CNSWF - Giverny Capital Q2 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.
• For the second quarter of 2021, the Giverny Capital Asset Management model portfolio generated a return of 7.29%, net of fees, vs. an 8.55% return for the S&P 500 Index. For the first half of 2021, the GCAM model, which is a Poppe family account, generated a 16.31% return, net of fees, vs. a 15.25% return for the Index.
• Our leading performers during the second quarter were Credit Acceptance Corp., Eurofins Scientific, Arista Networks, Alphabet and Facebook, all up between 18% and 26%. We had three positions that declined in value during the quarter. Autohome and a2 both declined about 30% and Carmax dropped 3% during the quarter.
• Our model portfolio is up more than 70% over the fivequarters since inception, besting the S&P 500 Index.

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