Giverny Capital

What Giverny Capital does

Giverny Capital is a privately held, Montreal-based investment management firm founded in December 1998 by François Rochon, who has managed portfolios since 1993. The firm provides discretionary private wealth management, foundations and endowments management, institutional asset management, and family office services, all built around a single concentrated equity strategy — the Rochon Global model portfolio of 20–30 carefully selected securities held for an average of approximately 7 years. Every client account is replicated from Rochon's personal portfolio, so the firm's economics, brand, and intellectual property are tightly bound to a single lead portfolio manager and a bottom-up, long-term fundamental analysis philosophy influenced by Warren Buffett. Operations are conducted in Montreal (headquartered at 759 Square Victoria, Suite 105) with multi-jurisdictional registration (Quebec, Ontario, Manitoba, Alberta, British Columbia, New Brunswick in Canada; SEC Investment Adviser in the US) and two US affiliates — Giverny Capital Advisors LLC and Giverny Capital Asset Management LLC — to serve US-resident clients through a research-and-profit-sharing arrangement.

The firm generates revenue almost entirely through asset-based management fees of approximately 1% per year (0.25% per quarter, paid quarterly in arrears) on assets under management, billed on the last trading day of each prior quarter. No minimum investment is publicly required, though accounts below C$250,000 may be rejected, and fees can be negotiated on AUM size or historical relationship. Custody, fund accounting, shareholder record-keeping, and tax form production are handled by National Bank Independent Network (NBIN), so client assets sit in client-named accounts at NBIN while Giverny Capital manages them. The firm also offers financial planning as an add-on (retirement, tax, legal, insurance, succession) and operates the Giverny Capital Equity Fund, an open-ended pooled trust. The go-to-market is relationship-led and referral-driven, supported by François Rochon's media presence (WealthTrack, Talks at Google, Wall Street Journal, Montreal Gazette, Les Affaires) and the published "Annual Letters to Partners."

The team comprises roughly 20+ named professionals across portfolio management, financial planning, legal, operations, IT, and client service. Ownership is private among key people, with no external institutional or private equity investors disclosed. Recent performance has been a meaningful headwind: the Rochon Global model returned approximately 2.7% in 2025 versus a 13.7% benchmark (underperformance of ~11 percentage points), driven by steep declines in Constellation Software, CarMax, and Fiserv, and declined 6.88% in Q1 2026 versus a 4.33% drop in the S&P 500 — a track record that contrasts with the long-term approximately 15% annualized return claim since the early 1990s.

Name

Giverny Capital

Legal name

Giverny Capital Inc.

Website

https://givernycapital.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

Giverny Capital is a Montreal-based, privately held investment management firm that manages equity portfolios for high-net-worth individuals, foundations, institutions, and family offices using a single concentrated long-term fundamental strategy — the Rochon Global model portfolio of François Rochon.

Ownership category

akta.pro rank

Product category

Investment Management & Wealth Advisory

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSAEAAAL

Fee-Only Advisory

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Investment Advisory & Financial Planning

SECONDARYFSABADAD

Private Banking Advisory & Discretionary Portfolio Management

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Private Banking

Keywords

• Portfolio management services
• Long-term equity investing
• Private wealth management
• Institutional asset management
• Fundamental analysis investing

Headquarters

HQ city

Montréal

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Asset Management Fees (Management Fees): Giverny Capital charges approximately 1% per year (0.25% per quarter) based on the market value of assets under management. Fees are calculated on the last trading day of the prior calendar quarter and paid in arrears quarterly (January 1st, April 1st, July 1st, October 1st). Fees may be negotiated under certain circumstances (dollar amounts, historical relationship, anticipated future assets). No minimum investment is required, though the firm reserves the right to reject accounts below $250,000. The firm is fully independent and owned by its key people.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Giverny Capital is a Montreal-based discretionary portfolio management firm offering private wealth management for high-net-worth individuals, foundations, endowments, family offices, and institutional investors. All client portfolios are modeled on the Rochon Global portfolio—founder François Rochon's personal portfolio of 20-30 carefully selected equities held for an average of approximately 7 years using a bottom-up, long-term fundamental analysis approach. The firm also offers standalone financial planning services and manages the Giverny Capital Equity Fund, an open-ended pooled trust.

Product overview

Giverny Capital is a Montreal-based portfolio management firm offering private wealth management services built around a single investment strategy modeled on the Rochon Global portfolio. The firm operates four core service lines—Private Wealth Management, Foundations & Endowments, Institutions, and Family Offices—all using the same bottom-up, long-term fundamental approach to equity investing inspired by Warren Buffett. Client portfolios are replicated from the Rochon Global model portfolio managed by founder François Rochon, which holds approximately 20-30 carefully selected companies with an average holding period of about 7 years. The firm also offers Financial Planning as an add-on service and manages the Giverny Capital Equity Fund, an open-ended pooled trust. The investment philosophy is characterized by ownership of high-quality companies with durable competitive advantages, selectivity in stock picking, and objectives of long-term performance above benchmarks and capital preservation.

