SCHW - Giverny Capital Q3 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 third quarter ended September 30, 2021, our Giverny Capital Asset Management model portfolio, which is a Poppe family account, returned 0.53%, net of fees, vs. a 0.58% return for the Standard & Poor’s 500 Index.
• For the first nine months of the year, the GCAM model has returned 16.93%, net of fees, vs. 15.92% for the Index. And since our inception 18 months ago, our model portfolio has generated an annualized return of 43.48%, net of fees, vs. 42.83% for the Index.
• Our GCAM model portfolio was ahead of the market for the quarter when, on September 30th, our second-largest holding Carmax dropped 12% after it reported earnings.
• During the quarter we trimmed two positions, Alphabet and Eurofins, after significant run-ups. Alphabetremains our largest holding at a 9% weight.

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