François Rochon's quality-growth firm — a patient compounder book chronicled in his annual letters.
| # | Holding | Our call | % of book | Value | Shares | QoQ |
|---|---|---|---|---|---|---|
| 1 | BRKB | — | 6.6% | $181M | 379K | Trimmed-25% |
| 2 | GOOG | Buy | 6.5% | $178M | 621K | Trimmed-3% |
| 3 | META | Buy | 6.4% | $176M | 308K | Trimmed-2% |
| 4 | HEIA | — | 5.7% | $156M | 738K | Trimmed-2% |
| 5 | SCHW | Buy | 5.3% | $144M | 1.54M | Trimmed-3% |
| 6 | FIVE BELOW INC | — | 5.2% | $141M | 617K | Trimmed-3% |
| 7 | AMETEK INC | — | 4.8% | $131M | 612K | Trimmed-38% |
| 8 | MEDP | Buy | 4.5% | $123M | 256K | Trimmed-3% |
| 9 | V | Hold | 4.4% | $120M | 396K | Trimmed-3% |
| 10 | IBP | Buy | 3.9% | $107M | 404K | Trimmed-22% |
| 11 | PROGRESSIVE CORP | — | 3.8% | $105M | 528K | Trimmed-2% |
| 12 | GOOGL | Buy | 3.7% | $100M | 348K | Trimmed-4% |
| 13 | KEYS | Sell | 3.3% | $91.3M | 323K | Trimmed-3% |
| 14 | NVR | Hold | 3.3% | $89.9M | 13.6K | Trimmed-3% |
| 15 | BKNG | Buy | 3.3% | $88.9M | 21.1K | Trimmed-2% |
| 16 | ADP | Hold | 3.1% | $85.2M | 419K | NEW |
| 17 | MKL | Hold | 3.0% | $82.2M | 42.9K | Trimmed-2% |
| 18 | KINSALE CAPITAL GROUP IN | — | 2.7% | $74.8M | 219K | Added+2% |
| 19 | BFAM | — | 2.2% | $61.0M | 742K | Added+81% |
| 20 | OZK | — | 2.1% | $56.5M | 1.23M | Trimmed-3% |
| 21 | ADI | Hold | 2.0% | $54.4M | 171K | Trimmed-3% |
| 22 | ANET | Hold | 1.9% | $52.0M | 423K | Added+1% |
| 23 | DIS | Hold | 1.9% | $51.7M | 537K | Trimmed-1% |
| 24 | RMD | Buy | 1.9% | $51.6M | 230K | Trimmed-2% |
| 25 | BRO | Hold | 1.8% | $49.3M | 755K | Trimmed-2% |
| 26 | LFUS | Buy | 1.0% | $27.4M | 80.7K | Trimmed-1% |
| 27 | LULU | Buy | 0.8% | $21.8M | 143K | Trimmed-1% |
| 28 | SUNB | Hold | 0.6% | $17.6M | 271K | NEW |
| 29 | AAON | Sell | 0.6% | $16.7M | 202K | NEW |
| 30 | JPM | Hold | 0.6% | $15.4M | 52.3K | — |
| 31 | MA | Buy | 0.5% | $14.0M | 28.1K | Trimmed-2% |
| 32 | FND | Hold | 0.4% | $11.8M | 232K | Trimmed-2% |
| 33 | TWFG INC | — | 0.4% | $10.2M | 552K | Added+67% |
| 34 | FERG | Hold | 0.3% | $8.57M | 36.7K | — |
| 35 | BERKSHIRE HATHAWAY INC DEL | — | 0.3% | $7.90M | 11.00 | — |
| 36 | BLDR | Hold | 0.3% | $7.56M | 91.8K | Added+2% |
| 37 | AAPL | Hold | 0.1% | $3.82M | 15.0K | Trimmed-9% |
| 38 | TSM | — | 0.1% | $2.75M | 8.13K | Trimmed-49% |
| 39 | YUMC | Buy | 0.1% | $1.76M | 36.0K | — |
| 40 | GLD | — | 0.1% | $1.67M | 3.88K | — |
| 41 | SPY | — | 0.1% | $1.61M | 2.47K | — |
| 42 | MTB | Buy | 0.1% | $1.56M | 7.54K | — |
| 43 | RSP | — | 0.0% | $1.17M | 6.11K | NEW |
| 44 | QQQM | — | 0.0% | $1.00M | 4.22K | NEW |
| 45 | ITB | — | 0.0% | $983K | 10.9K | Trimmed-7% |
| 46 | BIRK | — | 0.0% | $981K | 27.4K | — |
| 47 | ODFL | Hold | 0.0% | $978K | 5.01K | Trimmed-5% |
| 48 | COPART INC | — | 0.0% | $912K | 27.5K | — |
| 49 | MSFT | Buy | 0.0% | $707K | 1.91K | Added+12% |
| 50 | SITE | Hold | 0.0% | $500K | 3.75K | — |
| 51 | NVO | — | 0.0% | $456K | 12.4K | — |
Source: SEC Form 13F-HR. Positions are as-of quarter end (filed up to 45 days later) and cover US-listed equities only — shorts, non-US listings and most derivatives don’t appear. Values as reported by the filer. “Our call” is TENK/calls’s independent SEC-grounded verdict, not the fund’s view.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.