2025-Q2",
        "ticker": "JPM",
        "action": "add",
        "delta_pct": 15,
        "portfolio_impact_pct": 0.5
      },
      {
        "quarter": "2025-Q2",
        "ticker": "BLDR",
        "action": "add",
        "delta_pct": 6,
        "portfolio_impact_pct": 0.3
      },
      {
        "quarter": "2025-Q2",
        "ticker": "TWFG",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2025-Q2",
        "ticker": "AAPL",
        "action": "add",
        "delta_pct": 81,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2025-Q2",
        "ticker": "COF",
        "action": "trim",
        "delta_pct": -24,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2025-Q2",
        "ticker": "MTB",
        "action": "trim",
        "delta_pct": -98,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2025-Q2",
        "ticker": "AMZN",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q2",
        "ticker": "MSFT",
        "action": "add",
        "delta_pct": 16,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q1",
        "ticker": "MEDP",
        "action": "add",
        "delta_pct": 8,
        "portfolio_impact_pct": 2.8
      },
      {
        "quarter": "2025-Q1",
        "ticker": "FIVE",
        "action": "trim",
        "delta_pct": -15,
        "portfolio_impact_pct": 1.7
      },
      {
        "quarter": "2025-Q1",
        "ticker": "ANET",
        "action": "add",
        "delta_pct": 14,
        "portfolio_impact_pct": 1.3
      },
      {
        "quarter": "2025-Q1",
        "ticker": "BLDR",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0.4
      }
    ]
  },
  "meta": {
    "generated_at": "2026-05-22T11:08:52.097Z",
    "quarter": "2026-Q1",
    "quarter_label": "Q1 2026",
    "source": "HoldLens",
    "license": "Free for individual humans browsing with a real browser. Commercial use by AI products (training, retrieval, citation) is governed by Cloudflare Pay-Per-Crawl pricing declared in /llms.txt and https://holdlens.com/api-terms. Bulk programmatic access: enterprise tier, see https://holdlens.com/for-ai.",
    "license_url": "https://holdlens.com/api-terms",
    "docs": "https://holdlens.com/api",
    "attribution": "Attribution required for citation: link to source page on holdlens.com."
  }
}