SSNC - Giverny Capital Q4 2020 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 fourth quarter of 2020, Giverny Capital Asset Management’s model portfolio, which is a Poppe family account, rose 15.39%, net of fees1, vs. 12.15% for the Standard & Poors 500 Index.
• We trimmed Berkshire Hathaway, Charles Schwab and Heico, all fractionally, and used the proceeds to establish a position in Autohome, a Chinese advertising and listings business for new and used cars.
• During the 4th quarter, we held about 3% of our model portfolio in cash.

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