What if you had copied Giverny Capital?
François Rochon
The verdict
Copying Giverny Capital's 13F filings from Feb 2020 would have turned $10,000 into $18,828, less than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,790 over the same days. The copy returned +9.8% a year against +14.4% for the S&P 500, 4.6 points a year behind. Its worst fall was 38.0%, from Feb 20, 2020 to Mar 23, 2020. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 10, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Giverny Capital$18,828
- S&P 500$24,790
- Bought their first portfolio and never traded$21,585
If you had bought their first portfolio and never traded, you would have ended at $21,585, so following every move cost $2,757.
- $10,000 copied
- $18,828
- +88.3%, +9.8% a year
- In the S&P 500
- $24,790
- +147.9%, +14.4% a year
- No trading
- $21,585
- Bought their first portfolio and never traded
- Worst fall
- −38.0%
- Feb 20, 2020 to Mar 23, 2020
- Trades
- 208
- 129 buys, 79 sales over 33 filings; about 34% of the copy traded a year
The moves that made the most
- BRK.BBerkshire Hathaway+$1,248
Held since Feb 2020, the stock up 153%
- GOOGAlphabet+$992
Held since Feb 2020, the stock up 284%
- AMEAmetek+$841
Held since Feb 2020, the stock up 153%
- HEI.AHeico+$784
Held since Feb 2020, the stock up 152%
- METAMeta Platforms+$763
Held since Feb 2020, the stock up 204%
- PGRProgressive+$709
Held since Feb 2020, the stock up 221%
The moves that cost the most
- KMXCarmax−$516
Held from Feb 2020 to Feb 2026, the stock down 57%
- FISVFiserv−$445
Held from May 2023 to Feb 2026, the stock down 47%
Held from Aug 2020 to May 2023, the stock down 100%
Held since Feb 2020, the stock down 55%
- ATHMAutohome−$177
Held from May 2020 to May 2024, the stock down 58%
Held since Feb 2026, the stock down 24%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +10.6% | +13.8% | −3.2 |
| 2021 | +27.1% | +28.7% | −1.7 |
| 2022 | −19.0% | −18.2% | −0.8 |
| 2023 | +22.5% | +26.2% | −3.6 |
| 2024 | +15.3% | +24.9% | −9.6 |
| 2025 | +9.1% | +17.7% | −8.6 |
| 2026to Nov 2026 | +7.4% | +11.5% | −4.1 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.