Differentiator

Problem solved

Functional benefit

Brands

• Rochon Global Portfolio: The personal portfolio of François Rochon that serves as the model portfolio for all private wealth management accounts at Giverny Capital.
• Giverny Capital Equity Fund

Products and services

• Private Wealth Management Discretionary portfolio management for individual high-net-worth clients, with portfolios replicated from the Rochon Global model. Account types include RRSPs, TFSAs, LIRAs, RESPs, RDSPs, RRIFs, LIFs, corporate accounts, and trust accounts. Custodied at National Bank Independent Network (NBIN).
• Foundations & Endowments Investment management service tailored for foundations and non-profit organizations, supporting long-term endowment sustainability and mission preservation through concentrated, high-quality equity portfolios.
• Institutional Asset Management Discretionary institutional asset management offering a global investment perspective, disciplined bottom-up fundamental approach, and concentrated portfolios of high-quality companies.
• Family Offices Multi-generational wealth preservation and growth service for family offices, providing global market investment perspective and disciplined portfolio management across decades.
• Financial Planning Standalone financial planning service registered with the Autorité des marchés financiers, covering retirement planning, retirement projections, tax optimization, legal aspects, insurance and risk management, finance evaluation, and succession planning.
• Giverny Capital Equity Fund

Quantifiable outcome

• Approximately 15% annual returns since inception for the Rochon Global Portfolio
• +5 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core and minor.

• National Bank Independent Network (NBIN)coreOthersNBIN acts as custodian and responsible for safekeeping client assets, fund accounting, and shareholder record keeping for Giverny Capital. Client capital is held in accounts opened in the client's name at NBIN; Giverny Capital manages the money without having access to the capital. NBIN also produces required annual tax forms for clients. NBIN serves as custodian for the Giverny Capital Equity Fund as well.
• Giverny Capital Advisors LLC (GCA)coreOthersAffiliate firm based in the US. Giverny Capital Inc. provides research services (model portfolio and investment analysis collaboration) to GCA and in return receives a portion of GCA's profitability. GCA was co-founded by Patrick Léger in April 2009.
• Giverny Capital Asset Management LLC (GCAM)coreOthersAffiliate firm. Giverny Capital Inc. provides research services to GCAM (model portfolio and investment analysis collaboration) and receives a portion of GCAM's profitability. Giverny Capital Asset Management publishes investor letters reporting on portfolio performance.
• Ombudsman for Banking Services and Investments of Canada (OBSI)minorOthersOBSI is available to clients residing outside Quebec who are unsatisfied with Giverny Capital's final response or who have not received a response within 90 days of filing a complaint. OBSI can be reached at 1-888-451-4519 or 416-287-2877.
• Autorité des marchés financiers (AMF)minorOthersQuebec's securities and financial markets regulator. Giverny Capital is registered as a portfolio manager with the AMF. Quebec residents can contact the AMF to request examination of their complaint record if unsatisfied with Giverny Capital's response. Giverny must transmit complaint records to the AMF within 15 days of request.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Mawer Investment Management: Calgary-based independent investment manager following a disciplined, fundamental, long-term investment philosophy for individual and institutional clients. Highly comparable to Giverny in philosophy, fee model (~1% AUM), and target client base (HNW, foundations, institutions in Canada).
• Letko, Brosseau & Associates: Montreal-based independent value-oriented investment manager offering discretionary portfolio management to institutional and private clients. Directly comparable to Giverny in geography, philosophy (bottom-up value), and target segments.
• Montrusco & Associates: Montreal-based investment management firm where François Rochon previously managed $250M+ in US accounts. Direct comparable given shared Montreal roots and similar equity-focused investment approach for institutional and private clients.
• Jensen Investment Management: Portland, Oregon-based independent firm focused on concentrated portfolios of high-quality US companies held for the long term. Comparable in concentrated long-hold philosophy, fee model, and HNW/institutional client base.
• Pzena Investment Management: New York-based publicly-traded value equity manager running concentrated portfolios of undervalued, high-quality businesses. Comparable in value-investing philosophy and institutional client focus, though Pzena is much larger.
• Tweedy, Browne Company: Long-standing New York-based value investment firm with a classic Graham-Buffett deep-value approach to global equities. Directly comparable in long-term fundamental value philosophy and similar client base of long-term oriented investors.
• Cundill Investment Research (now part of Fiera Capital): Canadian value investment franchise (originally Cundill) focused on long-term capital appreciation through bottom-up fundamental analysis. Comparable in philosophy, Canadian roots, and target client segments.
• Longview Capital Management: Toronto-based independent manager focused on concentrated, high-quality global equity portfolios for institutional and private clients. Comparable in concentrated value approach and Canadian institutional market.
• Ruane, Cunniff & Goldfarb (Sequoia Fund): Long-standing Buffett-follower running the Sequoia Fund with a concentrated, long-term value approach. Highly comparable in philosophy (Buffett-influenced), concentrated portfolio, and patient capital orientation.

Broad incumbents

• ClearBridge Investments: Large diversified asset manager (Legg Mason subsidiary) with value and dividend strategies, including a Large Cap Growth strategy cited alongside Giverny. Broader incumbent in the same value-style space with overlapping institutional client base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/givernycapital
• Facebookfacebook.com/profile.php

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Giverny Capital