CACC - Giverny Capital Q1 2021 David Poppe Letter

• Giverny Capital Asset Management, LLC is a partnership between Giverny Capital of Montreal and David Poppe, the former president and chief executive officer of Ruane, Cunniff & Goldfarb, LLC.
• We launched our Giverny Capital Asset Management portfolio on April 1, 2020, very near the bottom of what turned out to be a severe but short-lived market contraction. In our first 12 months, we generated a return of 59.35%, net of fees, vs. a 56.35% return for the S&P 500 Index.
• For the first quarter of 2021, the GCAM model portfolio, which is a Poppe family account, generated an 8.68% return, net of fees, vs. a 6.17% return for the Index.
• Our portfolio tends toward proven business models. For better or worse, we didn’t own any of the fast-growing, unprofitable tech stocks that led the market last year.

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